{"id":519110,"date":"2023-02-09T11:00:07","date_gmt":"2023-02-09T11:00:07","guid":{"rendered":"https:\/\/uniquehot.com\/?p=519110"},"modified":"2023-02-09T10:49:50","modified_gmt":"2023-02-09T10:49:50","slug":"is-money-beginning-to-flow-back-into-defi","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/defi\/is-money-beginning-to-flow-back-into-defi\/","title":{"rendered":"Is Money Beginning To Flow Back Into DeFi?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Ultrasound Money data\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/ultrasound.money\/\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">reveals<\/span><\/a><span data-preserver-spaces=\"true\"> that there has been a surge in activity in decentralized finance (DeFi) protocols, with Uniswap leading the line.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In the past week, Uniswap-related activities led the ETH \u201cburn\u201d leaderboard on Ultrasound Money, flipping OpenSea, the world\u2019s leading non-fungible token (NFT) marketplace. <\/span><span data-preserver-spaces=\"true\">This development is despite OpenSea coming on top of Uniswap last month.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Uniswap Flips OpenSea<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The flipping in the short term could indicate that users are beginning to funnel their activities and funds to Uniswap, and by extension, DeFi protocols in Ethereum.\u00a0<\/span><\/p>\n<figure id=\"attachment_519103\" aria-describedby=\"caption-attachment-519103\" style=\"width: 891px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-519103 size-full\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Ethereum-Price-On-February-9.png?resize=891%2C518\" alt=\"Ethereum Price On February 9\" width=\"891\" height=\"518\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Ethereum-Price-On-February-9.png?w=891 891w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Ethereum-Price-On-February-9.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Ethereum-Price-On-February-9.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Ethereum-Price-On-February-9.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/02\/Ethereum-Price-On-February-9.png?w=750 750w\" sizes=\"(max-width: 891px) 100vw, 891px\"><figcaption id=\"caption-attachment-519103\" class=\"wp-caption-text\">Ethereum Price On February 9| Source: <a href=\"https:\/\/www.tradingview.com\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">It should be\u00a0<\/span><span data-preserver-spaces=\"true\">noted<\/span><span data-preserver-spaces=\"true\">\u00a0that the funds burnt are from coins passed through the Uniswap Universal router. It is one of the two smart contracts, together with Permit2, released by Uniswap Labs, the team behind the DEX, in late November 2022.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Uniswap Universal Router combines ERC20 and NFT swapping into a single swap router. When users integrate Permit2, a smart contract that allows \u201ctoken approvals to be shared and managed across different applications,\u201d they can swap multiple fungible ERC-20 tokens and NFTs in a single transaction, saving gas fees. Uniswap\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/uniswap.org\/blog\/uniswap-nft-aggregator-announcement\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">launched<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0NFT trading on November 30, 2022.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">OpenSea\u2019s monthly trading volumes peaked at over $4.85 billion in January 2021 before dropping to as low as $125 million in January 2023. Despite the contraction, the NFT marketplace was able to outperform the Uniswap Universal Router in the number of ETH it has burned.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/nft\/over-16-million-of-donald-trump-nfts-traded-on-opensea\/\">Over $16 Million Of Donald Trump NFTs Traded On OpenSea<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">As an illustration, Ethereum burnt 5,695 ETH in the last 30 days. Meanwhile, Uniswap\u2019s activities resulted in 5,175 ETH being burnt in the same period.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, the DEX, Uniswap, has been the most active platform in the last week, surpassing OpenSea.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The Ethereum network overhauled its gas auctioning system, introducing burning after implementing EIP-1559. With this, more ETH would be destroyed based on activity.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Uniswap Versus Other DEXes<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Uniswap is the largest multi-token DEX in crypto, allowing users in multiple EVM-compatible platforms to swap tokens without an intermediary. The exchange launched in late 2018 and currently manages over $4 billion of assets, emerging as the sixth largest DeFi protocol, trailing Lido Finance, Aave, MakerDAO, Curve\u2014a stablecoin-only DEX, and Convex Finance.