Reports reveal DeFi’s latest project, known as Delta (DELTA) has been launched at Uniswap.
However, due to Delta's feature that highlights the rebasing system, the number of trades on the Uniswap platform recorded an unusual record compared to usual.
Within 24 hours, trading volume on the platform skyrocketed 450%, from $ 1.6 billion on March 29 to $ 7.17 billion the next day.
This makes it a record high after October 26, 2020 ($ 2.22 billion) when Harvest Finance was hacked using flash loans from Uniswap.
The cause starts from the total DELTA coins traded at $ 6.13 billion or 85% of the total even though its liquidity is only $ 16.4 million.
Its founder, Hayden Adams explained statistics from DELTA will not be counted in Uniswap’s global totals because of its protocol features being different from the others. The decision eventually led to a true value of total trades of around $ 1.05 billion, a normal value for day -to -day trading at Uniswap.
Not wash trading but not "real" volume either.
Soon will be considered untracked volume on https://t.co/80BxduZqDD
- Hayden Adams 🦄 (@haydenzadams) March 29, 2021
In fact, the Uniswap community on Twitter is seen to be in turmoil with Delta’s presence which has disrupted actual trading records on the platform.
Not to stop there, the anonymous developer along with the CORE team that built Delta has launched a smart contract that allows nearly $ 11 billion in trading volume for a single token registered in 24 hours on Uniswap. Although it is considered a new record, it is seen to fail to last for a long time.
The issue sparked debate among the decentralized industry as the developer’s actions deemed as a threat to Uniswap’s statistics became meaningless.
At the time of writing, Uniswap (UNI) is trading at $ 28.40, down nearly 1%. While for Delta (DELTA) it recorded $ 19.40, soaring almost 2% in 24 hours.
