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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Uniswap Launches UniswapX Protocol, Sparking 3% Surge In UNI’s Price

Ronaldo Marquez
Ronaldo Marquez
1 year ago
3 mins read
Uniswap

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Uniswap, the leading decentralized exchange (DEX), has announced the launch of UniswapX, a permissionless and open-source protocol for trading across automated market makers (AMMs) and other liquidity sources. 

According to the announcement, UniswapX aims to improve self-custody swapping and grow on-chain trading by offering better prices through the aggregation of liquidity sources, gas-free swapping, protection against maximal extractable value (MEV), and no cost for failed transactions. 

Uniswap Latest Protocol Launch 

UniswapX addresses the growing complexity of on-chain routing and the fragmentation of liquidity pools resulting from the increasing number of customized pool designs. 

The protocol outsources routing complexity to a network of third-party fillers who compete to fill swaps using on-chain liquidity like AMM pools or their private inventory. This allows swappers to use the Uniswap interface without worrying about getting the best price and ensures that transactions are always transparently recorded and settled on-chain.

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Per the announcement, gas-free swapping is a key feature of UniswapX. Swappers sign a unique off-chain order, which is then submitted on-chain by fillers who pay gas on the swappers’ behalf. 

This eliminates the need for swappers to pay gas or hold a chain’s native network token to trade. MEV protection is also provided by UniswapX, which returns MEV that would be left on the table to be captured by an arbitrage transaction to swappers through improved prices.

UniswapX also has plans to launch a cross-chain version later this year that combines swapping and bridging into one seamless action. 

This will provide users with the ability to exchange between different blockchain networks in a seamless and trustless manner. This is made possible through the use of bridges, which are specialized smart contracts that enable the transfer of assets between different blockchain networks.

In addition, instead of receiving a bridge-specific token, users can choose which assets to receive on the destination chain. 

Strong Resistance Causes UNI To Retract

After the announcement of the launch of the UniswapX protocol, the price of Uniswap’s native token, UNI, experienced a surge of around 3%. UNI reached a high of $6.152, a level not seen since April 2023. The excitement generated by the launch of this new protocol led to a surge in demand for UNI, as traders anticipated improved user experience and better prices for on-chain trading.

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However, UNI faced a strong resistance line at this same level, causing the token to retrace and lose all the gains generated by the announcement. At present, UNI is trading at $5.738, down by 1.4% in the last 24 hours. Despite this recent dip, UNI has posted significant gains in the 30-day timeframe, with a staggering 28% profit.

Uniswap
UNI’s retrace on the 1-day chart. Source: UNIUSDT on TradingView.com

On the flip side, according to Token Terminal data, Uniswap’s market cap (circulating) currently stands at $4.76 billion, representing a 28.3% increase over the past 30 days. The market cap (fully diluted) is $5.77 billion, up 26.01% over the same period.

Uniswap’s total value locked (TVL) is currently $3.67 billion, a decrease of 0.54% over the past 30 days. The price fees (P/F) ratio (fully diluted) stands at 17.50x, indicating that the market values Uniswap’s future earnings potential at a premium. Uniswap’s trading volume (annualized) is $349.19 billion, representing a decrease of 8.05%.

In terms of user activity, Uniswap has had an average of 69.640 daily active users over the past 30 days, representing an increase of 2.7%. 

Featured image from Unsplash, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

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Created by industry experts and meticulously reviewed
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