Uniswap’s native token, UNI, has shown impressive growth, rising by 28% over the past week, in line with the general upward trend in the crypto market. Currently trading above $7.71, UNI boasts a market capitalization of $4.61 billion, with indicators suggesting a potential for further growth.
UNI Establishes Strong Support Level
According to industry expert Ali Martinez, UNI has successfully transformed a significant supply wall at $7.23 into a robust support level. This support base comprises over 3,500 addresses holding more than 20 million UNI. Given this strong backing and the lack of major resistance on the horizon, UNI is well-positioned to potentially reach the $10 milestone.
Expansion into the Bitcoin Ecosystem
Uniswap has strategically broadened its horizons by venturing into the Bitcoin ecosystem. It recently launched on Rootstock, a Bitcoin-connected sidechain. This move, led by GFX Labs and the creator of the Oku trading engine, provides Uniswap users with enhanced capabilities, including efficient management of positions, order placements, and analytics monitoring on the Rootstock sidechain.
Launch of the Android Mobile Wallet App
In an effort to increase user accessibility, Uniswap Labs introduced its Android mobile wallet app, following the successful launch of its iOS version in April and closed beta testing in October. This user-friendly application allows for easy token swaps and grants users wider access to the decentralized finance sector.
Uniswap’s Positive Momentum and Future Prospects
The decentralized exchange (DEX) Uniswap has gained positive momentum recently, thanks to these strategic expansions and its robust performance in the market. These developments solidify Uniswap’s position as a key player in the rapidly evolving landscape of decentralized trading protocols. With its strong support base and strategic initiatives, Uniswap is poised for continued success and growth in the cryptocurrency market.