The total value locked in Uniswap DeFi protocol has reached a new milestone. The leading decentralized exchange platform has been breaking records and making headlines since it was launched. The non-custodial exchange is creating new records this week, after overtaking MakerDAO in terms of value locked in ethereum, and becoming the first DeFi project to reach $2 billion in liquidity.
Uniswap has made significant progress over the course of 2020. Since the start of the year, the non-custodial exchange has developed by a massive 16500 percent in terms of total value locked in its liquidity pools. Additionally, the DEX has now overtaken top DeFi platform, MakerDAO, in terms of total ethereum collateral locked.
Ethereum value locked in Uniswap tops Maker
Following a fresh slight increase in ethereum collateral, Uniswap is now topping the DeFi charts. Presently, Uniswap holds 2.9 million ethereum locked as collateral, which represents about 2.5 percent of the total ethereum in circulation. The 1.5 percent daily increase was enough for Uniswap to topple Maker as the leading DeFi protocol which has 2.8 million ETH locked.
The new milestone has been driven by the introduction of four ethereum liquidity pools on the platform, and the inauguration of its governance token, UNI. MMeanwhile, more than $1.6 million is locked in the four ethereum pools, worth more than $800 million.
Unfortunately, MakerDAO does not offer similar yield farming rewards as the Uniswap DeFi protocol, which has attracted more liquidity providers into the platform in the past couple of days. The farming is set to go on until November 17, which is likely to drive the liquidity levels to new milestones.
The race is on! 😉 pic.twitter.com/JLJth86fLU
— mariano.eth ✨ᕙ༼ຈل͜ຈ༽ᕗ✨ | 🦇🔊 (@nanexcool) September 28, 2020
Uniswap DeFi protocol TVL reaches $2 billion
Uniswap DeFi protocol has become the earlier of DEXs to breach $2 billion in total value of assets locked. Presently, liquidity on the leading DeFi protocol stands at $2.07 million, as per DeFiPulse data. The main liquidity tokens on Uniswap are USDT Tether, Ethereum and wrapped bitcoin.
Furthermore, the total value locked in all DeFi protocols clocked $11 billion as the yield farming hype continues.