Uniswap (UNI) Climbs Over 19% in a Week to Solidify its Dominance in DeFi

Lujan Odera
July 9, 2021 Updated July 1, 2022
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Over the past week, no top 10 cryptocurrencies have performed better than Uniswap (UNI), one of the leading decentralized exchanges (DEX) in the market. UNI, the governance token of the exchange, has witnessed a 19% boost in the past week crossing the $21-dolar mark and setting itself up for a potential run to $30 soon.

As of writing, UNI has climbed 3.7% in the past 24 hours to $21.47, according to Coingecko, which saw the coin bust into the top 10 cryptocurrencies by market capitalization – displacing Binance Coin (BNB). The coin is also registered a 19% increase in the past week but is still 8.7% down from the last 30 days’ price.

Despite the meticulous rise, UNI is still way below its all-time high price of$44.92 set on May 3, two days before the launch of its upgraded version, UniswapV3. With the rest of the market still recovering from the flash crash caused by Tesla’s decision to stop accepting Bitcoin, UNI’s price trajectory looks better than most of the decentralized finance (DeFi) tokens.

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Uniswap (UNI) leads the DeFi world

Uniswap is one of the most popular decentralized exchanges (DEXs) on the market, allowing users to swap Ethereum-based tokens without a centralized intermediary. The platform also allows users to lock their funds in ‘liquidity pools’ and earn rewards in fees generated by transactions on the platform.

The weekly jump in UNI’s price sees it solidify its position as the most dominant DeFi token in the market today with 14.6% of the total DeFi market capitalization (or 0.76 percent of the total crypto market cap).

As alluded to, UNI is currently the tenth largest cryptocurrency with a total market cap of $11.15 billion. However, AAVE, a decentralized lending protocol is catching up with UNI’s exploits – having recorded a 32% increase in the past 7 days.

According to DeFi Pulse, Uniswap has $5.48 billion in locked assets in liquidity pools on the platform, making it the second-largest DEX after Curve Finance with $8.10 billion in total locked assets value. AAVE tops the list in total locked assets value with $10 billion worth of tokens locked on the platform.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.