In 2020, Uniswap, a decentralized exchange, became popular in the world of DeFi. They released their own cryptocurrency called Uniswap (UNI) in September, and its value shot up, landing it in the top 40 cryptocurrencies in just a few days.
To help new users understand Uniswap, it’s important to know its main parts. Uniswap Labs develops both the Uniswap protocol and its website.
The protocol is a set of smart contracts on the Ethereum blockchain that allow for automated trading between users, making it easy to swap ERC-20 tokens directly.
How much is UNI today?
After seeing a trading volume of $72,546,785 on the previous day, the price of Uniswap is currently $5.72. It increased by 0.38% on the previous day, with a market value of $3,482,682,086 and a market rank of 27.
Latest Information and Views on the Uniswap Network
Uniswap is putting $300,000 towards developing its version 4 (v4) platform over the next two years. They’re focusing on long-tail assets and small-cap tokens to stand out. Despite v2 and v3 being common, Uniswap wants to improve user experience and features in v4 to increase its market presence.
The goal is to capture 5% of Uniswap’s total value locked (TVL), around $150 million, within a year. With a current TVL of $4.43 billion and upcoming features like on-chain limit orders and auto-compounded fees, Uniswap aims to solidify its leadership in decentralized exchanges, attracting more users and liquidity providers.
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Price history
Uniswap, the decentralized exchange, has been around since 2018. The Uniswap cryptocurrency token came into existence in 2020 with an initial price of $3.00.
The price started to decline as the anticipation and excitement decreased, although it did not drop significantly in comparison to other tokens or reach an all-time low following the event. On September 17, 2020, it reached its lowest point ever, $1.03.
Uniswap is connected to Ethereum through two smart contracts, and it has a special feature for liquidity providers (LPs). This functionality eliminates the need for permission and middlemen, which helps to solve issues with token mining and increase transparency.
Technicals Analysis
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The recent analysis of Uniswap’s price for one day shows a mostly negative trend in the current market conditions. The price has been consistently decreasing over the past week, with only occasional positive movements.
On the particular day in question, the bearish momentum continued, causing the UNI/USD value to fall below the $5.814 mark. Additionally, the Moving Average (MA) value also decreased to $6.205 due to the strong bearish activity.
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Price prediction
Based on the technical analysis of Uniswap prices anticipated in 2024, Uniswap will have a minimum cost of $3.68.
The predicted price range for Uniswap in 2024 is between a minimum of $9.27 and a maximum of $11.19. On average, it is expected to trade at around $9.60 throughout the year.
Conclusion
Uniswap’s Version 3 (v3) has been launched on the Boba Network after getting the green light from the Uniswap community. With support from ConsenSys and FranklinDAO, the proposal went through a vote, and most people in the community voted in favor.
Once the launch is done, Uniswap can grow by bringing in users from the Boba Network community. This could make the decentralized exchange handle more transactions and lock in more value. As a result, the price of the Uniswap token might go up, breaking through important resistance levels.