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/defi\/venture-capital-against-uniswap-deploying-on-bnb-smart-chain\/\">Venture Capital Firm Votes Against Uniswap Deploying On BNB Smart Chain<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Dune data\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/dune.com\/hagaetc\/dex-metrics\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">shows<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that Uniswap commands 70% of the total ETH DEX market share. It has a weekly trading volume of $8,570,219,237, flipping Curve, which, as mentioned earlier, has a larger total value locked (TVL).<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Despite the larger TVL, Curve\u2019s trading volumes are comparatively lower than Uniswap at $1,260,371,355. DeFiLlama statistics\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/defillama.com\/dexs\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">reveal<\/span><\/a><span data-preserver-spaces=\"true\"> that PancakeSwap, with a TVL of $2.59 billion, is the second most active DEX. It commands average weekly volumes of $2.18 billion.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from Flickr, Chart from TradingView<\/div>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ultrasound Money data\u00a0reveals that there has been a surge in activity in decentralized finance (DeFi) protocols, with Uniswap leading the line. In the past week, Uniswap-related activities led the ETH \u201cburn\u201d leaderboard on Ultrasound Money, flipping OpenSea, the world\u2019s leading non-fungible token (NFT) marketplace. This development is despite OpenSea coming on top of Uniswap last month. Uniswap Flips OpenSea The flipping in the short term could indicate that users are beginning to funnel their activities and funds to Uniswap, and by extension, DeFi protocols in Ethereum.\u00a0 It should be\u00a0noted\u00a0that the funds burnt are from coins passed through the Uniswap Universal router. It is one of the two smart contracts, together with Permit2, released by Uniswap Labs, the team behind the DEX, in late November 2022.\u00a0 The Uniswap Universal Router combines ERC20 and NFT swapping into a single swap router. When users integrate Permit2, a smart contract that allows \u201ctoken approvals to be shared and managed across different applications,\u201d they can swap multiple fungible ERC-20 tokens and NFTs in a single transaction, saving gas fees. Uniswap\u00a0launched\u00a0NFT trading on November 30, 2022. OpenSea\u2019s monthly trading volumes peaked at over $4.85 billion in January 2021 before dropping to as low as $125 million in January 2023. Despite the contraction, the NFT marketplace was able to outperform the Uniswap Universal Router in the number of ETH it has burned.\u00a0 Related Reading: Over $16 Million Of Donald Trump NFTs Traded On OpenSea As an illustration, Ethereum burnt 5,695 ETH in the last 30 days. Meanwhile, Uniswap\u2019s activities resulted in 5,175 ETH being burnt in the same period. However, the DEX, Uniswap, has been the most active platform in the last week, surpassing OpenSea. The Ethereum network overhauled its gas auctioning system, introducing burning after implementing EIP-1559. With this, more ETH would be destroyed based on activity.\u00a0 Uniswap Versus Other DEXes Uniswap is the largest multi-token DEX in crypto, allowing users in multiple EVM-compatible platforms to swap tokens without an intermediary. The exchange launched in late 2018 and currently manages over $4 billion of assets, emerging as the sixth largest DeFi protocol, trailing Lido Finance, Aave, MakerDAO, Curve\u2014a stablecoin-only DEX, and Convex Finance. Related Reading: Venture Capital Firm Votes Against Uniswap Deploying On BNB Smart Chain Dune data\u00a0shows\u00a0that Uniswap commands 70% of the total ETH DEX market share. It has a weekly trading volume of $8,570,219,237, flipping Curve, which, as mentioned earlier, has a larger total value locked (TVL). Despite the larger TVL, Curve\u2019s trading volumes are comparatively lower than Uniswap at $1,260,371,355. DeFiLlama statistics\u00a0reveal that PancakeSwap, with a TVL of $2.59 billion, is the second most active DEX. It commands average weekly volumes of $2.18 billion. Feature image from Flickr, Chart from TradingView &nbsp;<\/p>\n","protected":false},"author":384,"featured_media":519111,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83405],"tags":[54512,82423,83589,80532],"class_list":["post-519110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi","tag-defi","tag-nfts","tag-opensea","tag-uniswap"],"acf":[],"yoast_head":"\n<title>Is Money Beginning To Flow Back Into DeFi?<\/title>\n<meta name=\"description\" content=\"Ultrasound Money data\u00a0reveals\u00a0that there has been a surge in activity in DeFi protocols, with Uniswap leading the line.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Ngetich\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/uniquehot.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g\",\"caption\":\"Dalmas Ngetich\"},\"description\":\"Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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