According to a recent Bitwise prediction, Uniswap will surpass Coinbase in terms of trade volume. According to Bitwise, this event will take place in the third quarter of 2023.
This prediction is based on the fact that Uniswap has previously surpassed Coinbase. After the FTX incident in November 2022, many members of the crypto community had lost faith in centralised exchanges (CEXs) and had switched to DEXs. Uniswap experienced a surge in activity during this time.
However, Coinbase quickly reclaimed the top slot from Uniswap. According to Bitwise, Uniswap will soon take over the top spot in terms of trade volume and will remain there for an extended length of time.
Bitwise’s prognosis was supported by data from several analytics platforms. In the DEX sector, for example, Uniswap was the leading protocol, accounting for 65.7% of the market share in terms of volume.
The increasing number of unique users was another indicator of the DEX’s expansion. Messari statistics shows that the number of unique users on Uniswap has climbed by 44% in the last month.
This increase in the number of unique users helped Uniswap generate fees. According to token terminal data, the fees collected by Uniswap surged by 89.2% in the last week.
However, all was not well with Uniswap. According to Dune Analytics, the pool value of Uniswap has also decreased significantly. This drop in pool value could indicate waning interest from liquidity providers and traders.
Some of these trends were also reflected in the situation of the UNI. According to Santiment data, whale interest in UNI was dropping. In addition, the growth of the Uniswaps network has slowed. This decrease in network expansion reflected a drop in new user interest.
However, there was an increase in Uniswap’s development activity, implying that fresh updates could be deployed on the network. These could aid in regaining the interest of whales and new users.
Furthermore, Uniswap’s expanding popularity and trading volume may attract more liquidity providers and traders to the platform.
At press time, the price of UNI was $6.44, down 2.20% in the previous 24 hours.
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