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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000
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Breaking News: Bitcoin Price Falls Under $100,000: Elliott Wave Analysis Forecasts Decline To $70,000

Uniswap (UNI) Shows Strength With Record Platform Usage Despite Market Dip

Christian Encila
Christian Encila
Last Updated: July 23, 2024 10:53 am
3 mins read

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Uniswap, like the other altcoins in the market, saw value cuts in the past 24 hours; worse for the likes of UNI that are having a bad week. The latest market data shows that the token is down nearly 9% since last week, bad news for anyone interested in putting capital in Uniswap. 

In the past few days, the market has seen a good boost after Bitcoin’s momentous rise. Today, however, took a turn for the worse for investors and traders on altcoins as the premier cryptocurrency dipped in the 24-hour frame, making the market overreact.

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However, there might be a light at the end of the tunnel as Uniswap’s dev team creates ripples within the crypto space.

Platform Usage Goes Up

Uniswap’s official X account posted that the platform experienced a 26x increase in contracts deployed on the network. The number came from Dune, a crypto data aggregator.

The number of contracts building on the Uniswap Protocol has done a 26x since 2021

Built different 🦄 pic.twitter.com/YwUxdLOmQB

— Uniswap Labs 🦄 (@Uniswap) July 21, 2024

Since the start of July, Uniswap’s network saw an impressive 778,943 contracts deployed on the platform (see second chart). This is huge, considering that Uniswap now has a large following in the world of DeFi.

According to DeFiLlama, the total value locked (TVL) in DeFi is $108.43 billion. This amount is part of the rising trend since the start of the year. Since then, Uniswap maintained its seventh spot as the most-used platform for decentralized finance and staking.

Source: Dune Analytics

This makes Uniswap as one of the most trusted platforms for DeFi, making their position much stronger compared to its competitors.

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

Deep Cleaning Underway

With the higher usage of its network, Uniswap is hosting a bug hunt event on the Cantina platform with an up to $2.25 million reward depending on the severity of the vulnerability discovered by the participant.

These metrics might shed light on the future movement of the token, which may be on the brighter side of things compared to today’s bearishness.

Time’s A-Ticking For investors

The token returned to its May strongpoint around the $7.618 support level which, if broken, will lead to many problems for investors. The bulls should defend this support level if UNI has a shot at an early rally this month, but if the bulls fail, this will lead to the token returning to pre-June levels.

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However, Uniswap’s strong market position along with its dedication to the security of its platform gives it an edge in maintaining investor trust on the token.

If the $7.618 line is defended successfully, UNI has a shot at grabbing $9.306 in the next few days or by the start of August.

Featured image from Pexels, chart from TradingView

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Christian Encila
Christian Encila

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.

Read more

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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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.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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