Why is Uniswap (UNI) crypto drawing attention?

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Why is Uniswap (UNI) crypto drawing attention?

Why is Uniswap (UNI) crypto drawing attention?
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Highlights:

  • Uniswap is one of the leading decentralized exchanges widely known for its role in facilitating automated trading of DeFi tokens.
  • The UNI token is available on exchanges like Binance, Huobi, etc.
  • The token saw the highest price of US$10.53 in the last 30 days.

The global crypto market slumped by 4.89% to US$1.65 trillion on May 6, while its volume for the last 24 hours surged over 35.28%. Meanwhile, various altcoins were also in the red on Friday, contributing to the losses in the overall market. However, we explore the Uniswap (UNI) crypto and its recent comment, due to which it seems to be gaining attention.

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What is Uniswap (UNI) crypto and why is it gaining attention?

Uniswap is one of the leading decentralized exchanges widely known for its role in facilitating the automated trading of DeFi tokens. Launched in November 2018, it has gained significant traction as an automated market maker over the years.

It intends to keep the token trading automated and fully open to anyone who holds tokens. In addition, it aims to improve the efficacy of trading compared to other traditional exchanges. It claims to offer more effectiveness by solving liquidity issues with automated solutions while circumventing the Decentralised exchanges' problems.

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Uniswap took a step forward in September 2020, creating and awarding its governance token, UNI, to the protocol's users. It ensures both profitability and users' rights while shaping its future, which marks an attractive feature of the decentralized entities.

The UNI token is available on crypto exchanges like Binance, Huobi, etc.

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Meanwhile, Uniswap on Thursday said that it offers more liquidity than its larger centralized rivals Coinbase and Binance, due to the incentives it provides to its liquidity providers for delivering better pricing to the traders.

The latest version of the Uniswap launched around a year ago, allows the traders to execute large-sized trades in a pricing range they would prefer as compared to the Ether trading pairs on the centralized exchange, according to research by Uniswap Labs showed. Notably, Uniswap Labs is the primary developer of the Uniswap exchange.

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Why is Uniswap (UNI) crypto drawing attention?Data Source: CoinMarketCap.com

Bottom line:

The Uniswap (UNI) crypto was priced at US$7.38 at 11:59 am ET on May 6, up 1.04%, while its volume for the trailing 24 hours ticked down 2.39% to US$251.52 million. It has a market cap of US$5.10 billion, and its fully-diluted market cap is US$7.38 billion.

The token has a maximum and total supply of 1 billion, and its current circulating supply is over 690.66 million. The token saw the highest price of US$10.53 and the lowest price of US$6.66 in the last 30 days.

It has reached its all-time high of US$44.97 on May 3, 2021.

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