Uniswap’s Market Cap Soars, But Pancakeswap Stands Strong in Trading Volume

According to IntoTheBlock, the prominent crypto and DeFi intelligence platform, Uniswap is far ahead of other decentralized exchanges in terms of market cap. On the other hand, this isn’t the true indication of market dominance, as Pancakeswap is not far behind in terms of volume. 

Uniswap is a decentralized cryptocurrency exchange that uses a set of smart contracts to create liquidity pools for the execution of trades. It is an open-source project and falls into the category of a DeFi product because it uses smart contracts to facilitate trade instead of a centralized exchange.

Uniswap’s Market Cap is Miles Ahead, Yet Its Volume Shows a Smaller Gap

The report by IntoTheBlock shows that despite its market dominance in terms of market capitalization, Uniswap isn’t truly leading the top DEXes race, as Pancakeswap is also sharing a significant share in terms of trading volume.  

Here’s the full data of current top DEXes by volume:

• Uniswap: it is leading with 46.79% of the total volume.
• Pancakeswap: the decentralized exchange native to BNB Chain is dominating with a 21.09% volume share.
• Curve Finance: it is a decentralized exchange and automated market maker, primarily on the Ethereum blockchain and compatible EVM sidechains/L2s. It is the third biggest DEX in terms of volume, with 7.68%.
• Lifinity: The Solana AMM has 5.06% of the share.
• Camelot: It is a decentralized and permissionless exchange that supports the Arbitrum ecosystem. It is holding around 4.61% of the market volume.

Lastly, Balancers, Trader Joe, and Sun are also in the top 8 list with 3.09%, 3.08% and 1.69%, respectively. 

This report shows that market capitalization is not always the true indicator of market dominance, as trading volume is an important indicator as well.