The decentralized finance (DeFi) market continues to roar ahead and so does Uniswap (UNI). The world’s largest DeFi cryptocurrency by market has surged another 10% today to make its way to the list of world’s top-ten global cryptocurrencies by market cap.
At press time, Uniswap (UNI) is trading 14.15% up at a price of $34,62 and a market cap of $17.85 billion, as per data on Messari. This makes UNI the eighth-largest cryptocurrency by market cap.
The Ethereum-based decentralized exchange (DEX) protocol Uniswap has been extremely popular in the DeFi space for facilitating automated trading of the DeFi tokens. So far in 2021, UNI’s price has surged over 600% as of now.
Uniswap Version 3 Launch Scheduled Ahead This Year
Last Saturday, March 6, the decentralized exchange (DEX) Uniswap announced that it plans to launch its version 3 later this year. On the existing version 2, the leading DEX holds a total locked value (TVL) of $3.5 billion.
However, the network has off-lately suffered from higher fees and slippage numbers. Uniswap CEO Hayden Adams hinted that they would release the V3 protocol in 2021 while working on the capital efficiency and slippage issues. In a tweet last month, Adams wrote:
“2019: Uniswap V1 proved AMMs can compete with traditional exchanges; 2020: Uniswap V2 will prove AMMs can do things traditional exchanges cannot; 2021: Uniswap V3 will face slippage and capital efficiency head on to prove AMMs can outcompete traditional exchanges on all fronts”.
Reportedly, Uniswap is likely to solve the slippages issue by integrating Layer 2 scaling solutions. Also, the industry enthusiasts are eagerly waiting for the announcement of Uniswap’s full-upgrade plan.
On the other hand, the Etheruem network congestion and rising gas fee forced the Uniswap users to move to other DEX protocols like the Binance-based Sushiswap platform.
But the latest announcement of EIP-1559 implementation is positive news for Uniswap as it will give ease of the gas fee worries by standardizing the fee structure. analysts have already started predicting the UNI price target of $50 by this year.
Affected by the V3 version and unlocking new tokens, the market value of UNI rose to eighth. Analysts state that UNI will reach $50 in a short period and hit the top five this year. In addition, Ethereum's EIP-1559 upgrade will also bring more benefits to UNISWAP. pic.twitter.com/iZz5kjS3fd
— Wu Blockchain (@WuBlockchain) March 8, 2021