Journalist
Posted:
- Uniswap generates 42% of the trading volume on Polygon.
- UNI has seen a slight uptrend after four days of downtrend.
Uniswaps [UNI] a recent update highlighted its performance as the top decentralized exchange (DEX) by volume on the polygon [MATIC] network. While this is certainly an impressive milestone, what was the total trading volume, especially for the V3?
How much are 1,10,100 UNIs worth today?
Uniswap leads Polygon in volume
In a Uniswap after on September 11, the platform proudly announced its status as the leading decentralized exchange (DEX) on the Polygon network, with an impressive weekly trading volume of over $213 million. According to the DEX, this volume represented a substantial 42% share of total trading activity on the Polygon network.
1/ Uniswap is the best DEX on Polygon by volume, with a weekly trading volume of over $213 million ????
That’s 42% of all trading volume on Polygon ????#Scalesummer continues with @0xPolygonLabs. Time to check out the next one @laag3xyz scavenger hunt!https://t.co/UYDMRcF7iO
— Uniswap Labs ???? (@Uniswap) September 11, 2023
Moreover, when examining the Total value locked (TVL) ranking of Uniswap’s DEX on Polygon, it was clear that the platform played an important role. At the time of writing, the V3 had a TVL of approximately $73 million on the Polygon network.
The TVL made it the third highest contributor in terms of TVL among all participants in the Polygon network.
Analysis of total Uniswap volume and TVL
According to DefiLlama data, there was a noticeable increase in Uniswap’s trading volume on September 11. It achieved a major milestone by surpassing $1.1 billion in daily volume.
This was a notable achievement as it was the first time in the month that daily trading volume exceeded the $1 billion threshold. Until then, the highest recorded volume was approximately $902 million.
However, it is worth noting that the Total Value Locked (TVL) on Uniswap showed some signs of a downward trend. At the time of writing, TVL has reached over $3.1 billion.
Source: DefiLlama
Further, DefiLlamas Data showed that Uniswap V3 played a crucial role in trading volume and TVL within the Uniswap ecosystem. At the time of writing, Uniswap V3 had a TVL of over $2 billion. It also contributed significantly to the platform’s trading volume, which exceeded $990 million.
UNI sees little reprieve
Over the past few days, Uniswap has been experiencing a consistent downward trend as shown by its daily timeframe chart. During this period, it saw a drop in value of more than 8% over four days. However, there has been a positive development recently. At the time of writing, UNI was trading at around $4.1, reflecting a modest increase in value of more than 1%.
Source: TradingView
Realistic or not, here is UNI’s market cap in BTC terms
The successive downtrends faced by Uniswap initially pushed it deep into a bearish trend, a condition highlighted by the Relative Strength Index (RSI). The RSI indicated that UNI had entered the oversold zone.
Nevertheless, at the time of writing, the RSI had risen slightly above this oversold threshold, largely due to the recent rebound.