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- The story of Ethereum’s demise has been around for a long time. Now that the gas charge on the Ethereum blockchain is still high following the London upgrade, concerns about the Ethereum blockchain’s use are growing
- Uniswap, like other alts, has made a strong comeback in the previous month. It has risen from under $15 to $26 at the time of publication
- While everything appeared to be in order, the number of active addresses has been steadily decreasing over the last week. The good news was that overall value locked in was steadily increasing, with a jump in just one day
The story of Ethereum’s demise has been around for a long time. Now that the gas charge on the Ethereum blockchain is still high following the London upgrade, concerns about the Ethereum blockchain’s use are growing. It didn’t just affect Ethereum’s image; Defi infrastructures like Uniswap were also affected. As a result of these worries, several players have turned to Cardano as an alternative, despite rising costs and slower transactions as a result of growing users. The recent revelation by ADAX of Cardano-tailored Defi solutions that work as a Uniswap killer served as a wake-up call. In terms of functionality, the censorship-resistant Defi platform on the Cardano Ecosystem appears strikingly similar to Uniswap. So, what impact will increased market competition have on the price of the alt?
Uniswap, like other alts, has made a strong comeback in the previous month. It has risen from under $15 to $26 at the time of publication. However, in the previous two weeks, UNI has seen a lot more consolidation than the overall market. Furthermore, it has sunk to lower lows. There was also a significant increase in the number of tokens spent, indicating the migration of old currency. Given the competitive nature of the market, this could have been a hint of inactive tokens moving in order to drive up prices. Clearly, that didn’t work, as prices have continued to consolidate. Furthermore, at the time of writing, a surge in transaction volumes indicated that network activity was increasing, which was a positive indication amid consolidating pricing.
While everything appeared to be in order, the number of active addresses has been steadily decreasing over the last week. The good news was that overall value locked in was steadily increasing, with a jump in just one day. The TVL rankings, on the other hand, were not particularly encouraging, with Uniswap in tenth place and Uniswap v3 in a close 15th place. Uniswap v3 has had a consistent upward trend in TVL, indicating the company’s dominance in the market. While Uniswap must constantly update its network strength and activity, it does not need to be concerned about its market position, at least for the time being.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
