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Uniswap Still The Top Dog, But SushiSwap Isn’t Far Behind

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Uniswap has held the title of champion for a long time. But what started as a simple fork has evolved into a serious challenger. Yes, we are talking about SushiSwap which has emerged as a potential rival and has grown from just a clone to the third-largest decentralized exchange [DEX].

Originally popped out as a fork of Uniswap v2, SushiSwap was deemed a ‘lost cause’ by several notable market players the platform’s Co-creator ‘Chef Nomi’ dumpped all of his SUSHI tokens on the market for $14 million worth of ETH.

It was not until ‘0xMaki’, who happens to be SushiSwap’s co-founder, took the responsibility to lead the project which helped it to come back on track and exceed other notable decentralized finance [DeFi] platforms.

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Months later, the market’s most popular duo is fighting against odds to retain their respective positions. According to DeFi Pulse, Uniswap was the second-largest DEX in terms of total value locked which was $4.13 billion. SushiSwap, on the other hand, stood at the third spot as mentioned earlier with a TVL of $3.60 billion.

Uniswap Wins But SushiSwap Emerges From The Ashes

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In terms of market share, it is undoubtedly, Uniswap that has a clear lead with a whopping 54.8% trade volume while SushiSwap stands just right behind with 20.8%.

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In addition to that, it was also found that over the past three weeks, Uniswap has averaged daily volume between $700 million and $1.35 billion. Simultaneously, SushiSwap showed an average daily volume of $300 million to $700 million.

Digging deeper, it was also observed that even as Uniswap continued to process twice as much volume as its rival, the monthly trend evidenced that SushiSwap has improved its figures to become a strong competitor.

Both the platforms’ governance token has also reached new all-time highs amid the bull season. What’s even more interesting is that both the DEXs have witnessed their goals diverge despite their controversial entry into the DeFi ecosystem. And while Uniswap still takes a lead, SushiSwap’s growth in the past several months cannot be ignored.

Uniswap [UNI] Skyrockets To ATH; Protocol Fees Surpasses Bitcoin

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DeFi darling Uniswap Protocol’s native UNI token witnessed its price skyrocket to a fresh all-time high above $12.8. UNI went on a ballistic rise rallying more than 162% since the beginning of the year, making it one of the best-performing digital tokens in the world.

Another big bullish sign for the DeFi token was depicted by ITB’s ‘Daily New Addresses’ metric which indicated an improving network growth throughout out the past several weeks.

According to the metric, the number of newly-created addresses on the network rose from roughly 1,500 on the 22nd of January to roughly 2,800 two days later. Besides, it is also important to note that figures have seen a steady uptrend from 925 addresses per day on the 25th of December last year.

Uniswap is the fourth-largest DeFi project in the world and has also hit a new ATH in terms of total value locked in which was found to be at a whopping $3.18 billion. The UNI token, on the other hand, has a market value of more than $3.4 billion, making it the 14th largest cryptocurrency in the world.

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Uniswap’s Market Share

In terms of total DEX volume, the protocol witnessed a sharp decline. Just a week back TWJ had reported that Unsiwap continued to dominate the charts. However, despite its large gains in value, its hard fork SushiSwap saw hot price action as the team prepares to roll-out its next product offering.

According to the latest data compiled by Dune Analytics, Uniswap continued to lead the DEX numbers, and its market share as found to be at 48.8% followed by SushiSwap with 20.3% and Curve with 11.2% among others.

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Uniswap Protocol Sees More Fees Than Bitcoin

On the 25th of January, the decentralized exchange reportedly generated more network fees than Bitcoin. This is the first time that a DeFi protocol has surpassed Bitcoin figures with respect to fees which depicted that user activity on the platform has intensified in the present bull run.

Furthermore, it also evidenced that even as the conversations surrounding DeFi have taken a back seat, this has, in no way. adversely affected the usage of the protocol which continued to soar.

