• Uniswap’s market cap surpassed that of Solana, becoming the 16th cryptocurrency with the highest market cap.
• Solana has been facing scrutiny due to its relationship with the now defunct crypto exchange FTX.
• As a result of the situation, Solana’s total value locked in its decentralized finance (DeFi) ecosystem has dropped 98% from its all-time high.
The decentralized exchange Uniswap (UNI) has recently overtaken solana (SOL) as the 16th cryptocurrency with the highest market cap. Market data shows that Uniswap’s market cap stands at $3.875 billion, a 5.36% increase from that of solana’s current market cap of $3.678 billion. Uniswap’s market cap is now higher than the market caps of grocery delivery service HelloFresh ($3.74 billion), China Airlines ($3.73 billion), and home appliance producer Electrolux ($3.69 billion). In addition, Uniswap is worth more than Lyft, which has a market cap of $3.67 billion.
The scrutiny surrounding solana’s relationship with defunct crypto exchange FTX has led to a steady decrease in its price for eight months with little recovery. This situation has caused the total value locked in solana’s decentralized finance (DeFi) ecosystem to drop 98% from its all-time high of $10.17 billion to $230.79 million. This has led to mass selling and evacuation of the DeFi ecosystem, as investors fear that solana cannot stand its ground without the support of venture capital firm Alameda Research and cryptocurrency exchange FTX, which are both led by founder Sam Bankman Fried.
The situation between Uniswap and solana reveals the ever-changing nature of the crypto market, where new projects can overtake old ones in a matter of months. While solana’s future remains uncertain, Uniswap’s success highlights the potential of the DeFi space and its ability to drive innovation in the crypto world.