Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $1,165 trillion. Bitcoin is up by over 2% after a rollercoaster of a week. Ethereum decreased by almost 1% over the past seven days. XRP gained more than 15% in value this week. Almost all altcoins are trading in the green, with very few exceptions. The DeFi sector decreased the total value of protocols…
Uniswap Hits Major Milestone as TVL in DeFi Sector Nears $15 Billion
Leading decentralized exchange Uniswap has hit more than $50 billion in volume since launching in November 2018. This makes it the first DeFi platform to achieve this milestone and shows confidence in the project.
This information was revealed by Uniswap founder Hayden Adams who took to Twitter to share the milestone. Adams also conducted a poll asking the crypto community to vote for when Uniswap would hit $1 trillion in cumulative volume. The vote indicated the community’s bullish sentiments, as almost 50% voted that it would occur in 2021.
Despite this excitement, Adams noted that getting to the 1 trillion marks would require significant growth in the DeFi sector. Uniswap has experienced rapid growth in the DeFi space and was a driving force in the DeFi boom of 2020. The exchange is the defacto launch pad for several DeFi tokens and has continued to grow. According to Dune Analytics, Uniswap accounted for about 60% of the total market volume recorded in the past 7-days.
Defi Total Locked In Value Closes In on $15billion
The DeFi sector experienced a resurgence over the weekend, surging above the $14 billion marks. This was after the total locked-in-value (TVL) hit a one-month low last Saturday, dropping to $13.85 billion. Since then, there has been an exponential rise in the volume of crypto assets stored in DeFi products. At the time of publication, the TVL of the DeFi market is valued at $14.9 billion, according to DefiPulse.
Looking at the numbers, MakerDao dominates the market with a total of $2.6 billion locked in its protocol. This is followed by Wrapped BTC, which has proven to be popular on the Ethereum network. The Wrapped token has $2.23 billion, and Compound (COMP) closes the top three with $1.71 billion in locked-in value.
Uniswap tops as the leading decentralized exchange with $1.37 billion worth of volume. While rival exchange SushiSwap comes close at $1.08 billion and Curve Finance rounds up the top three with $951 million. The DeFi sector continues to surpass expectations and is likely to move past the $15 billion marks in the coming days.