UNI crashed by 30% and the trading volumes are drying up as well, but the amount of locked crypto in Uniswap grows to $2 billion as we are reading more in today’s latest crypto 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.
The coin that was launched on Wednesday, and it is considered the high-profile governance coin minted by a decentralized finance protocol. Uniswap is an automated market maker which means that it facilitates the token swaps. To swap ETH for example for UNI, one can draw upon the reserves of the pairing that are provided by other users. UNI soared in price after the launch from $1 on Thursday to a level of $7.37. Major exchanges such as Binance, Coinbase, and Bitfinex listed the token but the pump didn’t last. Four days into trading, there are no conclusions created about the fate of the coin.
The coin is a riposte to SushiSwap or a clone of Uniswap which also launched its own governance token SUSHI. Similarly to UNI, Sushi is earned from using the protocol and the platform also took business away from Uniswap so the latter minted its own governance token. The plan worked so far. The day after the launch, customers locked about $748 million worth of cryptocurrency in the smart contracts of uniswap according to Defi pulse. Now about $1.93 billion is locked in the smart contracts but the amount of crypto locked of SushiSwap declined to $516 million today from the recent $1.41 billion.
The coin was released retroactively to the historical users of the platform but even still, the governance token surged shortly after the launch, shaking of the strong selling pressure from those that dumped their fee allocations. From the lows put in an hour after the launch, the Ethereum-based UNI surged to 600 percent, reaching a price point of $7 as of the time of writing.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
DC Forecasts - Newsletter and get recent news directly to your inbox! Daily Newsletter Bitcoin NewsAltcoin NewsLitecoin NewsEthereum NewsBlockchain NewsBitcoin ScamsRegulationExpert AnalysisPress ReleasesCardano NewsRipple NewsLibra NewsBitcoin Cash NewsTron NewsNexo NewsVechain NewsStellar NewsTezos NewsBinance Coin NewsCoinbase NewsChainLink NewsEOS NewsIOTA NewsTether NewsBitcoin SV NewsMonero NewsEthereum Classic NewsDash NewsUNUS NewsCosmos NewsMECX Token NewsNEO NewsDC Forecasts Announcements
Daily Newsletter Bitcoin NewsAltcoin NewsLitecoin NewsEthereum NewsBlockchain NewsBitcoin ScamsRegulationExpert AnalysisPress ReleasesCardano NewsRipple NewsLibra NewsBitcoin Cash NewsTron NewsNexo NewsVechain NewsStellar NewsTezos NewsBinance Coin NewsCoinbase NewsChainLink NewsEOS NewsIOTA NewsTether NewsBitcoin SV NewsMonero NewsEthereum Classic NewsDash NewsUNUS NewsCosmos NewsMECX Token NewsNEO NewsDC Forecasts Announcements
DC Forecasts provides a comprehensive source of the latest news about cryptocurrency news daily. Read more on our about us page for details.