They just met, but everyone is already talking about how amazing they look together. This isn’t your average celebrity couple, no, but rather Polygon and Uniswap. Here’s what you need to know about their compatibility so far.
#CoupleGoals or not?
Uniswap was deployed on Polygon in December 2021. However, about a few weeks later, the DeFi protocol quickly swallowed up Polygon’s market share. From about 20% in one week to nearly 30% in two weeks, Uniswap had about 45% of the market share on Polygon at the time of writing, according to the OurNetwork newsletter.
Looking at the total value locked [TVL]one sees a strong increase in February 2022 to a value of $139.3 million on February 18.
Source: DeFi Llama
Analyst Derek Walkush noted:
“Uniswap’s TVL on Polygon is up 2x+ in the past two weeks and is currently tracking about $140 million. This growth is lagging behind its competitors, with QuickSwap and Sushiswap TVL trailing around $800 million and ~$280 million respectively.
Poly’s time to party?
Uniswap is not alone in benefiting from this relationship. In fact, Polygon saw 2.36 million unique addresses in the past month. Polygon also seems to be a hit with gamers as seven titles have clocked in over 10,000 monthly active users. Sunflower Farmers was just one example, even if the hype led to unbalanced revenues.
However, when looking at Polygon’s largest dApps by users, QuickSwap, Sunflower Farmers, and SushiSwap were way ahead of Uniswap, which had 16.6k users last week.
Should anyone object to this UNI-on…
But it’s not all roses and chocolate for Polygon and Uniswap. There is work to be done individually. Uniswap’s daily unique users have been steadily declining since August 2021. Especially in 2022 there was a sharp drop and on February 19 there were only 16 unique users. Not exactly a winning formula.
Source: Dune Analytics
In addition, Uniswap has suffered losses of approximately $485 million since February 1. This was apparently so serious that even Uniswap whales decided to stay behind. In addition, the network’s growth reached a 17-month low.
As a MATIC of fact…
At the time of going to press, Polygon’s MATIC changed hands for $1.53. This was after a decline of 2.55% in the past 24 hours and 10.81% in the past seven days.
This post Uniswap, Polygon and review how their ‘pairing goals’ are doing
was published first on https://ambcrypto.com/uniswap-polygon-and-assessing-how-their-couple-goals-are-faring/
