Uniswap, 8th most valuable crypto, surges by 46% in 7 days
- 8th March 2021
- Posted by: Hakeem
- Category: Crypto
Uniswap, the fast growing decentralized exchange token, has gained almost 50% in the past week, pushing UNI as the eighth-largest crypto asset with a $17.7 billion market cap, as speculation builds for the exchange’s coming upgrade.
In addition, it’s currently the second largest Ethereum-based asset by market value behind Tether, beating out the Chainlink by almost 46% of its market value.
- At the time of writing this report, Uniswap’s token traded at $34.00 with a daily trading volume of $1.5 billion. Uni is up 45.7% for the week.
- The crypto is currently ranked eighth with a live market value of $17.7 billion. It has a circulating supply of 521,176,874 UNI coins and a maximum supply of 1,000,000,000 UNI coins.
How Uniswap makes money
Uniswap is designed to be a decentralized protocol. All fees go to market liquidity facilitators, and none of the founding partners get a cut from the transactions that occur through the protocol.
Currently, the transaction fee paid for these market liquidity providers is 0.3% per successful transaction. That said, these are added to the liquidity pool, but these market liquidity facilitators can redeem them at any time.
The fees are distributed according to each liquidity provider’s share of the pool.
Members of the crypto community are rushing into Uniswap, on the consideration that it’s the preferred structure for advanced crypto functionalities like yield farming, where global investors can earn huge returns by lending cryptos in exchange for interest payments.
More about Uniswap
Uniswap is a decentralized exchange protocol built on the Ethereum network. It has no book or any centralized platform for executing trades. It allows users to trade without a middleman or third party, with a high degree of decentralization and censorship-resistance.
Uniswap operates via software that is decentralized in principle. It has a team of computer programmers working endlessly to make it better and is mainly governed by a group of its own users.