In the movie Troy, the mythical warrior Achilles after having slayed the mightiest warrior from the enemy camp, gave a triumphant shout “Is there no one else?”. This scene in a way depicts the general wave of cryptocurrency. All boats rise and fall with the tide. Except maybe for one.
It seems in the last two weeks, ever since our editorial team reported a particular anomaly to a DeFi token, this same DeFi token has continued on its rampage (in a good way) to keep breaking one ATH record after another.
This DeFi token is none other than UniSwap.
What’s the spin behind UNI and why? Before we begin, we must understand what UNI is about. Uniswap is a decentralized exchange using automated market makers to match bid and sell orders. Notably, it does away with any middleman layer responsible for KYC processes and listing review and approval. Uniswap has created a new revolution in decentralized listing which allows anyone with their own ERC-20 token to list on a global exchange, with huge volume to boast of.
The economic incentive for anyone to list on Uniswap is huge and the Uniswap volume snowballed once critical mass has been achieved in terms of daily trading volume late last year. Gone are the days when any token issuers have to pay incredulous listing fees in order to provide liquidity for their own tokens. Uniswap has enabled this process easily, affordably and seamlessly.
Uniswap has also become a litmus testbed for many new emerging tokens to gauge project traction. More often than not, a new project token which is listed on Uniswap would go on to list on the big centralized crypto exchanges once demand has been proven.
Against the rising flotilla of other digital tokens and cryptocurrencies, Uniswap seems to go against the tide.
Keep watch on its growth.
2021 maybe THE year for the mythical UNIcorn token to fly.
[ Read more: DeFi Uniswap Doubles In Last Seven Days ]