Uniswap (UNI) Reported Year-on-Year Transaction Growth Amid Crypto Winter
Uniswap (UNI) price has reversed the bullish momentum it started the year with and changed hands at $5.3 atop a 2.7% decline. When its price over the past year is compared to its ecosystem and number of usersUniswap’s contrasting growth becomes more evident.
Over the past year, Uniswap has lost well over 69.2% of its value, with the price sliding from the 52 high to $18.10 its current price. The price drop is a function of the intense crypto winter that has kept the majority of crypto assets pegged. Along with this broader ecosystem feeling, Uniswap notably experienced a number of ecosystem and protocol disruptions that further led to drops in its price in 2022.
Amid this bearish sentiment, on-chain data from Dune Analytics showed that Uniswap recorded a significant increase in its total number of transactions. As of January 2021, Uniswap V1 had a total transaction count of 2,030,512,219.84, while V2 had a user count of 700,648,927,217,363.
To date, the user counts on V1 leading the previous one with a total of 2,072,813,569,753, while V2 came in at 1,233,568,444,005,539.
The higher number of transactions, however, does not imply higher volume, as the total volume is currently pegged at $2.18 billion, up from $15.87 billion recorded a year ago.
Relevance Uniswap DeFi
Despite the current outlook for the crypto ecosystem, Uniswap still occupies a very central point in the decentralized finance (DeFi) ecosystem. Uniswap maintained its dominance as the second largest decentralized exchange, behind only dYdX in trading volume.
The exchange has a strong path for innovation, upgrades and developments, and Ethereum’s latest transition from proof-of-work (PoW) to proof-of-stake (PoS) will also improve the protocol’s overall functionality. in the years to come.