Cryptocurrency

These Altcoin Traders Won Last Week! Here is the Secret…

UNI, the local governance token of decentralized exchange Uniswap, has increased by more than 10 percent in the last 24 hours and the altcoin price has seen levels of $ 20.75. Well, why has Uniswap soared this week, which also gained 30 percent on a 7-day scale?

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Uniswap’s altcoin project gains momentum: Here’s why it’s possible

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The rise of the decentralized exchange (DEX) Uniswap’s UNI token followed CoinMarketCap’s integration of its decentralized finance protocol. CoinMarketCap launched an Unsiwap-based “swap” feature on June 29 and now allows users to trade Ethereum-based tokens directly on the site.

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24 hour UNI chart. Source: CoinGecko

According to DeFi Pulse information, Uniswap’s protocol has $5.47 billion locked in its protocol, making DEX the sixth most expensive protocol. When Uniswap introduced its governance token in September 2020, it distributed 400 UNIs (equivalent to $1,500 in September 2020, now $8,320) to the wallet that interacted randomly with the platform’s protocol. At the time, it was the second largest protocol.

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Despite the increase, today’s price is less than half what UNI cost just two months ago. Cryptocoin. com, on May 3, and Uniswap reached an all-time high value (ATH) of $ 44.92, together with the introduction of Uniswap V3 and the general rise in the market. Subsequently, UNI, like many other tokens, participated in the crash that began in mid-May. On May 23, Uniswap went as low as $15.49.

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Latest developments in Uniswap: A new proposal has been submitted

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As UNI becomes a trading entity on centralized exchanges like Coinbase, it also allows its holders to vote on how the protocol is run. Last month, a cluster of UNI owners proposed a $25 million “political defense” fund for DeFi protocols. The project was designed by the Harvard Law Blockchain & FinTech Initiative. This proposal sought to channel 1 million UNI tokens from the Uniswap community treasury to establish a nonprofit that would “protect the protocol and DeFi from legal and regulatory threats.” The proposal is still under discussion.

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