- Uniswap (UNI) surges by more than 66% despite ongoing market chaos caused by regulatory pushback on DeFi.
- The ongoing development of Uniswap’s 4th version might be one of the few catalysts driving the uptrend.
Despite the United States government pushing back on DeFi Protocols like Uniswap, the UNI token seems to be outperforming other market rivals.
New market metrics are revealing that market players are even more bullish on Uniswap (UNI), as the asset has continued its uptrend motion over the past weeks.
Notably, UNI bulls have made significant recovery from the June 10th decline. Aftermarket players collectively sold off a significant amount of their UNI tokens, the price of the asset took a nosedive. UNI is now making its way back to the top, as the asset managed to secure a staggering 66% in gains.
The newly attained milestone is not only bullish for UNI traders and investors, it could also be a signal that the asset is preparing for a long-term or short-term price rally.
A major catalyst driving the asset’s recent performance was its ability to breakout above the average line of the last 200 days (EMA200). In addition to this, Uniswap has also recorded some significant network progress, which has strengthened its fundamental metrics.
UNI’s trading volume has also increased significantly over time. According to our data, UNI’s trading volume has skyrocketed by 5.55% over the last 24 hours. Additionally, UNI/BTC pairs are up 48%, while UNI/ETH pairs are up 18.9%. All of the aforementioned metrics reflect a rather bullish sentiment for Uniswap (UNI).
Factors propelling Uniswap’s recent market growth and bullish performance
Meanwhile, the ongoing development of UniSwap version 4 might also be a contributing factor to UNI’s current price performance.
Back in June, Uniswap rolled out a draft of the code for Uniswap V4, which is designed to allow anyone on the network to make specific trade-off decisions through the introduction of contracts that run at different points of a pool action’s lifecycle, also known as hooks.
The 4th version of Uniswap will introduce a handful of customizations to the network. In addition to this,
Uniswap v4’s architecture will significantly reduce network costs and increase network efficiency. It will introduce a singleton contract that will ensure that all pools are hosted within a single smart contract.
While Uniswap is a leading DEX platform in the DeFi industry, the inception of a newer version is expected to bring more advancement to the already thriving network.
The altcoin market seems to be correcting this weekend. UNI, along with other altcoins has been making an upward correction this week, as the market enters the green zone. At report time, UNI is up by more than 6% over the last 24 hours. According to our data, the digital asset is trading at a price of $6.22, after recovering from a $5.83 daily low.
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