By
Svetlana Soroka
April 24th, 2024
UNI token has seen a market sell pressure, however, its 24-hr trading volume continued to grow during the weekend. 1 billion UNI were minted at genesis and will become accessible over a course of 4 years.
Uniswap Protocol token, UNI, experienced market sell pressure during the weekend and also during Monday’s Asian trading session. At the time of writing UNI token was trading at around $5.33. Its market capitalization stood at $516,488,081 while its 24-hr trading volume was at $1,829,609,723 according to figures provided by CoinMarketCap. In addition, its circulating supply stood at 96,866,285. Worth noting that UNI’s market capitalization had dropped from $891,660,523 to the figure indicated earlier in this post.
However, UNI 24-hr trading volume continued to increase during the weekend. The figures indicate that there is an increased activity within the Uniswap ecosystem. Increased activity is an indication that the whole project is gathering more momentum as predicted by its core developers.
Analyzing its US dollar derivative precisely on the 4 hour chart, the instrument is possibly in a correction phase. This is further indicated by the sense that it is possibly forming a falling wedge in a rising trend. However, there is no much historical figures on the UNI/USD since it was launched by most exchanges last week. With time, as more users engage the project, much will be noticed for further project analysis.
Fundamentals to Affect UNI Token Market Price
According to figures provided by DeFi Pulse, Uniswap was leading the DeFi list with $1.94 billion locked in its ecosystem. The value was up approximately 12.4% in the past 24 hours.
Since the launch of supply method for UNI token last week, Uniswap has been leading the DeFi ecosystem. This can be largely attributed to the fact that the project was primarily developed with the user as its leader in mind. Its ‘overnight’ success can be largely attributed to the past two years experience in the market that the project has been exposed to. In addition, it was launched at a time when crypto adoption is experiencing a boom globally. Hereby revolutionizing the entire financial system by making it as decentralized, cheap, accessible, transparent as possible.
According to the developers projected timeline, 1 billion UNI were minted at genesis and will become accessible over a course of 4 years. Whereby the initial four year allocation is as follows: 60.00% to Uniswap community members 600,000,000 UNI, 21.51% to team members and future employees with 4-year vesting 215,101,000 UNI, 17.80% to investors with 4-year vesting 178,000,000 UNI, and .069% to advisors with 4-year vesting 6,899,000 UNI.