For the past few years, UniSwap has been leading the DeFi market and is now ranked as the top decentralized crypto exchange (DEX) in terms of trading volume.
In April, it was reported that the amount of digital asset transactions on UniSwap exceeded $1.5 trillion. This surge in activity is largely attributed to the tightening of crypto regulation in the US and the banking crisis, which has caused a massive influx of investors to decentralized exchanges.
During the first quarter of 2023, DEX user activity increased significantly, with the largest capital moving to UniSwap, where traders began converting the USDC stablecoin into tokenized ether and other digital assets.
The exchange has seen a sharp rise in the number of transactions, with an average of 85,000 unique users participating in trades daily, the highest since May 2021.
According to the DeFiLiama service, the value of funds locked in the decentralized finance market reached $48.24 billion on April 25.
Of the major protocols, Lido, MakerDAO and AAVE have accumulated the most capital, at $11.6 billion, $7.42 billion and $5.23 billion respectively.
