Uniswap saw a further decline in trading volume in the seventh month of the year due to diminishing investor interest in digital assets.
Uniswap hit a new low in July as the month turned out to be one of the worst periods in the decentralized exchange’s (DEX) trading history.
The DEX saw roughly $37.8 billion in volume in the first month of Q3 2022, according to Be[In]Cryptographic research.
Although this value may seem high due to the volume recorded by competing DEXs such as 1 inch, SushiSwap, Curve, Balancer, dYdX, Loopring, Shibaswap and Mooniswap, this is an 18% drop from June. . Uniswap’s volume for June was around $46.4 billion.
After hitting a new low since recording $32 billion in volume in February 2021, Uniswap also saw a 4% year-over-year drop in trading volume from July 2021. ‘last year. As of July 2021, Uniswap had a trading volume of approximately $39.8 billion.
Overall, the July statistic was down $24.8 billion from the yearly high of $62.7 billion in May.
What caused Uniswap volume to drop?
An overall bear market that deepened in May, gained momentum in June and extended into July was attributed to the cause of lower trading volume from Uniswap, decentralized exchanges and centralized exchanges (CEX) as a whole.
UNI price reaction
UNI opened on July 1, with a trading price of $4.99, reached a monthly high of $9.74, tested a monthly low of $4.73 and closed the month at $8.37.
Overall, despite a decline in trading volume, relatively low token prices saw a 67% increase from UNI’s opening to closing price in July.
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