30s Summary

UNI, the token used on the Uniswap decentralized exchange, has seen significant growth recently following the launch of its new network layer, Unichain. In a single day, the token’s value rose by 15% and its trading volume increased by 418%, reaching $583.2 million. The new Unichain is designed to offer users faster and cheaper transactions across a variety of blockchain networks. Uniswap has become increasingly popular with investors, as evidenced by an uptick in network activity and a rise in the number of active addresses.

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UNI, the token used on the Uniswap decentralized exchange, has been outperforming the rest of the crypto market lately. On October 10, UNI gained 15% in just one day, after the launch of its new network layer, Unichain. Over the week, it’s seen an increase of 25%, and over the last month, it’s increased 23%.

The trading volume for UNI has skyrocketed as well, increasing 418% in one day to $583.2 million. It’s got a hefty market value now of $5 billion, which has placed it as the 20th biggest token in the CoinMarketCap rankings.

This growth all came after Uniswap Labs announced that they’re launching Unichain, a new layer-2 blockchain network. The aim of Unichain is to give users faster, cheaper transactions across a variety of blockchain networks.

The new network will initially have 1-second block times, but they plan to eventually whittle that down to less than 250 milliseconds. This update will make it seem like transactions are happening instantly to users.

Unichain, which is built on Optimism’s Superchain, will let traders use liquidity from other layer-2 networks inside the Superchain. That includes networks like Coinbase layer-2 Base and SNAXchain.

After this news was announced, the price of UNI shot up over 17% from a starting point of $7.20, up to an intraday high of $8.46 on Oct. 10.

Uniswap has become one of the tokens people are trading the most, with more than $1.5 million worth of leveraged UNI positions being liquidated over the past 12 hours. Of that $1.5 million, $1.2 million came from short UNI liquidations.

In further positive news, we’ve seen an uptick in Uniswap’s network activity too. The number of daily transactions has surged up 1,582%, from a low of 40 on October 9, to a high of 673 on October 10. The number of active addresses has jumped an impressive 587% over the same period. This goes to show how the Uniswap system is gaining ground, which ups the demand for UNI tokens.

Source: Cointelegraph