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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

Is Money Beginning To Flow Back Into DeFi?

Dalmas Ngetich
Dalmas Ngetich
2 years ago
3 mins read
DeFi Uniswap

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Ultrasound Money data reveals that there has been a surge in activity in decentralized finance (DeFi) protocols, with Uniswap leading the line.

In the past week, Uniswap-related activities led the ETH “burn” leaderboard on Ultrasound Money, flipping OpenSea, the world’s leading non-fungible token (NFT) marketplace. This development is despite OpenSea coming on top of Uniswap last month.

Uniswap Flips OpenSea

The flipping in the short term could indicate that users are beginning to funnel their activities and funds to Uniswap, and by extension, DeFi protocols in Ethereum. 

Ethereum Price On February 9
Ethereum Price On February 9| Source: ETHUSDT On Binance, TradingView

It should be noted that the funds burnt are from coins passed through the Uniswap Universal router. It is one of the two smart contracts, together with Permit2, released by Uniswap Labs, the team behind the DEX, in late November 2022. 

The Uniswap Universal Router combines ERC20 and NFT swapping into a single swap router. When users integrate Permit2, a smart contract that allows “token approvals to be shared and managed across different applications,” they can swap multiple fungible ERC-20 tokens and NFTs in a single transaction, saving gas fees. Uniswap launched NFT trading on November 30, 2022.

OpenSea’s monthly trading volumes peaked at over $4.85 billion in January 2021 before dropping to as low as $125 million in January 2023. Despite the contraction, the NFT marketplace was able to outperform the Uniswap Universal Router in the number of ETH it has burned. 

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As an illustration, Ethereum burnt 5,695 ETH in the last 30 days. Meanwhile, Uniswap’s activities resulted in 5,175 ETH being burnt in the same period.

However, the DEX, Uniswap, has been the most active platform in the last week, surpassing OpenSea.

The Ethereum network overhauled its gas auctioning system, introducing burning after implementing EIP-1559. With this, more ETH would be destroyed based on activity. 

Uniswap Versus Other DEXes

Uniswap is the largest multi-token DEX in crypto, allowing users in multiple EVM-compatible platforms to swap tokens without an intermediary. The exchange launched in late 2018 and currently manages over $4 billion of assets, emerging as the sixth largest DeFi protocol, trailing Lido Finance, Aave, MakerDAO, Curve—a stablecoin-only DEX, and Convex Finance.

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Dune data shows that Uniswap commands 70% of the total ETH DEX market share. It has a weekly trading volume of $8,570,219,237, flipping Curve, which, as mentioned earlier, has a larger total value locked (TVL).

Despite the larger TVL, Curve’s trading volumes are comparatively lower than Uniswap at $1,260,371,355. DeFiLlama statistics reveal that PancakeSwap, with a TVL of $2.59 billion, is the second most active DEX. It commands average weekly volumes of $2.18 billion.

Feature image from Flickr, Chart from TradingView

 

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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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