The account in the social network Twitter of the Uniswap protocol, recently surpassed the figure of 100k. It is a fact celebrated by this decentralized application, which is the main source of liquidity to the Ethereum Decentralized Finance ecosystem.
This is a figure that may seem modest compared to other major accounts. However, the DeFi boom only started in July of this year and, for many, this race is just beginning, which could end with a financial system parallel to the existing one.
Uniswap is the most successful application in the entire DeFi ecosystem. This protocol covers more than 24% of all the Total Blocked Value (TVL) of Decentralized Finance.
Followers of the Uniswap protocol on the rise
For many, the popularity of DeFi comes down to a small group of users who have adopted these protocols. Meanwhile, knowledge about them is restricted only to those people who are widely familiar with cryptocurrencies.
The fact that the Uniswap protocol Twitter account reaches a high number of followers highlights the popularity of DeFi. In this sense, this could indicate that it is breaking the barrier of a small group to make itself known in broader sectors.
Uniswap in its account, highlights another series of data related to its development and adoption by an increasingly wide number of users. Some of these figures are detailed in the following thread:
What is Uniswap and what is it for?
It must be remembered that the Uniswap protocol serves, as already said, to inject liquidity into the ecosystem. In it, ERC-20 tokens used in the operation of all DeFi applications can be exchanged.
According to whitepaper from Uniswap, this protocol is implemented by a smart contract system of the Ethereum Blockchain. The liquidity it brings to the system, it is noteworthy, occurs without the help of a trusted third party or bank.
This last point is extremely important, since it highlights the main benefits of the new technology. Consequently, all DeFi protocols are decentralized, resistant to censorship and have high security.
The scope of UNI
Another fact of great importance, related to the Uniswap protocol, is the performance of the UNI token. It should be remembered that this ERC-20 project was launched on September 16.
In the short term of a month, UNI has managed to position itself at number 10 of the tokens on CoinMarketCap. UNI’s market capitalization is almost $ 560 million USD.
If you want to get an idea of the magnitude of this growth, it should be compared with other cryptocurrencies such as USDC. This coin, the second largest stablecoin after Tether, has a capitalization of $ 2.7 billion USD.
USDC hit the market in October 2018 and reached the $ 500 million figure in December of the following year. In other words, it took USDC 14 months to reach the capitalization that UNI achieved in just 1 month.
Data to take into consideration
- At the time of writing the TVL of the DeFi of the Ethereum Blockchain network, it reaches $ 11.08 billion US dollars.
- Uniswap is the most successful protocol of Decentralized Finance and occupies 24.14% of the TVL of DeFi.
- The fact that the Twitter account of the Uniswap protocol reaches 100k shows that the popularity of DeFi extends to wide sectors.
- Currently, Uniswap’s Twitter account reaches 111,000 followers.