2020-9-19 18:20 |
The Uniswap mania is currently leading the market.
The launch of the UNI governance token has its price hitting a new peak at $4.75 after a slow start yesterday. Getting free money propelled token holders to sell UNI, but now that selling pressure has subsidized, the token is rallying.
With these gains, UNI has become the 26th largest cryptocurrency by market cap of $784 million. A researcher from the crypto fund, The Spartan Group notes,
“UNI now has the largest TVL and highest revenue of any DeFi protocol. And that is before one assumes any further leakage from Sushiswap. At 11.6x, it's P/S (also a proxy for P/E) is among the lowest.”
$UNI is sucking capital from other DeFi coins….
— SpartanBlack (@SpartanBlack_1) September 18, 2020
As we reported, crypto exchanges have been rushing to list the token, with Binance, OKEx, Coinbase, FTX, Kucoin, Poloniex, and others already have done so. Today, Huobi announced the UNI perpetual swaps with up to 75x Leverage.
With these futures listings, that too, with leverage, users can either long or short the asset. Now, it’s to be seen if this will propel the prices higher or push them down.
Meanwhile, the decentralized exchange is seeing a jump of 77% in its TVL (total locked value), which has hit $1.6 billion, approaching the previous high of nearly $2 billion, as per DeBank.
With this, Uniswap is currently dominating the DeFi space, managing $1.56 billion in liquidity while the volume recorded on Thursday was $582 million.
ETH/BTC pair more liquid on Uniswap than on biggest centralized exchanges now such as Binance and Coinbase.
How does this impact ETH BTC correlation ? pic.twitter.com/HE0KdqohAZ
— CL (@CL207) September 18, 2020
Increased activity on this popular DEX, which is built on Ethereum, also saw the second largest network experiencing a record number of transactions and fees.
Uniswap broke Ethereum with $UNI. Unusable. pic.twitter.com/m1cPuDpGJk
— Alex (@classicmacro) September 17, 2020
This is a great opportunity for Ethereum miners who are raking in nearly a million dollars in just an hour and for large investors, while small market participants struggle.
The post Uniswap's Dominates DeFi by Sucking Capital from Other Protocols & Breaks Ethereum first appeared on BitcoinExchangeGuide.
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