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Uniswap (UNI) up 7%, Here's Trigger

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Wed, 5/07/2023 - 13:00
Uniswap (UNI) up 7%, Here's Trigger
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Uniswap (UNI) is strengthening its stance as the top decentralized exchange (DEX) in the Web3.0 world. A recent update from GeckoTerminal, a crypto analytics platform, showed that Uniswap V3 has inked considerable growth in its 24-hour trading volume. Per the shared data, a total of $391 million have been traded on the protocol thus far, outpacing its closest rival, Balancer V2, which has a total of $174 million liquidity in trading volume.

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The increasing embrace of Uniswap as the trading destination of choice for decentralized exchange users has resulted in a positive growth trend in its price action. The native currency of the trading engine, UNI, is changing hands at a spot price of $5.41 at the time of writing. While the 24-hour price change is down by 2%, the token has maintained 7% growth in the week-to-date (WTD) period.

Uniswap is not just a pioneer in the DEX trading world, but it is also the biggest platform as concerns total value locked (TVL) and market capitalization. The current trading volume has helped trigger resilience in its price action, and beyond the slight correction it is experiencing, it is set to extend its gains in the new term.

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Echoing Uniswap difference

Uniswap is currently ranked as the 24th largest digital currency, and while its correlation with Bitcoin (BTC) is sustained, it has a unique difference in that it charts a very different growth course even when the market momentum shows otherwise.

Besides its price action, Uniswap also maintains a difference as it encourages proactive developer experiences through which it plans to release a new code draft, per an earlier report from U.Today.

Uniswap has faced intense backlash from industry leaders for its centralization stance; however, the protocol remains a high flier when key growth metrics are brought into focus.

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