By Franklin Smith
Despite the otherwise tricky start on Monday, Uniswap managed to maintain its upside trajectory. That comes as the blockchain saw increasing whale activity this month.
Addresses holding 10K to 1 million UNI tokens have added more than 10.74 million assets to their balances since July 8. That represents $74.6 million within the previous 17 days.
Muted Start of the Week
Uniswap is among the unique projects to present growth in a somewhat muted start of the week in the crypto space. As Santiment reports show, SushiSwap was the second top chain to highlight growth signals on July 26.
Also, decentralized finance’s (DeFi) rise contributed to Uniswap’s growth under review. Remember, Uniswap became the top DeFi decentralized exchange in TVL (total value locked). The DEX outpaced Curve, which maintained the lead for more than one year.
May 2022 saw Uniswap’s total value locked (TVL) declining by 24%, whereas Curve noted a 69% slump. That indicates enormous withdrawals from Curve amidst the crash, eventually helping Uniswap.
What to Know
The latest market update by Messari shows the UNI community stayed divided over the blockchain’s recent fee proposal. The proposal wants Uniswap treasury to receive part of trading fees to support security and platform development.
The community remains split on the ideal approach for designing and implementing the fee switch. The mentioned proposals would allow fees for USDC/USDT (0.01%) and USDC/ETH (0.05%).
Meanwhile, the protocol charge mean10% of the generated trading fees and amounts to approximately $20K to $40K sent to the UNI treasury per day at prevailing volumes.
Meanwhile, the ongoing market conditions aren’t favorable for such moves for the Uniswap protocol, and investors should consider other pressing concerns.
Though holders are split, there’s renewed optimism following the latest price bumps and whale accumulation. UNI still ranks 18th in the crypto list by market capitalization, trading near $6.62 during this publication.
The crypto market remains deteriorated, with the cumulative value of all digital tokens hovering beneath the $1 Trillion level. This metric changed hands at $978.43 billion during this publication. That reflects the downbeat mode in the financial space.
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