- Bitwise predicts Uniswap will overtake Coinbase in trading volume in Q3 2023
- Unique users and Uniswap fees increase while pool value and active users decrease
This prediction was based on the fact that Uniswap had already managed to overtake Coinbase in the past. In November 2022, after the FTX debacle, many people in the crypto community had lost faith in centralized exchanges (CEX) and switched to DEXs. During this period, Uniswap experienced high activity.
However, shortly after, Coinbase regained the top spot against Uniswap. According to Bitwise, Uniswap will soon take the top spot in terms of trading volume and will stay at the top for longer.
Read Uniswap [UNI] Price prediction 2023-2024
This prediction by Bitwise was backed up by data from various analytics platforms. For example, in the DEX arena, Uniswap was the dominant protocol as it took 65.7% market share by volume.
Another growth indicator for the DEX was the growing number of unique users. According to data provided by Messari, the number of unique users on Uniswap has also increased by 44% over the past month.
This spike in the number of unique users has contributed to Uniswap generating fees. Based on data provided by the token terminal, fees generated by Uniswap have increased by 89.2% over the past week.
However, it wasn’t all sunshine for Uniswap. The pool value of Uniswap also decreased significantly according to Dune Analytics. This decline in pool value could be a sign of diminishing interest from liquidity providers and traders.
The whales lose interest
The state of the United also reflects some of these trends. Whale interest in UNI was declining according to data provided by Santiment. Along with this, there has also been a decline in the growth of the Uniswaps network. This decline in network growth indicates a decrease in interest from new users.
Realistic or not, here UNI Market Cap in terms of BTC
However, growth has been seen in Uniswap development activity, which has suggested that new updates may be rolling out to the network. These could help regain the interest of whales and new users.
Moreover, the growing popularity of Uniswap and increasing trading volume could also attract more liquidity providers and traders to the platform.
UNI’s price at press time was $6.44, which has fallen 2.20% in the past 24 hours.