WHAT IS UNI TOKEN…?
$UNI , is the governance token of famous crypto exchange platform UNISWAP (DEX) .
Now you ll be shocked to know that just UNI token has emerged out to be at rank 65 based on the 24 hours trading of UNI.
Also it was ranked at 7th position as most traded crypto asset where UNI was ahead of some mega crypto currencies like Litecoin(LTC) , Tron (TRX) and Chainlink (LINK) as well.
Now that’s intresting isn’t it.
Now what happened recently…?
UNI , the governance token of decentralised exchange uniswap about which we have talked above fall by 30% overnight from it’s all time high i.e to $5.13 from $7.3+ (based on different exchange price varies).
Not only this but also the trading volume also decrease down to $2.2 billions recently which was record at around $6 billions.
So what do think is it a journey towards the end already or will UNI survive and keep the hipe alive with it in future as well…?
In my personal opinion and knowledge the UNI coin or token is here to stay due to many reasons , one of which is quite simple and that is Business on Uniswap is better than ever.
Also if you do not know the $UNI is reposte to SushiSwap , a clone of Uniswap that launced its own governance token known as $SUSHI.
Much like $UNI , $SUSHI is also earned using the protocol same as in the case of $UNI.
now SushiSwap took business away from Uniswap , so in response Uniswap launched it own governance token $UNI.
Now this conclusion is really based on my study and knowledge , so i do not force anyone to accept or deny it.
It is upto you whether or not to accept my conclusion. I also encourage everyone reading here to research about the topic themself and then share there point of view here in the comment section below.
So coming back to conclusion , if we analyze the data so far , the idea and plan behind UNI has worked quite well.
On September 17 i.e the next day after the launch of UNI token , it was seen that customers have shown a good interest and had locked around $748 million worth of cryptocurrency in the Uniswap smart contract.
This sums up to total the amount locked in it’s smart contract to reach $1.9 billion.
And at the same point of time it is to be noted that the Crypto locked in Sushi Swap has seen a declination in it’s total volume where it falls down from it’s peak at $1.42 billion to $516 million from 12 september to 20 september.
So , that’s it for this post. See you all soon with my next post. do follow if you like my work and support me.