1/ @UniswapProtocol's token incentive program ended on the 17th of November, which led to a drop (~50%) in the total value locked (TVL) in Uniswap.
We compared Uniswap’s TVL (liquidity) and GMV (trading volume) data to better understand the true business impact 👇
We compared Uniswap’s TVL (liquidity) and GMV (trading volume) data to better understand the true business impact 👇
2/ TL;DR: Trading volume (GMV) does not seem to correlate with TVL or the liquidity deposited into the trading pools.
To a certain extent, TVL is required to reduce slippage in an AMM-style DEX, but it is a less accurate metric when measuring the actual performance of a DEX.
To a certain extent, TVL is required to reduce slippage in an AMM-style DEX, but it is a less accurate metric when measuring the actual performance of a DEX.
3/ Note: The ‘DeFi average’ data in the charts is calculated based on all DEXes currently listed in the Terminal:
terminal.tokenterminal.com
terminal.tokenterminal.com
4/ Uniswap: Total Value Locked (TVL) 30D
- Average TVL (past 30 days): $2,500,698,287
- Uniswap’s TVL dropped ~50% on November 17th when the protocol’s token incentive program ended.
- Average TVL (past 30 days): $2,500,698,287
- Uniswap’s TVL dropped ~50% on November 17th when the protocol’s token incentive program ended.
5/ Uniswap: Total Value Locked (TVL) 180D
6/ Sushiswap: Total Value Locked (TVL) 30D
- Average TVL (past 30 days): $438,367,375
- Sushiswap’s ongoing token incentive program has managed to capture the majority of the TVL lost by Uniswap.
- Average TVL (past 30 days): $438,367,375
- Sushiswap’s ongoing token incentive program has managed to capture the majority of the TVL lost by Uniswap.
7/ Sushiswap: Total Value Locked (TVL) 180D
8/ DEX: Total Value Locked (TVL) 30D
- Average TVL (past 30 days): $750,218,346
- The TVL migration hypothesis is further solidified when looking at the TVL data of the top DEXes from the past 30 days.
- Average TVL (past 30 days): $750,218,346
- The TVL migration hypothesis is further solidified when looking at the TVL data of the top DEXes from the past 30 days.
9/ DEX: Total Value Locked (TVL) 180D
10/ Uniswap: GMV (trading volume) 30D
- Total GMV (past 30 days): $10,022,248,565
- Total GMV (past 30 days): $10,022,248,565
11/ Uniswap: GMV (trading volume) & TVL 30D
- The drop in TVL did not affect Uniswap’s GMV during the same period.
- The drop in TVL did not affect Uniswap’s GMV during the same period.
12/ Uniswap: GMV (trading volume) 180D
13/ Uniswap: GMV (trading volume) & TVL 180D
14/ Sushiswap: GMV (trading volume) 30D
- Total GMV (past 30 days): $1,419,667,906
- Total GMV (past 30 days): $1,419,667,906
15/ Sushiswap: GMV (trading volume) & TVL 30D
- Sushiswap’s trading volume (GMV) has increased steadily over time but does not seem to directly correlate with the increase in its TVL.
- Sushiswap’s trading volume (GMV) has increased steadily over time but does not seem to directly correlate with the increase in its TVL.
16/ Sushiswap: GMV (trading volume) 180D
17/ Sushiswap: GMV (trading volume) & TVL 180D
18/ DEX: GMV (trading volume) 30D
- Average total GMV (past 30 days): $1,452,290,015
- AMMs dominate DEX trading volumes, with Uniswap and Sushiswap in the lead.
- Average total GMV (past 30 days): $1,452,290,015
- AMMs dominate DEX trading volumes, with Uniswap and Sushiswap in the lead.
19/ DEX: GMV (trading volume) 180D
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