Claim $500DeFi News: Uniswap [UNI] Liquidity Pool Crosses $2B, UNI Price Gains 25% in Last 24 Hrs
Unsiwap, a popular DEX protocol finally saw its liquidity pool cross $2 billion while the UNI price soared by 25% in last 24hrs. Uniswap market cap crossed $2 Billion for the first time after the termination of the popular UNI farming program in November this year. UNI Farming program rewarded traders for providing liquidity to the Uniswap pools, however, the prevalent yield farming had a limited life span which ended in November leading to a 45% plunge in the liquidity of the DEX platform.
Decentralized Finance (Defi) is one of the most popular use cases to emerge out of the cryptocurrency space. Defi protocols and tokens really brought the idea of passive income to the mainstream where traders offered liquidity to various DEXs and returns were rewarded with the token.
The liquidity of Uniswap DEX peaked just prior to the end of UNI Farming rewards at about $3.31 billion, however, the recent rise in liquidity could also be attributed to the rising ETH price. The second-largest cryptocurrency by market cap has given better returns than Bitcoin and currently trading at $747 after breaking the key resistance of $700 after more than 2 years.
UNI Price Rallies More Than 25%
The UNI price also rallied by 25% over the past 24 hours rising to a daily high of $4.69. The UNI price has risen more than 40% over the past week primarily because of the rising liquidity and ETH price rally.
UNI token is currently ranked third among the defi tokens with over $926 million trading volume. Uniswap’s market dominance might have depreciated post-termination of its liquidity reward program, however, at the peak of its popularity, it was generating more volume than many centralized exchanges combined.
Defi continues to expand its reach and market cap in 2020 and as its popularity soared so did the number of scams and exploits the most recent being the COVER protocol exploit. Defi ecosystem is new but has great potential as it looks to go mainstream in 2021 with several use cases in digital banking systems and Forex traders.
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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Arthur Hayes Moves Another 682 ETH To Binance: A Major Sell-Off Ahead?
- Is XRP Selling Pressure Easing? Here’s What On-Chain Data, ETF Flows Signal
- Crypto Bill: Spain Pushes Ahead with MiCA and DAC8 As US Trails Behind
- Breaking: Grayscale Files Updated S-1 for its Avalanche ETF with the US SEC
- Bitcoin Price Will Never Rise: Peter Schiff
- Why Dec 26th Is A Do Or Die for Bitcoin Price Ahead Of Record Options Expiry?
- Why Bitcoin, Ethereum And XRP Prices Are Down Today? (24 Dec)
- XRP Price Prediction: Will 4 Billion Transactions Spark Next Rally?
- Solana Price Outlook: Will SOL Recover With Strong Institutional Buying?
- Ethereum Price Risks Crash to $2,500 Amid Sustained Wintermute Dumping
- Is It Time to Sell Bitcoin for Gold- Analyst Spots 2023 Pattern That Triggered BTC’s Last Major Rally
