Uniswap’s TVL breached $2 billion thanks to UNI farming
- Popular DeFi project Uniswap managed to become the first DeFi to exceed $2 billion in TVL.
- The project owes its success to UNI farming, which is spread across four liquidity pools.
- As for the UNI price, it did not see notable movements over the bullish weekend.
The leading DeFi project, Uniswap, recently launched its token, UNI. Immediately after that, UNI farming commenced, leading to an astounding growth of the project’s total value locked (TVL).
The project’s legitimacy was further proven by its listing on numerous exchanges, such as Binance, Gemini, Coinbase, and alike. Soon enough, Uniswap became the first DeFi project to surpass the $2 billion mark in TVL.
Uniswap TVL reaches $2 billion
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
Over the weekend, the bears once again withdrew from the crypto industry, allowing the crypto markets to see another wave of growth. That, of course, included the DeFi sector, which is now once again above $11 billion in TVL.
Meanwhile, Uniswap is still in the first spot, and the first DeFi project to go beyond $2 billion, with Maker being close behind, although still below this mark at the time of writing.
Uniswap also reported a small growth in liquidity, and a daily volume of $276 million. This marks the recovery from the liquidity loss that the project suffered due to SushiSwap earlier in September. However, even with the loss, Uniswap was still the best performing DeFi, with a TVL surge of 780% last month.
UNI farming will continue until November 17th
The majority of the project’s liquidity — and 80% of its total amount — is locked in four different liquidity pools that exist to earn UNI. The most popular pool is ETH/wBTC, which holds around 30% of the total. The rest of the pools are split relatively evenly.
For now, the UNI farming continues, and it is expected to keep going until November 17th. After that, this liquidity will likely move to other pools of other platforms, unless Uniswap is planning to introduce new offerings.
As for the UNI price, it actually remained flat over the weekend, despite the surge in TVL growth, fluctuating between $5 and $4.75. Still, with SUSHI losing nearly 80% of its value since its own inception, it is a relief to many to see that UNI managed to hold on to its gains.