As the crypto world recovers from NFT-mania, the decentralized finance (DeFi) space is gaining traction once more, ready to re-occupy its positions as prince of the crypto-space. BeInCrypto explores 5 notable invents that have been pivotal for the DeFi space.
1. Uniswap Launch
Launched in 2018, Uniswap (UNI) is a decentralized exchange (DEX). It’s built on the Ethereum (ETH) network, the world’s second-largest cryptocurrency project by market capitalization. As a result, Uniswap is one of the most prominent DeFi projects.
It aims to offer cryptocurrency users a means to exchange their holdings without the need for a centralized party to administer transactions. Uniswap completely disrupted the cryptocurrency exchange space, traditionally controlled by centralized exchanges (CEXs) such as Binance.
In fact, in February this year, Uniswap became the first decentralized exchange to process over $100 billion worth of transactions, whilst also leading development in the DEX space.
Its native token, UNI, also reflects the impact the leading DEX has had on the DeFi space, with a market capitalization of just under $15.5 billion at press time.
This makes it the ninth most valuable cryptocurrency project in the market.