UNI, the native token of decentralized exchange Uniswap, has seen a significant 9% price surge, making it the top gainer in the cryptocurrency market today. Currently trading at $10.69, UNI has experienced an 8.5% increase over the past day. Despite a 31% drop in trading volume, existing holders seem to be holding onto their UNI tokens in anticipation of a further price increase.
Uniswap’s market cap has also risen to $6.4 billion, ranking the token as the 18th largest cryptocurrency asset according to CoinMarketCap. The recent price surge coincides with Uniswap’s mysterious tweet on June 14, hinting at new developments with a message that read: “Locked in. Ready for the Endgame.” This was accompanied by an image of a man looking serious, often used by gamers to signify a critical moment.
Moreover, Uniswap v2 is reportedly preparing to integrate a new Layer-2 blockchain, although the specific protocol has not been disclosed. Speculation within the crypto community suggests that the integration could involve ZKsync, a trusted Layer 2 solution known for its scalability and low-cost Ethereum transactions. However, some community members have expressed concerns about the potential deployment on ZKsync, labeling it as a scam project.
The recent surge in UNI’s price could also be attributed to the significant growth in Layer 2 volume processed through the Uniswap Protocol. Data from analytics platform Dune shows that it took 22 months to reach $100 billion, 10 months to hit $200 billion, and just 3 months to surpass $300 billion in transactions. This exponential growth highlights the increasing utility and adoption of Uniswap’s services in the decentralized finance (DeFi) space.
Additionally, the rising popularity of Uniswap v2 pools on various Layer 2 solutions like Optimism, Arbitrum, and Polygon has contributed to the demand for the platform. These Layer 2 networks offer scalability, lower fees, and an improved user experience, attracting users who seek faster and more cost-effective transactions. While Ethereum remains a leader in DeFi, the integration of Layer 2 networks with Uniswap is driving innovation and competition in the crypto space.