Santiment reported that the famous decentralised exchange Uniswap got stuck in the ground and has not experienced any recovery yet. In a recent tweet by Santiment, it was stated that Uniswap is one of the outliers in the active addresses measure, which indicates UNI, the native token of DEX, is not performing well compared to any other currencies.
Reports state the last time the number of IP addresses functioning in the Uniswap server increased was during the release of its NFT market aggregator after it acquired Genie, a popular NFT market aggregator. The decrease in the address could signify that people are losing interest in using the exchange.
Downfall in the market
Recently, the network activity of the popular crypto exchange, Uniswap, is getting unpleasant for investors on its native token. As of now, their native token, UNI, is down by 2.4 per cent.
A report released by Dune Analysis shows that during November after its release, there was a drastic fall in the volume of the NFT transaction processed by the marketplace aggregator of the exchange.
If we talk about the number, there were 39 recorded transactions today on the exchange compared to 446 transactions on the 30th of November. A total drop of 91.2% was seen, which is very high. It is not a good sign for the exchange.
Uniswap COO talks about the current condition
When asked about the reason behind their current condition, Mary Catherin, also known as MC, COO of Uniswap Labs, stated that the NFT”s underlying tech is still at this basic or infancy level. Other proponents of the tech have made use of this reasoning.
However, whether the NFT tech is in its infancy level or not, the reports say that the business is barely alive, along with few customers and sellers on the exchange, and has seen a large decline in trade volumes and sales. And, if something is not done by the exchange soon, the transaction volume will fall by 99%, which would be very dangerous for the brand.
What are your thoughts on the current condition of the Uniswap exchange as it got stuck? How do you think the brand could recover itself from this stage? Let us know in the comments below. And, if you found our content informative, share it with your family and friends.