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Uniswap’s Cumulative Trading Volume Crosses $1T

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Decentralized exchange [DEX] Uniswap scored a new milestone passing $1 trillion in total trading volume as per the announcement posted on their official Twitter handle on May 24.

In a series of tweets that began saying, “It’s been one hell of a ride”, the protocol shared key points that helped towards reaching its $1 trillion mark.

Since its inception in 2018, the DEX claimed that it has onboarded millions of users to the world of DeFi, introduced fair, permissionless trading, and lowered the barrier to liquidity provision.

This month, the DEX’s number of cumulative addresses hit around 3.9 million this month after just over three years, data from Uniswap Labs revealed.

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The Uniswap Labs team is a major contributor to the Protocol that focuses on building a suite of products to support the UNI ecosystem. The trading platform currently runs on Ethereum and layer-2 scaling solutions Polygon, Optimism, and Arbitrum.

Around mid-April,  the creator behind the leading decentralized exchange protocol unveiled its own venture division to further its web3 ambitions. But the size of Ventures’ fund is been not made public yet.

Earlier this month, the team behind the project also revealed that the DEX’s v3 will be deployed to two EVM-compatible chains in Gnosis Chain and Polkadot-based para-chain Moonbeam Network, following successful governance proposals.

Uniswap leading the pack except for TVL and Price

With respect to trade volume, Uniswap is at the top position way ahead of its competitors in the DEX market. According to CoinGecko Data, the protocol’s V3 topped $938 million worth of volume in the past 24 hours, representing 33% of the total market share.

However in terms of Total Value Locked [TVL] ranking it fell to seventh place at $5.9 billion while PancakeSwap ranks seventh with $4.27 billion worth of TVL. MakerDAO [MKR] topped the charts sitting at $9.82 billion in TVL and Curve [CRV] in the second place at $9.16 billion.

On the price front too, the performance of its native token UNI has been disappointing. UNI went on a downward spiral depreciating by 87% from its previous all-time high of $44.9 back in early May 2021, to now a little above $5.

Uniswap Labs’ New Venture Arm To Fuel Its Web3 Ambitions

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Uniswap Labs, the creator behind the leading decentralized exchange protocol Uniswap has unveiled its own venture division. Announcing via Twitter, the new wing plans to onboard millions of users into the web3 economy, with the goal of unlocking universal ownership & exchange for all.

As stated in the announcement blog, the venture unit plans to inject capital at different stages and levels of the web3 stack, ranging from infrastructure to developer tools and consumer-facing applications.

In addition to that, the team behind the fund claims that it will actively participate in on and off-chain governance when relevant, collaborating with the communities that have formed around the protocols they invested in to support their evolution.

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However, the size of Uniswap Labs Ventures’ fund is not yet disclosed but has appointed Teo Leibowitz to lead the Ventures division alongside Chief Operating Officer, MC Lader.

Prior to launching its venture arm, Uniswap Labs has invested in 11 startups and projects such as Tenderly, MakerDAO, Aave, Compound Protocol, PartyDAO, LayerZero, and the Ethereum developer platform.

Venture capital [VC] firms focused on Web3 projects and crypto businesses are accumulating billions of dollars worth of assets under management as more capital is injected into the sector. The news comes after several venture giants like Sequoia Capital and Bain Capital Ventures, both launched their respective crypto-dedicated funds, this year.

That said, Uniswap has joined a growing list of crypto-focused entities that have formally deployed resources to investing in other companies in the space, including crypto exchange FTX and DeFi protocol Cake, which both recently launched venture funds.

Uniswap Ventures is a big deal for DeFi and Web3- Expert

DEX like Uniswap, which already has experience building in web3, can apply their expertise and lessons learned to other facets of the crypto market through their early-stage investments, this is what DeFi researcher Ryan Rasmussen of Bitwise Asset Management wrote in a tweet.

The leading decentralized exchange is the fifth-largest in DeFi by Total Value Locked [TVL], a metric that represents the value of crypto assets deposited on the protocol, according to blockchain data provider DeFi Pulse. It had $7.04 billion in TVL, around half that of the leading DeFi platform, Maker, as of April 11, DeFi Pulse shows.

