Uniswap: New Crypto Developments Lift UNI Price Up by 17% – Details

Christian Encila

Last Updated: October 13, 2024 6:00 pm

3 mins read

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Uniswap has surprisingly outpaced the broader market with the token experiencing an outstanding 17% uptick since last week, gaining bigger retail interest. This has been caused by a recent development that provided a new level of user experience on the platform.

This week, Uniswap announced Unichain, a new L2 with faster block times and cross-chain interoperability designed to be “the home for liquidity across chains.”

Unichain: What’s The Gist?

According to Uniswap’s most recent blog post, Unichain is designed to support Ethereum’s scaling which draws transaction fees to be as low as 95% compared to the Ethereum mainnet with the goal to drop it even further. Another feature that current and future users will love is the fast transaction times thanks to Unichain’s 1-second block times.

As the platform matures, Unichain aims to release 250 millisecond block times in the future further decreasing transaction times while increasing the number of transactions the platform can handle. The faster transaction times are only possible because of the trusted execution environment (TEE), a feature designed with Flashbots, an R&D organization on Ethereum.

Since Uniswap is already part of the Optimism Superchain, users of Unichain will enjoy built-in cross-chain interoperability, which only means that users can interact with other L2s that are part of the Superchain without any hitches.

Right now, Uniswap has launched the Unichain Testnet Bridge Rewards program which will allow users to bridge to the Unichain testnet and experience the new L2. The platform has also set up a 20,000-participant Early Adopter Rewards program to encourage new users to join the infant platform. Once Unichain matures, Unichain will continue to grow to be a major competitor in the market.

UNI market cap currently at $4.7 billion. Chart: TradingView

Continued Rejection On $8.186 Puts UNI In Awkward Position

Despite the token experiencing a move upward, the $8.186 resistance level proves to be a tough nut to crack for investors and traders. As of writing, UNI is still trading between $7.518 and $8.186, placing the token in a very awkward position.

UNI’s relative strength index (RSI) continues to signal that the token will fall below the $7.518 support level in the short to medium term. But it remains to be seen whether the current trading range will yield to the bears in the medium term.

At its current rate, UNI bulls will have to deal with a growing bearish sentiment that will wipe out the gains made within the previous week. In this case, investors and traders should be careful with entering the market right now as the token’s momentum will put UNI well below $7.518 short term.

Featured image from Printler, chart from TradingView

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.