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Uniswap is an Ethereum-based automated liquidity protocol. Its operations ensure constant security, decentralization, and censorship resistance in the crypto industry, removing the need for intermediaries.
The protocol is committed to managing a liquidity pool by each smart contract or pair of smart contracts. This liquidity is made up of two ERC-20 tokens reserves. The consistency of its system of operation seems to yield positive results, particularly in terms of its token.
Related Reading: Exchanges Close Q3 With Massive Bitcoin Outflows, Why A Rally Is On The Horizon
The decentralized exchange Uniswap has been quite popular in the crypto ecosystem recently. According to recent tweets from Ryan Watkins, the protocol’s latest version (V3) has realized up to $6.5 billion. He added that this current version is presently drawing closer to its V2. Ryan Watkins is a researcher at Messari.
UNI Up By Double-Digit Percentage
While the broader crypto market struggles to recover from its red zone, UNI seems to be rising in its price. According to a 24-hour market watch, the token has witnessed a 7.22% gain. Its current price is about $6.73. This growth has placed it among the top 10 digital currencies in the crypto space.
Crypto Dream published a UNI chart, citing that although the market looks threatening, it’s on a bullish move. Crypto Dream is a Twitter account that offers technical analysis on digital currencies.
The UNI token gives a few reasons for investors to be glad. However, the same cannot be said about the general crypto market.
UNI’s price is currently trading at $6.66. | Source: UNIUSD price chart from TradingView.com
Briefing on the Mainstream Bump
The mainstream financial publication of The Wall Street Journal resulted in the spike of Uniswap. This event occurred on May 24 and involved the DEX, according to an article that shared information about Nasdaq COIN (Coinbase) competing with crypto exchanges. At the time, Uniswap was grabbing some market shares, which was detrimental to its centralized peer Coinbase.
According to the Journal, Messari data compared Uniswap and Coinbase based on their trading volumes. At the time, the trading volume of Uniswap was a little above $36 billion and $110 billion as Coinbase’s.
Uniswap appealed, citing that it’s best for crypto traders to have more control over their assets. This way, they won’t have to leave it on trading platforms, hoping for sudden growth.
But Coinbase, as a centralized exchange, prefers traders to leave their coins on trading platforms for additional security.
What About Other Cryptos?
While UNI is boasting of an increased weekly gain, other cryptos, such as Bitcoin and Ethereum, are still struggling.
According to CoinMarketCap data, Bitcoin has gained 2.06% in seven days. This price movement is not encouraging for its supporters at all. Also, the 1-hour and 24 hours price gains stand at 0.26% and 1.25%, respectively.
Ethereum is not doing so well. Its weekly gain is in red and stands at 0.07%, while the 1-hour and 24 hours gains stand at 0.44% and 3%.
Related Reading: Is Bitcoin ‘Uptober’ About To Begin? | BTCUSD Analysis October 3, 2022
Many cryptos, such as Tether USDT, XRP, Binance USD, Cardano ADA, Dogecoin, Polkadot, DAI, and Avalanche, are all red in their respective weekly gains.
Featured image from Pixabay and chart from TradingView.com