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Uniswap Price is up by 75% in the last 24 hours amid the challenging market situations and is trading at $12.39. The increasing demand for Uniswap is also noticeable by its trading volume, which is $2,544,708,718, up by 1910%.
It is a decentralized trading platform that runs on the Ethereum blockchain. Uniswap is the largest decentralized exchange by the total value locked on the platform, which is $4.9 Billion.
So why Uniswap price is flying this much? Let’s look into that.
Top Reasons Why Uniswap Price is Soaring
According to the Moving Average Convergence Divergence (MACD), there is a significant rise in the histogram, which indicates the increasing buying pressure in the market. Because of this, the market showed a sharp hike within a day and probably will do more in the future.
The price has surged because of the staking rewards and upcoming updates. The crypto market is also in a greed zone where multiple altcoins are trending and performing well, including UNI.
Staking Rewards For Users
Uniswap price has hiked for the first time after March 2022, where the price has increased by $5 within just a day and is continuously on a hike on the 24th as well. This hike was detected after the Uniswap Foundation published a proposal to reward their users for staking. The proposal is for the large-scale upgrade of the governance protocol that incentivizes and engages in delegation.
It implies that the users who will stake their tokens on the platform will receive rewards. Along with this, the users will also get to choose delegates to vote and engage with the protocol to help with the growth and success of the protocol.
Uniswap v4 Upgarde
Another probable reason is the introduction of the Uniswap v4 upgrade. On 15 February, the company revealed the timeline for the upgrade to be available by the third quarter of 2024. This v4 update will help with the customizability and efficiency of the protocol.
Uniswap introduced this to the community in October last year in October month as a non-custodial, non-upgradeable, and permissionless automated market maker (AUM) protocol. It allows users to calculate AMM features on top of Uniswap in place of creating a new AMM design.
This surge has brought people’s interest back to the decentralized world. For some time, AI was in trend, and people were more focused on AI tokens and blockchains working on them.
Conclusion
Uniswap Price has been in hype for the last two days with more than 75% in price growth. That will depend on how well Uniswap can compete with the challenging market situations. For now, the staking and Uniswap v4 update have increased the popularity of the UNI token. Now, the community is waiting for these new features to be available soon.
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