Recently, the Ethereum based Dex protocol, Uniswap V3 reportedly took the spot of most popular contract on the network of this year. In terms of overall transactions or gas fees usage, it ranked first among all the contenders in the space.
Uniswap V3 protocol used more than 2.8 million gas throughout the year 2022, as per the data shown by Dune Analytics. The gas consumption of the newest version of the decentralized exchange protocol is over three times that of the overall gas consumed within Uniswap V2. This clearly indicates that Uniswap V3 is getting more attention and adoption than any other version.
Additionally the Total Value Locked (TVL) over Uniswap V3 has led over other iterations of the Dex platform. DefiLIama data suggests that the Uniswap V3 holds a TVL of about 2.46 billion USD, out of which 2.24 billion USD is available on Ethereum itself. Uniswap V2, on the other hand, holds about 846.46 million USD while Uniswap V1 has a relatively meager 7.67 million USD amount of TVL on the platform.
Additionally, 17% of Uniswap V2’s transactions were reversed, which was the largest proportion of all the widely used Ethereum contracts.
This year, the decentralized exchange handled 15.5 million more transactions than both OpenSea and OpeanSea’s Seaport NFT marketplace combined. Uniswap V3 is also ranked higher than any other Ethereum dApp with over 1.5 million unique addresses.
This year, only direct Ethereum transfers consumed more gas than V3, with over 3 million gas being used on more than 141.6 million transactions. While Circle’s USDC used roughly 572,000 gas for 10.4 million transactions, Tether’s USDT witnessed 27.7 million transactions and consumed 1.4 million gas.
This year, the parent firm of Uniswap, Uniswap Labs, became a unicorn due to its success. Uniswap Labs was getting ready to raise $100 million in capital to broaden its portfolio, according to sources close to the business revealed in September. Many media outlets at the time predicted that the financing would value Uniswap Labs at $1 billion.
But the business’s $165 million investment round in October went above and above estimates and raised its valuation to more than $1.66 billion.
The founder of Uniswap Labs, Hayden Adams, expressed his happiness over Uniswap’s success: “Cool to see Uniswap V3 was the most used contract on Ethereum by a wide margin for 2022.”
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/12/30/uniswap-v3-becomes-most-popular-and-most-used-ethereum-contract-2-46-bn-usd-in-tvl/