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Ethereum’s Vitalik Buterin: Uniswap’s Native [UNI] Should Become Oracle Token

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Ethereum’s Vitalik Buterin is making a strong case for Uniswap’s native, UNI token.

While talking about the importance of a highly secure price oracle in the success story of the decentralized finance realm, Ethereum Founder Vitalik Buterin went on to point that DeFi protocol, Uniswap’s native token ‘UNI’ is in an “excellent position” to be a token for an oracle.

The Ethereum executive called for the need of a robust token-based decentralized oracle for a deFi project on the Uniswap Governance Forum today. He mentioned that it should be based on a token with a large market capitalization.

Uniswap – Highly Secure Oracle System?

While talking about the importance of efficiency of an oracle, Buterin stated,

“An inefficient oracle can always be augmented with a game where one party claims a value and only if another party disagrees is the oracle actually called. Cost of attack, on the other hand, is absolutely essential to maximize, and thus market cap is key. “

The founder then doubled down on two of the high market cap tokens on Ethereum which are Chainlink [LINK] and Uniswap [UNI].

Buterin asserted that the supporting oracles would not just be an act of “altruism” for Uniswap but would also benefit the decentralized exchange with a stablecoin ecosystem that is strong.

Chainlink has dominated the oracle realm for some time now. However, there is a need for a “simple alternative specialized for high-value”, according to the exec.

Meanwhile, Uniswap v3 has been touted as heavily optimized toward ultra-high capital efficiency for stablecoin, hence, it is likely to draw very high amounts of fee revenue from these trades. He also went on to add that if the volume picks up and the robust synthetic assets surface on-chain, then this would be a more bring about more valuable prospects for Uniswap.

Buterin also stated that while the base layer of Ethereum needs to remain governance-minimalist, layer 2, on the other hand, should be more ambitious and that Uniswap, which happens to be one of the largest decentralized exchange on the Ethereum ecosystem, could also take on more responsibilities which includes price oracle offerings.

According to Buterin, this could be a potential step towards Ethereum’s objective of not just a decentralized finance ecosystem and also an increasingly decentralized governance [DeGov] ecosystem.

Uniswap’s [UNI] Bullish Advances Halts After Soaring Above $38

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Uniswap [UNI] has continued to steal the show and has breached yet another record milestone close to $38 as it soared above the previous yearly resistance at $36.83 before undergoing a minor pullback.

The crypto-asset’s swing to an all time high was accompanied by the high volatility triggering high volume after consolidating days after above $30.

Uniswap [UNI] rose by 9.34% over the past 24-hours which drove its price to $35.02. At the time of writing, the DeFi token registered a market cap of $18,29 billion and a 24-hour trading volume of $2.35 billion.

Uniswap [UNI] Daily Price Chart:

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Uniswap's [UNI] Bullish Advances Halts After Soaring Above $38 3

Uniswap was strongly bullish. The already upsloping 50 DMA [Pink] rose closer to the UNI candles following the market-wide correction in the second week of March after attaining highs above $36. Soon after this, the digital asset declined subsequently to enter consolidation before making a strong bullish bounce up to fresh all-time highs. The price of the DeFi token has now surged well above the moving average depicting a rising bullish sentiment in the market.

Meanwhile, the 100 DMA [Blue] continued to remain the 50 DMA as well as the UNI candles.

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Uniswap's [UNI] Bullish Advances Halts After Soaring Above $38 4

Despite a low volume, the closing green bars of Awesome Oscillator depicted a return in the bullish momentum. The MACD also underwent a bullish crossover indicating a momentum that favored the buyers along with high volatility.

The RSI, on the other hand, turned down before reaching the overbought zone and was now found a little over the 61-mark. This indicated that the market has not exhausted the bullish trend yet and there is still room left to march up towards uncharted territory as the sentiment of buying pressure remained undeterred in the UNI market.

As observed from the above charts, the $36.6 is a short-term resistance level of significance before Uniswap climbs to higher levels in the near future. The 50 DMA acted as a strong protective barrier against the downside near $30 level. Other points of support were found at $26.4 and $22.25 respectively.

