Uniswap Spearheads Decentralized Exchanges to Achieve Third-Highest Daily Trading Volume

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    <p><span style="font-weight: 400">In the last day, governance tokens linked to leading decentralized exchanges that top the charts in trading volume have seen a rise.</span></p>
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            With a 3.9% rebound in the crypto market cap to just under $2.1 trillion within 24 hours, the valuation of governance tokens representing leading decentralized exchanges including Uniswap, PancakeSwap, Orca, and Aerodrome, also surged in correspondence.
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    Posted August 6, 2024 at 6:52 pm EST.
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    <p><span style="font-weight: 400;">Decentralized exchanges, which leverage smart contracts instead of traditional intermediaries for cryptocurrency trading, experienced their third-highest daily trading volume in the past 24 hours due to the recent market volatility, highlighted by significant price shifts such as Solana's over 30% drop and subsequent 30% recovery in August.</span></p>
    <p><span style="font-weight: 400;">Recent figures from DefiLlama indicate that DEXs amassed over $18.2 billion in trading volume over the last day, trailing only behind the $24.5 billion seen on March 10, 2023, and the historic $24.6 billion on May 18, 2021.</span></p>
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    <p><span style="font-weight: 400;">Significant events in the banking industry, including the shutdown of Silicon Valley Bank and the winding down of Silvergate Bank in early March 2023, were followed by a drastic 30% drop in BTC price on May 18, 2021.</span></p>
    <p><span style="font-weight: 400;">Among the top performers in trading volume were Ethereum's Uniswap at $7.5 billion and BNB Chain's PancakeSwap at nearly $1.8 billion. Solana-based exchanges Phoenix and Orca followed, with a collective volume of around $2.5 billion. Aerodrome, hosted on Coinbase's L2 network Base, secured fifth place.</span></p>
    <p><span style="font-weight: 400;">This surge in trading activity benefits liquidity providers within the crypto ecosystem who earn profits by providing assets for trade facilitation within these decentralized platforms.</span></p>
    <p><span style="font-weight: 400;"><em><strong>Read More: <a target="_blank" href="https://unchainedcrypto.com/uniswap-reveals-assets-and-fund-usage-ahead-of-fee-switch-vote/">Uniswap Foundation Discloses Utilization of Funds and Assets Prior to Fee Structure Ballot</a></strong></em></span></p>
    <p><span style="font-weight: 400;">Transaction fees are a key source of revenue for these exchanges, with Uniswap taking a 0.3% cut and PancakeSwap charging 0.25% per trade. These fees are eventually distributed to the platform's liquidity providers.</span></p>
    <p><span style="font-weight: 400;">Governance tokens such as UNI, CAKE, ORCA, and AERO experienced a spike in price over the past 24 hours, as recorded by CoinGecko. However, Phoenix has yet to introduce a governance token.</span></p>
    <p><span style="font-weight: 400;">Notably, ORCA surged by 33%, with prices shifting from about $1.90 to around $2.50. Meanwhile, the other governance tokens also witnessed over a 5% increase in value, attributing to a joint market capitalization of $5.1 billion for Uniswap, PancakeSwap, and Aerodrome.</span></p>
    <p><span style="font-weight: 400;">These token value movements reflect the overall recovery within the crypto market, with the market cap increasing by 2.8% to nearly $2.07 trillion as per the latest data from CoinGecko.</span></p>
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