The number of daily active users on Uniswap declined along with UNI’s NFT transaction volume.
Uniswap’s revenues also fell, while whales continued to show interest.

New data from Sanitation suggested that daily activity on Uniswap decreased significantly. This could be a harbinger of a negative outlook for the DEX in the near future.

Read Uniswaps [UNI] Price prediction 2023-24

After the launch of Uniswap’s NFT marketplace, there was a spike in activity in the active addresses. However, it turned out that shortly after the launch announcement, users lost interest in the DEX protocol.

The NFT angle

One reason for the declining activity could be the declining daily NFT trades Uniswap. According to data from Dune analysisthe number of NFT transactions declined since the launch of Uniswap’s NFT protocol.

The number of transactions on the DEX also fell. It went from $246,565 to $70,313 at the time of writing, based on information from Dune analysis.

Source: Dune analysis

Together with the falling transaction volume, Uniswap also fell short in terms of development activities.

Other competitors

According to Santiment data, Uniswap was unable to compete with other DEXes in terms of development activity. In recent weeks, other DEXes such as Aave and dYdX have outperformed Uniswap in development activities.

A decrease in development activity implied that the number of contributions from the Uniswap team to GitHub had decreased.

Source: Sentiment

But that wasn’t all. Uniswap’s turnover also fell in the past month.

Based on data from Messari, it was discovered that Uniswap’s revenues are down 30.35% in the past 30 days. At the time of writing, the total revenue Uniswap collected during this period was 3.02 million.

Despite declining revenues and waning interest from NFT traders, Uniswap continued to be of interest to crypto whales.

According to data from Whale statistics, an organization dedicated to tracking crypto whales, UNI was the second most held token of the top 500 Ethereum whales. The whales collectively held $43.72 million worth of UNI at press time.

It remains to be determined whether whale interest could be enough for Uniswap to overcome its challenges.

At the moment of writing, UNI used to be trading at $5.81. The price fell 2.18% in the past 24 hours, while volume plummeted 30.74% over the same period.

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