Uniswap Soaring User Engagement: How It’s Transforming UNI Price?

Christian Encila

1 year ago

3 mins read

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Uniswap (UNI) has emerged as a beacon of activity and growth amidst a month of turbulent trading for the broader cryptocurrency market. Throughout September, the crypto market exhibited a remarkable level of volatility while remaining largely range-bound, leaving market participants in a state of neutrality. However, Uniswap has defied the sideways trend, demonstrating notable progress in various metrics.

According to data from Token Terminal, Uniswap experienced a significant surge in daily active users on September 30th. This uptick in user engagement reflects growing interest in decentralized exchanges (DEXes) and the Uniswap Protocol specifically.

Notably, Uniswap also celebrated a remarkable milestone during this period, completing over 300 million swaps. This achievement underscores the platform’s pivotal role in facilitating decentralized trading and liquidity provision within the cryptocurrency ecosystem.

Uniswap…
active users up 👥📈
trading fees down 💸📉 pic.twitter.com/lX7V3uWNF9

— Token Terminal (@tokenterminal) September 30, 2023

Uniswap: Expanding Network Growth

Uniswap’s growth extended beyond its daily user metrics. The network saw an expansion in the number of new addresses, indicating a rising interest in the UNI token and its associated ecosystem. This surge in new addresses is a positive sign for Uniswap’s long-term sustainability and relevance within the decentralized finance (DeFi) landscape.

Swap szn in full effect 😎

Uniswap Protocol has officially hit 300,000,000 swaps 🔥 pic.twitter.com/6taofceNkJ

— Uniswap Labs 🦄 (@Uniswap) September 28, 2023

While the broader crypto market struggled to find direction in September, there was some positive momentum to note. Over the weekend, the total market capitalization surged to a six-week high, reaching $1.15 trillion. This development signals renewed investor interest and optimism in the cryptocurrency space, potentially breaking the cycle of indecision that marked most of September.

UNI market cap at $2.6 billion on the daily chart: TradingView.com

UNI’s current price of $4.62, as reported by CoinGecko, reflects a 3.8% increase in the last 24 hours, with a seven-day surge of 9.2%. These positive price movements are indicative of the renewed investor interest in the Uniswap token.

UNI: Looking Ahead

Although the week’s economic calendar doesn’t directly impact the crypto market, the momentum gained over the weekend may persist if technical resistance levels are overcome. Notably, approximately $40 billion flowed back into crypto markets during the weekend, resulting in a 3% gain for the day. This influx of capital showcases the resilience of cryptocurrencies and their ability to rebound swiftly from periods of consolidation.

Key Events This Week:

1. Fed Chair Powell Speaks – Monday

2. ISM Manufacturing Data – Monday

3. JOLTS Jobs data – Tuesday

4. OPEC Meeting – Wednesday

5. September Jobs Report – Friday

6. Total of 13 Fed speaker events

Big week with the Fed and oil prices in the spotlight.

— The Kobeissi Letter (@KobeissiLetter) October 1, 2023

While the broader cryptocurrency market experienced a month of sideways trading and uncertainty in September, Uniswap (UNI) emerged as a standout performer. The platform’s increased daily users, milestone in swap volume, and expanding network growth demonstrate its continued relevance and importance in the evolving world of decentralized finance.

As the crypto market remains susceptible to both internal and external factors, the coming weeks will be closely watched to see if the positive momentum can be sustained.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from iStock

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.

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