Uniswap: Market Swing Yields 12% Gains – Can UNI Sustain The Momentum?
2024年8月23日 - 12:30AM
NEWSBTC
With the broader market swing suggesting that most cryptocurrencies
are in a bull run, Uniswap has continued its upward trajectory,
capturing some of the momentum of the broader market. According to
CoinGecko, the token is up nearly 12% since last week despite the
market dipping slightly yesterday, August 21st. Related
Reading: Celestia: Market Dip Leaves TIA Investors 16% In The Red
Uniswap’s position within the crypto community is largely
untouched, especially after its recent on-chain development that
shows exceptional growth as a market. However, there are some
aspects where the platform is seeing some weakness, putting UNI’s
position into question in the long term. Uniswap Sees
Exponential Increase In Uniswap v2 Trading Pairs In a recent X
post, Uniswap shared a Dune query made by Austin Adams, a research
fellow on the platform. It revealed that ever since Uniswap v2 was
launched on the platform’s major partner blockchains, trading pairs
on the latter have skyrocketed by a significant degree. Weekly
number of pools being created on Uniswap v2 Optimism: 342 Arbitrum:
1,866 Polygon: 2,989 Ethereum: 118,820 …and Base: 512,545 🔵
pic.twitter.com/VkBPaY4qMq — Uniswap Labs 🦄 (@Uniswap) August 19,
2024 From its initial figure of 79,277 back in February, it
soared to over 636,562 as of August 19th; a whopping 703% increase
since it was first deployed. The largest share of the bunch
was Base, CoinBase’s in-house Ethereum layer-2, with over 512,545
pairs alone on its Uniswap v2 deployment. The trust built within
this period between Uniswap and a major market player like CoinBase
will help the ecosystem in the long term. However, criticisms
arose as to how the data was translated and what it
represented. this is a bit odd / surprising — seems like an
extreme long-tail distribution of liquidity that results in many
pools being insufficient am i thinking about this correctly? —
brady 🌴 (@bmgentile) August 19, 2024 CEO of Bonzo Finance Labs,
Brady Gentile, stated that the data was odd and surprising for him,
leading to the conclusion that the data represents that a lot of
the pools included in the 636,562 figure don’t have sufficient
liquidity, thus finding the need for multiple liquidity pools for
the same pair. The sentiment has been echoed by the majority
of the comments on the post. This air of suspicion with how the
data is shown and with little to no chance of it being addressed by
Uniswap may affect the overall view of the platform.
Breakthrough On $6.8 In The Short Term With the slight drama
surrounding how data was represented on the platform, the broader
sentiment flipped from bullish to bearish as the bears tackled the
breakthrough on the $6.8 ceiling. Related Reading: Tron Rises
24% Amid New Developments – Will The Uptrend Continue? With
exchange reserves of the token reaching monthly highs, UNI bulls
are exhausted and overburdened by strong market pressure in the
short term which will inevitably lead to losses. UNI may retrace to
$5.8 in the short term before stabilizing on the $5.8-$6.8 in the
medium term before another attempt in the long term. However,
this can only happen if the market itself is bullish, but with the
recent up-and-down swings it has been experiencing, caution should
be exercised to prevent further losses. Featured image from
FineProxy, chart from TradingView
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