UNI’s Price went up by 8% immediately After Uniswap V3 Launched

0
2517

DeFi protocol, Uniswap, once again solidified its place as the top automated market maker (AMM) in the sector due in part to its recently launched Uniswap V3. Immediately after the update goes live, the UNI, Uniswap’s native governance token, surged by approximately 8%, capping off its lucrative weekly gain at about 23%.

According to the firm’s recent blog post, Uniswap aims to render its platform to be the most efficient and flexible AMM ever conceived. It further reads that they are more than excited to present the world an overview of the Uniswap V3 as they target a mainnet launch this May 5, 2021, with an L2 launch on Optimism shortly to follow. The firm then noted that the V3 promises even greater capital efficiency – up to 4,000 times that of the previous version.

The UNI has undoubtedly become the crypto of choice for many investors to gain exposure within the DeFi sector primarily because of its high valuation and asserted dominance over the AMM market. Several investors have even gone out of their way and branded UNI as a bona fide bluechip asset that fully represents the entire AMM market and Uniswap within DeFi.

In fact, among the four highly-considered bluechip assets within DeFi, namely SushiSwap, Aave, Compound, and Uniswap, the UNI seemingly remains on top. This is then further solidified by the latest data report that shows that out of the $41 billion in DeFi, $4.75 billion exclusively came from the UNI, meaning that 10% of the entire DeFi total value locked belongs to Uniswap alone. With the V3 well on its way, we can safely assume for such already-impressive numbers even to go up.

LEAVE A REPLY

Please enter your comment!
Please enter your name here