UNI, the governance token of Uniswap, the most widely utilized automated market maker (AMM) in DeFi, has surged significantly after the launch of Uniswap V3 on March 23. At just over $35 per token, UNI has gained nearly 23% in the past week
The Uniswap team said:
“Today, we are excited to present an overview of Uniswap v3. We are targeting an L1 Ethereum mainnet launch on May 5, with an L2 deployment on Optimism set to follow shortly after.”
With a market capitalization of $17 billion, it has surpassed some major perennial altcoins such as Litecoin (LTC), putting UNI right under XRP whose market cap is over $25 billion.
UNI/USD 4-hour price chart (Gemini). Source: TradingView.com
Why is UNI and Uniswap seeing strong momentum?
There are two key reasons behind UNI’s massive rally in the past two months.
First, Coinbase’s planned initial public offering (IPO) in the U.S. market has caused the rerating of exchange tokens and AMMs.
Second, the overall increase in the interest in the DeFi sector has pushed up the valuation ofTitle: Uniswap V3 launches — UNI prices surges by 8% in minutes
Sourced From: cointelegraph.com/news/uniswap-v3-launches-uni-prices-surges-by-8-in-minutes
Published Date: Tue, 23 Mar 2021 17:30:06 +0000