Uniswap (UNI) nears a critical junction as the top decentralized exchange faces a gripping condition. The protocol has witnessed a barren run since overtaking Curve in most utilized DEX.
For instance, Uniswap registered new lows in July, with trading volume plummeting to $37.8 billion, 2022’s lowest mark. Furthermore, July’s figures remain far by $24.8B from May’s $62.7 billion – the yearly peak.
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Surprisingly, Uniswap has stayed busy lately after surging on the charts in market cap. UNI’s growth over the week reflects such developments. Nevertheless, the altcoin endured a brief fall as other leading cryptos recorded declines.
While publishing this post, UNI traded 9.4% down from yesterday, erasing all weekly gains. The alternative token hovered beyond $8.5 during this writing. Whales have readily accumulated UNI lately, despite the latest blemishes.
WhaleStats shows UNI as one of the assets scooped by the leading 500 ETH whales within the previous day. That means a welcome scoop for the asset, which noted margin dry-ups lately. However, the Uniswap community awaits somewhat massive news, with their recent proposal underway. UNI’s enthusiasts proposed the Uniswap Foundation launch early in August.
The release highlighted that the Foundation would support Uniswap Protocol’s sustainability and decentralized growth. Also, it aims to support the community and ecosystem. The fans perceive the Uniswap Foundation (UF) as a successor to UGP (Uniswap Grants Program). The UF wants to fix gaps within the UGP, including governance friction and increased difficulty in platform navigation.
Mary-Catherine Lader, Uniswap Labs COO, presented her insight about decentralized finance and Uniswap (in a recent interview). She cheered the decentralization technology, stating that the underlying practice will still exist even if UNI Labs vanishes and the team resorts to other undertakings. That’s why the protocol boasts a decentralized nature, ensuring transparency in governance.
The crypto market meets declines following recent upticks. Bitcoin fights to keep $24K after failing to breach the hurdle at $25,000. While publishing this post, the bellwether crypto changed hands at $24,002, losing 1.51% within the past day. Upcoming market tendencies remain crucial to watch.
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