Uniswap [UNI] Tilts In Favor Of Bulls; Eyes $34-Hurdle

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Uniswap [UNI] became the first token to first decentralized finance [DeFi token to enter the list of top 10 cryptocurrencies by market cap. While retaining its fort, the token has managed to rake in profits of nearly 12% over the past week.

The DeFi token was found to be consolidating below the crucial level of resistance as volatility took a plunge. Despite this, the technicals favored the bulls eyeing to recover the lost gains.

At the time of writing, Uniswap [UNI] was currently exchanging hands at $31.24 as it held a market cap of $16.31 billion. Over the last 24-hours, it was down by 1.92% after recording a trading volume of $608.2 million over the same period.

Uniswap [UNI] Daily Price Chart:

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Uniswap [UNI] Tilts In Favor Of Bulls; Eyes $34-Hurdle 7

Uniswap [UNI] has maintained a steady upward trend after faltering in mid-March and testing support below $30-mark. During this time, the UNI bulls faced the upward sloping 50 DMA [Pink] which attempted to move over the UNI candles. However, the renewed bullish push ensured that the candlestick arrangements hovered above the moving average.

The 100 DMA [Blue], on the other hand, continued to float well below the 50 DMA depicting bullish presence in the market.

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The formation of small green closing bars of the Awesome Oscillator depicted a subtle rise in bullish momentum for Uniswap’s price.

Despite low volatility, the buying demand was slowly building up. This was depicted by the MACD which also appeared to be heading for a bullish crossover nearly three weeks of stint with the bears. In addition, the RSI above the 54-mark indicated a sentiment of growing buying pressure from the investors in the UNI market.

The moving averages had failed to sink the price of Uniswap lower as it continued to clench steady gains. If the bulls succeed in pushing the DeFi token higher, target points that could be breached are $32.9, and $34.2 respectively. Support points for the token, on the other hand, were found to be at $27.9 and $22.4 respectively.

Uniswap [UNII] Endures A Steep Fall After Recording An ATH Of $36

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A reversal of trend was noted in the crypto market. However, coins like Uniswap [UNI] and XRP continued walking downhill. But all the other assets were seen on an uptrend. Bitcoin [BTC] was trying to find a way back over $60K. Binance coin [BNB], as well as Tether [USDT], were still fighting for a spot as the third-largest cryptocurrency. Additionally, the overall market cap of the crypto industry was recorded at $1.76 trillion.

Uniswap [UNI] found a way back into the top ten. At the time of writing, UNI was spotted in the eighth position. The market cap of the altcoin was $16.26 billion. The price of the asset was seen in the red sea. During press time, UNI was trading for $31.56 with a 4.80% drop in the last 24-hours.

Uniswap [UNI] One-Hour Price Chart

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Uniswap [UNII] Endures A Steep Fall After Recording An ATH Of $36 11

Strong bullish sentiment was found in UNI’s short-term price chart. On the one-hour price chart of UNI, the Bollinger Bands indicator was going in for a convergence. The bands were wide apart all these days indicating an increase in volatility. However, UNI at present was getting closer further intimating poor volatility. The Awesome Oscillator indicator laid out green closing bars suggesting bullish momentum.

The Relative Strength Index indicator was down below the sellers’ zone exhibiting a sellers’ market despite the presence of the bulls.

Uniswap [UNI] One-Day Price Chart

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Uniswap [UNII] Endures A Steep Fall After Recording An ATH Of $36 12

The one-day price chart of UNI had bears residing in its market. The MACD line slumped below the signal line. This further pointed out that the bears had made an entry during the middle of the month. This bearish crossover was further mirrored by the Klinger Oscillator. The Money Flow Index was also in the sellers’ arena, similar to the one-hour price chart of UNI.

Just yesterday, UNI hit an all-time high of $36.41, however, the bears seemed to have pushed the altcoin back below $35.

Uniswap’s [UNI] Price Risks A Fall Near $25

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Uniswap [UNI] has managed to hold on to the position as the largest DeFi token on the leaderboard. Not just that, UNI has also maintained its spot as the 8th-largest cryptocurrency by market cap, despite amassing a weekly loss of nearly 9%.

After a massive run-up last week, the bulls were attempting to push the tokens’ price back toward several key support points. Several coins along with UNI appeared to have been losing their bullish momentum.

