Trust in centralized exchanges declines, boosting interest in decentralized solutions. Uniswap and dydx witness surges in trading volume, however the tokens of both the protocols face challenges.
revealed a significant surge in trading volume within the decentralized derivatives market and exchanges. Uniswap and dydx emerged as the primary facilitators of this increased activity and volume.
The surge in trading volume on the dydx protocol can be attributed to the substantial growth in unique addresses on the network. Artemis’ data highlighted a material increase in the number of addresses in recent weeks, contributing to dydx’s overall growth.This surge in volume could further translate to increased revenue for dydx, as indicated by Token Terminal’s data. This indicated an 84.9% increase in fees generated by the protocol in the past week.
Uniswap’s situation could improve if its NFT marketplaces witnesses increased activity. Dune Analytics’ data further revealed a significant drop in transactions on Uniswap’s NFT marketplace in recent months. Attracting more users to this marketplace would positively impact Uniswap’s TVL.The launch of Uniswap v4 also holds promise for attracting new users. Hints from Uniswap and its founder Hayden’s official Twitter account suggested the upcoming release of Uniswap v4.
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