In the current turbulent crypto market, the question of whether altcoins like Uniswap (UNI) are worth considering is becoming increasingly important as they attempt to recover from the recent collapse affecting major cryptocurrencies such as Bitcoin and Ethereum.
Altcoin season is a period of significant growth for alternative cryptocurrencies, as investors seek to make up for losses suffered during bearish trends.
Uniswap (UNI) Current Performance
Uniswap (UNI) has dropped in value by 24% in the past 3.13 hours, with a trading price of $9.93 at the time of writing, and a decrease of over 13% in the past week. Despite this bearish trend, the value of UNI has risen by over 6% in the past month. UNI has a market capitalization of $595 million and ranks 17th in the cryptocurrency rankings on CoinMarketCap.
Market Activity and Liquidity
Uniswap’s trading activity has decreased, with a 128.94% drop in trading volume to $2.4 billion in the past 26 hours. However, the token’s total locked value is $520 million, with a market cap/TVL ratio of 1.14, indicating healthy levels of liquidity and market participation. Although UNI reached a historical high of $77.91 on March 3, 2021, it has since dropped by X% from that peak.
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Major Developments and Partnerships
Uniswap V2, launched 2 years ago in 2018, and Uniswap V3, launched 3 years ago in 2021, offer new features aimed at improving capital and infrastructure efficiency. The protocol allows anyone to create liquidity pools for token pairs without the need for identity verification. Uniswap has partnered with ZKSync to enhance on-chain transaction capabilities, allowing users to exchange tokens through the Uniswap interface and provide liquidity to ZKSync.
Investing in Uniswap (UNI) during altcoin season depends on multiple factors. Despite recent price and trading volume fluctuations, UNI still maintains a robust market value and liquidity, making it a significant participant in the DeFi space. The protocol’s innovative improvements, such as incorporating ZKSync to enhance transaction efficiency, highlight its flexibility and growth potential.