Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$102,149.00
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0.00%Reading
$UNI, the governance token of decentralized exchange Uniswap, fell by 30% overnight from its all-time high of $7.37 to its current price, $5.13. Trading volume for the coin also collapsed, from yesterday's daily average of $6 billion to $2.2 billion today. But while its token falls in price, business on Uniswap is better than ever.
The coin, which launched on Wednesday, is the latest high-profile governance coin minted by a decentralized finance protocol (other include Compound's $COMP and yearn.finance's $YFI). Uniswap is an automated market maker, meaning it facilitates token swaps. To swap, say, ETH for UNI, one can draw upon the reserves of the pairing provided by other users.
$UNI soared in price shortly after launching, from $1 on Thursday to its peak of $7.37 on Saturday. Major exchanges, among them Coinbase, Binance and Bitfinex, listed the token. But $UNI's pump wasn't to last—though, just four days into trading, no conclusions can be drawn about the coin's fate.
The coin is a riposte to SushiSwap, a clone of Uniswap that launched its own governance token, $SUSHI. Like $UNI, $SUSHI is earned from using the protocol. SushiSwap took business away from Uniswap, so Uniswap minted its own governance token.
Crypto exchange Bitfinex is the latest major cryptocurrency exchange to list $UNI, the governance token that powers decentralized exchange Uniswap. Bitifnex today opened trading of pairings for UNI/USD and UNI/USDT (that's Tether, the US dollar-pegged stablecoin). Deposits, trading and withdrawals are all open. Bitfinex follows Coinbase Pro, OKEx and Binance, major cryptocurrency exchanges that have also listed the token. $UNI, which launched on Wednesday, traded for $3.21 on Thursday. Its value...
So far, the plan has worked. On September 17, the day after launch day, customers had locked in $748 million worth of cryptocurrency in Uniswap's smart contract, according to DeFi Pulse. Now, $1.93 billion is locked up in its smart contracts. Meanwhile, the amount of crypto locked in SushiSwap has declined, from a peak of $1.42 billion on September 12 to $516 million today.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Texas sheriffs used power tools this week in retrieving $32,000 from a Bitcoin ATM after a Jasper County family said they were scammed out of funds, according to local law enforcement. The family said it had lost $25,000 to the fraudsters. An image shared by the Jasper County Sheriff’s Office on Facebook shows sparks flying as an official uses what appears to be a circular saw to crack into a Bitcoin Depot kiosk. Other images show stacks of hundred dollar bills, evidence bags, and a gas station...
The price of Bitcoin was little changed on Friday as U.S. Federal Reserve Governor Christopher Waller argued that the U.S. central bank could start lowering interest rates as early as July. Bitcoin was recently changing hands at $104,300, flat over the past day and down 0.6% since Israel and Iran began exchanging missile attacks a week ago, according to crypto data provider CoinGecko. Ethereum was flat over the past 24 hours to trade just around $2,500, while Solana ticked up slightly. With infl...
USDC issuer Circle was buoyant in pre-market trading Friday, climbing above $236 ahead of the opening bell. That put it ahead of the $235 price target set by Wall Street research firm Seaport Global, which initiated coverage of the company today with a buy rating. But once the bell rang, the company's stock, which trades on the NYSE under the CRCL ticker, settled and is currently changing hands around $228, or 14% higher than its previous close. Seaport announced that it was initiating coverage...