Despite Upstaging Uniswap’s TVL, Curve May Still Not be Largest DEX
Uniswap may have slipped from its standing as the largest decentralized exchange — depending how you define it. Curve Finance has surpassed Uniswap in terms of total value locked (TVL), according to data compiled by DeFiLama.TVL is calculated by compiling the number of staked assets on a given smart contract. The commonly referenced metric represents funds available to a protocol to exercise daily market function including spending and borrowing. The figure often skews toward volatility and is heavily affected by market conditions. Traders, as such, typically use TVL as one measure of many to evaluate the overall health of a protocol. Other indications include the number of unique active wallets on a protocol and its market capital (the decentralized equivalent of TradFi’s market capitalization). DappRadar data show that over the past 30 days, Uniswap V3 has an estimated 440,000 unique active wallets.
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