Uniswap Leads Ethereum Protocols in 2023
According to a Jan. 4 post on Coinbase’s official blog, Uniswap has emerged as the most utilized protocol within the Ethereum blockspace. In 2023, Uniswap recorded an impressive 43 million transactions, consuming 7.4 trillion in gas – a staggering 4.5 times more than the second-ranking protocol.
Uniswap: A Defi Innovator Since 2018
Introduced in 2018 by Hayden Adams, a former Siemens mechanical engineer, Uniswap operates on the Ethereum blockchain using the Solidity programming language. This choice is common among decentralized finance (defi) projects. Uniswap is unique for its open-source approach, which encourages diverse community contributions.
Diverse Trading Options and Community Growth
Uniswap offers users the ability to provide liquidity to pools and engage in decentralized token trading, including crypto-to-crypto and crypto-to-stablecoin pairs. This versatility and open-source nature have attracted over three million unique senders to the platform.
Tether and Other Protocols Follow Closely
The report also highlights Tether as the second-leading protocol, with 33.6 million sends from 6.2 million unique addresses. Following Tether are other significant players like Opensea, Metamask, and 1inch in the Ethereum ecosystem.
Emerging Players and Future Trends
Notably, 1inch has emerged as a highly utilized project, and the 2023 newcomer, Banana Gun, has already recorded 1.5 million swaps, securing the ninth spot on the list.
In-Depth Analysis by Coinbase Director
A follow-up thread from the Coinbase Director offers further insights, citing analytics from Dune. It presents a comprehensive list of the top 20 individual contracts, where Uniswap secures the top three positions, underlining its dominance in the Ethereum protocol landscape.