The price of Uniswap (UNI) has surged by nearly 50% last week, ranking the eighth-largest crypto asset with a $17.7 billion market cap as speculation builds for the exchange’s coming V3 overhaul.
It has been reported that Messari currently ranks UNI as the second-largest Ethereum-based asset by market cap behind Tether, beating out the Chainlink by nearly 50% of its capitalization.
According to CoinMarketCap’s historic snapshots, UNI broke into the top 10 on March 5, becoming the first native token of a DeFi DApp to hold the distinction. In 24 hours, UNI’s capitalization increased from $8.8 billion on March 4 to $14.7 billion.
However, the price of UNI is currently consolidating near yesterday’s all-time high (ATH) above $34, with the token last trading hands for $33.9.
After gaining 50% in a week and rallying to new all-time highs, UNI has become the first native DeFi token to rank among crypto’s top 10, beating out Litecoin and Chainlink. https://t.co/vPjnD7WvSi — Cointelegraph (@Cointelegraph) March 8, 2021
The report said that Uniswap’s initial token distribution saw UNI tokens airdropped proportionally to liquidity providers, in addition to 400 tokens being sent to every wallet that interacted with the DEX as of September 2020. 400 UNI are worth $13.560. UNI’s entrance into crypto’s top 10 follows a record month for trade volume on the exchange, with February hosting four consecutive records for weekly Uniswap trade, culminating in a monthly ATH of $31.9 billion in volume.
🦄 February has been a crazy month for @Uniswap 📈 Four weeks and four new weekly volume records $7.5b -> $7.7b -> $8.2b -> $8.6b 🎢 $32b in monthly volume, a new all time high 🚀 $118b all-time volume jumping right past 💯 1/ pic.twitter.com/14oCsgp3Gd — Hayden Adams 🦄 (@haydenzadams) March 1, 2021
As per the sources, Uniswap’s streak of weekly volume records appears to have come to an end, with seven-day volume currently sitting at $6.4 billion, down 25% when compared to last week’s $8.6 billion. Despite the volume retracement, Uniswap still represents half of all trade on Ethereum-powered DEXes.
UNI’s surge also comes amid increasing speculation that Uniswap’s V3 upgrade may not be too far away, with Yearn Finance developer Andre Cronje speculating on March 4 that a recent increase in social media activity from Uniswap lead developer, Hayden Adams, could suggest the new version is coming soon.
Thus, Cronje’s post came after Adams had created a Twitter poll asking his followers where they will be looking to read announcements regarding “Uniswap v3 details.”
When Uniswap v3 details are announced which will you read first? — Hayden Adams 🦄 (@haydenzadams) March 4, 2021
Source: Cointelegraph