Uniswap (UNI) Climbs Past the $21, Solidifying Its Position As A DeFi Token
In the past seven days, Uniswap (UNI) has outperformed all digital currencies ranked in the top 10 category.
It appears that it’s slowly establishing itself as one of the leading decentralized exchanges (DEX) in the crypto industry.
The UNI token gained by an incredible 19% in the past week. This allowed it to surpass the $21 mark, and it’s well on its way to hitting the $30 threshold.
On Friday, the cryptocurrency was trading at $21.47, which was an increase of 3.7% from the previous day.
This saw the coin enter the league of the top 10 cryptocurrencies based on market capitalization alone.
Losing its spot to UNI in this top 10 list was Binance Coin (BNB). Although BNB has also recorded a 19% gain in the past week, this is still an 8.7% decline taking the last one month into account.
That said, UNI is yet to attain the record-breaking price of $44.92 that it achieved on 3rd May, which was just 48 hours before the debut of its upgraded platform, the Uniswap V3.
While the remaining players in the crypto market continue to recover from the setback brought about by Tesla’s move to withdraw its Bitcoin support, UNI’s price outlook is optimistic, especially when it’s compared to other decentralized finance (DeFi) tokens.
Ranked one of the most prominent decentralized exchanges (DEXs), Uniswap lets customers change their Ethereum-based tokens without requiring an intermediary.
The network also presents investors with an opportunity to lock their money in ‘liquidity pools’.
In return, they’re able to earn rewards in the form of fees, which come from transactions conducted on the platform.
The soaring of UNI’s price helps to reinforce its spot as the most dominant DeFi token in the crypto industry.
It touts an impressive 14.6% share of the total DeFi market capitalization, which is equivalent to 0.76% of the whole crypto market cap.