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Reports find these insights of competitive races within DeFi space that may experience some changes soon.
An analytics firm reported the ongoing competition within the defi space. This finds out that one prominent decentralized exchange (DEX) is showing rapid movements and seems to reach the top position while ensuring its dominance in the space. The competing crypto DEX is Uniswap (UNI) which is chasing Curve (CRV), as per the reports.
This insight came out as Uniswap giving tough competition to Curve in terms of total value locked (TVL) on the platform. The analytics firm also reported that earlier, for over a year’s time, the top position of decentralized exchange in terms of TVL was held by Curve.
The reports outlined that the total value locked on Uniswap’s platform has seen a significant increase of 24% since earlier May month. However, in the similar timeframe, TVL of Curve protocol has seen a reduction of approx 69%.
Curve has about $6.12 billion in its total value locked while Uniswap has approx $6.09 billion worth of TVL, at the time of writing. Other protocols PancakeSwap, Balancer and SunSwap were behind the top contenders in the DeFi space in terms of TVL. Moreover, the overall total value locked in decentralized finance space accounts for $25.55 billion.
The total value locked on a blockchain is a representation of total capital that all smart contracts were holding. TVL is the product of the total amount of locked collateral over the network and the assets’ current value.
Earlier, the automated liquidity provider platform, Uniswap, also reported stepping towards the NFT space. About a month ago, Uniswap announced the acquisition of an NFT aggregator platform—Genie.
Currently, Uniswap (UNI) is trading at $6.95 which is about a 1.60% drop in the last seven days while Curve (CRV) trading price is $1.38 with a gain of approx 19.61% in a week, at the time of writing.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
