UNI, Uniswap's native governance token, has continued its upward momentum since last week, rising nearly 9% in the past 24 hours to a current price above $22, with its one-week increase close to 25% . Looking at the long term, UNI has increased almost 39% in value in the last 14 days. Like most of the crypto market, UNI is far from its highest price: in this case, it dropped just over half the peak of $44.92 set on May 3, two days before Uniswap released a version updated version of its protocol called Uniswap V3. As Bitcoin, Ethereum and other major cryptocurrencies lost value after Tesla's decision in May to stop accepting Bitcoin and China's ongoing crackdown on cryptocurrency mining, so did the Uniswap token. UNI's price dropped to less than $15 per token in late May at its recent low. Still, Uniswap posted some of the best recent gains as the UNI token tries to regain some of the momentum the market experienced earlier this year. The market is uneven at the moment, with Bitcoin falling by about 1% in the last week, while the price of Ethereum has risen by more than 10%. Uniswap is one of the most popular decentralized exchanges (DEXs) on the market, allowing users to exchange Ethereum-based tokens without a centralized intermediary. Users lock their tokens in liquidity pools to allow such transactions and earn a share of the fees generated by each swap. According to DeFi Pulse, Uniswap currently has about $5.6 billion in funds locked into its protocol, making it the sixth most valuable decentralized finance (DeFi) protocol to date. The UNI token allows holders to vote on governance proposals that affect how the protocol is operated and how funds are spent. Aave loan protocol is the leading DeFi protocol in terms of locked-in value, at $11.1 billion, and the AAVE token has risen in price in recent days along with news of an Aave Pro platform coming to institutional investors later this month . Although it has dropped from the $346 peak seen earlier today, the AAVE's current price of $316 still represents an increase of nearly 39% in price in the past seven days and 46% in the past two weeks. *Translated and republished with permission from Decrypt.co
Click to rate this post!
[Total: 0 Average: 0]