UNI token surges 15%, outpacing the crypto market after Uniswap's layer-2 network Unichain launch, signaling increased adoption and demand for fast, cheap transactions.
Uniswap’s governance token, UNI, defied a marketwide sell-off on October 10, surging by 15% following the launch of Unichain, its layer-2 network. The price increase marks a 25% gain in the past week, driven by the growing utility and adoption of Uniswap's ecosystem.
Key Points:
UNI's 15% Gain Amid Sell-Off: UNI defied the broader market dip, gaining 15% in a day following Unichain’s launch.
Unichain Announcement: Unichain promises faster and cheaper transactions, enhancing interoperability across blockchain networks built on Optimism’s Superchain.
Massive Trading Volume Spike: UNI’s trading volume soared 418% to $583 million, pushing its market cap to $5 billion.
Increased Network Activity: Uniswap’s daily transaction count surged 1,582%, with active addresses increasing by 587%, signaling rising demand for UNI tokens.
Short Liquidations: Over $1.5 million in leveraged UNI positions were liquidated, mainly from short positions.
Uniswap’s Unichain launch has brought renewed interest to UNI, driving up both price and network activity. As Uniswap enhances user experience with faster and cheaper transactions, the outlook for further UNI growth looks promising.
Related : uniswap
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