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- Almost after six months of suggestion, the Uniswap community has finally agreed to vote on it. It will drastically increase the revenue.
- UNI crypto price downtrend seems to be coming to an end. Meanwhile, UNI/BTC pair has seen an increase of 1.43% in the intraday session
Uniswap community has finally agreed to vote on the pilot of “Fee switch” on a selected pools of decentralized exchange. It has almost taken six months to come to a conclusion. It will increase the revenue of Uniswap by 315 times as per Popular blockchain contributor Adam Cochran. Many community members are not in the favor of the fee switch as they are saying that it would be counterproductive to the objectives of the protocol. Meanwhile Uniswap has failed to sustain its TVL despite the recent development. As per Defilama the protocol has shed over 20% TVL in the past 30 days.
Uniswap is currently ranked 17th in the CMC and has a market cap of over $4.8 Billion. The total circulating supply of the asset is over 1 Billion and only 76% is currently circulating in the market. The volume of the asset price has seen an increase of over 13%. Volume to market cap ratio of the UNI suggests a downside trend in price.
Bulls Of UNI Are Gearing Up
Uniswap has seen a strong bounceback after a long downtrend. UNI is currently trading near the value of $6.40 with a gain of over 3.6%.The asset price is currently 85% down from its all time high but can soon recover above it. Resistance of Uniswap price can be seen near $10. Meanwhile the support for the asset price can be seen near $4. It is currently trading above 50 and 100 Daily Moving Average. It has seen a positive crossover which can push the asset price to a new high in future.
Conclusion
Uniswap fee switch might be great for the protocol as it increases revenue. Meanwhile many community members are not happy with it. The asset price is currently trading in a strong upside trend and can move to a new high in the future.
Technical Levels
Major Support:$4
Major Resistance: $10
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
