Uniswap VS Jupiter! | Data on TVL, Volume, Users, Top Pairs and More | Aug 2024

How are the top DEXs doing compared to each other.
Uniswap is now the incumbent in the DeFi industry. It has been around for five years. A long time in crypto. In the last period it has expanded to multiple L2 chains providing cheap swaps.
Jupiter launched a year ago and has grown fast in the booming Solana ecosystem. It launched a token in January 2024 that further increased its growth.

Let’s take a look how is the protocols are performing under the current market conditions.

Here we will be looking at:

• Total value locked
• Trading volume
• Top exchanges
• Number of users
• Top Pairs
• Price

Total Value Locked

Here is the chart for the TVL on Uniswap and Jupiter.

The chart is from January 2023. Uniswap has a much longer history, but Jupiter has a shorter one, ergo the period.

We can see that Uniswap is leading a lot when it comes to TVL. It has been in the range around the 5B lately. Jupiter has grown a lot and is now at 1B. Still a lot to go.

Trading Volume

Trading volume is extremely important. That is where the fees come from and the APR for liquidity providers. No trading volume means no fees and no capital in the protocol.
The chart for the trading volume looks like this.

This is a chart for the daily trading volume. It’s quite volatile.
Here we can notice that Jupiter has basically reached the trading volume on Uniswap, especially in the boom in March 2024. Since then, it has dropped and is now again bellow the Uniswap trading volume. In the last period Uniswap has been around 600M, while Jupiter around 200M.

The monthly trading volume looks like this:

A clearer picture here than the daily volume.

On a monthly basis Jupiter has come close to Uniswap in the period March – June but has not overtaken it. In the last two months, Uniswap has again increased its lead, mostly because of the drop in trading volume on Jupiter.

Active Users

How are the protocols doing in terms of active users? Here is the chart.

Impressive growth from Uniswap in the period! From 100k at the beginning of 2024 to 700k. This is most likely because of the expansion of Uniswap to L2 chains where the fees are low and more users are using the app.
Jupiter has also grown and overtook Uniswap for a short period of time in March 2024 in terms of daily users reaching 400k at the peak. But then the number of users slowed down and even dropped while Uniswap continued to grow.

In the last days the number of DAUs on Uniswap is at 500k while on Jupiter at 150k.

Top Exchanges in Trading Volume

If we take a look at the data for the trading volume on the other exchanges provided by some of the aggregators like coingecko the numbers looks like this.

We can see Uniswap and Jupiter here. Uniswap is ranking quite well, in the top 10 exchanges, competing with CEXs in terms of volume. Jupiter is still on the bottom and has not positioned itself that well.

Top Trading Pairs on Uniswap

Here is the chart for the top trading pairs ranked by liquidity.

The USDC-ETH pair is on the top here, followed by the WBTC-ETH. The comes ETH-USDT etc. The ETH pairs are on the top.

Top Trading Pairs on Jupiter

Here is the chart for the top trading pairs ranked by trading volume.

The USDC-SOL is on the top. Interesting the PYUSD/USDC comes second. It’s the PayPal stablecoin. Another stablecoin pair USDC-USDT and then comes some meme tokens and the JUP token.
It’s worth noting that Bitcoin is missing on the Solana chain.

Marketcap

The chart for the Marketcap of the platform looks like this.

Obviously Uniswap is leading here with a Marketcap of 6B now, while Jupiter is 1B. Still an amazing growth from Jupiter having in mind it’s the first year of the token existence.

All the best
@dalz