The altcoins, Uniswap and Polkadot seem to be promising but they have not been able to break the current market threshold. The two projects are catching the attention of the traders.
The cryptocurrency market may be slowing for quite some time now. There is uncertainty in the market currently as Bitcoin is not able to reach its $40,000 mark and other altcoins are also struggling to make their presence felt in the market. But there are certain assets that will recover based on their fundamental network and developments.
Uniswap and Polkadot are the two sound projects which are catching the ray of light but they have not yet been able to break the current market threshold. But this is just a matter of time and both of these coins will soon make their mark in the charts.
The current market scenario
Currently, Uniswap is rallying near the $25 range in the market. It is struggling to break the current price range. However, as per the data, its latest protocol has a long way to go and has taken precedence over its previous version.
Uniswap V3 was launched in May and officially went to V3 on volume. Both the platforms V2 and V3 have done more than $65billion in transaction volumes only in May, which is thrice in January, recorded as $26 billion. Unswap will continue to dominate the DEX ecosystem. 50% of the market share was held in Uniswap.
As per the report, after moving to the V3 platform, Unswap protocols receive 40% of weekly aggregator flows, up from 20% pre-launch. V3 activity is highly concentrated in the ETH/ USDC, ETH/USDT, and ETH/WBTC markets. They together account for 78% of volume over the past 7 days.
The protocol hence continues to dominate the Ethereum chain, which is responsible for 25% of all network transactions.
The Polkadot rally
The validators network is on the improvement track which is not correlated with price ascendence but vital for future network growth. Polkadot has finalized 3.75million transactions and 344,198 active accounts in 3 years. DOT’s Canary network Kusama has produced 7.66million blocks and over 1,00,00 active accounts.
The value of crypto assets is mostly dependent on sentiments, FUD, and the occasionally bullish rally till now. However, from 2020, the value of other blockchains than bitcoin has been recognized. Here Ethereum plays a good role and Polkadot and Uniswap are sailing in the same boat with similar objectives.
