The decentralized finance exchange platform, Uniswap made an extraordinary jump within the past 24 hours. It got boosted by 450%. Analysts are of the opinion that is because of DeFi’s new project, Delta.
Uniswap’s total value has hit $7.17 billion following the surge over the last 24 hours. The volume has jumped from yesterday’s $1.6 billion. Prior to this, the daily TV had surged to $2.19 billion last year on the 26th of October.
The token that is behind the entire boost-game is Delta. This token traded $6.13 billion in the past 24 hours, which is approximately 85% of the total surge volume. This is true even though Delta has only $16.4 million in liquidity.
Uniswap’s DTV Not A Permanent Business
However, Hayden Adams, Uniswap’s creator, announced on Twitter that the surge is temporary. This kind of trading volume will not last. The tweet read, “Record daily trading volumes on Uniswap, but this is not wash trading, this is how Delta rebase words.”
He does not consider this trading volume to be “real,” as is also clear from his tweet. According to Adams, the current Delta statistics will not steer the DEX’s global trading volume. And he adds that Delta’s quirky protocols are the reasons behind this. Uniswap’s real trading volume currently stands at $1.05 billion.
Delta is a new inclusion. It was launched yesterday and to get this cryptocurrency without staking, investors must use Uniswap. This is the major reason behind the recent boost in the DEX’s TV.
Currently, Delta is at the top of the ETH blockchain. This new token has a single-point agenda. It wants to fix the problem with the current form of options trading. It was introduced as “an on-chain options layer which utilizes a combination of liquidity standards to reduce premiums and offer competitive options prices.”
