Uniswap has reportedly been down for hours, with its users unable to access the Uniswap web app, Wu Blockchain reports. He quotes the Discord moderator as saying that the ongoing issue might have been caused by a problem with Cloudflare routing.
While an official statement is yet to be released by the Uniswap team, the network saw exceptionally high traffic in recent days.
In a tweet on Nov. 14, top decentralized cryptocurrency trading system Uniswap announced that the number of new users of Uniswap's web app reached a 2022 high, with the number of daily new transacting wallets reaching highs of 55,550.
This is happening as traders swarm to decentralized exchanges (DEXs) in the wake of FTX's abrupt, disastrous collapse.
On Nov. 14, Uniswap passed Coinbase to take over the position of the second largest exchange in terms of trading Ethereum after Binance.
In terms of total trading volume, nearly twice as many Ethereum trades were conducted on Uniswap as on Coinbase, the second largest centralized exchange (CEX).
Contrary to centralized platforms, DEXes enable customers to trade cryptocurrencies while maintaining complete control over their funds, offering a higher level of security against withdrawal freezes or network outages.
The FTX implosion is having the most impact on the cryptocurrency market, as early signs of contagion are appearing.
Following the FTX collapse, institutional cryptocurrency lender Genesis Global announced yesterday that it would "temporarily suspend redemptions and new loan originations."
Gemini, a cryptocurrency exchange, also stopped allowing withdrawals from its Earn program.