Uniswap [UNI] beats SUSHI and CRV on this front

  • Uniswap had the highest network penetration among the major Ethereum DEXs.
  • UNI was the most distributed token of the top Ethereum wallets at the time of writing.

Uniswap [UNI]the largest decentralized exchange (DEX) by trading volume, has made promising gains since the start of 2023. In fact, the native token has seen a 44% year-to-date (YTD) gain through mid-February, after which uncertainties have influenced the market better than the coin.

Against this backdrop, blockchain analytics firm, Messari, stated that Uniswap has the highest “network penetration” among the major DEXs of Ethereum [ETH].

Network penetration, which measures the number of users who have interacted with a protocol out of its total number of users, was 46% for Uniswap at the time of writing, well above other DEXs such as Sushiswap [SUSHI] and Curve Finance [CRV].

The analysis also indicated that despite the entry of more competitors, the penetration of the Uniswap network continued to increase and even eclipsed the growth of Ethereum users from July 2020 to July 2021.

Read it Uniswap’s [UNI] Price forecast 2023-2024

Trading activity is slowing down

Uniswap was the automated market maker (AMM) of choice after the FTX spread as users rushed to the DEX to secure their funds. Early 2023 saw a sharp increase in trading activity on the protocol, with volume peaking in February.

However, as the regulator uncertainty and liquidity crunch came back to bite the crypto markets, Uniswap also felt the pinch. Since mid-February, trading volume has halved as of press time, while daily active users are down more than 18%, according to Token Terminal.

Source: Token Terminal

In terms of Total Value Locked (TVL) too, Uniswap faced a decline. Over the past seven days, TVL has dropped nearly 10%, which was among the biggest declines among the major DEXs.

Source: DeFiLlama

UNI remains the Whales’ first preference

On the other hand, according to trends in consumer distribution on DEX, Uniswap managed to retain most of the different user segments, including an 80% retention rate for whales.

This was supported by data from WhaleStats which showed that UNI is the most distributed token of the top Ethereum wallets at the time of writing.

Realistic or not, here it is The market cap of UNI in terms of BTC

According to Dune AnalyticsUniswap accounts for half of total DEX volume over the past seven days at press time.

In the past 24 hours, however, it has lost ground to Sushiswap, which generated more than $1.9 billion in volume compared to Uniswap’s $1.7 billion.

Source: Dune Analytics

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