UniSwap ranks first in the decentralized crypto exchanges (DEX) by trading volume. The platform has been leading the DeFi market for the past few years.
Digital asset transactions on UniSwap exceeded $1.5 trillion in April, according to Dune Analytics.
Tightening crypto regulation in the U.S. and the banking crisis have led to a massive shift of investors to decentralized exchanges.
DEX user activity increased monthly in the first quarter of 2023. The largest capital moved to UniSwap, where traders began converting USDC Stablecoin into tokenized ether and other digital assets.
The exchange has seen a dramatic increase in the number of transactions. The number of unique daily users involved in transactions has approached 85,000, the highest number since May 2021.
According to the DeFiLiama service, the value of funds locked up in the decentralized finance market rose to $48.24 billion on April 25.
The protocols that have accumulated the most capital in the ecosystem are Lido, MakerDAO and AAVE – $11.6 billion, $7.42 billion and $5.23 billion, respectively.