Riding high on its achievements, Uniswap stated it was the world's largest on-chain protocol, having executed transactions of over $1.5 trillion.
. To put things into perspective, this accounted for 87% of Ethereum’s total DEX volume.
Despite the dominance, the total volume on the protocol declined progressively since the record levels attained in March.Furthermore, the rise in users resulted in a 22% increase in network trading fees in May, according to Token Terminal. But despite the surge in trading activity, liquidity on Uniswap dipped from the previous month. The total value locked saw a reduction of around $100 million in May.Native token UNI exchanged hands at $5.02 at press time, marking a 24-hour drop of 1.16%, per Santiment. Nevertheless, the DeFi token’s trajectory over the past week was satisfying as it soaked gains of 1.4%.
UNI’s weighted sentiment also rose last week, reflecting investors’ belief in the asset’s potential. At the same time, it was trending on crypto-focused social networks, with more mentions and engagements.
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