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A new DeFi project called Delta is launched on Uniswap. Delta’s recovery system has spiked the volume of transactions on Uniswap.
Trading volume on decentralized exchange Uniswap has increased 450% in the past 24 hours. The total volume, according to statistics on Uniswap.info is 7.17 billion USD, quite sudden compared to 1.6 billion USD on 29/3. Uniswap’s previous daily record of $ 2.19 billion was set on October 26, 2020.
The token that accounts for the majority of trading volume is DELTA. Over the past 24 hours, DELTA has made $ 6.13 billion in transactions, equivalent to 85% of the total volume, despite having only $ 16.4 million in liquidity.
However, Uniswap founder Hayden Adams announced that DELTA’s cumulative stats would not be counted toward DEX’s global volume due to a flaw in Delta’s protocol. After that change, the exchange’s actual trading volume was about $ 1.05 billion, a fairly normal day for Uniswap.
Not wash trading but not “real” volume either.
Soon will be considered untracked volume on https://t.co/80BxduZqDD
– Hayden Adams 🦄 (@haydenzadams) March 29, 2021
However, the large volume Uniswap is recording is the result of Delta’s liquidity recovery system, an algorithm that increases the cost of tokens over time. The system is designed to make Delta feel like swapping tokens back and forth to increase volume and price. Delta is competing with Uniswap’s liquidity groups to be able to keep liquidity solid and make prices less volatile.
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