DEX User Activity Continues to Hit New Highs
Top of Mind
User capture is the key to decentralized exchange (DEX) survival during the bear market. We note two DEXs who successfully captured new users.
Uniswap unveiled its NFT service on November 30 after acquiring NFT aggregator, Genie, back in July. As we wrote at the time, it was an opportunity to expand beyond its existing user base by capturing adjacent NFT traders.
On the day after launching the NFT service, Uniswap had over 7,000 new unique addresses use its AMM, the most in nine months. The launch brought in more new users than high volatility events such as Luna, 3AC, and FTX, signaling the successful penetration of a different user base.
Uniswap continues to be the DEX with the most monthly active users, and the new services make it well-positioned to maintain its lead.
Elsewhere, another blue-chip DEX is finding organic growth: Curve. Curve’s unique users reached a new monthly all-time high in November. It was an 11% increase from the previous all-time high set in May 2022. A driver behind the milestone was its 10,026 first-time users.
Jerry joined Messari as a Research Analyst after working in management consulting. He graduated with a B.S. in finance and a minor in computer science from Indiana University's Kelley School of Business.
Chase's interest in crypto lies at the intersection of economics, psychology, and social coordination.