Stablecoins Continue to Dominate Trading Volume on Uniswap

It can be said that Uniswap will remain the leading DEX for quite some time to come. The overall trading volume continues to increase, indicating that users like the project. From the many trades, it is evident that stablecoins remain in demand.

Stablecoins and Uniswap

In Decentralized Finance, stablecoins are often a strong bet. They make it easy to take part in DeFi offerings. In addition, stablecoins can – in theory – never lose their value. For those looking to diversify, this is a worthwhile option to explore. Being able to earn interest on crypto holdings is always an option worth exploring.

With that in mind, it’s not hard to see why stablecoins are so popular on Uniswap. USDT, DAI, USDC, and sUSD are very prominent trading pairs. USDT Tether clearly has an edge over DAI and USDC, but all of them generate a fair amount of trading volume. All of these pegged currencies are traded against Ethereum, not against each other.

For investors looking to get into DeFi, getting this stablecoin is necessary. It remains interesting how USDC is gaining more traction in this space. Compared to other industry opportunities, USDC is not used for much else. No one really knows why that happened, but decentralized finance has definitely given this currency a life.

New Currencies Keep Rising

Given the current state of DeFi, YFI has become a popular asset. It is the first non-stablecoin on Uniswap’s list to be ranked by volume. Valued at over $14,000, one has to wonder how long this project can maintain its seemingly elevated status. The value of this token is much greater than TVL on the platform. Sustaining this growth – and the thrill – will be a huge challenge.

Other interesting popular coins on Uniswap are Parsiq and Mantra Dao. Both of these projects are relatively new and have generated decent liquidity. Thanks to platforms like Uniswap, it becomes much easier for new tokens to quickly find the market. Whether that’s a good thing or a bad thing for the industry remains to be seen.

Some DeFi fans will be happy to hear YAM is still being traded. More specifically, YAMv2 tokens can be exchanged for Ethereum on the platform from now on. It has over $5 million in daily trading volume as well, which is quite impressive. Considering all the things that have happened at YAM in the last few weeks, it’s a small miracle that people are still willing to give it a chance.

Leave a Comment