Uniswap is this week’s big winner in terms of overall performance for the 30 most valuable crypto projects ranked by market capitalization.
Uniswap (UNI 5.93%) is one of the few top 30 cryptocurrencies by market capitalization that saw a meaningful increase over the course of the past week. In fact, among this group, Uniswap was the best-performing token, surging 21.2% over the past seven days, as of 2:45 p.m. ET on Friday.
Today’s Change
(-5.93%) $-0.44
Current Price
$7.05
Key Data Points
Market Cap
$4B
Day’s Range
$6.97 – $7.81
52wk Range
$4.11 – $19.30
Volume
780M
Avg Vol
0
Gross Margin
0.00%
Dividend Yield
N/A
This move does appear to be driven by a couple key platform developments for the world’s largest decentralized trading network currently running on blockchain technology. For on-chain traders, Uniswap remains the option of choice for most individuals, and given the project’s network effects and entrenched user base, I’d say this dominant lead is likely to remain in place for quite some time. I’d also say that Uniswap’s two recent developments that have come to light this week are certainly worth understanding.
So, let’s dive into what changes the Uniswap developer team have made over the past week, and why this particular token is surging as a result.
Key developments stoking significant investor interest in Uniswap
Image source: Getty Images.
This week, Uniswap announced two major changes to how its network operates investors are clearly viewing as net positives for those with a long-term investing horizon.
The first key announcement surrounds a move toward what the team is calling “continuous clearing auctions.” This move is aimed at creating what Uniswap is calling a permissionless token-auction protocol, which will address how early token markets form on-chain, and how value is ultimately captured in the DeFi space. Many investors have called for such changes, which are expected to positively contribute to Uniswap’s transparency and stability over time-key factors, which bulls continue to rely on as part of the investing thesis around this token.
Lastly, a new proposal put forward by investors code-named “UNIficiation” is set to push Uniswap to utilize some of the funds it’s raised via protocol fees over the years to essentially buy back UNIW tokens. This move should improve the tokenomics of Uniswap’s native token, and increase its attractiveness for long-term investors.
Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Uniswap Protocol Token. The Motley Fool has a disclosure policy.
