Even though Uniswap managed to grow in spite of a volatile market, there is a possibility that things could take a turn for the worse.
One of the indicators of the possibility could be the declining interest in Uniswap’s NFT marketplace. There was a lot of excitement surrounding Uniswap during the launch of the marketplace. However as time went on, the number of daily sales and users on the Uniswap NFT platform declined materially. According to data provided by Dune Analytics, the number of daily unique NFT sales on Uniswap fell from 446 to 32 over the course of three weeks.could have a difficult time maintaining its dominance, was UNI’s declining revenue and TVL. According to data provided by Messari, the revenue collected by Uniswap over the last 30 days decreased by 45.38%.
At press time, the total revenue collected by Uniswap was $2.70 million. Well, in terms of TVL, Uniswap did feel the effects of the bear market. Over the past three months, the overall TVL forFurthermore, according to data provided by Santiment, the daily active addresses for UNI declined substantially over the past month. Coupled with that, its velocity also fell. Thus, indicating that the frequency at which UNI was being exchanged amongst addresses had decreased.