DeFi exchange Uniswap records $20 million in trades last week DeFi exchange Uniswap records $20 million in trades last week
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DeFi exchange Uniswap records $20 million in trades last week

DeFi exchange Uniswap records $20 million in trades last week

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Ryan Sean Adams, the Founder of cryptoasset investment firm Mythos Capital, revealed via Twitter that Uniswap, a permissionless, peer-to-peer (P2P) crypto exchange protocol, recorded approximately $20 million in trading volume last week.

Adams, a former healthcare professional, also mentioned that Uniswap was created by a single developer and was launched only six months ago.

Uniswap developed by a mechanical engineer

In April 2019, Hayden Adams, the creator of the Ethereum-based Uniswap Exchange protocol, explained how he launched a company dedicated to building decentralized finance (DeFi) products. The mechanical engineering graduate from Stony Brook University also confirmed that Uniswapโ€™s seed round was closed last month.

Fred Ehrsam, a board member at Coinbase and the Co-Founder of Paradigm, a newly launched crypto investment fund backed by Yale University, will reportedly be working with Adams to further develop the Uniswap protocol.

Beginnings as just a โ€œside projectโ€

Per the Uniswap Founder, the DeFi project began as โ€œa side projectโ€ and also as a way for him to learn the skills needed to successfully transition from working as a mechanical engineer to a blockchain developer.

After consistently working on various blockchain-based projects, Adams said he began focusing more on P2P protocols which could be audited and were completely open-source, including their front-end development.

A testament to the power of open finance

Acknowledging that the Uniswap protocol could not have been developed without the contributions made by Ethereum co-founder Vitalik Buterin and crypto researcher Karl Floersch, Adams noted that his project is โ€œa testament to the unstoppable power of open finance.โ€

According to DeFi pulse, there are currently around $15.8 million locked into Uniswapโ€™s contracts. Data from DeFi pulse also shows that the Decentralized Finance ecosystem is presently valued at over $530 million.

Other notable protocols that are now part of the nascent DeFi market include MakerDAO, which is an Ethereum-based P2P lending platform. At present, there are more than $446 million committed to Makerโ€™s contracts.

Bitcoinโ€™s Lightning Network (LN) is also considered part of the DeFi ecosystem and its network capacity currently stands at approximately 1,025 Bitcoin (BTC), an amount valued at $8.1 million at press time.

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