This increase in large transactions coincides with the liquidation of assets by the group behind the WazirX hack.
Blockchain analytics firm IntoTheBlock revealed that Uniswap (UNI) has seen a huge 1,298% increase in large transaction volume, showing a rise in whale activity. Large Transaction Volume measures the total amount moved by whales and big players on a given day, giving insights into market behavior.
Spikes in this volume suggest high activity among big holders, either buying or selling. In the last 24 hours, Uniswap reported $42.71 million in large transaction volume, equal to 546 million UNI, marking a 1,298.38% rise.
Market Impact of the WazirX Hack
This increase in large transactions coincides with the liquidation of assets by the group behind the WazirX hack. The hackers sold off a significant amount of Uniswap, leaving them with about $5 million worth of the stolen assets.
.@WazirXIndia exploiter top seller of UNI 👀 pic.twitter.com/NLWccBWASz
— Alex Svanevik 🐧 (@ASvanevik) July 22, 2024
The recent hack of Indian crypto exchange WazirX, which caused over $230 million in withdrawals, has shaken the market. In the past week, the hackers became the top sellers of Uniswap, selling $859,514 in UNI tokens, according to Nansen data. This sale likely contributed to the surge in large transaction volumes. Currently, Uniswap is trading at $7.91, down 0.81% in the last 24 hours, and has dropped 3.64% over the past week.
Uniswap’s Growth and Future Innovations
Uniswap has also reached a major milestone, surpassing $2 trillion in all-time trading volume as of April 2024. This was achieved in about five and a half years since its launch in November 2018. It took Uniswap 42 months to reach the first $1 trillion in May 2022 and less than 24 months to double that volume, despite more competition in the decentralized exchange (DEX) space.
Uniswap remains the largest DEX by trading volume, holding 54.7% of the market share, with PancakeSwap following at 23.2%. In other news, Uniswap Labs has launched a wallet browser extension that supports 11 blockchains, including Ethereum, Base, Blast, and Arbitrum.
Looking ahead, the Uniswap Foundation plans to release an upgrade for Uniswap v3 in the third quarter of the year, following the successful deployment of Dencun on the Ethereum mainnet. This v3 upgrade will include features to optimize gas fees and allow for dynamic adjustments.
