Uniswap (UNI) has been making big moves in recent moves, and to mark UniDay Devcon and the recent launch of Unichain – let’s take a look.
Bitcoin can’t stop making new all-time highs, Ethereum is back over $3,000, and the bull market is seemingly in full swing.
With that in mind, we are back again to see what serious crypto projects have been going on recently. Today, Uniswap and its native token, UNI
.cwp-coin-chart svg path {
stroke: ;
stroke-width: ;
}
Price
Trading volume in 24h
Last 7d price movement
are spotlighted.
Uniswap is the leading decentralized cryptocurrency exchange (DEX), allowing users to trade and swap cryptocurrencies without a centralized intermediary.
The Uniswap protocol was created back in 2018 by software engineer Hayden Adams and has since become the go-to DEX for Ethereum on-chain activity.
Bullish On UNI? With The Bull Market Heating Up, The Leading Dex Token Looks Like A Solid Bet
The Uniswap protocol is the largest and most successful DEX on any blockchain. It is mostly used on Ethereum, but it is also available for 19 blockchains, most notably Base, Arbitrum, Polygon, and BNB Smart Chain.
It outperforms the competition in every metric, from total-value locked (TVL) to daily and weekly volume, while being the only DEX with a multi-trillion dollar cumulative volume ($2.9 trillion).
EXPLORE: a16z Crypto Team Optimistic About Crypto Under New Trump Administration
Here are some key announcements and news events from within the UNI ecosystem in recent times:
Uniswap Foundation Hosting ‘Uniday’ At Devcon 2024 in Bangkok
Meet us in the Infinite Garden:
Ethereum Decentralization Night is now live. In conversation with Vitalik Buterin, Phil Daian, Karl Floersch, Jing Wang, and Tina Zhen. Presented by Flashbots. https://t.co/zGc7PN73bD
— Uniswap Foundation (@UniswapFND) November 11, 2024
Devcon 2024 is already coming to a close (November 11) in Bangkok, and the Uniswap Foundation has occupied a large part of the conference. Its Uniday event included talks, workshops, and demos, all of which were live-streamed for those who couldn’t make it to Devcon.
There were speakers from Uniswap Labs, Aave, Optimism, Circle, and Paradigm. At the time of writing, Ethereum co-founder Vitalik Buterin is due to speak in one of the final slots of the day. He takes to the stage at 6:30 pm (ICT timezone) for the ‘Ethereum Decentralization Night’ in a spot named ‘Where the Infinite Garden Grows.’
DISCOVER: Why is Crypto Going Up Today? Will Bitcoin Break $100K In 2024?
Unichain: Uniswap Labs Announced Its Very Own Layer-2 Chain Designed For DeFi
Introducing @unichain — a new L2 designed for DeFi
Fast blocks (250ms), cross-chain interoperability, and a decentralized validator network
Built to be the home for liquidity across chains pic.twitter.com/lqfJh6Ltio
— Uniswap Labs (@Uniswap) October 10, 2024
On October 10, Uniswap Labs announced the launch of its Layer-2 (L2) chain, aptly named ‘Unichain’. It is part of the group known as ‘Ethereum’s Superchain’, which consists of EVM L2s such as Base, Mode, and Optimism, amongst others.
EXPLORE: Ethereum Layer 2s Boast Over 4.2M Active Addresses After Dencun Upgrade
Unichain has been designed with DeFi in mind. It promises fast blocks (250ms), cross-chain interoperability, and a decentralized validator network. It aims to be the home for liquidity across multiple chains.
In Uniswap Labs’ official announcement, the team stated that “Unichain will be so fast, transactions will feel instant. It launches with 1-second block times, with 200-250 millisecond sub-block times coming soon. This type of speed isn’t just great for UX; it also improves market efficiency and lowers value lost to MEV.”
UNI will be the native token of Unichain, lending it further utility for a protocol that has already processed over 2 trillion dollars in just over five years.
Unichain will be 95% cheaper than Ethereum while offering further decentralization via a new validation network. It is currently in the test-net stage, with the main network due to launch at the end of 2024.
DON’T MISS: These Meme Coins Could 1000x Your Portfolio in 2025
What Does All Of This Bullish News Mean For UNI? $50 On The Cards For The Short-Term?
#UNI : Support 8.30, Bullish above 8.30 for Target 20.00. #Uniswap pic.twitter.com/ZYcCyIzjsX
— Mind Trader (@mindandtrading) November 8, 2024
UNI has responded well to news of the upcoming Unichain L2. Since the announcement 30 days ago, UNI is up 13.4% in the same time frame, per CoinGecko. It is up over 30% in the past 7 days alone, currently trading at around $9.
There have been two attempts to break and flip the $10 trendline this year, in March and May. Both attempts at flipping $10 to support failed, and the price retraced back below.
With Bitcoin skyrocketing and Ethereum finally waking up, large caps such as UNI are expected to break out similarly. Keep an eye on UNI to flip $10 once again, but this time, turn it into a support level.
Look to the yearly high of $17 from March for UNI’s next price target. From that point, it will be a fairly straightforward run back to its all-time high of $42. Once you add a brand new L2 powered by UNI to go alongside the already staggering revenue from the Uniswap protocol, $500 per UNI, this cycle is not out of the question.
EXPLORE: Chimpzee: Combining Financial Rewards with a Mission to Protect Nature
The post What’s Going on With Uniswap? Here’s What You’ve Missed With UNI While Bitcoin Has Been Ripping New All-Time-Highs appeared first on .
