Uniswap, Polygon, and assessing how their ‘couple goals’ are faring

They simply met, however everybody’s already speaking about how nice they appear collectively. This isn’t your common superstar couple, no, however relatively Polygon and Uniswap. Right here’s what it is advisable to find out about their compatibility to date.

#CoupleGoals or no?

Uniswap was deployed on Polygon in December 2021. Nevertheless, roughly a couple of weeks later, the DeFi protocol has been rapidly chewing up Polygon’s share of the market. From round 20% in a single week to just about 30% in two weeks, Uniswap was holding about 45% of the market share on Polygon at press time, in accordance with the OurNetwork newsletter.

Trying on the total value locked [TVL], one sees a pointy rise in February 2022 to achieve a worth of $139.3 million on 18 February.

Supply: DeFi Llama

Analyst Derek Walkush noted,

“Uniswap’s TVL on Polygon jumped 2x+ over the previous two weeks and is at the moment monitoring round $140m. This development nonetheless lags its friends, with QuickSwap and Sushiswap TVL monitoring round ~$800m and ~$280m, respectively.”

Poly’s time to social gathering?

Uniswap isn’t the one one benefiting from this relationship. In actual fact, Polygon noticed 2.36 million unique addresses over the earlier month. Polygon additionally seems to be a success with avid gamers as seven titles clocked in more than 10,000 monthly active users. Sunflower Farmers was only one instance of this, even when its hype led to imbalanced revenues.

Nevertheless, when taking a look at Polygon’s largest dApps by customers, QuickSwap, Sunflower Farmers, and SushiSwap got here far forward of Uniswap, which had 16.6k users final week.

Ought to anybody object to this UNI-on…

However, it’s not all roses and chocolate for Polygon and Uniswap. Individually, there’s work to be executed. Uniswap’s every day distinctive customers have been steadily falling since August 2021. There was an particularly sharp drop in 2022, and 19 February solely noticed 16 distinctive customers. Not precisely a successful formulation.

Supply: Dune Analytics

Moreover, since 1 February, Uniswap has seen losses of round $485 million. This was apparently so critical that even Uniswap whales determined to hold again. Moreover, the community’s development hit a 17-month low.

As a MATIC of reality…

At press time, Polygon’s MATIC was changing hands at $1.53. This was after falling by 2.55% over the past 24 hours, and by 10.81% within the final seven days.

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