Uniswap Reigns Supreme: Coinbase Ranks It as the Leading Crypto Protocol for 2023
Uniswap, the popular Ethereum blockchain protocol, has dominated the blockspace with an impressive 43 million transactions and 7.4 trillion gas, surpassing the second-ranking protocol by a significant margin. Introduced in 2018 by Hayden Adams, a former Siemens mechanical engineer, Uniswap operates on the Solidity programming language, which is widely used in decentralized finance (defi) projects on the Ethereum platform.
Uniswap stands out for its open-source nature, which encourages contributions from a diverse community. It allows users to provide liquidity to pools and trade decentralized tokens in pairs, including crypto-to-crypto and crypto-to-stablecoin pairs. The project has garnered over three million unique senders, indicating its popularity and widespread adoption.
In the thread, Tether is highlighted as the second-ranking protocol, with 33.6 million sends from 6.2 million unique addresses. This makes Tether a notable player in the Ethereum ecosystem. Opensea, Metamask, and 1inch also feature prominently in the list of top protocols.
It is interesting to note that the aggregator 1inch has emerged as the most utilized project. Additionally, the recently introduced entrant, Banana Gun, has recorded 1.5 million swaps, securing the ninth spot on the list.
In a follow-up thread, the Coinbase Director references analytics from Dune, which compile the top 20 individual contracts. Uniswap secures the leading positions in the first three spots, further highlighting its dominance in the Ethereum ecosystem.
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