With the launch of UNI, Uniswap’s governance token, liquidity providers have flocked to decentralized exchange (DEX), propelling its Locked-In Total Value (TVL) to new heights.
Currently, Uniswap is the most important decentralized finance (DeFi) protocol in terms of total value locked.
Indeed, the unicorn exchange has $ 1.94 billion in cryptocurrency in its cash pools
At the same time, the Aave (LEND) and Curve Finance (CRV) protocols total $ 1.32 billion and $ 1.26 billion in locked-in tokens, respectively.
Just a few days ago, Uniswap was in agony because of its competitor SushiSwap (SUSHI), which had caused it to lose more than 75% of its liquidity.
In the meantime, the reduction – to tenth – of the liquidity providers (LP) rewards on SushiSwap had caused some of them to return to Uniswap , thereby boosting the liquidity of the exchange.
But the real breath of prosperity was breathed by the evolution of Uniswap towards decentralized governance with the creation of the UNI token .
This initiative, combined with an airdrop of 400 UNIs for the benefit of each of the former users of the platform, has revived the feelings of many LPs towards Uniswap.
How far will UNI go?
UNI can boast of having made a remarkable entry into the cryptosphere. In less than a week, the token is already available on many platforms including Exchange: Binance , Coinbase Pro , Huobi , Bitfinex , OKEx , Poloniex , KuCoin , FTX and Wazir X .
Separately, the token, which started trading at around $ 2.50 , is trading as these lines are written at $ 4.3 , after hitting a record high of $ 8.59 less than 48 hours after being traded. launch.
This significant drop in the price of the UNI indicates that the commotion around the token is beginning to subside. Therefore, its price should move towards a more stable value in the coming days.