Known for being at the pinnacle of DEXs since its inception, the Ethereum 
$3,660-based decentralized exchange (DEX) Uniswap (UNI) has been surpassed by the Solana 
$241-based DEX Jupiter (JUP). Although Uniswap briefly reclaimed its position as the DEX with the highest trading volume on February 3, it could not maintain this status. On January 29, Jupiter’s trading volume exceeded $500 million, capturing 18% of the market share for DEX trading volume that day, while Uniswap fell to second place with $443 million.
Impact of JUP Airdrop
It is believed that Jupiter’s JUP token airdrop event on January 31 played a significant role in Uniswap’s drop to second place. According to data provided by CoinGecko, Uniswap’s trading volume briefly surpassed Jupiter in the early hours of February 3.
However, Jupiter managed to reverse this temporary situation and once again took the top spot in the ranking of DEXs with the highest trading volume in the last 24 hours. As of the time of writing, Jupiter’s trading volume stood at $538 million. On the Uniswap side, a trading volume of $531 million was achieved, placing it in second position.
Current State of UNI
As of the time of writing, UNI was trading at $6.15, reflecting a 6% price decrease over the past month according to data from 21milyon.com. Despite the 30-day decline, UNI’s situation appeared more stable today, trading with a positive increase of 0.37% for the first time in a long while. Over the past week, the altcoin had increased by more than 2%.
In the last 24 hours, the altcoin’s trading volume also experienced an 18% decrease, resulting in a value just over $56 million. Despite this decline, the overall volume increased by 0.45% and continued to hover above $3.6 billion.
An analysis of the token’s network activity revealed a consistent decline in investor demand for the altcoin over the past month, with the number of addresses transacting UNI decreasing by 23% over the last 30 days, according to data from Santiment. On the other hand, there was also a decline in new demands for UNI. Information shared with investors by Santiment indicated a 27% decrease in the number of addresses created for trading UNI over the past month.
