By Franklin Smith
Uniswap has seen scorching tendencies during August. Despite being the top decentralized exchange within the marketplace, the network’s UNI maintained extended downsides. While publishing this post, UNI changed hands at $7.01, dropping 17% within the previous week.
Declined activity amid soaring market tensions has contributed to this loss. Furthermore, the overall crypto market stayed down within the past few sessions. However, Uniswap has seen a surge in daily active users lately.
Uniswap maintains the lead in the decentralized finance (DeFi) market, compared to Aave and Lido Finance. Meanwhile, the active user count doubled from early July’s 17,000 to a press time figure of 34,000. Messari stated that Uniswap’s treasury value surge likely came from UNI’s vesting schedule.
What Else Could You Be Missing?
Uniswap attracted crypto community attention after revealing about 253 blocked accounts amid sanction compliance. That comes after the United States government sanctioned Tornado Cash early this month.
Uniswap has collaborated with TRM Labs, and the deal is to monitor and screen suspicious financial doings, including those associated with Tornado Cash mixing services, according to Yahoo Finance.
Uniswap posted that they’re only blocking wallets owned or involved with illegal behavior like terrorism financing, sanctions, stole/hacked cash, human trafficking, and ransomware.
Data-dive
UNI’s situation remains ugly amid the prevailing market conditions. The altcoin will likely struggle in the third quarter, as the tide will hardly change soon. Meanwhile, UNI has seen some relief as the token sees an upsurge on its daily price chart.
Nevertheless, UNI’s trading profitability has slumped swiftly following the recent dip. While publishing this blog, the MVRV ratio hovers at a whopping -38.02%, translating to massive investor losses. That seems a premature update for the network as it battled to endure declining cryptocurrency demand within the decentralized exchange category.
Furthermore, Uniswap has also suffered from social engagements recently. Though it presented impressive figures in the social volume as July ended, the index deteriorated through August. Indeed, Uniswap’s short-term conditions remain severe for UNI as the alternative token struggles to attain momentum.
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Editorial credit: rafapress / shutterstock.com
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