Uniswap, the largest decentralized exchange (DEX) in terms of trading volume, is apparently gearing up to become a more prominent player in the non-fungible token sector. According to the company’s head of NFT products Scott Lewis, Uniswap is “in talks” with 7 NFT lending protocols to solve for liquidity fragmentation in the space.
Key takeaways:
Lewis’ announcement comes roughly a month after Uniswap announced the integration of Sudoswap, an NFT marketplace that allows investors to buy, sell and trade digital collectibles with no intermediary.
In a tweet published on Tuesday, Uniswap’s NFT product lead wrote that the company would be working with each of the 7 lending protocols to “solve for liquidity fragmentation and information asymmetry.”
uniswap is the interface for all nft liquidity.
we are now in talks with 7 nft lending protocols. we will be working with each one to solve for liquidity fragmentation and information asymmetry. this is the first step to building nft financialization.
A number of NFT trading lending protocols replied to the tweet – Banksea Finance, for instance, wrote they are “happy” about Uniswap taking on the role of an interface for NFT liquidity.
Unsiwap’s first foray into the NFT space dates back to 2019, when the company launched Unisocks, the first iteration of NFT liquidity pools. Uniswap’s increased focus on NFTs comes at a time when more and more decentralized finance (DeFi) products and services utilize NFTs for various purposes.
After an explosive 2021, digital collectibles trading volume plunged this year, especially in the second quarter. According to The Block Research, investors traded $12.22 billion wroth of NFTs in Q2 2022, down from $33.88 billion in Q1 2022.
The advantage of true decentralization comes from the cost-effectiveness, the lack of bureaucracy, and the retention of governance in the hands of the people. Many decentralized finance (DeFi) options and applications have seen market highs due to this advantage, especially in the area of decentralized exchanges (DEX) and the play-to-earn (P2E) gaming industry.
FreeWoly (FWoly) is an open-source smart contract-based play-to-earn (P2E) ecosystem that intends to pioneer the integration of augmented reality (AR) into play-to-earn crypto games. Augmented reality (AR) provides an interactive experience by blending the real world with computer-generated images (CGI).
It touts a fun and interesting gaming interface, with unique animal characters which can be traded on their NFT marketplace based on their rarity. FreeWoly aims to revolutionize crypto farming as it combines the attractive augmented reality (AR) features of Pokémon Go with the goal-oriented process of farming. The governance token of the FreeWoly platform is the FWoly token, which is a meme coin that can be earned as an in-game asset.
Meme coins have established themselves as trailblazers of the play-to-earn (P2E) gaming market due to the high token supply and relative affordability. With these features, it is safe to say that FreeWoly (FWoly) has the potential to be a top market play-to-earn game in the coming months.
Uniswap – The Leading DEX (UNI)
Uniswap (UNI) is a decentralized exchange (DEX) platform for cryptocurrencies that utilizes a decentralized protocol to facilitate automated transactions across Ethereum-based cryptocurrency blockchains with the aid of smart contracts.
Uniswap (UNI) has the advantage of establishing direct peer-to-peer trading and exchange between the traders and buyers of a cryptocurrency token by offering a safe, fast, accurate, and decentralized platform for these trades. The native token of the Uniswap protocol is the UNI token, which can be staked on the Uniswap decentralized exchange (DEX) by its holders and provide them with rewards in return.
Features like staking, liquidity pools, and being based on the biggest decentralized finance (DeFi) protocol in the world, the Ethereum blockchain, have established Uniswap (UNI) as a top contender in the world of decentralized finance (DeFi).
Algorand – The PoS Blockchain Ecosystem (ALGO)
Algorand (ALGO) is a blockchain ecosystem that offers a unique variation of the proof-of-stake consensus mechanism; the pure proof of stake. By utilizing this consensus mechanism, Algorand (ALGO) ensures more block validators with a low minimum staking amount (1 ALGO).
It is one of the most decentralized blockchains, and a considerable contender with Ethereum blockchain due to the challenges it solves which include but are not limited to faster transaction times, no network congestion, carbon negativity, a vast ecosystem of DeFi projects, and low gas fees.
