UNI, the native token of decentralized exchange (DEX) Uniswap, has surged by 9%, making it the top gainer in the crypto market today. As of now, UNI is trading at $10.69, reflecting an 8.5% increase over the past day. Despite this price jump, the trading volume for UNI has dropped by 31%, indicating that current holders are retaining their tokens in anticipation of further price increases.
Uniswap’s market capitalization has risen to $6.4 billion, positioning UNI as the 18th largest crypto asset according to CoinMarketCap. This recent price surge follows a cryptic tweet from Uniswap on June 14, stating: “Locked in. Ready for the Endgame,” accompanied by a meme image suggesting serious developments are underway.
A subsequent post on June 1 hinted that Uniswap v2 is preparing to support a new Layer-2 (L2) blockchain. Although the specific L2 protocol was not disclosed, speculation within the crypto community is leaning towards ZKsync, a well-known trustless Layer-2 solution recognized for its scalable and low-cost Ethereum transactions. However, some community members have expressed concerns regarding the potential deployment on ZKsync.
Another contributing factor to UNI’s recent price surge is the substantial growth in L2 volume processed through the Uniswap Protocol. Uniswap Labs highlighted this growth in a June 13 tweet, noting that it took 22 months to reach the $100 billion mark, 10 months to hit $200 billion, and only 3 months to surpass $300 billion. This rapid growth underscores the increasing utility and adoption of Uniswap’s services within the decentralized finance (DeFi) space.
Additionally, an X user known as “Kyledoops” pointed out the rising popularity of Uniswap v2 pools on various L2 solutions such as Optimism, Arbitrum, and Polygon. These platforms are being favored for their scalability, reduced transaction fees, and enhanced user experience, further boosting the demand for Uniswap’s offerings.
While Ethereum continues to dominate the DeFi sector, the integration of L2 networks with Uniswap is enabling faster and more economical transactions. This development is positioning these networks as strong contenders in the evolving crypto landscape, driving significant interest and investment in Uniswap and its native token, UNI.
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