By George Ward
The popularity of Decentralized exchanges (DEXs) has risen since the FTX collapse, with UniSwap becoming the darling of users. Accordingly, the platform seeks to leverage its new-found attention by launching its NFT collection.
As the broader crypto market continues to groan under the weight of the FTX collapse, UniSwap’s NFT launch has positioned it for another high in its social contributions.
Per data from the social analytic platform LunarCrush, the rate of social contributions on the UniSwap ecosystem has soared to 878 percent over the past week. In addition, the network has enjoyed more social mentions, with an 8.8% rise.
However, the crypto community needs to be more convinced by the rise in social mentions and contributions. Meanwhile, the biased sentiment for UniSwap indicates massive instability, with a significant spike observed between November 16 and 19.
At the time of publication, the sentiment for UniSwap is negative, which points to the crypto community’s opinion toward its native asset, UNI. Furthermore, the UNI token has performed underwhelmingly low.
The crypto community can still not make sense of the metrics displayed in the network’s social contribution.
A Glance At The Uniswap’s Ecosystem
Meanwhile, UniSwap still lags in another aspect of the market. For example, among decentralized finance (DeFi) protocols, the asset’s total value locked (TVL) fell to $3.48 billion from $4.25 billion in the past 30 days, as revealed by DeFiLlama data.
In addition, the on-chain tracking platform shows that revenue generation for UniSwap also tumbled by 16.7% over the past week. Despite the negative bias surrounding UniSwap NFT’s inability to generate profits or drive its TVL, it has managed to attract active users to the platform.
Another on-chain analytic firm, Messari, disclosed that the number of new users on UniSwap spiked by 42.45% over the past month. Additionally, the liquidity pool transactions surged by 42.94% within the same period.
The increase in unique addresses contributed to the significant growth of the network in the past few days. Accordingly, this means that the number of new addresses transacted in UNI for the first time has jumped tremendously.
Daily transaction volume on UniSwap also rose sharply alongside the network’s growth. However, as of December 1, the performance metrics have declined, indicating that the hype around UniSwap’s NFT may have influenced the sudden growth.
The trend is expected to increase or decline in the coming days. Despite the current FTX debacle, UniSwap recorded some modest wins as it continues to lead the DEX ecosystem.
Even before the launch of its NFT collections and at the peak of the FTX debacle, the asset’s pool value indicated total dominance. Meanwhile, the positive development may explain why whales are reported to be interested in UNI coins.
WhaleStat data revealed that UNI is one of the most sought-after tokens by the top 100 Ethereum whales throughout the past month.