Uniswap Thrives Amid Crypto Market Turbulence

• Uniswap records booming activities as daily active users increase, signifying a growing interest in the ecosystem.

• The entire crypto market is in “red” as Bitcoin, Ethereum, Dogecoin, Solana, etc. break key support levels.

Amidst the backdrop of uncertainty and “negative to neutral” readings of various metrics of the general crypto market, Uniswap emerged as one of the highly performing crypto projects with an incredible surge in daily active users on September 30.

According to analysts, this development indicates a growing interest in decentralized exchanges and Uniswap protocol. The asset has always sought to facilitate decentralized trading and liquidity provisions in the crypto space. Just recently, it completed more than 300 million swaps. 

On top of these milestones, Uniswap also recorded an increase in the number of new addresses, indicating a growing interest in the token. Experts think this development provides long-term sustainability and relevance in the DeFi world.

Uniswap is currently trading at $4.46 and has surged by 4 percent in the last seven days. Interestingly, the 24-hour performance has been poor as the asset declines by 4 percent. The asset is up by almost 1 percent in the last 30 days, but down by 17 percent in the last 90 days. Based on the current price, Uniswap is 90 percent down from its all-time high price of $44.92. 

More on Uniswap Network Activities Growth

Currently, it has been observed that the Uniswap governance community has become proactive with the DAO making an interesting decision to enhance the capabilities of the protocol. Some of these decisions include the deployment of the “Polygon [MATIC] zkEVM (Zero Knowledge Ethereum Virtual Machine)”, and a proposal for a partnership between Uniswap DAO and Zero Protocol.

The reason was to create a new version of Uniswap on the Polygon zkEVM. While this is done, the relationship with the original protocol will be maintained. 

Uniswap’s network activities in July were very low as the count of daily active addresses that traded the asset stood around 781. Comparatively, the number of unique daily active addresses was around 2726 on June 26. This means the decline was 72 percent. 

In March, Uniswap partnered with CoinTracker to enable users to deal with DeFi taxes.

At CoinTracker, we understand that managing crypto taxes can be overwhelming, especially when dealing with the complexities of DeFi. That’s why we’re excited to announce our partnership with Uniswap, a leading decentralized exchange, to make tax reporting for DeFi transactions easier for users. Uniswap is one of the most popular decentralized exchanges (DEXs) on the Ethereum blockchain, with over 1 Trillion in total trading volume. By partnering with Uniswap, we’re able to provide users with a more comprehensive and streamlined approach to tracking their DeFi transactions.

As part of the partnership, the Uniswap community was given a free crypto tax report for up to 25 transactions after signing up on the platform. As part of the process, DAO was to receive 10 percent allocations of the token.

Currently, almost the entire crypto market is “bleeding” with Bitcoin down by 2.9 percent in the last 24 hours. Ethereum is also down by 4.3 percent in the last 24 hours, with Dogecoin down by 3.2 percent over the same period. 

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