Day: April 5, 2024

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Uniswap, the premier decentralized exchange (DEX), has achieved a remarkable milestone by reaching $2 trillion in total trading volume as of 11:55 a.m. UTC on April 5, according to insights from a Dune Analytics dashboard maintained by Zach Wong, the strategy and operations lead at Uniswap. This significant volume includes transactions conducted on several blockchains that support Uniswap, such as Ethereum, Polygon, Optimism, Arbitrum, Celo, BNB Chain, Base, Blast, and the Avalanche Network.

Uniswap’s Rapid Growth: Achieving the Second Trillion in Record Time

Since its inception in November 2018, Uniswap initially required 42 months to hit the $1 trillion trading volume mark by May 2022. Impressively, the platform managed to secure its second trillion in trading volume in under 24 months thereafter, demonstrating robust growth despite increasing competition within the decentralized exchange landscape.

In the past week alone, Uniswap has reported a staggering $21.6 billion in trading volume, as per a Dune Analytics dashboard by Fredrik Haga, a co-founder of the platform. This places Uniswap at the forefront of the DEX market, far ahead of its closest competitor, PancakeSwap, which recorded $9.6 billion in trading volume. Other DEXs such as Curve, Balancer, and Trader Joe also feature prominently, with trading volumes ranging between $800 million to $1.8 billion.

Challenging Centralized Exchanges

Uniswap’s record-breaking transaction volume positions it as a formidable competitor to centralized exchange giants like Binance and Coinbase (NASDAQ:COIN). Data from The Block illustrates that while Binance continues to experience higher trading volume peaks, Uniswap has showcased consistent growth and an increasing trust among traders in decentralized finance (DeFi) solutions.

Notably, in early 2024, Uniswap’s trading volume witnessed a significant increase, narrowing the gap with Coinbase’s volume and occasionally surpassing it. This trend underscores a broader shift among investors towards platforms that facilitate direct, wallet-to-wallet trades and offer enhanced control over personal assets.

The peak in Uniswap’s trading volume, especially around March 2024, indicates that during periods of heightened market activity, traders are progressively opting for DEXs over their centralized counterparts as reliable trading venues.

A research study conducted last year further highlighted Uniswap’s competitive edge, revealing that it possesses deeper liquidity for several key cryptocurrency trading pairs than even the largest centralized exchanges, including Binance and Coinbase. On the popular trading pair of Ethereum against US dollars (USD), Uniswap was found to have twice the liquidity of both Binance and Coinbase. Moreover, for the Ethereum against Bitcoin trading pair, Uniswap’s liquidity was three times that of Binance and an impressive 4.5 times that of Coinbase, showcasing its substantial market presence and trader preference.

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Coinbase has achieved a groundbreaking milestone by becoming the first international and largest cryptocurrency exchange to register as a Restricted Dealer with the Canadian Securities Administrators (CSA).

This achievement, following Coinbase’s formal launch in August 2023, underscores its commitment to establishing a strong presence in the Canadian market, which it has identified as a key market for expansion.

The journey towards registration began in March 2023 when Coinbase signed an Enhanced Pre-Registration Undertaking, demonstrating its dedication to regulatory compliance and operational excellence.

In its pursuit of registration, Coinbase worked closely with Canadian regulators to develop a policy framework aimed at setting a global benchmark for the industry. The exchange also collaborated with Canadian banks, investment advisors, and pension funds, showcasing its commitment to navigating the evolving digital asset landscape successfully.

Lucas Matheson, CEO of Coinbase Canada, highlighted the significance of this achievement, stating, “This is a significant milestone in Coinbase’s journey in Canada.” He expressed the company’s enthusiasm for accelerating the adoption of digital assets, promoting economic empowerment, and reshaping the financial system in collaboration with stakeholders across Canada.

Coinbase’s collaboration with stakeholders aims to drive digital asset adoption, promote economic empowerment, and transform the financial system. The company’s stance on the regulation of centralized crypto intermediaries aligns with Canadian public opinion.

A survey conducted by Coinbase in partnership with Angus Reid revealed that 72 percent of Canadians consider the regulation of cryptocurrency exchanges important, with 29 percent indicating that increased regulation would make them more likely to invest in cryptocurrencies. Among cryptocurrency investors, curiosity, investment diversification, and profit potential were key motivators.

Coinbase’s commitment to the Canadian market is fueled by the significant growth potential of the cryptocurrency sector in Canada. The country ranks third globally in crypto awareness, supported by a robust tech ecosystem that could lead the way in the cryptoeconomy.

