What Uniswap’s volume milestone means for UNI

Journalist

Posted: December 17, 2023

• Uniswap has surpassed $1.7 trillion swaps.
• UNI made attempts to recover, but to no avail at press time.

As per a recent update from Uniswap [UNI], the protocol has successfully gone over $1.7 trillion in trading volume. The figure accounted for the total number of swaps executed on the platform across all versions of Uniswap.

This achievement is particularly noteworthy, considering the recent absence of significant movements in daily volume.

Uniswap volume sees November rally

Based on DefiLlama’s analysis of Uniswap’s daily volume, no major changes have occurred recently. The chart showed a consistent trend with no significant events.

However, there was one in March when the network experienced substantial activity. The student increase led to a daily volume of over $13 billion. Subsequently, the volume stabilized but maintained a respectable trend.

Notably, there was a resurgence in volume around November, as it reached $1 billion.  As of this writing, it was standing at over $1.2 billion.

TVL approaches YTD high

2023 has seen a slow performance in the broader cryptocurrency market. This trend was also evident in Uniswap’s Total Value Locked (TVL), which showed an upward trajectory, per DefiLlama. 

In January, the TVL started at around $3.3 billion and experienced a decrease to around $3 billion by October. However, a shift in this pattern occurred in November, marking the commencement of an upward trend.

As of this writing, the TVL was around $4 billion, reflecting an increase of nearly $1 billion since the beginning of the year.

UNI fights to regain losses

AMBCrypto’s evaluation of UNI’s price on Santiment showed the absence of any significant milestones. The chart showed that UNI has struggled to sustain its press time price level, which remained around $6.

The challenge was evident in the observed decline, making it a task to maintain this price range.

Source: TradingView

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Following a notable loss in the previous trading session, there were indications of an effort to take back some gains. As of this writing, UNI was trading at around $6.1, reflecting a slight increase of over 2.5%.

Additionally, the Relative Strength Index (RSI) was above 50 as of the latest update. Despite signaling a bullish trend, it is worth noting that the strength of this trend was not particularly strong.