Altcoin roundup: Gauging Assets With Universal Short, Mid, and Long-Term Trading Losses

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Major altcoins followed the broader market correction for the last 11 weeks since Bitcoin’s all-time peak on November 10, 2020. Havings said that the prospects for long-term profits for the investors have been particularly difficult. But the past week the price movement of the altcoins has posted a mild recovery.

On-chain analytics platform Santiment in its report highlighted four top 150 crypto assets that it claims to have ‘good justification for buys, based on buying low while other traders are feeling the hurt’. Let’s delve into the observation.

First on the list is XRP – Market Cap Rank: 8

The report noted that it is quite unusual to see the 8th largest asset by market cap now -XRP slid after a multi-year stretch of being known as the largest crypto asset not named Bitcoin or Ethereum. ‘It was last in positive territory in mid-December, making it a solid candidate to have a price upswing to bring traders some relief’, the report added.

Second, on the analysis is Loopring [LRC] with a market cap Rank of 31

Loopring as per Santiment has already been in the midst of a nice-sized bounce compared to the rest of the altcoin pack over the past week. It is still in a ‘nice, deep negative average MVRV spot’, although if one saw the figures last week, it would have been at an all-time best opportunity level.

Altcoins -Opportunity and Danger zone

The Graph [GRT] Market Cap Rank of 54

The Graph according to the report is at all-time low MVRV levels now, a stark contrast from where things were looking about a year ago when traders were enjoying some hefty returns. Its average MVRV was last positive in late November.

Uniswap [UNI] – Market Cap Rank: 68

Lastly, Uniswap’s Average MVRV is also at all-time negative MVRV levels, and it seems to go below $10 again after breaking below this threshold last week, for the first time in over a year. With average trading returns already so low, though, the report added there’s a good possibility that there is no revisit.

Further, the report noted that an uptick in the general crypto markets may go very well for a mostly respected altcoin like UNI.

Uniswap Founder’s Bank Account gets Shut Down by JPMorgan

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On Jan 23, Uniswap creator Hayden Adams tweeted that JPMorgan Chase had closed his bank accounts with “no notice or explanation.” Adams then went on to add that he is aware of “many individuals and companies who have been similarly targeted simply for working in the crypto industry” ending the post with the caption, ‘thanks for making it personal.’

Brian Quintenz, former Commodity Futures Trading Commission [CFTC] Commissioner who now works as a advisory partner on the a16z crypto team, chimed in to denounce the act terming it as ‘shadow de-banking of crypto‘ adding that “if the examiner told a bank that a certain customer is too risky and the bank ended that relationship, the bank is contractually prevented from telling that customer why.”

“Likely a shadow de-banking of crypto by @federalreserve or @USOCC [Office of the Comptroller of the Currency] bank examiners, with direction from the top.”

Quintenz in order to emphasize his point cited a Wall Street Journal article by staunch crypto supporter, senator Cynthia Lummis. In it, Lummis accused the Federal Reserve of deliberately delaying as it’s yet to determine whether Wyoming’s special purpose depository institution or SPDIs are banks or not.

In response to Hayden’s tweet, there were several replies confirming that they too were blocked by banks or had accounts closed for dealings with crypto. Interestingly, Chase support responded to the Uniswap founder’s tweet, acknowledging the ‘less than ideal experience’ he had and asked the Uniswap CEO to contact their messaging system.

Is the latest incident of Uniswap CEO ‘s account closure a shady tactics adopted by banks ?

Expressing surprise, Democratic Candidate for Congress, Matt West, stated that ‘this is part of why we need clear regulatory framework in the US re: crypto and banks.‘ Having said that CEO of JPMorgan Jamie Damon last year called Bitcoin as worthless.

It is not just banks in the US that are coming down hard on crypto investors. Last year, an Australian investor sued Westpac and the ANZ bank for closing his accounts resulting in the loss of funds at the time. Looks like banks now have the perfect weapon against crypto, as this shadowy action can be used to secretly remove customers without having to justify those actions.

Uniswap outlines steps to deploy V3 to Ethereum compatible network

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Leading decentralized exchange [DEX] Uniswap is all set to deploy its latest smart contracts V3 protocol on any Ethereum compatible network. The latest developments come after the successful launch of the DEX on the Polygon network [MATIC] in late December, last year. The proposal to enable the deployment of Uniswap v3 on Polygon was submitted by MATIC co-founder Mihailo Bjelic back in November 2021.

