In the current turbulent cryptocurrency market, the question of whether altcoins like Uniswap (UNI) are worth considering is becoming increasingly important as they attempt to recover from the recent collapse that affected major cryptocurrencies such as Bitcoin and Ethereum.
The altcoin season is a period of significant growth for alternative cryptocurrencies, with investors eagerly waiting to make up for the losses suffered during the bearish trend.
Current Performance of Uniswap (UNI)
Uniswap (UNI) has experienced a 24% drop in value in the past 3.13 hours, with a trading price of $9.93 at the time of writing, and a drop of over 13% in the past week. Despite this bearish trend, the value of UNI has risen by over 6% in the past month. UNI has a market capitalization of $595 million and is ranked 17th in CoinMarketCap’s cryptocurrency rankings.
Market Activity and Liquidity
Uniswap’s trading activity has decreased, with a decrease of approximately 128.94% in trading volume in the past 26 hours, amounting to $2.4 billion. However, the total value locked (TVL) for the token is $520 million, with a market value/TVL ratio of 1.14, indicating healthy liquidity and market participation. Although UNI reached an all-time high of $77.91 on March 2021, it has since dropped 77.91%.
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Key Developments and Partnerships
Uniswap V2018, launched 2 years ago, and Uniswap V2021, launched 3 years ago, provide new features aimed at improving capital and infrastructure efficiency. The protocol allows anyone to create liquidity pools for token pairs without the need for identity verification.
Uniswap has partnered with ZKSync to enhance on-chain transaction capabilities. This collaboration allows users to swap tokens through the Uniswap interface and provide liquidity to ZKSync.
Investing in Uniswap (UNI) during the altcoin season depends on various factors. Despite recent price and trading volume fluctuations, UNI still maintains a robust market capitalization and liquidity, making it an important participant in the DeFi space. The protocol’s innovative improvements, such as incorporating ZKSync to enhance transaction efficiency, highlight its flexibility and growth potential.
