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Crypto Exchange Uniswap Becomes the 2nd-largest Ethereum Exchange, UNI Surges

  • FTX's fallout affected several prominent crypto exchanges' daily operations.

  • The daily fresh transactional wallets have increased on Uniswap.

  • Uniswap native token UNI increased by 6% on the last day.

16 Nov 2022 By : COIN GABBAR
Crypto Exchange Unis

UNI, the native cryptocurrency of the Ethereum-based decentralized exchange Uniswap, is up by 6% in the last 24 hours. 

While writing the report, it was trading at $6.3 with a market capitalization of $4.8 billion. 

In the last 5 days, user activity on Uniswap has increased dramatically as the decentralized exchange becomes a go-to platform for users who have lost trust in the centralized players with the collapse of FTX.

The number of daily fresh transactional wallets on Uniswap has surpassed 55,500. On Tuesday, November 15, it wrote in a message:

“The number of new Uniswap Web App users reached an all-time high in 2022. Users are flocking to what they know and trust and self-custody and transparency are in high demand. Let's keep going.”

As the FTX crisis unfolded, Uniswap Labs outlined why users should prefer decentralized exchanges with no single point of failure. Furthermore, all DEX action occurs on-chain, making it visible, verifiable, and user-approved.

Uniswap Wallet App and Emails

They highlighted in an interesting post a few hours ago how using their web app is as simple as writing an email. He stated that both emails and Uniswap are open-source, permissionless internet technologies. As a result, swapping tokens on Uniswap is as easy as trading emails.

In their Twitter thread, Uniswap Labs wrote: “There are no constraints on who can send an email, just as there are no restrictions on who can exchange or list tokens on a DEX. Even though you can interact with the protocols directly, companies frequently build on them to improve the user experience. The majority of people do not host their own web clients. They communicate over Gmail. The majority of people do not run their own ETH node. They make use of Uniswap Labs' web app.”

Uniswap believes that DeFi protocols will be as crucial for internet finance in the future as email protocols are for communication today. The benefit of DeFi protocols is that they allow everyone to participate. They can also not be halted or eliminated by a single entity.

Read also: Crypto Exchange Associated with FTX Stops Withdrawals and Deposits