It received overwhelming support, with more than 72 million UNI tokens pledged as a vote for the proposal, which has now passed. An amount of just 500K UNI tokens were pledged as a vote against the proposal when voting concluded last December 18. The DEX claimed that since the launch, users have saved millions in gas costs and released the deployment script and documentation outlining steps to deploy Uniswap Protocol v3 to other chains.

Apart from that, the DEX is also aiming to create a consistent, formal process for the community to introduce and vote on deployments, and further proposed revisions to streamline and simplify the governance process.

Uniswap continues to rule the roost

As a matter of fact, Uniswap handles more than $11 billion in volume every week which is apparently why investors are preferring chains like Polygon that cost less in gas fees. At the time of this post, gas fees on Ethereum were as high as $137 for a Uniswap swap. Thus it seems reasonable for the DEX to make the abovementioned decision.

Uniswap continues to dominate the chart among the DEXes, with a market share by volume of 72.5% over the past week, according to blockchain data provider Dune analytics. Besides that, it has processed $17 billion over the last seven days and $5.4 billion in a span of 24 hours.

Earlier today, Uniswap Labs, the principal developer of the decentralized finance protocol, has hired former Federal Reserve economist Gordon Liao to take over the rein of its research wing. Announcing the same via Twitter, Liao expressed his excitement to be a part of the many innovations in the crypto space. The new appointment however received mixed reactions with some questioning why a ‘Fed’ is brought in to work for a DeFi platform while others welcomed him with captions such as ‘fight the good fight’, ‘happy to have ya brother’, etc.

Polygon [MATIC] wins Uniswap v3 contracts with 99.3% consensus

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Polygon [MATIC] receives an overwhelming majority with 99.3% consensus on the deployment of Uniswap v3 contracts over the MATIC Proof-of-stake [PoS] Chain. The Ethereum based liquidity protocol voted via the governance proposal that witnessed the participation of over 72.6 million users from the community. Uniswap Labs announced that the Uniswap v3 contracts will be supported by a $20 million fund — $15 million for long-term liquidity mining campaign and the remaining $5 million would be utilized for the overall adoption of Uniswap on the Polygon network.

Mihailo Bjelic, who happens to be one of Polygon’s co-founders announced it was the right moment for Uniswap to integrate with the layer 2 scaling solution as it is “the second strongest DeFi ecosystem, right after Ethereum L1.” The proposal to deploy was first posted by Bjelic on the Uniswap governance forum on November 20 and was open for voting till Dec. 18, stressing that “deploying to Polygon PoS can bring a lot of benefits including growth in user base, huge savings, higher user activity, higher revenue, market share and return to the original DeFi vision”.

Before the on-chain voting for the governance proposal, the exec released a set of consensus and temperature checked to gauge the community sentiment. Prior to that, on December 17, 2021 Polygon in collaboration with Seven Seven Six, a venture capital entity owned by Reddit co-founder Alexis Ohanian announced a $200 million initiative that will revolve around supporting and hosting gaming applications and Web 3.0 social media platforms built on Polygon’s ecosystem. The POS sidechain saw the launches of over 3,000 decentralized on-chain applications and other protocol launches and cross-chain migrations reflects its explosive growth this year.

Why Polygon?

With regards to the community’s choice, Bjelic, noted that major Ethereum protocols have chosen Polygon because it has facilitated users with a “battle-tested” and cost-efficient implementation of the popular AMM. Citing names of prominent liquidity pools like Aave, Curve, SushiSwap, Balancer, etc whose user base have increased since their deployment on the Matic chain, the co-founder further spoke on the advantages of the ecosystem,

“Besides the impressive number of deployed projects, additional strength of Polygon’s DeFi ecosystem is that it is already self-sustainable. We effectively stopped all liquidity mining incentives some time ago, and yet we keep seeing capital and user inflow and very high user retention.”

Uniswap [UNI] and Terra [LUNA] drown deep in the red sea

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The extreme volatility of the crypto market had left the entire community in dire confusion. Assets like Uniswap [UNI], Polkadot [DOT], and Terra [LUNA] were seen recording a significant loss. While other coins were no less, these three assets were noted leading the bearish cycle. LUNA recently hit an all-time high, however, this hot streak was disrupted and the asset was plummeting by 10%, during the time of writing,

As the altcoins suffered, Bitcoin [BTC] remained quite untethered by the bear. The king coin was on its way towards $60K however, it was taking it slow. During press time, BTC was priced at $56,720 while its market cap remained over $1 trillion. Additionally, the king coin’s price grew by 13% over the last couple of days while most of the altcoins grieved the wrath of the bear.

