Decentralized Exchange Uniswap Rises Despite Gas Wars
Uniswap, along with other decentralized exchanges, show strength even as gas wars show no signs of letting up.
Covered:
- Uniswap Rises Despite Gas Wars
- Ethereum Rising Again
- Decentralized Exchanges Showing Strength
Uniswap Rises Despite Gas Wars
Uniswap 24 hour chart. Credit: CoinMarketCap.com
Uniswap is up 3% in the last 24 hours, trading in the $27 USD range. The decentralized exchange was trading as high as 6% before market open, but fell along with the rest of the market.
Uniswap is currently just outside of the top 10 market cap-wise, ranking 11th overall. Though, with a market cap of 16 million, the swapping platform is easily the biggest DEX by market cap. The Hayden Adams-led project’s closest competitor is PancakeSwap is 36th overall with 5 billion in market cap.
Recommended: For more on Uniswap, check out our guide.
A 3% rise might not seem impressive, but it is considering the high gas prices right now plaguing the Ethereum-based exchange.
Decentralized exchange gas prices. Credit: Crypto.com
Prices today are hovering around the $50 dollar range. Though, gas prices can vary greatly moment to moment. Interestingly, prices on Uniswap are lower than the Ethereum network average of $75 per transaction.
Ethereum gas prices. Credit: https://ycharts.com/
Ethereum Rising Again
Overall, gas prices are down since Sept 13th, when they were in the $100 USD range. The slight dip comes at a time when the price of Ethereum is ticking up again.
Ethereum was trading in the $3,900 range at the beginning of September, with 4k in its grasp. Hopes were high, that with the EIP-1559 upgrading burning ETH at a record rate, that the smart contract crypto project would get back to its May all-time high of $4,300.
However, ETH fell as low $3,169 post-El Salvador adoption. The fall was steep, about 18 percent, however, it came with the rest of the market struggled.
ETH is back trading at the $3,600 range. Though, transactions on the network have dipped significantly with the positive price action.
Ethereum Transactions 5-day chart. Credit: ycharts.com
It appears users are hesitant to spend their Ethereum with the prices on the move up. Also, it might have to do with something the network’s biggest gas guzzler, OpenSea.
OpenSea gas prices. Credit: https://pumpmygas.xyz/
Gas fees are far higher on OpenSea than on Uniswap. Average transaction on Opensea is currently in $115 range.
Nevertheless, there is reason for optimism. A recent downtrend in transactions could lead to gas fees to continue to fall, which in turn can lead to a spike in transactions for traders looking for a discount.
Decentralized Exchanges Showing Strength
Uniswap rivals Sushiswap and Curve are both trading ahead of the world’s biggest DEX.
Sushiswap is leading the way with a 25% gain, trading in the $15 dollar range. While Curve is up 11.8 percent, trading in the $3 dollar range. Market cap wise Sushiswap is 62nd, while Curve is 82nd overall.
However, Uniswap’s biggest competitor PancakeSwap is not enjoying the success of its fellow DEXs. The swapping platform is flat in the last 24 hours, trading in the $22 USD range.
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Text source: CryptosRus
