UNI is the native token of a leading decentralized exchange which is the Uniswap. It surged up nearly 50% this week making it the rank #8 largest crypto assets that has $17.7 billion market cap. Uni made into the top 10 last March 5, becoming the first native token of a DeFi DApp. Within the 24 hrs, UNI's capitalization increases from $8.8 billion last March 4 to $14.7 billion. While Messari currently ranked UNI as the second largest Ethereum based asset by market cap next to Tether, beating Chainlink by almost 50% of its capitalization.
The surge was the result of the speculation that builds for the exchange's coming of V3 overhaul making it to the top 10 that has 50% surge. It is an amid increase speculation that Uniswap's V3 upgrade will be soon, with Andre Cronje speculating it, Yearn Finance developer last March 4. This made recent increase of social media activity from Uniswap lead developer Hayden Adams, suggesting new version is coming soon.
https://twitter.com/AndreCronjeTech/status/1367343167117402118?s=19
Cronje's post was out after Adams has created a Twitter poll asking his followers where they want to read the announcement regarding “Uniswap V3 details ”. Adam posted a reply to Cronje's tweet “please delete,” this made rising suspensions that Uniswap may have a significant announcement coming on the horizon.
The price of UNI is now as the time of writing this article consolidating near yesterday's all time high which is above $34 with its last trading price $33.9
Uniswap's initial token distribution was the UNI token airdropped proportionally to liquidity providers, additional to the 400 tokens being sent to every wallet that traded with the DEX as of September 2020.
UNI's entering the top 10 in crypto was followed by a record monthly trade volume on the exchange, with February hosting four consecutive records for weekly Uniswap trade -culminating all time high monthly of $31.9 billion in volume.
However, volume weekly streak records of Uniswap's appearing to an end, with only seven-day volume currently sitting at $6.4 billion which was down by 25% compared yo last week's $8.6 billion. Despite this volume retracement Uniswap still representing half of all the trades in Ethereum- powered DEXes.
Closing Thoughts
Seeing the UNI success entering top 10 in crypto ranking based on market cap, it really proves that a governance token can also have a spot on top, of course, it goes along with many developments in the projects and continues utilization of its exchange.
Some of the people I bumped into a group chat of traders on telegram telling that UNI will rise but I didn't listen again, noob as always 😂🤦♀️
After seeing Uniswap entered top 10 there has been many speculations that the DEX aggregator 1INCH will follow or at least reached rank #25, but of course, it was all speculations but who knows right? Do you have 1INCH in your portfolio?
Did you hodl UNI tokens? Or did you able to catch the 400 UNI airdrop? It was the best and biggest airdrop so far in history. Me, I didn't. I don't know yet the existence of Uniswap last September 2020 lol 😆
CryptoNEWS: This is a blog where I write about some crypto stuffs and news aside from my CryptoBUY blogs. I love learning and writing about crypto topics as well aside from personal blogs..
do you know about the good dollar I got some but I don't know how to move gooddollar to a wallet like truswalllet or something