Is UNI’s TVL a victim of miscalculation? The Uniswap founder stated that…

• Uniswap laminitis clears disorder astir TVL
• Activity connected Uniswap declines on with the gross being generated by the DEX

In a caller tweet made by Hayden Adams, the laminitis of Uniswap, it was stated that the TVL being recorded for Uniswap could beryllium misleading. This is owed to the information that the TVL being recorded connected astir platforms did not relationship for uncollected fees on v3.

Difference is our TVL does not way uncollected fees bc v3 fees are not truly portion of a pools liquidity

I tin spot wherefore this is confusing but its not a bug

I'm mostly not a instrumentality of TVL arsenic a stat bc of however misleading it tin behttps://t.co/lMv2zfjiW9

— hayden.eth 🦄 (@haydenzadams) January 1, 2023

---

      Are your UNI holdings flashing green? Check the nett calculator  

---

A dilatory decline

At the clip of writing, the wide TVL collected by Uniswap stood astatine 3.29 cardinal according to DefiLlama. The declining TVL being recorded whitethorn not beryllium giving a wide representation of the existent authorities of Uniswap.

However, determination were different factors that suggested that Uniswap’s popularity was waning.

For instance, the behaviour of UNI’s airdrop recipients was indicative of declining involvement successful the DEX. According to information provided by Dune Analytics,  the bulk of the recipients of the airdrop ended up dumping the token.

They besides did not extremity up partaking successful immoderate benignant of governance arsenic well.  As clip went on, a batch of the airdrop recipients stopped being progressive users too.

Another motion of dwindling involvement successful Uniswap would beryllium the declining NFT measurement connected the DEX. The regular NFT measurement for Uniswap declined massively implicit the past month.

The measurement of regular NFT transactions connected Uniswap fell from $246,565 to $19,243 successful the span of 30 days. Subsequently, the fig of transactions besides declined from 440 a time to 19 a time during the aforesaid clip period.

A speedy look astatine the information astatine hand…

Due to this driblet successful enactment and interest, Uniswap‘s gross was besides affected. According to information provided by Messari, the gross generated by Uniswap declined by 52.84% successful the past 30 days. At property time, the wide gross generated by Uniswap successful December stood astatine $2.05 million.

One of the reasons for the diminution successful gross could beryllium the decreasing fig of unsocial users connected the DEX. Based connected the accusation provided by Messari, it was seen that the fig of unsocial users connected the protocol had fallen by 3.82%.

---

  How galore UNIs tin you get for $1?

---

Coupled with the declining fig of unsocial users, Uniswap wasn’t capable to garner involvement from caller users arsenic well. This was showcased by Uniswap’s decreasing web growth.

A declining web maturation suggested that the fig of transactions being made by caller users for the archetypal clip decreased.

Despite each these antagonistic factors affecting Uniswap, it continued to support dominance successful the DEX space. At property time, Uniswap managed to seizure 53.6% of the wide DEX marketplace stock according to Dune Analytics.