- Uniswap (UNI) has just recorded one new milestone featuring 300M swaps.
- With many positive fundamentals now in its ecosystem, optimism for bullish price growth is high.
There has been a surge in user activity on Uniswap (UNI) with the protocol recently achieving a significant milestone of 300 million swaps. This is a sign of renewed vitality and a major comeback for the dominant player in the Decentralized Exchange (DEX) sector.
This growth is noteworthy because prior to this time, Uniswap had been faced with several challenges including stunted growth which stemmed from the unfavorable market conditions in the industry.
In September, the broad cryptocurrency ecosystem experienced an alarming level of volatility which stirred many investors to stay neutral. However, the latest development demonstrates that times have changed for Uniswap and the protocol has successfully defied its once-persistent sideways trend. Uniswap has shown notable progress in several metrics.
Data from financial aggregator Token Terminal confirms that Uniswap’s daily user activity experienced a remarkable surge on September 30. The 300 million swaps completed on Uniswap are representations of revamped transactions on the platform. It also indicates a growing interest in Decentralized Exchanges (DEXs) which has been a major contributor to the ecosystem.
The achievement underscores Uniswap’s role in facilitating decentralized trading and liquidity provision within the digital asset space.
In addition, there is an expansion in the number of new addresses registered on the protocol, a show of growing interest in the UNI token as well as its associated ecosystem. It is also a positive signal for the protocol’s long-term sustainability and relevance in the Decentralized Finance (DeFi) ecosystem.
Unfortunately, this resurgence in activity has not been able to douse the concern over the trend of falling overall fees. The decline has the potential to pose a threat to the development and sustainability of the Uniswap protocol.
Uniswap DAO Vote in Favor of Zero Protocol Proposal
Amidst these mixed feelings, the governance community of Uniswap is still proactive, with its associated Decentralized Autonomous Organization (DAO) making huge decisions to improve the capabilities of the protocol.
One such decision is the plan to deploy on the Polygon (MATIC) Zero Knowledge Ethereum Virtual Machine (zkEVM). This is in addition to the proposal for a partnership between Uniswap DAO and Zero Protocol for a “friendly fork” deal.
Ultimately, this initiative is aimed at creating a new version of Uniswap on the Polygon zkEVM and at the same time, maintaining a cooperative relationship with the original protocol. It involves the utilization of Uniswap’s backend infrastructure and receiving support for tools that are funded by the ecosystem through the integration of Zero Protocol.
So far, the proposal has 99.99% “Yes” with only 0.01% of respondents voting to “Abstain”. The DAO is set to get a 10% token allocation as part of the alignment of interests.
In the case of the UNI token, it is currently down by 2.94% within the past 24 hours and is trading at $4.48. However, experts and other analysts are optimistic that the coin might be up for a decent ending in 2023 considering the positivity within its ecosystem.
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