Uniswap surges becomes top-ranking DEX and one of the top ten coins

Written by: Ali Raza
March 8, 2021
  • Uniswap saw a massive surge on all fronts, including token price, TVL, and even its rank.
  • It surged by 30% over the weekend, climbing to $34.87 per coin, and becoming the 8th-largest coin.
  • It also reclaimed its position as the world’s largest DEX, and it climbed to the 4th spot on the DeFi list.

Uniswap has been the biggest decentralized exchange (DEX) in the world for months, but was recently dethroned by another project, Curve Finance. However, a recent UNI surge caused the coin to skyrocket, entering the list of the top ten largest cryptos by market cap, while Uniswap’s TVL helped the project rise to the position of the largest DEX once more.

Uniswap surges to a new ATH

According to recent charts, UNI has surged by around 30% last week, becoming the 8th-largest cryptocurrency by market cap. The coin’s price at the time of writing, (March 8th), sits at $33.35, which is a bit below its highest point of the last 7 days — $34.87, which it reached only a few hours ago. Right now, the coin’s market cap is at $17.2 billion, and it sits right below XRP, with a market cap of $21.39 billion.

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Meanwhile, in the DeFi sector, Uniswap’s TVL climbed to $3.87 billion, allowing it to outperform Curve Finance, which now sits as the second-largest DE with a TVL of $3.53 billion.

According to data from Messari, UNI is currently the second-largest asset on Ethereum’s blockchain, bested only by Tether. Meanwhile, it managed to beat Chainlink (LINK) by almost 50% of its capitalization.

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UNI is the first native DeFi token to climb to the top 10 list

After reaching the top 10 list last Friday, March 5th, UNI became the first DeFi token to climb this high. Its market cap increased from $8.8 billion to $14.7 billion in only 24 hours. The coin’s climb certainly made history in more ways than one, and it comes just after the exchange saw a record month in terms of trading volume, which hit an all-time high of $31.9 billion in February.

The coin also saw a four consecutive records for weekly trade last month, although the record streak seems to have been broken in the first week of March, when the coin only saw $6.4 billion in volume, which is 25% below the volume seen in the last week of February ($8.6 billion).

But, even though its volume dropped last week, the coin’s activity still represents half of all trade on DEXes based on Ethereum (ETH).