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March 19, 2022

Uniswap, Solana, and Cardano networks are rapidly growing

Uniswap, Solana, and Cardano continue to be among the top-performing blockchain networks. Uniswap (UNI), an Ethereum-based decentralized network protocol, has dominated blockchain platforms with the most development activity in the last 30 days.

According to Santiment Data, the Uniswap protocol’s GitHub repository has received 1,070 notable code submissions per day from developers. Uniswap outnumbered the previous leader, Solana, who received 418 submissions. Meanwhile, Cardano, Polkadot, and Kusama rounded out the top five blockchains in terms of developer activity. According to data from the crypto social sentiments tracker, the blockchains saw 386, 381, and 381 daily code submissions, respectively.

The brisk development activity among blockchain platforms is remarkable, especially given the recent market volatility. In the time under consideration, the platforms’ tokens have also generated positive returns.

Uniswap is up 10.5 percent on the 7-day chart, Solana is up 11.48 percent, and Cardano is up 9.33 percent. Polkadot and Kusama are also up 5.16 percent and 17.1 percent in price, respectively.

Uniswap has not only outperformed in terms of development activity. The automatic market maker (AMM) DEX has the second-highest total value locked (TVL) of any decentralized exchange at the moment. According to DefiLlama, a DeFi data aggregator, Uniswap has a TVL of $7.53 billion. Among DEXs, Uniswap is only surpassed by Curve (CRV).

Similarly, Uniswap is ranked seventh on all DeFi platforms by TVL. UNI, the protocol’s governance token, has also been performing well in the market. UNI is currently trading at around $9.29, up 6.79 percent in the last 24 hours and 10.93 percent in the last seven days. The UNI token is ranked 24th in the crypto market, with a market cap of more than $6.6 billion.

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Uniswap’s success is undeniably linked to Ethereum’s growing adoption and popularity. The Ethereum blockchain, dubbed the “world computer,” has lived up to its moniker. It continues to outperform other blockchains in terms of total value locked in DeFi.

Ethereum has a TVL of $116.3 billion, giving it a 55.14 percent market share. The blockchain also has the most extensive DeFi ecosystem, hosting 567 top protocols.