UNI Shoots 6% As Uniswap Becomes The Second Largest ETH Exchange

UNI, the native cryptocurrency of Ethereum-based decentralized exchange (DEX) Uniswap is up by 6% today currently trading at a price of $6.34 and a market cap of $4.8 billion. In the last 5 days, the user activity on Uniswap has shot up significantly as the decentralized exchange becomes a go-to platform for users as they lose trust in the centralized players with the collapse of FTX.

The daily new transacting wallets on Uniswap have moved past 55,500. In a message on Tuesday, November 15, it wrote:

New users of Uniswap’s Web App reached a 2022 high. Self-custody and transparency are in demand and users are flocking to what they know and trust. Let’s keep building.

As the FTX crisis unfolded, Uniswap Labs explained how the users should choose decentralized exchanges that don’t have a single point of failure. Furthermore, all DEX activity happens on-chain, it’s transparent, verifiable, and approved by the users.

Uniswap Wallet App and Emails

In an interesting thread a few hours ago, they explained how using its web app is as simple as sending an email. He said that both emails and Uniswap are open-source and permissionless foundational internet protocols. thus, swapping tokens on Uniswap is as simple as sending emails. In their Twitter thread, Uniswap Labs wrote:

There are no restrictions on who can send an email like there are no restrictions on who swaps or list tokens on a DEX. Companies often build on these protocols to create a better user experience even though you can interact with the protocols directly. Most people don’t host their own web client. They use Gmail. Most people don’t host their own Eth node. They use Uniswap Labs’ web app.

Uniswap believes that in the future DeFi protocols will be as important for internet finance as email protocols are today for communication. The good thing about DeFi protocols is that it allows anyone to participate. Furthermore, they can’t be stopped or taken down by a single entity.