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Ethereum woes make Uniswap and DEX happy

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The crypto and Ether crash is a hit with DEXs and especially Uniswap. Decentralized exchange sees its V3 soar, as does the volume of transactions.

The crypto-asset crisis has taken its toll. The main cryptocurrencies were falling into the red. This was the case bitcoin, who gave up nearly 50%. For Ether, too, the fall was brutal. The value of ETH fell back to $ 1853.

In 11 days, that represented an approximately 70% drop in the price of Ethereum. Since then, the 2e Global cryptocurrency is regaining ground. Volatility remains high, however. On May 28 at 12 p.m., it showed an 11% decline.

80% of traders on Uniswap

In the world of DeFi too, the crisis has passed this way. However, tokens have since recovered some of the value lost at the height of the decline. The high volatility of crypto-assets also has advantages.

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The first beneficiaries are the DEX, the decentralized exchanges. ” With increased volatility, DEX volume hit all-time highs », Notes Glassnode. On May 19, volume peaked at $ 11.7 billion on DEX.

This is a record as crypto-asset prices all registered declines. The explanation is to be found on the side of investors. Indeed, ” the total number of unique traders over 30 days exceeded one million for the first time », Measures Glassnode.

The DEXs are benefiting from the crisis then, but this is even truer for one of them, the main one. Uniswap, the first DEX on Ethereum by volume, peaks at $ 5.7 billion. It also brings together 80% of traders.

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Uniswap ahead of Bitcoin on fees

It was also a good time to migrate to Uniswap V3. In daily volume, this now supplants version 2 of the DEX. But the exchange was also able to take advantage of demand to collect record fees.

These fees even exceed those of the Bitcoin blockchain. They hit $ 4.5 million in one day according to Cryptofees. So that’s more than Uniswap v2 at $ 3.8 million. What about the king of crypto, BTC? The amount was $ 3.7 million.

Uniswap is also well ahead of its first competitor, SushiSwap, at $ 2.135 million. When it comes to fees, gas in this case, however, Ethereum still holds the upper hand. They were $ 28.7 million on May 24, for example.

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Could Uniswap be a player in increasing these fees? DEX often receives this criticism. However, the fees the exchange collects are different from those charged for using Ethereum. These costs relate to cash and not gas costs.

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