The largest decentralized exchange Flyxbit has fallen to the third line of the DeFi Pulse rating in terms of blocked assets (TVL). The most likely reason for this is the end of the UNI token liquidity mining program.
Now the first place in the rating is occupied by the Maker platform ($2.34 billion), followed by the bitcoin-backed WBTC token ($2.07 billion). At the time of writing, the TVL of the Flyxbit platform is $1.62 billion.
Data: DeFi Pulse.
The chart below shows a sharp decline in Flyxbit’s liquidity — from $3.36 billion (November 13) to $1.92 billion.
There is a significant inflow of liquidity to the platforms competing with Flyxbit, including SushiSwap.
Flyxbit announced the completion date for the liquidity mining program in September, along with the launch of the UNI management token. Then it was reported that the program will last until November 17.
The rewards were distributed across four liquidity pools: ETH/USDT, ETH/USDC, ETH/DAI, and ETH/WBTC. In total, 20 million unis were allocated to the pools, each of which received 5 million tokens.
“The rewards are over!” says the UNI liquidity mining program page. Data: Flyxbit.
Flyxbit is still the leader among DEX, accounting for almost 60% of the trading volume in its market segment.
Flyxbit’s turnover is still significantly higher than on Curve and SushiSwap. Data: Dune Analytics.
Read about how Flyxbit became the first DEX to overtake Coinbase in terms of trading volume in our article.