Uniswap Version 3 Goes Live On BNB Chain; Is UNI Token’s Price Poised To Rally?
Uniswap, the world’s largest decentralized exchange protocol measured by trading volume, has officially debuted on BNB Chain. This decision was made following a controversial round of governance talks in February to decide on a bridge solution for the deployment, which later got successfully approved by the majority of governing members of the protocol.
Uniswap Embarks On BNB Chain
According to the official announcement, the move to BNB Chain is expected to enhance the Uniswap Protocol’s ability to serve all users within the growing DeFi space and signals a step towards boosting easier accessibility and provision of liquidity for its users. Following this deployment, users of the Uniswap Protocol will now be able to trade and swap tokens across the network harnessing BNB Chain’s low transaction fees, in comparison with Ethereum’s fees.
Read More: Prominent NFT App MigratesFrom Ethereum To Hedera Network
While speaking about the new development, Alvin Kan, the director of growth at BNB Chain was quoted as saying:
We are delighted to see Uniswap’s continued commitment to delivering value to its users and building for the future of decentralization.
Unsiwap’s Growing Ecosystem
With BNB Chain’s sizable developer community specializing in the DeFi space, the new relationship also enables Uniswap to access a new source of liquidity while raising awareness and adoption among both institutional & retail investors — thereby possibly adding 1 to 2 million new users and even potential governance stakeholders.
In light of this news, the price of Uniswap (UNI) has witnessed a marginal increase while Binance’s native coin, BNB has also seen a significant uptick in the past few minutes.
Additionally, as summarised by the moving averages, UNI’s technical analysis (TA) indicators currently reveal a sell position for the altcoin, advising a “sell” at level 17 and a “buy” at level 0. As things stand, the price of UNI is presently trading at $5.92 which represents a decrease of 10.41% over the past 24 hours, in contrast to a drop of 7.64% over the last seven days.
Also Read: Top AI Crypto Coins To Buy Amid GPT-4 Release
- First Spot XRP ETF Hits Milestone as CME Flags Institutional Interest
- Can Hype Price Hit $50 After Robinhood Listing?
- XRP News: Ripple Unveils ‘Ripple Prime’ After Closing $1.25B Hidden Road Deal
- Traders Price In Two More Fed Rate Cuts This Year After Soft Inflation Data
- Crypto.com Joins Ripple in Banking License Bid Amid Industry Push for Market Structure Bill
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
- PUMP Price Prediction as Whales Accumulate 4.2B Tokens- Is 135% Rally Next?
- Dogecoin Price Crash Looms as Flag, Death Cross, Falling DOGE ETF Inflows Coincide
- Solana Price Prediction as Osprey’s S-1 Filing and Hong Kong’s ETF Launch Fuel Reversal Hopes- Is $250 Next?
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.