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Uniswap’s UNI Could Head For A Recovery Despite Capitulation

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The tokens of prominent decentralized finance [DeFi] projects have witnessed a dull price movement so far. Despite their initial success, owing to the massive FOMO that drove the token’s valuations, currently, signs of recovery looked bleak.

Uniswap’s native token, UNI has also seen massive capitulation over the course of several weeks which has triggered a significant decline. However, according to the blockchain intelligence platform, Santiment, an articulated Uniswap holders capitulation may build nice reversal momentum.

Uniswap’s UNI Token Gears For Bullish Reversal

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MVRV Opportunity/Danger Zones essentially relies on average trader returns from various timeframes to determine danger zones or sell points and opportunity zones or buy points. During times when average trader returns are low, MVRV views the metric as a bullish signal. According to the latest Santiment charts, UNI has a very low average trader returns, this was indicative of a low-risk opportunity to start entry and thus push the price higher.

A Potential Volatility Lurks in the Corner

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According to the latest insight by Santiment, UNI’s saw the greatest spike ever, in terms of Token Age Consumed. The metric suggests the number of tokens/coins changing addresses on a particular date, multiplied by the days since it last moved. In short, it provides data on the movement of dormant coins. For UNI, the spike meant that a significant amount of previously dormant tokens/coins were moved either between exchanges or wallets.

This pointed towards incoming volatility within the Uniswap market.

UNI’s Price Takes A Hit; But Metrics For Holders Appear Bullish

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Additionally, the count for the non-airdrop holders has increased over time. This was a positive indicator signaling a rising interest in the coin. Over the past 24-hours, UNI was down by 8.74% which drove its coin to $2.64. However, UNI appears to have bottomed out at $1.79 on the 5th of November. If this narrative holds true in the coming days, UNI could witness a surge to its critical resistance of $3.28.

Binance On-Boards Uniswap’s UNI Token Minutes After Its Launch

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The DeFi fervor continues to take over the crypto-verse as new tokens enter the market. After prominent DeFi lending and borrowing platform Compound rolled out its COMP token, several others followed suit. The latest DeFi platform to jump the bandwagon is Decentralized Exchange [DEX], Uniswap.

UNI Governance Token

Earlier today, Uniswap, a platform that had been dominating the DeFi space for quite some time announced the launch of its native token, UNI. The decentralized exchange that facilitates swapping of Ethereum-based tokens shared a blog post elaborating on the creation of its latest token. A total of 1 billion UNI tokens have reportedly been minted and would be made available to the community over a period of 4 years. A total of 60% of these tokens would be going to the Uniswap community members while 21.51% would be given to the existing team members and the ones that would be a part of the platform in the future.

The investors of this token would also be benefited with this as they would receive a 17.80% while the advisors would garner 0.069% The post further read,

“UNI will vest to the governance treasury on a continuous basis according to the following schedule. Governance will have access to vested UNI starting October 18 2020 12:00am UTC.”

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Furthermore, the liquidity mining programs will reportedly go live from 18 September up until 17 November primarily focusing on ETH/USDT, ETH/USDC, ETH/DAI, and ETH/WBTC. All these pools would be given 5 million UNI tokens.

Even though the project is out and about, holders of the tokens would be able to engage in voting for allocation, partnerships, and other initiatives only after a period of 30 days from today. Along with the aforementioned activities, the control of the treasury would be postponed until 17 October 2020.

Binance First To List UNI

Malta-based cryptocurrency exchange, Binance, has always been at the forefront of onboarding innovation on to its platform. The exchange was one of the first to list the UNI token. Binance revealed that UNI would be paired against Bitcoin [BTC], Binance Coin [BNB] as well as stablecoin Tether [USDT]. Trading for the above-mentioned pairs would commence from 3:00 AM [UTC] starting today.

However, as a disclaimer, the exchange noted that UNI would be subject to higher risk as it was a new token.

This announcement was further followed by another one where the exchange declared the launch of a UNI/USDT perpetual contract. Trading for this is said to begin post 7:00 AM [UTC] from 18 September. Customers would be allowed to choose between 1-50x leverage.