As the cryptocurrency markets move away from their tough seasonal period, impressive developments in altcoins are being observed. A popular DeFi platform has reached a significant milestone. Despite short-term volatility, smart contracts that are reaching more users every day look forward to the coming years with hope. Today, Uniswap was at the center of attention.
According to the announcement made by the Uniswap team, the total trading volume of the DeFi protocol has successfully surpassed 1.7 trillion dollars. This figure represents the total volume conducted on the platform across all versions of Uniswap. According to DefiLlama’s analysis of Uniswap’s daily volume, the volume continues to be strong and stable.
After fluctuations throughout the year, which saw the total value locked (TVL) drop to 3 billion dollars in October from 3.3 billion dollars, the TVL began to rise again in November. At the time of writing this article, the total value locked in Uniswap was over 4 billion dollars.
The increased interest in the DeFi space after the FTX collapse is enhancing the importance of platforms like Uniswap for the bull season. Investors are heavily utilizing DeFi platforms to ensure the security of their assets, even though it involves more complex transactions. Rising volumes and TVL indicate that this trend continues across other platforms as well.
While Bitcoin‘s price was struggling to surpass 42,000 dollars at the time this article was prepared, it created its first red candle in weeks. Unless there is an unexpected development, there is a risk of a deeper corrective movement next weekend. The UNI Coin price was at levels of 6.15 dollars when the article was written. The clear support of 6 dollars on the daily chart is being closely watched by those expecting a decline. If the price falls below this level and continues to see sales, it could pull back to 5.6 and 4.84 dollars.