On the 15th of March, the UNI token witnessed fresh losses of 6.48% over the last 24-hours which drove its price all the way to $30.35. It recorded a market cap of $15.8 billion and a 24-hour trading volume of $588.6 million, at the time of writing.

Uniswap [UNI] Daily Chart:

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Uniswap's [UNI] Price Risks A Fall Near $25 15

Uniswap [UNI] has been oscillating between the trendlines of a rising wedge for almost three weeks now. As per convention, the pattern formation is bearish and generally follows a breakout to the negative side. Hence, if a bearish breakout, indeed, transpires, UNI could further drop down from its recently hit peak.

The moving averages, however, remained unfazed, as they continued to hover well below the candlestick arrangement. The 50 DMA [Pink] continued to float above the 100 DMA [Blue] depicting a bullish presence despite the plunge.

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Uniswap's [UNI] Price Risks A Fall Near $25 16

The red closing bars of the Awesome Oscillator depicted a shift towards bearish momentum as Uniswap’s price took a hit. The MACD also sustained a bearish crossover shortly thereafter consistent with the price action suggesting the investors were fiercely selling the local tops.

Despite the buying demand taking a plunge, the RSI, on the other hand, continued to remain above the 50-median line which has acted as a crucial level of support. Notably, UNI has managed to stay afloat above this level of RSI since January and is showing no signs of backing down anytime soon.

While Bitcoin and other top altcoins were hit hard by the latest market-wide crash, selling pressure is yet to intensify for UNI. The DeFi token’s buying demand has decreased but was still above a crucial support.

If the bulls succeed, Uniswap could start the next leg of the uptrend that may reach its nearest resistance of $34.26 and mark new heights. However, if the price breaks below the rising pattern, UNI could witness a slew of connections before testing support at $25.9, $22.2 respectively.

Uniswap [UNI] Briefly Halted By Bears During Its Journey To $40

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As the total crypto market cap was seen aiming for $2 trillion. Several coins including Bitcoin [BTC], Uniswap [UNI], Ethereum [ETH] were aiding this maturity. The entire crypto-verse exerted extreme volatility over the last couple of days. Bitcoin’s retracement pushed the asset down below $47K. Nevertheless, the king coin was back in action as it finally discovered the road back into $50K. Similarly, some of the other coins were noted rekindling bullish sentiments. A few others, however, were still residing in the bearish realm. UNI happened to be one of those coins.

At the time of writing, Uniswap [UNI] was trading for $31.61 with a 7.25% drop in the last 24-hours. Despite this daily drop, the asset managed to score gains of over 21% in the last seven days. The increase in the altcoin’s market cap helped it earn a spot on the top ten.

Uniswap [UNI] One-Hour Price Chart On Kraken

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Uniswap [UNI] Briefly Halted By Bears During Its Journey To $40 19

UNI has been trying to make it past $34 for a while now. The short-term price chart of the altcoin suggested that this destination could take longer than expected. The Bollinger Bands indicator announced limited volatility as the bands were quite close to each other. The Awesome Oscillator indicator affirmed that this insufficient volatility could be beneficial for the asset around this time as the bears were in its market.

Despite, this bearish momentum, the UNI market unveiled a buyers’ sentiment, the Money Flow Index indicator announced.

Uniswap [UNI] One-Day Price Chart On Kraken

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Uniswap [UNI] Briefly Halted By Bears During Its Journey To $40 20

The one-day price chart of UNI affirmed that the asset could move beyond its all-time high of $34. The Parabolic SAR indicator designed dotted lines below the candlesticks. This negated the chances of a downtrend as the aforementioned line stood as a support for the asset. The MACD indicator formed a bearish crossover with the MACD line over the signal line.

The Relative Strength Index indicator announced that UNI was recovering from the overbought zone. Yet, a buyers’ sentiment was retained by the altcoin.

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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Uniswap Still The Top Dog, But SushiSwap Isn't Far Behind 24

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 [UNI] Skyrockets To ATH; Protocol Fees Surpasses Bitcoin 31

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 [UNI] Skyrockets To ATH; Protocol Fees Surpasses Bitcoin 32

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.