In keeping with IntoTheBlock, the distinguished crypto and DeFi intelligence platform, Uniswap is way forward of different decentralized exchanges by way of market cap. Then again, this isn’t the true indication of market dominance, as Pancakeswap just isn’t far behind by way of quantity.
🔍 High DEXs by Quantity
Uniswap could also be miles forward in market cap, however its quantity dominance is not as pronounced.In the meantime, Pancakeswap punches above its weight in quantity, exhibiting that it is nonetheless a high contender regardless of its decrease token worth. pic.twitter.com/cjgXEtjca9
— IntoTheBlock (@intotheblock) September 13, 2024
Uniswap is a decentralized cryptocurrency change that makes use of a set of sensible contracts to create liquidity swimming pools for the execution of trades. It’s an open-source challenge and falls into the class of a DeFi product as a result of it makes use of sensible contracts to facilitate commerce as an alternative of a centralized change.
Uniswap’s Market Cap is Miles Forward, But Its Quantity Reveals a Smaller Hole
The report by IntoTheBlock reveals that regardless of its market dominance by way of market capitalization, Uniswap isn’t actually main the highest DEXes race, as Pancakeswap can be sharing a big share by way of buying and selling quantity.
Right here’s the complete information of present high DEXes by quantity:
- Uniswap: it’s main with 46.79% of the overall quantity.
- Pancakeswap: the decentralized change native to BNB Chain is dominating with a 21.09% quantity share.
- Curve Finance: it’s a decentralized change and automatic market maker, totally on the Ethereum blockchain and appropriate EVM sidechains/L2s. It’s the third largest DEX by way of quantity, with 7.68%.
- Lifinity: The Solana AMM has 5.06% of the share.
- Camelot: It’s a decentralized and permissionless change that helps the Arbitrum ecosystem. It’s holding round 4.61% of the market quantity.
Lastly, Balancers, Dealer Joe, and Solar are additionally within the high 8 checklist with 3.09%, 3.08% and 1.69%, respectively.
This report reveals that market capitalization just isn’t all the time the true indicator of market dominance, as buying and selling quantity is a crucial indicator as properly.
