By
Svetlana Soroka
April 24th, 2024
UniSwap’s UNI DeFi token has shot to fame with a massive rally this year. The latest price jump comes on the backdrop of improving fundamentals of the UniSwap network.
While the broader cryptocurrency market remains under pressure, the decentralized finance (DeFi) crypto space draws investors’ attention. Over the last week, the overall DeFi market is up 50% with UniSwap’s UNI DeFi token leading the show.
The decentralized exchange (DEX) UniSwap’s native UNI token surged all the way to its new all-time high above $15 on Wednesday, January 27. As per data on Messari, UniSwap has gained a whopping 88% on the weekly chart. Just to know more, its year-to-date gains stand at a whopping 200% at press time.
As of writing this article, the UNI DeFi token is trading at a price of $13.94 with a market cap of $4.07 billion. UniSwap has gone to become the largest decentralized exchange (DEX). As Messari writes:
“Decentralized Exchange (DEX) volumes have been soaring to start 2021. At their current pace, monthly DEX volumes could blow past their previous record set in September 2020, reaching more than $55 billion. With clear product-market fit, accelerating volumes, and significant earnings potential, DEXs – and in particular automated market makers – have quickly become the most successful DeFi protocols to date”.
UniSwap (UNI) Whale Addresses on the Rise
The UNI price surge in recent times comes on the backdrop of rising fundamentals. The number of whale addresses with more than 100K UNI tokens has surged to above 237 in recent times.
🦄📈🐳 #Uniswap has just broken yesterday's #AllTimeHigh, & just crossed $13 for the first time. New whale addresses are a clear reason! Our whale holders data indicates addresses with 100k or more $UNI have inflated to a new high themselves at 237. https://t.co/WqpNlq1ZRt pic.twitter.com/mKekgckOPk
— Santiment (@santimentfeed) January 26, 2021
Last week, Our Network provided interesting details about the UniSwap protocol. Last month in December 2020, UniSwap passed 300,000 monthly active addresses. Also, since the beginning of 2021, the Median Trade size has jumped to nearly $1200. As of now, the UniSwap protocol contributes to 20% of all Ethereum transactions. The publication notes:
“Uniswap continues to see record volume growth, with January on track to support a monthly all-time-high of $25bn: to date, the protocol has generated over $75bn volume. Uniswap is the fourth largest cryptocurrency spot trading venue in the world and consistently commands 50% decentralized trading protocol market share. While long-tail assets play a significant role in the protocol’s success, ETH and WBTC markets together regularly account for 40%+ of total weekly volume”.
In terms of total value locked (TVL) in Defi, UniSwap is the third-largest protocol after Maker and Aave. With $3.11 billion in TVL, UniSwap alone contributes 12% of the total value locked in DeFi.