Quick take:
- The total value locked on Uniswap is on track to break $3 Billion
- The Uniswap protocol recently celebrated its second anniversary
- Uniswap (UNI) might have finally bottomed in the crypto markets
The Uniswap (UNI) protocol is on track to hit the $3 Billion mark in terms of total value locked on the DeFi platform. At the time of writing, a total of $2.8 Billion is locked on UniSwap with the team at DeFiPulse.com projecting that the $3 Billion mark could be broken by Monday, November 9th. The team at DeFiPulse made this projection via the following tweet which also provides a chart highlighting how the total value locked on Uniswap has grown in the past month.
If this keeps up @UniswapProtocol could break $3B TVL by Monday. Only way to find out is to wait and see https://t.co/cpEfG0qRDr pic.twitter.com/bTorCfxdtE
— DeFi Pulse
(@defipulse) November 6, 2020
The UniSwap Protocol Turns 2 Years Old
Also this month, the Uniswap protocol celebrated its second anniversary. Uniswap was launched on 2nd November 2018 and the protocol has come a long way to have $2.8 Billion in total value locked. To mark the event, Uniswap’s creator, Hayden Adams, thanked everyone who had been part of the Uniswap journey. He was also optimistic that Uniswap has a very bright future ahead.
Happy Birthday @UniswapProtocol!!!
I can’t believe it’s been only two years. I’m so incredibly grateful for everyone who has been a part of this journey.
This is just the beginning
Uniswap (UNI) Might Have Bottomed in the Crypto Markets
In terms of market performance, the UniSwap (UNI) token might have finally bottomed at a local low of $1.75 – Binance rate. This value was attained yesterday, November 5th, and after Bitcoin broke the two price ceilings of $14k and $15k in quick succession to print a 2020 high of $15,957. UNI’s value dropping as Bitcoin rose, could be the genesis of a pattern whereby DeFi tokens are inversely correlated to the price of Bitcoin.
At the time of writing, Uniswap (UNI) is trading at $2.57 with the daily chart revealing minimal clues as to what the future holds for the digital asset. This is due to the fact that the UNI token is very new as it was launched on the 17th of September.
Therefore, swing traders might continue with a wait-and-see approach given that UNI’s value is very much affected by a pumping Bitcoin. For those playing the long game with Uniswap, dollar-cost-averaging Uniswap (UNI) purchases might be a good way of capitalizing on each dip of the token.