Uniswap [UNI] Skyrockets To ATH; Protocol Fees Surpasses Bitcoin

DeFi darling Uniswap Protocol’s native UNI token witnessed its price skyrocket to a fresh all-time high above $12.8. UNI went on a ballistic rise rallying more than 162% since the beginning of the year, making it one of the best-performing digital tokens in the world.

Another big bullish sign for the DeFi token was depicted by ITB’s ‘Daily New Addresses’ metric which indicated an improving network growth throughout out the past several weeks.

According to the metric, the number of newly-created addresses on the network rose from roughly 1,500 on the 22nd of January to roughly 2,800 two days later. Besides, it is also important to note that figures have seen a steady uptrend from 925 addresses per day on the 25th of December last year.

Uniswap is the fourth-largest DeFi project in the world and has also hit a new ATH in terms of total value locked in which was found to be at a whopping $3.18 billion. The UNI token, on the other hand, has a market value of more than $3.4 billion, making it the 14th largest cryptocurrency in the world.

Uniswap’s Market Share

In terms of total DEX volume, the protocol witnessed a sharp decline. Just a week back TWJ had reported that Unsiwap continued to dominate the charts. However, despite its large gains in value, its hard fork SushiSwap saw hot price action as the team prepares to roll-out its next product offering.

According to the latest data compiled by Dune Analytics, Uniswap continued to lead the DEX numbers, and its market share as found to be at 48.8% followed by SushiSwap with 20.3% and Curve with 11.2% among others.

Uniswap Protocol Sees More Fees Than Bitcoin

On the 25th of January, the decentralized exchange reportedly generated more network fees than Bitcoin. This is the first time that a DeFi protocol has surpassed Bitcoin figures with respect to fees which depicted that user activity on the platform has intensified in the present bull run.

Furthermore, it also evidenced that even as the conversations surrounding DeFi have taken a back seat, this has, in no way. adversely affected the usage of the protocol which continued to soar.