Additionally, Uniswap [UNI] was making its way on to a double-digit loss. At the time of writing, UNI was trading for $22.45 with a 9.72% drop over the last 24-hours. Throughout the previous few days, UNI endured losses up to 11%.

The fairly new coin sprung up the crypto ladder quite easily. However, this notion was disrupted by other assets. Now, Uniswap sits as the twelfth largest cryptocurrency with a market cap of $13.8 billion.

Uniswap [UNI] one-hour price chart on Binance

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Uniswap [UNI] and Terra [LUNA] drown deep in the red sea 4

Bears, bears, and more bears. The UNI market was compiled of only bearish notions. The short-term price chart of UNI clearly stated that the chances of the asset dropping below $20 were on the higher side. The Parabolic SAR indicator laid out a barricade over the candlesticks and prevented UNI from witnessing any sudden surges in its price.

The Awesome Oscillator with red closing bars noted the presence of the bear in the Uniswap market. Furthermore, the Relative Strength Index indicator suggested that UNI was being oversold.

Solana [SOL] and Uniswap [UNI] to debut in Grayscale investments

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Solana and Uniswap have gained tremendous traction of late. Now, a leading digital asset manager is gearing up to roll out all-new investment vehicles to provide more exposure to new assets. Grayscale Investments has announced the revised updated fund offerings that include Solana [SOL] and decentralized finance token Uniswap [UNI] for the first time.

The newest entries join the elite list of the portfolio known as Grayscale Digital Large-cap Fund [GDLC] that incorporates major crypto-assets like Bitcoin [BTC], Etherium [ETH], Cardano [ADA], along with a few others.

In a series of tweets, the New York-based company revealed that the GDLC fund has been adjusted by selling the current fund components corresponding to their ratios and exchanging them for Solana and Uniswap in an effort to diversify their portfolio for crypto investors.

The blog post also displayed the latest basket of crypto assets in accordance with their token and weightage.

Bitcoin (BTC), 62.19%
Ethereum (ETH), 26.08%
Cardano (ADA), 5.11%
Solana (SOL), 3.24%
Uniswap (UNI), 1.06%
Chainlink (LINK), 0.82%
Litecoin (LTC), 0.77%
Bitcoin Cash (BCH), 0.73%

It is to be noted that the Grayscale Digital Large-cap Fund, which amounts to $494 million in Assets under Management [AUM], has allocated Solana and Uniswap with 3.25% and 1.06% respectively. The digital large-cap portfolio aims to cover the top 70% of the cryptocurrency market and is subjected to review after every three months. The latest addition is reflective of the growing popularity of the tokens in recent times, especially Solana.

Solana’s [SOL] impressive price action

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Solana [SOL] and Uniswap [UNI] to debut in Grayscale investments 7

SOL has strengthened its position as the 7th largest cryptocurrency with a market cap of $46 billion and has followed a steady uptrend following the announcement of several projects on the layer one network that has caught the attention of crypto investors

Solana [SOL] reached an all-time high of $212 on 9th September this year in the backdrop of a dull market. While other cryptocurrencies have taken major hits, Solana has managed to avoid severe losses despite increased bearish pressure in the market. As October dawned, SOL’s price appreciated in response to the latest recovery in the broader market. This was evident from last week’s price chart showing a 12% surge. In the past 24 hours, its price increased by 10.75% and was now trading at $158.60.

Uniswap’s [UNI] underwhelming performance

UNI 1M graph coinmarketcap
Solana [SOL] and Uniswap [UNI] to debut in Grayscale investments 8

September has not been kind to the cryptocurrency industry and Uniswap was not an exception. UNI’s price has been underwhelming. This can be attributed to the dull network activity. For the most part, its clone Sushiswap outperformed the former across several metrics. As the market recovered, UNI followed suit with a 35% rise in the last week and an almost 2% increase in the past 24-hours. At press time it was trading at $25.76.

