- Four months after its introduction, the Uniswap X volume hit $1 billion.
- Activity on the network increased but has now dropped.
The aggregate trading volume of Uniswap X has crossed the $1 billion mark, according to information from Dune Analytics. Based on the Dune dashboard, the milestone would have been impossible if not for the input of market makers Tokka Labs and Wintermute.
A market maker is an individual or entity involved in providing liquidity for the market. In return, the market maker gets profits from the buying and selling.
The Uniswap [UNI] team launched Uniswap X in July. The mission of the permissionless trading protocol was to provide trading services across different Automated Market Makers (AMMs) and liquidity providers.
The big guns are not playing
AMBCrypto’s assessment of the data showed that Wintermute and Tokka Labs were involved in 60% to 80% of the overall daily trading volume.
This hike means that there is an increasing demand for open-source trading protocols by market players. As expected, Uniswap has continued to reign as the king of the Decentralized Exchange (DEX) sector.
Source: Dune Analytics
Although Uniswap’s weekly volume reduced, it still led the DEX cohort. However, there has been one notable change in the sector, and that was KyberSwap. KyberSwap is the main trading protocol of the Kyber Network liquidity hub.
In the last seven days, the DEX volume of KyberSwap increased by 4831%. As a result, the 24-hour volume reached $966.15 million which was clos
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Author: Victor Olanrewaju
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