In a recent update, Uniswap announced that they had reached a new milestone in terms of trading volume and the number of unique users. Despite reaching these milestones, Dune Analytics data indicated that the DEX had a long way to go.
According to the data, Uniswap’s monthly volume has decreased significantly in recent months. It fell from $38 billion to $17.2 billion after August. If the monthly volume decline continues, it may have an impact on DEX’s ability to generate revenue in the future.
To date, according to Messari data, the revenue generated by Uniswap has decreased by 45.02% in the last 30 days. At the time of publication, Uniswap’s total revenue for the period was $2.41 million.
Uniswap’s TVL has declined in tandem with its revenue. Uniswap’s TVL collection has dropped from $3.3 billion to $2.4 billion in the last three months.
However, the DeFi sector was not the only one in which Uniswap saw a decline in growth. Another area in which Uniswap struggled was in the NFT sector.
According to Dune Analytics data, the number of daily NFT transactions on the Uniswap network has decreased significantly in recent days. As a result, the volume of NFTs decreased.
Uniswap’s NFT volume has dropped from $120,00 to $27,00 in the last month.
The activity on the DEX began to have an impact on the performance of the UNI token.
According to Santiment data, UNI’s network growth has slowed significantly in the last month. This meant that the number of times UNI was transferred from new addresses for the first time had decreased.
In addition to declining network growth, the UNI transaction count decreased, indicating a lack of activity.
As a result of these factors, whale interest in the token has decreased. The decreasing percentage of UNI supply held by top addresses reflected this.
Despite this, Uniswap maintained its lead in the DEX market, accounting for 56.8% of the total.
It remains to be seen whether Uniswap’s dominance will last another year or if other DEXs will be able to challenge Uniswap for the throne.