The Largest Defi Exchange in the Market Attained Yet Another Milestone

Uniswap’s UNI token Farming resulted in a huge influx

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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.

In the last two days, the hacker sold 320k OCEAN (worth $120k) until the contract was paused, then sold 578k SNX (worth $2.9M), then 10k COMP (worth $1.35M), then 203k LINK (worth $2.16M), and just recently started selling DIA. Only selling for ETH so far

— Larry Cermak (@lawmaster) September 28, 2020

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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.