Algorand (ALGO) is home to an ecosystem of projects revolutionizing decentralized finance (DeFi) technology and the cryptocurrency market. These include NFT marketplaces, decentralized exchanges (DEX), and cryptocurrency tools and resources necessary for the development of decentralized applications (dApps).
In terms of play-to-earn games, projects like Algo Clash, Drone racing, and Cosmic Champs reside in the Algorand ecosystem. These projects are all leading P2E games in the crypto community.
Final Thoughts
Although the P2E and decentralised finance industry is saturated, there is plenty of space for cryptocurrencies to shine. Through 2022, FreeWoly, Uniswap, and Algorand have shown their potential to dominate the market.
FreeWoly is a new token currently in presale. It can be picked up for a low price before the token launches. Will you join FreeWoly’s journey to dominate the P2E sector?
The DeFi (decentralized finance) space has taken the crypto world by storm, and significant crypto analysts are touting an even greater market boom. In 2021, the total market value of DeFi assets surged to a whopping 100 billion USD.
This massive boom is due to the exceptional crypto transaction functionalities that DeFi makes possible. HypaSwap (HYPA), Ethereum (ETH), and Uniswap (UNI) have been backed by predictions as DeFi coins to bring their buyers major gains in the long run.
These DeFi coins have major use cases that make them unique and stable in the booming DeFi world. Lets see how and why you could well receive incredible gains.
Ever Evolving Ethereum (ETH)
Ethereum (ETH) is undoubtedly a mainstay cryptocurrency as it is the second most valuable cryptocurrency, with a coin market capitalization of close to 200 billion USD at the time of writing. Ethereum (ETH) is a developer favorite due to the high-tech nature of its network for decentralized projects. Ethereum (ETH) has led the way in decentralized innovations as it is the leading platform for major smart contracts.
Ethereum (ETH) is already improving its decentralized ecosystem with The Merge upgrade, improving Ethereum’s (ETH) security, scalability, and sustainability. More DeFi projects will be powered by Ethereum (ETH), and with its Web3.0 forays, the native Ethereum (ETH) token is set to boom soon.
You ‘n’ I – Uniswap (UNI)
Uniswap (UNI) is the most adopted decentralized exchange (DEX) in the crypto space, having amassed close to 4 million users. It has also processed crypto transactions worth more than 1 trillion USD in the last three years. The Uniswap (UNI) coin has established itself as one of the most sustainable cryptos in the market, with a coin market capitalization of close to 7 billion USD at the time of writing.
Uniswap (UNI) is a DeFi coin for potential future high gains due to the growing number of crypto traders using its exchange. Many crypto projects also adopt Uniswap (UNI) as their decentralized exchange. With the boom in token swapping and decentralized transactions, Uniswap (UNI) is likely to boom.
Believe The Hype – HypaSwap (HYPA)
HypaSwap (HYPA) is another DeFi coin touted to bring its buyers huge profits over the long term. Built on the Ethereum (ETH) network, HyperSwap (HYPA) is a decentralized non-custodial liquidity protocol that enables lenders and borrowers to exchange assets through a liquidity pool. HypaSwap (HYPA) aims to revolutionize the DeFi space by revamping the lending and borrowing system into a risk-conscious and safe procedure.
The lenders lend their assets to the HypaSwap (HYPA) protocol and earn an interest rate over their locked assets. In contrast, the borrowers borrow the holdings from the liquidity pool in exchange for collateral. As HypaSwap (HYPA) primarily focuses on lending and borrowing, the platform has created a robust system to make these transactions without the risk of losing capital to fraud or default loans. The borrowers are required to over-collateralize (overpay) the loan, and the lenders are paid in all scenarios with the interest rate. This is a new dimension to the borrowing and lending system, which could receive massive adoption— a price surge for the HYPA tokens might be in view!
If you buy HYPA tokens using BNB/BSC deposits, you get a 20% bonus and a 10% for a purchase worth $2500, among other exciting bonus offers.
The HYPA, ETH, and UNI tokens have reliable use cases for long-term sustainability and token appreciation. This might be the best time to buy in to make huge profits when these coins realize their full potential.
