Uniswap Revenue Flies To All-Time Highs: Is UNI Undervalued?
27 Agosto 2024 - 7:30AM
NEWSBTC
UNI, the native token of Uniswap, one of the top decentralized
exchanges (DEXes), is under immense selling pressure. From
the daily chart of the UNIUSDT, the token is down 62% from March
highs, though prices have stabilized in the past few trading weeks.
To put in the numbers, chart data shows that it is up nearly 35%
from August lows, absorbing selling pressure. UNI Is Down But
Uniswap Generates $50 Million In Revenue So Far Though UNI is far
off from all-time highs, shaving nearly 85% from 2021 peaks, other
exciting developments might help prices in the long term. Token
Terminal data on August 25 shows that the DEX has generated $50
million in revenue so far. Related Reading: Toncoin Tumbles To $4.6
As Bears Eye Further Decline, Will Support Hold? Uniswap allows
traders to trustless swap tokens on multiple platforms and
blockchains. Originally, it launched on Ethereum in November 2018
before being deployed on the BNB Chain and various layer-2
platforms for Ethereum, including Arbitrum and Optimism. Unlike
Binance, which is custodial, Uniswap users only need a
non-custodial wallet to connect and swap. All trades are smart
contracts-led and without an intermediary. At the same time, there
is a broader pool of tokens, some of which are unavailable on top
centralized exchanges like Binance. The advantages offered by
Uniswap have seen the protocol expand the assets under management
to over $4.73 billion, according to DeFiLlama. As of August 26,
Uniswap is available on over ten platforms, but the protocol
manages over $3.8 billion on Ethereum. Cumulatively,
DeFiLlama data has generated over $2.3 billion in fees. All these
fees are from swaps on Ethereum and all other platforms. In the
last 24 hours, Uniswap has generated over $854,000 in fees. Is The
Future Bright, Developers Prepare For V4 As crypto prices expand,
it is also highly likely that DeFi activity will rise. Since the
recovery from mid-October 2023 to the March 2024 high, DeFi total
value locked (TVL) more than doubled. This expansion reflects
rising interest and confidence from the community. According to
DeFiLlama, DeFi TVL across all networks stood at around $40 billion
in October but rose to over $106 billion by March 2024. As DeFi TVL
rises, Uniswap will enable more swaps, increasing its fees.
Moreover, the DEX will be a go-to platform as it enhances its
protocol. Related Reading: XRP Set To Explode? Top Analyst Predicts
$33 Rally Earlier this month, Uniswap Labs, which is developing the
protocol, announced a $2.35 million prize pool for developers. The
fund aims to reward developers who pick out flaws on Uniswap v4
before rollout. Once live, the new version of the DEX will offer
new features, including custom oracles and Hooks for even more
flexibility. Feature image from Adobe Stock, chart from TradingView
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