Uniswap is the largest DeFi platform by total value locked and by trading volume among DEXes.
As of September 29, 2020 (08:00 UTC), the total value locked across DeFi protocols was approximately $11.11 billion. Leading platforms by TVL include Uniswap, Maker, Aave and Curve Finance, each holding more than $1 billion in assets on the Ethereum blockchain.
Within the decentralized exchange (DEX) sector, Uniswap accounts for the largest share of TVL, approaching 50% of the DEX market.
DeFi Pulse, a tracker of decentralized finance metrics, reports that about $4.2 billion is locked in DEXs. Of that total, Ethereum-based Uniswap holds roughly $2.07 billion, giving it a dominance index near 49.47%.
Curve Finance follows with about $1.23 billion in locked assets, while Balancer holds around $486 million.
Sushiswap, a Uniswap fork that attempted to attract liquidity via “vampire mining,” has fallen to fourth place with approximately $389 million in locked assets. At its peak in mid-September, Sushiswap contributed more than $1.4 billion to the ecosystem’s TVL.
Largest DEX by volume
Uniswap’s surge in TVL coincided with the launch of its governance token, UNI, and a noticeable spike in trading activity over recent weeks. Currently, Uniswap ranks as the largest DEX by trading volume.
According to blockchain analytics from Dune Analytics, the decentralized exchange sector expanded over 150% in the past month and more than 23% in the last 24 hours. Over a 30-day period, DEX trading volume reached $24.11 billion, with more than $3.7 billion traded in the past seven days.
During the last seven days, Uniswap’s trading volume exceeded $2.4 billion, representing more than 63% of all DEX volume. Curve Finance was the second-largest DEX by seven-day volume at roughly $872 million, or about 23.1% of the total.
On user activity, Uniswap registered over 104,000 unique addresses in the past seven days. By comparison, Kyber Network recorded just 1,827 unique addresses during the same period.
Market performance for the UNI token has been weak recently. CoinMarketCap data shows UNI/USD trading near $4.19, down about 14% over 24 hours and roughly 2% over seven days. The token reached a high of $8.60 on Coinbase on September 20 before dropping to lows near $3.70 alongside a broader market decline.
For bullish momentum to return, UNI needs to clear the resistance around $5.50. Surpassing that level would reopen the path toward retesting prior all-time highs.