UNI, the native token of the decentralized exchange Uniswap, has seen a remarkable 9% surge, making it the top gainer in the cryptocurrency market today.
As of now, UNI is trading at $10.69, marking an 8.5% increase in the last 24 hours. Despite a 31% decrease in trading volume during the same period, it appears that current UNI holders are holding onto their tokens in anticipation of a further price increase.
Uniswap’s market capitalization has reached $6.4 billion, solidifying its position as the 18th largest cryptocurrency asset according to CoinMarketCap data.
The recent price spike coincides with an intriguing post shared by Uniswap on June 14, featuring the message: “Locked in. Ready for the Endgame.” Accompanied by an image of a focused man in a chair, the post hints at significant developments ahead.
Subsequent posts on June 1 hinted at Uniswap v2 expanding its support to a new Layer-2 blockchain. While the specific L2 protocol remains undisclosed, speculation suggests a possible integration with ZKsync, a trustless Layer 2 solution known for its scalability and cost-effective Ethereum transactions.
Notably, some members of the community have expressed concerns about the potential deployment on ZKsync.
Another factor contributing to UNI’s recent price surge could be the substantial growth in L2 volume processed through the Uniswap Protocol, as highlighted in a recent post by Uniswap Labs on June 13.
The exponential growth in transaction volume underscores the increasing utility and adoption of Uniswap’s services in the decentralized finance (Defi) space. Additionally, the rising popularity of Uniswap v2 pools on various L2 solutions like Optimism, Arbitrum, and Polygon is attracting users with promises of scalability, lower fees, and improved user experience.
While Ethereum remains a leader in Defi, the integration of L2 networks with Uniswap is facilitating faster and more cost-effective transactions, establishing these networks as formidable players in the ever-evolving crypto landscape.
In conclusion, with the expiration of Uniswap v3’s business source license, developers are now free to fork and innovate, adding further excitement and potential growth to the Uniswap ecosystem.