Decentralized finance (DeFi) has been exhibiting impressive growth. The excitement ignited by the launch of reward incentives and yield farming continues to expand as the total value locked in DeFi smart contracts surge to a new high.
Recently, a week ago, the sector had attained the target of $8 billion. However, DeFi Pulse analysis shows the DeFi total value lock just broke $9.17 billion milestones across all DeFi platforms.
Uniswap stands on the top point, according to DeFi Pulse smart contracts TVL list. Uniswap covers more than 17.5% of all locked cryptos in smart contracts. At the time of reporting, Uniswap leads the DeFi sphere with $1.61 billion, followed by Maker with almost $1.52 billion, and Aave with $1.50 billion.
Raising Competition Push Uniswap to High
Decentralized exchange (DEX), Uniswap, total volume, and liquidity have jumped over 600%. On August 30, Uniswap achieved a new milestone by exceeding centralized crypto exchange, Coinbase Pro, in terms of daily trade.
According to CoinGecko analysis, Coinbase Pro reached $797.5 million in 24 hours of the trading volume, whereas Uniswap reached over $1.028 billion at the time of reporting.
Crypto experts believe that Uniswap’s recent rise could be short-lived. Rising competition from SushiSwap is what drives Uniswap’s surge. SushiSwap is designed to hurt the dominance of Uniswap. Currently, over $1.30 billion has been locked in SushiSwap smart contracts, as per SushiBoard.