Uniswap token renewed its high on the back of the DeFi industry hype
decentralized platform Uniswap set a new price record at $15.5 and entered the 13th place by market capitalization.
Uniswap is the most popular decentralized exchange and one of the largest DeFi projects by blockchain amount (TVL). The UNI platform’s native token has shown rapid growth in recent days and has renewed its historical record at above $15.
The token went into circulation last fall. It was issued to all platform users who made transactions before September 1, 2020. Since then, the popularity of the decentralized exchange (DEX) has skyrocketed, and the platform itself has captivated the cryptocurrency and DeFi community.
DeFi-applications grow exponentially
UNI closed the first week of trading at $5.25 and was down to $1.68 two months later. However, the token soon resumed rising and climbed above the $15 mark.
According to CoinGecko, UNI is up 136% in the past two weeks, and it has risen 265% in the past month.
The token’s rise coincided with a new wave of hype surrounding the decentralized finance industry. As of this writing, nearly $25 billion has been blocked in all DeFi applications and platforms.
What sets Uniswap apart
The decentralized cryptocurrency exchange Uniswap attracts large cash flows. Because it is a fully decentralized service, projects seamlessly register their tokens on the platform and start trading them. The entry threshold is very low, and many are eager to get involved.
In addition, the project rewards users for providing liquidity by acting as an automated market maker for the cryptocurrency industry.
Users can interact with Uniswap directly from their digital wallets. This means they don’t have to disclose personal information or private keys to access the platform’s services. The Uniswap project has created a system that many cryptocurrency experts could only dream of a few years ago.
DeFi-applications will evolve and permeate not only the cryptocurrency community, but also the traditional financial system. In this environment, Uniswap will play the role of the main source of decentralized liquidity. Bitcoin and Ethereum are gradually calming down after a bullish rally, and for DeFi projects
Decentralized finance (DeFi) are financial services built on blockchain technology that offer users access to open, efficient and… More
, such as Uniswap, it’s just getting started.