UNI, the leadership symbol of Uniswap, the most widely used automated marketer (AMM) in DeFi, has grown significantly since the launch of Uniswap V3 on March 23. With just over $ 35 per token, UNI has received almost 23% in the past. week

The Uniswap team said:

“Today we are pleased to present an overview of Uniswap v3. We aim to launch the L1 Ethereum main on May 5, with L2 on Optimism scheduled to roll out shortly thereafter.
With a market value of $ 17 billion, it has surpassed some of the most important permanent altcoins such as Litecoin (LTC), and placed UNI just below the XRP, which has a market value of over $ 25 billion.

Why are UNI and Uniswap gaining momentum?
There are two main reasons for UNI’s phenomenal march in the last two months.

First, Coinbase’s planned IPO in the US market resulted in a new issuance of exchange tokens and AMM.

Secondly, the general increase in interest in the DeFi sector has led to an increase in the number of large AMMs, including Uniswap and SushiSwap.

UNI hit a record high of $ 35.2 on March 21, powered by the hype around Uniswap V3.

Intotheblock analysts said:

The Uniswap $ UNI control token has reached a new high of $ 35.2, which has created great interest in the upcoming third release. In just 78 days in 2021, the protocol generated $ 73.1 billion in revenue and over $ 219 million in commission. The fixed cost of the new ATH is estimated at $ 5.23 billion. ”

Uniswap statistics. Source: intotheblock
DeFi investors and analysts say that the launch of Uniswap V3, which is actually the third release of Uniswap, could trigger a DeFi and Uniswap boom.

An investor named Johnny wrote:

“In my opinion, when $ UNI v3 comes out and $ ETH 2.0 comes out, we’ll see a bigger boom in Uniswap than we saw in the summer. The plan is to start planting seeds now, before that happens. ”
UNI is truly a company
UNI has become the mother of an affordable cryptocurrency in the DeFi market for many investors due to its dominance in the AMM market and the high valuation.

Investors have long regarded UNI as a trading instrument representing the stock exchange and the AMM market in DeFi.

Together with Compound, Aave and SushiSwap, Uniswap remains one of the four most important DeFi icons.

Mike Abbondo, DeFi analyst and investor, said:

“Every Ethereum finance sector seems to have a project-driven master chip and a community-driven premium chip. For lending, these are $ COMP and $ AAVE. For exchange, these are $ UNI and $ SUSHI. Interesting, and we? I want to see similar cracks in the arts and games sector in Ethereum. ”
While interest in DeFi and Total Locked Value (TVL) for all DeFi protocols continues to increase, demand for UNI is expected to grow.

According to Dappradar, TVL’s value in the DeFi market has exceeded $ 41 billion and is still relatively stable above that level.

Of the $ 41 billion, $ 4.75 billion comes from Uniswap, which means that over 10% of the DeFi TVL market is in Uniswap.

Furthermore, as Coinbase IPO approaches, UNI momentum is likely to increase, which may also affect SushiSwap, BNB, FTT and other cryptocurrencies associated with the IPO.

Source: CoinTelegraph