By
Steve Muchoki
May 6th, 2024
Within a single trading day, Uniswap token, UNI, has been listed in more than one dozen exchanges, hereby it is featured in almost 40 pairs.
In a surprising turn of events, Uniswap (UNI) price more than doubled during its debut day defying rumors of mass market dumping. The token was airdropped to past Uniswap users in batches of 400 per wallet without warning yesterday.
This reciprocated to approximately something like $1,400 – in regards to yesterday’s average trading value – to all its past traders. Notably, even more tokens went to anyone who had supplied liquidity or who held its SOCKS token.
“In a time when people are being greedy and malicious, they did something generous and benevolent, and the fact that it was unexpected was really special,” said Meltem Demirors, strategy officer at CoinShares.
Thanks to its growing price, UNI, the governance token of the decentralized exchange (DEX) Uniswap, is now ranked position 26 in terms of market capitalization, according to metrics provided by Coinmarketcap.
According to DefiPulse, Uniswap has dominated approximately 15.69% of the total $9.12 billion locked in the DeFi ecosystem.
Notable Uniswap (UNI) Success and Its Growing Price
At the time of writing, Uniswap was leading in the DeFi list with $1.43 billion locked. Followed closely by Aave that has $1.36 billion locked in its DeFi protocol.
Maker closes the top three list with $1.10 billion locked in its ecosystem. Uniswap protocol has seen a 79% rise today, as of the time of reporting.
Uniswap token has experienced a sharp uptick in the daily trade volume, where it was at $1,762,718,357. The figure almost doubled its market capitalization that stood at $891,660,523 at the time of reporting.
The high daily volume in a short period indicates the asset is gathering momentum ready for a new rally. With the level of speculation within the crypto industry, Uniswap native token can rally further than Chainlink did in its prior rally.
Within a single trading day, Uniswap token, UNI, has been listed in more than one dozen exchanges, whereby it is featured in almost 40 pairs.
At the time of writing, UNI was trading at around $4.99, approximately 43.80% up today. The high trading volume can be attributed to the project’s success, amid growing competition in the DeFi ecosystem.
“With their new token and broad distribution model, I believe it will significantly help them grow and retain their liquidity while building trust,” noted Paul Veradittakit, partner at Pantera Capital.
According to Uniswap, since launching, over 250,000 unique Ethereum addresses have made trades on it, and now all those folks will have some say over the future direction of the product. They can also use Uniswap itself to instantly liquidate their holdings into whichever ERC-20 they prefer.
