The pioneering decentralized exchange initial symbol Uniswap has risen nearly 50% this week, making UNI the eighth largest crypto asset with a market value of $ 17.7 billion as speculation builds on the upcoming reform of the V3 exchange.
Messari currently ranks UNI as the second-largest Ethereum-based asset by market cap after Tether, beating Chainlink with nearly 50% of market cap.
UNI entered the top ten on March 5 and became the first DeFi DApp token to receive this award. According to historical footage from CoinMarketCap, UNI’s capitalization increased in 24 hours from $ 8.8 billion on March 4 to $ 14.7 billion.
The UNI price is currently consolidating around yesterday’s high above $ 34, with the last LED symbol at $ 33.9.
Upon initial distribution of Uniswap tokens, UNI tokens were broadcast pro-rata to liquidity providers, as well as 400 tokens sent to every wallet interacting with DEX as of September 2020. At the time of writing, the 400 UNI tokens were priced at $ 13,560.
UNI’s entry into the top 10 cryptocurrencies comes after a record month in terms of trading volume on the exchange, with four consecutive weekly trading points for Uniswap in February, and peaking at a monthly high of $ 31.9 billion.
However, Uniswap’s weekly record series appears to be coming to an end, with seven-day trading volumes currently at $ 6.4 billion, down 25% from last week. Despite the volume chart, Uniswap still accounts for half of all Ethereum-based DEX trades.
The rise of UNI also comes amid growing rumors that the Uniswap V3 update may not be far off, as Yearn Finance developer André Cronier suggested on March 4 that the recent surge in social media from pioneering Uniswap developer Hayden Adams may suggest a new version soon:
Cronier’s post came after Adams created a poll on Twitter where he asked his followers where they would see ads to read “Uniswap v3 Details”. Adams responded to Cronier’s tweet, “Please delete,” which heightened suspicions that Uniswap might have an important announcement on the horizon.