Uniswap and other decentralized exchanges are now in the limelight due to China’s ban on cryptocurrencies. An increasing number of traders are flocking to the platform to take advantage of quick and hassle-free trading.
As a result, the interest in Uniswap is steadily growing. The tokens of the platform are also attracting the interest of investors.
Let’s find out if Uniswap is worth your attention.
Why is Uniswap So Popular?
Uniswap is a decentralized protocol to build DeFi apps. Decentralization means the platform doesn’t need any humans to facilitate trading. Instead, it uses blockchain and smart contracts (pieces of code) to record transaction details.
Additionally, Uniswap is unregulated, which is the very essence of decentralized platforms.
Developers can build their DeFi apps on Uniswap. DeFi refers to decentralized finance and also works without any human interventions.
Uniswap and other decentralized platforms shot up in fame after China banned cryptocurrency trading and mining. People are choosing Uniswap as it is unregulated and needs no KYC.
Currently, Uniswap has close to 1.5 million total users.
What is the UNI Token?
UNI is the primary token on the Uniswap protocol. The company created 1,000,000,000 UNI tokens during the ICO. It also allocated the tokens to investors (14.60%), advisors (0.57%), the community (67.19%), and the team (17.65%).
Uniswap will release the tokens over the course of 4 years. UNI token holders will be able to vote on the governance of the platform and suggest improvements.
How is UNI Performing?
UNI had a good start after the fall of cryptocurrency in China. On September 27, 2021, the token recorded a growth of 50% in just 24 hours.
Currently, UNI is trading at $26.22. It grew by 2.6% in value in the past 24 hours. The trading volume for the same period stands at $538,219,494.
Therefore, the tokens are showing a promising trend including lots of buying and selling.
Additionally, UNI performed well over the past week. The token increased by 33.7% in price in the last 7 days. The highest UNI climbed to in the last week is $26.30.
UNI’s record for the last 14 days is also impressive. The token grew in value by 8.1% over the past two weeks.
However, UNI declined in value by 15.5% over the last 30 days. It also reached its all-time high of $44.92 in May 2021. Currently, the price is down by almost 42% from May.
The outlook on UNI tokens for the long-term is good; it has grown by 517.9% in the last 365 days.
Additionally, experts think UNI could even cross the $25 mark to reach $31 if the buying pressure continues. Therefore, the token could increase in price in the coming days.
Uniswap is gaining more users as decentralized protocols grow in demand. It could soon have a vast ecosystem with countless DeFi apps. The UNI tokens are also showing strong performance and could grow in value in the future. However, do your research before you invest and become familiar with the risks of the crypto asset market and investments.