Uniswap does a third of Coinbase volumes while “Tendies” tokens surge 🚨 This article is 4 years old...
Uniswap does a third of Coinbase volumes while “Tendies” tokens surge
2 min read
Updated: Nov. 12, 2020 at 9:56 pm UTC
Photo by Ke Vin on Unsplash
A day in DeFi land is a week in crypto; and even that’s saying something. Decentralized exchange (DEX) Uniswap posted record volumes on Friday, with some rather amusing (and dubious) sounding tokens like “Tendies” contributing to some of that interest.
More than Gemini, Poloniex, and Binance U.S.
Launched 2018, Uniswap is a smart contract protocol that allows for a wholly automated token exchange on Ethereum. But even though the exchange is nearly two years old, it’s newfound popularity came only this year as the DeFi space attracted major retail, and institutional, interest.
And now, it’s already eclipsed some of the top crypto-exchanges in the U.S., in terms of daily trade volumes. Ex-Messari product lead Qiao Wang tweeted yesterday that Uniswap’s volume surpassed those of Binance U.S., Gemini, and Poloniex — combined:
Uniswap did $126M volume last 24 hours. This is 1/3 of Coinbase. 1/2 of Kraken. More than Gemini, Polo, and Binance US combined.
Pretty incredible TBH.
— Qiao Wang (@QWQiao) July 31, 2020
The exchange did over $155 million in total volume Friday. Compared to that, Gemini did $51 million, Poloniex did $56 million, and Binance U.S. did a paltry $38 million, as per data from CoinGecko.
Interestingly, Uniswap’s figures show the DEX reached a staggering one-third of the volume that Coinbase, with $563 million, did on July 31, and half of Kraken’s $$330 million. Both are U.S. powerhouses for crypto trading known for their regulatory-first approach to digital assets and attracting an elite clientele.
Much of this volume can be attributed to the current DeFi frenzy, led by the likes of Yearn.Finance (YFI), Synthetix (SNX), and Compound (COMP). In addition, “Yield farming” — locking up assets on a certain protocol to earn interest rates of up to 1000% — has been another factor.
“Tendies” on Uniswap
The rise of Uniswap, the easy money, and the allure of making millions have already attracted some dubious projects to the market. Yesterday, a token called “Tendies” (TEND) did about $7 million on the exchange, reaching the top-five in total volume.
TEND is currently priced at $0.69, an increase of 320 percent in the past three days. But despite its amusing name; issuers tout it as a “Next Generation Autonomous and Hyper Deflationary Coin.” 51 percent of all Tendies are “burned” daily, creating a token model that supports massive price swings.
It’s also attracted the likes of Poloniex to list TEND soon:
?Poloniex is honored to list the future of fried crypto – Tendies ($TEND) will be listed this weekend. ?
Wallets will open on Sunday, August 2 at 16:00 UTC. Trading of $TEND will be enabled soon after, with a healthy portion of honey mussy on the side. pic.twitter.com/tnbfLIPB2R
— Poloniex Exchange (@Poloniex) August 1, 2020
Meanwhile, some on Twitter took a dig at Coinbase seeing the rise of Uniswap (and its zero downtime):
2/ Coinbase- 1,200 employees, raised $750M, lots of overhead, frequently has exchange outages
Uniswap- 5 employees, raised small $, runs 24/7/365 without any issues, lower slippage across most <$50M tokens, anyone can list a token and become a market maker
Still doubting #DeFi?
— Santiago R Santos (@santiagoroel) August 1, 2020
Despite the millions of dollars in VC funds supporting it, Coinbase is notorious among crypto traders for its downtimes wherever Bitcoin prices surge/plunge by several percentages in a short time.
But with the likes of Uniswap, such “CeFi” exchanges may soon be forced to up their game.
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Tendies
$0.00467
Tendies is a next-generation autonomous and hyper deflationary coin.
Compound
$70.1503
Compound (COMP) is an ERC-20 asset that powers the community governance of the Compound protocol; COMP token-holders and their delegates debate, propose, and vote on changes to the protocol.
Synthetix
$2.20491
Synthetix, formerly Havven, is a cryptoasset-backed network that enables the creation of on-chain synthetic assets.
Ethereum
$3,413.46
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
renBTC
$67,790.71
Ren is an open protocol meant to enable the permissionless and private transfer of value between any blockchain.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Poloniex
Poloniex is a US-based cryptocurrency exchange platform offering a wide variety of digital assets.
Gemini
Gemini is a regulated digital asset exchange and custodian that allows customers to buy, sell, store, and stake digital assets in a regulated, secure, and compliant manner.
Binance.US
Binance.US will provide secure and reliable cryptocurrency trading to users in the United States.
Compound
Compound is an open-source, autonomous protocol built for developers, to unlock a universe of new financial applications.
Designed with simplicity in mind, the Uniswap protocol provides an interface for seamless exchange of ERC20 tokens on Ethereum.