Uniswap overtakes Solana to become 16th top crypto

UNI – the token powering the Uniswap decentralized exchange (DEX) – has overtaken Solana (SOL) as the 16th cryptocurrency with the highest market cap, following a recent investigation into the latter’s relationship with crypto exchange FTX. .

Market data shows that Uniswap has a market cap of $3.875 billion. This is 5.36% higher than Solana’s current market cap of $3.678 billion.

Uniswap overtakes Solana to become 16th top crypto - 1
Uniswap’s market cap. Source: coinmarketcap.com

It follows Solana’s price falling continuously for eight months With some examples of recovery. Allegations of poor management and exposure to collapsed exchange FTX threaten its survival and slow recovery.

Uniswap overtakes Solana to become 16th top crypto-2
SOL/USD in 2022. Source: Coinmarketcap.com

To put this data into perspective, Uniswap’s market cap now exceeds that of grocery delivery service HelloFresh, which currently stands at $3.74 billion, as well as China Airlines’ $3.73 billion and home appliance maker Electrolux’s $3.69 billion. While Solana is priced lower than Uniswap and all of those companies, the two are still worth more than Lyft at a $3.67 billion market cap.

Market data shows that the total value locked in the decentralized finance (DeFi) ecosystem of Solana 98% dropped fell from its all-time high of $10.17B to $230.79M. Fears that the coin could not stand its ground without the backing of venture capital firm Alameda Research and cryptocurrency exchange FTX – with which Solana founder Sam Bankman shares Fried – led the DeFi ecosystem’s massive sell-offs and exits. Did.

Uniswap overtakes Solana to become 16th top crypto-3
TVL of Solana. Source: Defilama

according to recent report goodRecruiters at competing blockchain project Polygon (MATIC) have begun buying up Solana projects to move them onto their platform. The ongoing general market uncertainty could also be unkind to Solana and further slow down its value.

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