Uniswap Wallet Count More Than Doubled Over the Past Year

Uniswap Wallets Surge 140% Year-on-Year

According to data extracted from Dune Analytics by The Block, the total number of wallets on the decentralized exchange (DEX) Uniswap has skyrocketed from 3.03 million in May 2023 to 7.26 million currently, marking a 140% increase in just one year.

Uniswap Wallet Growth Over the Past Year. Source: Watcher Guru

Key Highlights of Uniswap's Growth:

• Record-Breaking Trading Volume: Uniswap has not only seen a significant increase in active wallets but also set a record trading volume. As reported by Coin68, the platform's cumulative volume surpassed the $2 trillion mark on April 5th.
• Top DEX by TVL: Uniswap maintains its position as the leading DEX with a total value locked (TVL) of $5.36 billion. In comparison, its closest competitor, PancakeSwap, has a TVL of $2.3 billion, which has decreased by 40% over the past seven days.

TVL of Leading DEXs. Source: Defi LIama

Challenges and Legal Pressures:

Despite its success, Uniswap has faced legal scrutiny from U.S. regulators. On April 11th, the U.S. Securities and Exchange Commission (SEC) issued a Wells Notice to Uniswap, indicating potential future legal action. Although the specific reasons were not disclosed, Uniswap's team remains confident in the legality of their operations in the U.S.

In response to the SEC's notice, Uniswap announced an increase in interface fees from 0.155% to 0.25%. This fee applies to most trading pairs (excluding certain stablecoins and wrapped tokens) across all networks supported by Uniswap.

Token Performance:

The UNI token of Uniswap is currently trading at $7.11 per token, reflecting a slight increase of 1% in the past 24 hours.

1D Chart of UNI/USDT on Binance as of 11:30 AM on 03/05/2024

Uniswap's remarkable growth in wallet count and trading volume, coupled with its leading TVL, underscores its dominant position in the DeFi space, despite the regulatory challenges it faces.