The FTX meltdown has brought the decentralized exchanges into limelight. Popular dex Uniswap recorded a high number of user traffic for Ethereum (ETH) trading. The exchange now ranks second for Ethereum trades with Binance in the first spot. Uniswap registered Ethereum trades amounting to $ 1 billion in the last 24 hours which is double of what Coinbase has clocked in the recent times. Coinbase is the second largest centralized exchange by world trading market cap. There is more to the DEX’s surge in user activity. According to Dune Analytics, Uniswap V3’s MEV robotics activity has seen a surge in the last seven days. The average daily total volume of the MEV bot activity was at $1,256,263,553.
The FTX meltdown was another major blow to the crypto market. None of the crypto assets were spared from the heat. Uniswap’s native token UNI also recorded a decline of 17% according to Coinmarketcap. According to Santiment, an on-chain crypto metric tracker, Uniswap holders were at a loss at the time of the FTX fiasco. Its MVRV ratio was negative 55.67% and the investor sentiment was down by -0.53%. The TVL on Uniswap was $3.81 billion and it has declined by 13.4% since FTX crypto exchange filed for bankruptcy.
