Andre Cronje works on a Uniswap alternative on another chain according to his Tweet where he gave a little hint as we are trying to find out more in the latest crypto news.
Andre Croneje is one of the best-known names in the crypto industry as of recently especially when it comes to decentralized finance. Cronje announced the release of multiple products under yearn.finance as well as the governance token for the YFI protocol. It didn’t take long for the users to realize the huge potential of the platform which along with YFI’s scarce supply of 30,000 tokens, boosted the price to the roof. However, it seems that Andre Cronje works on an alternative project based on the Fantom blockchain.
He took it to Twitter and hinted that he is working on an Uniswap alternative on another chain that needs base layer liquidity. He shared a picture of the logo of the upcoming decentralized exchange and automated market maker. It looks like the Uniswap logo on first sight but there are a few details that hint something new is coming. Apart from the Chef’s hat on the head of the unicorn, it can be seen clearly that in the eye of the unicorn there’s a logo of Fantom.
Cronje explained that this is not related to the ETH uniswap but thought the logo that they have created was very cool. At the time of writing, there are no more details on the potential upcoming release but it’s worth noting that Cronje listed a technical advisor for the project. It goes without saying that Uniswap is right now the most widely used decentralized exchange protocol and it allows users to execute fast and permissionless peer to peer token swaps.
Moreover, the total liquidity locked in the protocol is little over $2 billion putting it on top of the Defi projects according to the data from DeFi Pulse. This comes after one day after the team behind Uniswap launched the governance UNI token and airdropped tokens to the community. Since then, the total value locked skyrocketed almost 160% as a liquidity providers race to farm a new token.
As recently reported in our altcoin news, The Uniswap governance token UNI crashed by 30% overnight from the all-time high level of $7.37 to a price of $5.13. the trading volume of the coin also crashed from the daily average from yesterday of $6 billion to $2.2 billion today. However, as the token falls in price, the business on Uniswap is booming.
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