Uniswap Takes Significant Step Towards “Fee Switch”

Uniswap's community took a big step towards its “fee switch,” which could have significant implications for both the Uniswap protocol and all UNI token holders. The fee switch has been the subject of long debates in the DeFi community, thanks to its potential implications on the community.

Timeline of Uniswap

Despite the rocky week for crypto, Uniswap (UNI) was able to maintain its upward trajectory. Wallets holding between 10,000 and 1 million UNI coins have added about 10.7 million more UNI tokens.

Large Uniswap (UNI) holders are heavily accumulating the crypto asset, according to the analytics firm Santiment. Santiment notes that addresses holding between 10,000 and one million Uniswap have added 10.74 million more UNI to their holdings from July 8th to July 24th, a trove representing 1.1% of the asset's total supply.

The Uniswap (UNI) price resonated between the $7.5 and $6.6 barriers for the past two weeks, indicating uncertainty among market traders. This consolidation was meant to show sustainability above the $6.6 flipped support.

With the month so far marked by a bullish correction in the general cryptocurrency market, the big whales holding the UNI token have ramped up accumulation. According to data from Santiment, Since 8 July, wallet addresses holding between 10,000 and one million UNI have collectively added 10.74 million more UNI tokens to their crypto holdings.

Uniswap price analysis reveals that the market is following a dormant trend below the $7.5 mark and is likely to remain there. The prices opened at $7.41 and have been consolidating below the $6.9 mark since then.

The recent crypto credit crisis has shown the resilience of DeFi protocols as opposed to centralized lenders. Among those is Uniswap which has managed to stay afloat in these intense market conditions.

Uniswap [UNI], the automated liquidity provider, looks to be reaching for the stars in its NFT invasion. About a month ago, it announced that it had acquired Genie, the NFT marketplace aggregator.

Uniswap price analysis shows a bearish trend that has brought the UNI/USD value down to $6.75. The market had a breakout to the upside that found resistance at $7.44, which has caused the market to roll over and head back down.

Since June 23, the price of Uniswap (UNI) has regained upside momentum as the cryptocurrency trades in the bullish trend zone. Today, UNI is trading at $7.04 at press time. Last week, the uptrend stalled below the $8.00 resistance zone.

Ruben has more than a decade of experience at big tech and crypto companies.  The post Former Coinbase and Instagram director Will Ruben joins Uniswap as VP of product appeared first on The Block.