Faryar Shirzad, chief policy officer at Coinbase, praised Canadian securities regulators for their commitment to providing clarity in the industry. “Regulation is critical to the success of the crypto industry and is essential for building trust,” Shirzad emphasized.

Coinbase has undertaken various initiatives to expand its presence in Canada, including its official launch in August 2023 with Interac payment rails, a visit by CEO Brian Armstrong to Toronto in November 2023, hiring nearly 200 local employees, and investing in Canada’s tech ecosystem through Coinbase Ventures.

These efforts are part of Coinbase’s broader strategy of collaborating with regulators globally, having obtained licenses in various countries. The company remains committed to fostering the growth of the crypto ecosystem in Canada, working closely with stakeholders to promote digital asset adoption, economic empowerment, and reshape the global financial system.

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As the 2024 bull run gains momentum, investors are on the lookout for cryptocurrencies with the potential for significant growth. This selection highlights four promising picks that could multiply wealth during this exciting phase of the market.

TRUE Token: Revolutionizing Crypto in iGaming for Unprecedented Gains

TRUE token (TFT) is a new GameFi project that aims to surpass the success of the once-popular Notcoin. TFT is currently available through an exclusive NFT Token Offering (NTO), offering early adopters the opportunity to significantly boost their investment. The NFTs distributed contain a portion of TRUE tokens, ranging from 100 to 500,000 TFT, at substantial discounts. The NTO ensures that your allocation is 100% guaranteed, secure, and manageable. Additionally, NFT holders gain exclusive TRUE membership and entry into a prize draw for $330,000 in extra tokens, 10 ETH, status cards, merch, and tokenized partner gifts.

TRUE, with six years of experience in game and blockchain development and significant backing of over $3.45M raised, led by SoftSwiss, is well-positioned in the iGaming sector. With more than 4M active players and 16,000 third-party games interested in its blockchain service, TRUE has remained profitable even in challenging markets, setting a strong foundation for TFT post-token generation event. As TRUE’s value is expected to benefit from the activity within the upcoming TRUE World iGaming metaverse, set to attract millions of users, now is the ideal time to secure your TFT allocation before it takes off.

NEAR Protocol: Performance and Outlook

NEAR Protocol has experienced fluctuations recently, with a current price range between $6.73 and $7.98. While it dipped by almost 8% in the past week, it has risen by over 50% in the last month and more than 500% over the past six months. The price movements of NEAR appear mixed, with periods of rapid growth followed by smaller changes.

The near resistance at $8.67 could pose a challenge, but with sufficient momentum, NEAR could aim for the higher resistance at $9.91. Conversely, if it experiences a decline, it may find support at $6.18 or even lower at $4.93. The mixed outlook suggests that NEAR’s price may experience both upward and downward movements in the near future.

Avalanche: Trends and Price Prediction

Avalanche (AVAX) has witnessed significant price swings over the last six months, surging by 341.12%. While it climbed 9.08% last month, it dropped by 13.05% last week. Currently trading between $51.34 and $58.12, AVAX appears to be in a corrective phase, with the RSI indicating a neutral stance, suggesting that the price may not move sharply in either direction soon.

Looking ahead, there is potential for growth if AVAX surpasses the near resistance at $62.13, with further gains possible if it breaks the higher resistance at $68.91. However, if buying pressure subsides, the price could fall to the nearest support at $48.57 or even the lower support at $41.79. The high Stochastic value at 84.48 indicates a possible consolidation phase. AVAX’s recent price movements suggest that it may continue to experience fluctuations in the short term.

Solana: Price Range and Prediction

Solana’s price has been fluctuating recently, ranging between $187.30 and $210.62. While it saw a slight dip of 0.46% in the past week, it has surged by 39.08% over the last month and an impressive 691.63% over the past six months. Currently, the price movements appear corrective, with the Relative Strength Index indicating a balance between buyers and sellers.

Looking ahead, SOL has the potential for growth, with the nearest resistance level at $218.61. If it breaks through, the next target could be $241.93. On the downside, SOL is likely to find support near $171.97 and then at $148.65. The mixed signals from Stochastic (42.10) and MACD (-0.89) suggest a cautious approach.

Conclusion

While NEAR, AVAX, and SOL show potential for upside, they may not match the short-term potential of other options. The standout choice is the TRUE token (TFT), which is poised for significant growth in the iGaming metaverse. TFT’s innovative NFT Token Offering provides unique investment opportunities, and its solid foundation sets it up for success in the upcoming bull run.

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