UNI is up 50% in one week, becoming the first DeFi DApp token to enter the top 10 cryptocurrencies

Top decentralized exchange Uniswap native token has risen almost 50% this week, helping UNI rise to eighth place on the rankings with a market cap of $ 17.7 billion ahead of anticipation of a V3 upgrade of the exchange.

Messari currently ranks UNI as the second largest Ethereum-based asset by market cap after Tether, and beats Chainlink by a 1.5x market cap.

UNI entered the top 10 on March 5, and became the first DeFi DApp token to be differentiated. In 24 hours, UNI’s capitalization increased from $ 8.8 billion on March 4 to $ 14.7 billion, according to CoinMarketCap’s Snapshot history.

UNI’s price is currently consolidating near its all-time high, with its current price tag of $ 33.9.

4-hour UNI / USDT chart | Source: TradingView

Initially, UNI was airdropped to the proportional liquidity providers. Approximately 400 tokens are sent to wallets interacting with the DEX as of September 2020. As of this moment, 400 UNIs are worth $ 13,560.

UNI’s entry into the top 10 cryptocurrencies is supported by record trading volumes on exchanges, with February recording four consecutive weekly records for Uniswap – reaching a monthly peak with volume 31 , 9 billion dollars.

However, Uniswap’s record for weekly volume appears to be over, with seven-day volume now at $ 6.4 billion – a 25 percent drop from last week’s $ 8.6 billion. Despite volume regression, Uniswap still represents half of all transactions on Ethereum-backed DEXs.

The rise of UNI also comes amid growing speculation that Uniswap’s V3 upgrade may soon take place, with Yearn Finance developer Andre Cronje speculating on March 4 that Recent spikes in social media activity from Uniswap’s lead developer, Hayden Adams, might suggest the release of a new version.

“When the founders / core developers start posting more positively on Twitter, it usually means they’ve completed a major milestone and are awaiting release, this is a halfway “But they don’t want to start something new yet.” I’ve noticed @ haydenzadams increasing posting frequency ”

Cronje’s post comes after Adams created a Twitter poll asking his followers where they would look to read announcements related to “Uniswap v3”. In response to Cronje’s tweet, Adams posted: “Please delete,” even more suspicions that Uniswap will have an important announcement.

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