Friday, April 19, 2024

Uniswap’s UNI Token Outshines Bitcoin.

Uniswap’s UNI token, which has risen more than 10% in the past week, has outshined the much more popular Bitcoin. After rising more than 16% in October, UNI as per data from CoinMarketCap is down by 1.20% in the last 24 hours and trading at $7.09.

Riyad Carey, a research analyst at Kaiko, attributed UNI’s rise to a $165 million Series B funding round which was led by Polychain Capital. Moreover, UNI would soon be utilized on the privacy-focused layer 2 tool zkSync after the completion of a governance vote. It should be noted that zkSync ecosystem has more than 100 projects committed to launching on its main network. It includes decentralized finance platforms, infrastructure products, and on/off ramps.

Lucas Outumuro, head of research at IntoTheBlock, says Uniswap has a very high market share of volume which is benefitting disproportionately compared to other DEX tokens. But a January report stated that 97.7% of tokens launched on Uniswap were rug pulls.

In September, UNI had gained nearly 15% to reach an intraday high of $26.26 and churned out more than 48% profits for the dip buyers. The UNI token is a governance token within Uniswap’s decentralized exchange whereby its holders get to vote on matters that help steer the future direction of the DEX platform. The token holders also receive a potential revenue share in the future.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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