September 28, 2020 at 01:25PM

Uniswap clocked the record figure just after midnight (UTC) Monday and currently has $2.06 billion worth of crypto assets locked in, according to crypto rankings website DeFi Pulse. Testament to its neck-breaking growth, there’s now more value just in Uniswap than there was in the entire DeFi space on July 9.

As of press time, there’s now more than $11 billion in total value locked (TVL) in DeFi, with Uniswap making up approximately 18% of that. Based on Ethereum, Uniswap utilizes an automated market-making system leveraging liquidity pools so users can exchange or “swap” between ether (ETH) and any ERC-20 token.

Holders are incentivized to deposit tokens in these liquidity pools with interest and a cut of the swap fee – the total balance in these pools together make up Uniswap’s $2 billion TVL. Monday’s news shows just how much Uniswap’s fortunes have changed in the past few weeks.

Back in early September, $830 million worth of vital liquidity moved to rival protocol SushiSwap, leading to Uniswap’s TVL to plunge to just $400 million by September 10.
A week later, in order to coax users back, Uniswap launched its own native UNI token and airdropped over $500 million to wallet addresses who had been using the protocol since before September.

UNI token has led users to quickly snap back to Uniswap and its TVL was approximately $1.8 billion just days after the token launched.

$2B Locked: Uniswap Now Bigger Than Entire DeFi Industry Just Two Months Ago, CoinDesk

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From: The FxPro News Team
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