Uniswap v3 was released on the Ethereum mainnet only two weeks ago, but it has managed to surpass SushiSwap and become the second-largest Ethereum-based decentralized exchange by trade volume.
Today, Ryan Watkins of Messari tweeted that v3 had hosted 81% of the volume that was hosted by v2 over 24 hours earlier this week.
According to his data, by May 16th, v3 had processed 15% more weekly volume than SushiSwap, registering $6.5 billion, compared to the $5.6 billion of the latter. 0x follows SushiSwap with $3 billion, with the top five being rounded with Curve ($1.9 billion) and Balancer ($1.2 billion).
Since v3 is so close to reaching the daily volume of v2, despite only having 15% of the total value locked (TVL), it is clear that v3 has succeeded in its goal of creating increased capital efficiency.
Watkins has also pointed out that v3 represents the solely automated market maker with a turnover of over 100% of its $900 million TVL daily. This means that it is ahead of its rivals by over 400%.
The combined market share of v2 and v3 means that Uniswap now holds 60% of all Ethereum-based DEX trade.
Source: CoinTelegraph.com