Uniswaps exploration of new layer2 integration boosts UNI price by 9
UNI, the native token of the decentralized exchange known as Uniswap (DEX), has seen a remarkable 9% surge, making it the top gainer in the cryptocurrency market today.
As of the latest update, UNI is trading at $10.69, marking an 8.5% increase over the past day. Despite a 31% decrease in trading volume during the same period, it appears that current holders are holding onto their UNI tokens in anticipation of a potential price increase.
The market cap of Uniswap has now reached $6.4 billion, positioning the token as the 18th largest cryptocurrency asset according to CoinMarketCap.
The recent price surge coincides with a mysterious post shared by the decentralized exchange on June 14, featuring the cryptic message: “Locked in. Ready for the Endgame.” Accompanied by an image of a focused man seated forward in his chair, often used as a meme by gamers during intense moments.
Subsequent posts from June 1 hinted at Uniswap v2 preparing to support a new Layer-2 blockchain. While the specific L2 protocol was not disclosed, speculation within the crypto community points towards ZKsync, a popular trustless Layer 2 solution recognized for its scalable and cost-effective Ethereum transactions.
Despite excitement surrounding the potential deployment on ZKsync, some community members have expressed dissatisfaction.
Another factor contributing to UNI’s recent price surge could be the significant growth in Layer-2 volume processed through the Uniswap Protocol, as highlighted in a recent post by Uniswap Labs on June 13.
The exponential growth in transaction volume over time demonstrates the increasing utility and adoption of Uniswap’s services within the DeFi space.
Furthermore, the rising popularity of Uniswap v2 pools on various Layer-2 solutions like Optimism, Arbitrum, and Polygon has played a role in driving demand for Uniswap’s offerings. These platforms are favored for their scalability, reduced fees, and enhanced user experience.
While Ethereum remains a leader in DeFi, the integration of Layer-2 networks with Uniswap is facilitating faster and more cost-effective transactions, positioning these networks as strong competitors in the evolving crypto landscape.
