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The Largest Defi Exchange in the Market Attained Yet Another Milestone

Highlights

    The Total Locked Value(TVL) in Uniswap exchange crossed $2 billion mark with a huge influx of funds in just 24 hours

    The UNI AirDrop is reportedly said behind the surge. But the latest KuCoin exchange hack cannot be ruled out

Uniswap’s UNI token Farming resulted in a huge influx

The largest exchange in the DeFi space Uniswap has reached a milestone of $2 billion TVL. The prime focus was the major share of the TVL was recorded post the AirDrop of their native token UNI

The TVL in UniSwap had exceeded during the DeFi hype earlier this month but unfortunately dipped to $748 million. Within 48 hours of the release of UNI token, it successfully spiked to $1.93 billion. Currently, the TVL has crossed $2 billion, therefore, the recent KuCoin hack is also accounted for the jump.

KuCoin Hackers swapped Altcoins on Uniswap

As Coinpedia reported earlier that, KuCoin exchange has been hacked for about $150 million, now the figure have grown to nearly $280 million. The ERC-20 tokens being most targeted in the hack, the hacker chose Uniswap exchange to swap the altcoins to ETH.

However, many of the projects were frozen, forked and blacklisted, but as per the KuCoin exchange claim to refund all the funds is pretty difficult. But the prime focus remains on the ERC-20 tokens which account for nearly half of the total amount.

Therefore, the hacker chose Uniswap platform to swap all the other altcoins to Ethereum. This may also have added to the TVL which has touched $2 billion mark.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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