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Uniswap UNI Surges Over 21% After Its Listing On Robinhood

  • Uniswap has recorded a 20% surge in value within the last 24 hours
  • Friday, early Tokyo trading times and the crypto market had recorded a notable spike.

UNI,  the native token of an Ethereum-based decentralized exchange (DEX) Uniswap, is up over 21 percent during Friday’s early Asian trading session. However, a spike has been recorded during the early Tokyo trading session in the crypto market. For instance, Bitcoin and Ethereum are trading at $69,094.32, and $3,745.40 respectively. 

Thereby representing a spike of approximately 5 percent in Bitcoin and 11 for Ethereum.

Uniswap’s UNI spike in price was mostly due to listing on Robinhood. The brokerage,  on Thursday announced that it recently incorporated the token into its platform. Now,  a check on the trading  platform shows an unprecedented surge in the value of the crypto asset.

Notably, Uniswap enjoys a market cap of $3,156,730,888 according to our market data supported by CoinGecko. Additionally, the digital asset has a trading volume of over $394 million.

Uniswap Market Outlook

Although the UNI token recorded a bigger surge in late June after it increased in value by about 45 percent.   The token recorded its highest price of the month after cruising to about $5.49 in late June.  The overwhelming surge emanated owing to an increase in trading volume on Uniswap decentralized finance exchange.  

Reportedly,  the exchange saw about 25 percent rise in volume,  amounting to over $5 million per day in late June. These figures,  as reported then, were higher than the recorded trading volume and fees on its parental blockchain,  Ethereum.

Founded in 2020, Uniswap usually employs an Automated Market Maker (AMM) tech to unlock decentralized cryptocurrency exchange. With this,  it does not depend on intermediaries to function effectively.  

Reportedly,  investors began to develop massive interest in Uniswap after it became incorporated into Ethereum-oriented protocols. More so,  the persistent hike in Ethereum’s gas fees also paved the way for Uniswap to absorb more users. 

Notably,  many users who were provoked by the “burdensome” ETH gas fee found Uniswap as an alternative. Additionally,  the exchange’s token,  UNI, serves as a reward to subscribers who avail liquidity on the platform. Accordingly,  holders of this token enjoy governing rights,  tantamount to their respective UNI amount.

Side Notes 

Robinhood on the other hand was unveiled in  2013. It reportedly came into the limelight in 2021. Reportedly,  the brokerage protocol raked a whooping income in the wake of the surge in Doge. 

 In June,  speculations rose about a possible purchase of Robinhood by FTX. However,  the crypto derivatives exchange later denied the rumour.

As per emerging reports, the trading platform of Robinhood currently offers over 13 cryptocurrencies. Some of these crypto assets include SHIB, SOL, MATIC, COMP, LINK, UNI and a host of others. 

Within a few months,  the brokerage protocol listed numerous crypto assets,  a development which many believed to be geared towards wooing more customers.

Rebecca Davidson Verified

Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”

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