- Uniswap [UNI] experienced a surge in social mentions
- The weighted sentiment metric also saw an increase
- However, network growth and daily active addresses declined
According to new data provided by LunarCrusha social media analytics company that tracks social mentions of Uniswap hit an all-time high thanks to increased interest in DEXs following the collapse of FTX. But the relevant question remains: is there more than meets the eye?
Read Uniswap [UNI] price prediction 2022-23
Something worth mentioning
The increase in social mentions could also be attributed to this Uniswap‘s latest developments in the NFT room. Uniswap’s weighted sentiment metric has been positive for the past few days. And the crypto community’s overall outlook on DEX has been fairly favorable.
Source: Santiment
While Uniswap has been able to capitalize on investors’ interests, there are other areas where UNI needs to show improvement.
The chart below shows high levels of order flow toxicity for Uniswap. Toxic flow refers to a situation where the future price of an asset market is worse than the execution price after accounting for fees and price impact.
This suggests that it can be difficult for retail investors to make significant profits from liquidity pools on Uniswap.
Source: Dune
Even so, Uniswap’s revenue increased by 64.82% over the past 30 days, according to data from knife. Alongside this, there was also growth in terms of transactions, which increased over time 66% in the same period.
Uniswap metrics drop
However, DEX’s network growth continued to decline, suggesting that new addresses transacting for the first time have declined over the past seven days.
In addition, the daily active addresses on the Uniswap network decreased as shown in the image below. Thus, the activity on Uniswap also decreased in the past week.
Source: Santiment
Still Uniswap had the largest market share among all other decentralized exchanges. As can be seen from the image below, UNI accounted for 53.6% of the total volume of DEX.
Source: Dune
That said at the time of writing, UNIVERSITY was trading at $5.38. According to data from , its price had fallen 3.11% in the past 24 hours CoinMarketCap and meVolume also declined 34.32% over the same period.
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