Uniswap [UNI] bulls attempt to rake in gains after losing $25

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Uniswap’s [UNI] attempt to reach the May highs was cut short by the subsequent sell-off. While the global market cap dropped below $2 trillion, most crypto-assets broke psychological levels. UNI, for one, tested the $25.3 support level as it fell from a high of more than $33. The price is currently dominated by bears who are trapping upward momentum to overcome the downtrend Bitcoin that has been at play since the beginning of September.

Over the past 24-hours., Uniswap [UNI] noted a minor decline of 1.78% which pushed the asset to $23.18. The DeFi token held a market cap of $14.23 billion and a 24-hour trading volume of $655 million, at the time of writing.

Uniswap [UNI] Daily Price Chart:

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Uniswap [UNI] bulls attempt to rake in gains after losing $25 11

The volatility in the UNI market took a hit. The moving averages also depicted a less promising outlook as both 50 [Pink] and the 200 DMA [Yellow] moved over the price candles. However, UNI managed to thwart the attempt of 100 DMA [Blue] to climb above the price.

Additionally, the formation of a descending parallel channel on the daily revived hopes for a bullish reversal in the near term. The trading volume, on the other hand, has spiked which could aid in the growth of a potential uptrend.

UNIUSD 2021 09 30 18 47 25
Uniswap [UNI] bulls attempt to rake in gains after losing $25 12

The Klinger Oscillator [KO] managed to steer away from a bearish crossover depicting a potential change in trend. The Chaikin Money Flow [CMF] also held its position on top of the zero-line after a period of increased outflow from the coin market. The daily Relative Strength Index [RSI] attempted to make headway above the 50-median line even as sellers continued to pressure the traders to offload the asset.

In case of a bullish breakout following the completion of the descending channel formation, Uniwap would have to beach the moving averages near $25-$26 to target the nearest resistance level of $30. Other resistances stood at $40.5 and $43.3 respectively. The support areas, on the other hand, were found to be at $21.4 and $31.6.

Uniswap [UNI] jumps over bear pit as price ticks green across the board

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The cryptocurrency market’s movement over the past couple of days has left a lot of investors scratching their heads. After a week of bearish dips, the ecosystem seems to have broken its pattern of stagnant price actions. Uniswap [UNI] was one of the tokens leading the bullish charge with double-digit gains in the weekly spectrum.

Uniswap’s hourly performance allowed the crypto to overtake Terra on the chart with the token now holding 11th place. At the time of writing, UNI was trading for $24.85 as the market cap climbed to $15.3 billion. The 8 percent hourly climb also spurred the daily volume to clock a mighty $646.46 million.

Uniswap 1 hour:

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Uniswap [UNI] jumps over bear pit as price ticks green across the board 15

In the short term, Uniswap tended to form a valley after the dip and rise. The immediate support was calculated at $21.6 which was protected after the latest price hike. As Uniswap moved on the charts, it was important to keep a tab on the rising user base.

Parabolic SAR: The last 3 markers stayed below the price candles, indicating a shift in the sudden hike. This comes after a 48-hour shift where the Uniswap sided with the bull.

Relative Strength Index: Uniswap’s RSI fell back into the trading threshold after staying above the overbought zone for a day. The cryptocurrency’s September 13th hold was its highest point this month.

Bollinger band: Both the upper and lower band converged towards each other after the formation of a Bollinger cloud. The red candles continued to stay in the cloud as the price settled.

Uniswap 1 day:

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Uniswap [UNI] jumps over bear pit as price ticks green across the board 16

The long-term support was at $14.3 with the graph struggling to hit its ATH formed in May. Uniswap’s latest green candle allowed it to climb from the throes of a bear pit.

Relative Strength Index: The RSI hit the midway point between the oversold zone and the overbought zone. This meant that the number of users selling their tokens and HODLing their tokens was almost equal.

Bollinger bands: In the long run, UNI’s bands diverged to form the start of a significant Bollinger cloud.

Parabolic SAR: All the markers from the past couple of days stayed below the candles as Uniswap’s momentum shifted downwards. As it stands, the markers pointed to hold on to the cryptocurrency making any massive surges.

Uniswap and the rest of the market were still in the midst of recovery after taking a beating for days. One striking thing about the hike was that the altcoins were performing better than the bigwigs.