The analysis also pointed out that despite the entry of more competitors, Uniswap’s network penetration continued to increase and even eclipsed the user growth on Ethereum from July 2020 to July 2021.Uniswap was the preferred automatic market maker after the FTX contagion as users rushed towards DEXes to secure their funds. The start of 2023 saw a sharp increase in the trading activity on the protocol with the volume reaching its peak in February.
However, as regulator uncertainties and liquidity crisis came back to bite the crypto markets, Uniswap too felt the pinch. Since mid-February, the trading volume halved until press time while the daily active users fell by more than 18%, as per Token Terminal.On the total value locked front too, Uniswap faced a decline. In the last seven days, the TVL declined by nearly 10%, which was among the biggest drops among major DEXes.
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