- Uniswap DEX surpassed the 1.5 trillion mark in trading volume, casting a bullish gaze on Web3 liquidity solutions.
- DEX saw $500B volume increase since Apr 2022, after hitting $1T total volume since launch.
- It comes when the regulatory landscape is slippery in the crypto market.
- Decentralization is the way to go now, with trader appetite for top DeFi products still strong - Markus Levin, XYO co-founder.
Uniswap (UNI) decentralized exchange (DEX) breached the $1.5 trillion mark in trading volume metrics on April 24, signaling a new wave of bullishness on Web3 liquidity solutions among players in the digital asset sector. With the positive sentiment among cryptocurrency traders for Uniswap, the change is expected to affect rival crypto-native products.
The Uniswap Protocol has officially passed $1.5T in trading volume pic.twitter.com/Fjd8IP7ngc
— Uniswap Labs (@Uniswap) April 24, 2023
Notably, the $1.5 trillion volume watershed for the world’s largest DEX represents a $500 billion aggregate increase in volume for Uniswap since April last year, when it exceeded $1 trillion in total trading volume since the decentralized exchange’s premier.
Santiment data shows positive attitudes on different metrics, as presented below.
Uniswap’s milestone comes when the regulatory landscape is slippery
Uniswap DEX surpassing the $1.5 trillion total trading volume has come at a slippery time in the crypto playing field. For instance, crypto enthusiasts and Wall Street traders in digital asset products closely watch the regulatory environment in the US and worldwide.
The milestone also comes when several crypto-native peers in the DEX space seek opportunities to engage and rival within a competitive sector by offering traders innovative incentives.
XYO protocol co-founder, Markus Levin, states that Uniswap’s rise indicates a strong trader appetite for top decentralized finance (DeFi) products. In his words:
DeFi is truly unstoppable at this point in the market cycle.
The $1.5 volume threshold shows the desire for trading establishments in the decentralized to create billions of dollars in leverage for investors and users. Notably, these decentralized finance ecosystems eliminate third parties and excessive fees to avoid billions being sucked up by some unknown “fee-charging scheme.”
DeFi supporters may be against centralized crypto exchange (CEX) counterparties such as Coinbase and Kraken. They may also take issue with Wall Street trading solutions for digital asset products that impinge prohibitive fees on their provisions for Web3 liquidity.
Over 1.3 million $pepe transactions have happened on Uniswap. Imagine cex’s not wanting in on that action. #PepeCoin pic.twitter.com/ljzI68DnHq
— Jason Cline (@Jclineshow) April 26, 2023
Levin has positioned the spike in Uniswap volume as another indicator that it is “high time” legislators in Washington DC pass DeFi laws that “protect innovation within our countries alongside its investors.” In his opinion, the United States Securities and Exchange Commission (SEC) is trying to enforce against DeFi without setting up new laws.
Uniswap price could rise 15% if bullish momentum grows
At the time of writing, Uniswap price gained almost 5% in the last 24 hours. UNI is attempting a recovery above the $5.37 support level despite overhead pressure. An increase in buyer momentum above this level could see the altcoin tag the $5.90 resistance level, before a potential neck up to the $6.29 resistance level. Such a move would denote a 15% climb from current levels.
UNI/USDT 1-day chart
On the other hand, if bearish momentum overpowers the bulls, Uniswap price could lose the critical support at $5.37, and in the dire case, extend a leg down to the $5.10 swing low.
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