You could look up this article for more on HypaSwap (HYPA).
DeFi offers to help curb the intricate network of the dysfunctional banking industry. A single body governed every facet of finance, including transactions, loans, and stock prices which led to widespread corruption and unethical business practices.
As a result, there was an explosion in the number of cryptocurrencies built on the DeFi platform. Both the platform and the cryptocurrencies associated with it are currently regarded as game-changers in the cryptocurrency market. One of such cryptocurrencies that will revolutionize the DeFi industry is the soon-to-be-launched HypaSwap (HYPA).
We will compare it to two other platforms in this article; Avalanche (AVAX) and Uniswap (UNI).
Avalanche (AVAX)
Avalanche (AVAX) is the framework for decentralized apps using smart contracts to operate. Avalanche’s primary objective is to build a blockchain that is extremely secure and adaptable without losing decentralization. Users benefit from the eco-friendly application of smart contracts in Avalanche and lower setup costs. Additionally, Avalanche users can experience higher speeds.
Developers can launch unique blockchains using Avalanche Virtual Machines. The Avalanche Bridge makes it simple for users to move funds to or from Ethereum. Avalanche uses significantly less energy than PoF networks because of its PoS consensus algorithm. Avalanche prides itself on a blazingly fast, eco-friendly, and low-cost service.
In addition to hosting other applications that benefit from its quicker and more effective ecology, Avalanche was initially intended to serve as the foundation for DeFi. Avalanche is in a prime position to fill its targeted niche as DeFi’s preferred destination. This is because Avalanche is a PoS network with the highest speeds and the most validators.
Uniswap (UNI)
In 2018, Hayden Adams launched Uniswap (UNI), and it soon became a popular decentralized exchange in the crypto market. Uniswap utilizes the software built on Ethereum which allows customers to manage the cryptocurrency exchange. One such exchange would be a market where traders could buy and sell cryptocurrencies.
Automated Market Maker (AMM) technology is the main development that makes the Uniswap system work. AMMs are smart contracts that control the Uniswap pools that supply the tokens needed to complete trades.
Uniswap protocol, which is a great example of the potential of dApps led to the growth of the DeFi platform. Uniswap’s recently launched UNI governance token improves on the idea of community self-sufficiency which allows the participation of all stakeholders in policy decision-making.
HypaSwap (HYPA)
HypaSwap (HYPA) is a DeFi platform based on the Ethereum blockchain. It is a decentralized liquidity protocol that allows lenders and borrowers to trade assets over a liquidity pool. The lenders earn interest on the locked asset as a result of lending their assets using the HypaSwap platform. The borrowers obtain the assets from the liquidity pool in return for collateral.
The HYPA token serves as the native token for the HypaSwap platform. HYPA can be purchased at the current market rate through cryptocurrency exchanges or earned on the platform. The HYPA cryptocurrency is largely used for activities like interest rates, charges, and staking incentives, among others.
HYPA mainly focuses on lending and borrowing, for which the platform has developed a reliable mechanism that allows these transactions to be made without the fear of losing money to fraud or bad loans. Additionally, it has a complete framework that allows community members to actively engage in extra-banking activities such as staking and collateral exchanging. Members are expected to purchase more tokens to increase their returns on investment and receive benefits for their active participation.
HypaSwap intends to create a dominant market position to introduce the DeFi system all over the world. HYPA owners will be connected and empowered as a result, and DeFi lending or borrowing opportunities will be brought to their homes. This will establish a strong footprint for the DeFi system throughout the world.
HypaSwap is one of the most valuable DeFi systems with a solid foundation and an incredibly promising future that you don’t want to miss!
To find out more about HypaSwap (HYPA), visit the following links:
Popular trading app Robinhood has listed UNI, the native token of the Uniswap decentralized exchange (DEX)
The price of UNI increased over 15% after the news broke and hit a two-month high of $7.19
The listing of UNI follows a series of crypto-centric moves made by Robinhood in recent months
UNI joins Robinhood’s growing selection of crypto assets
Trading platform Robinhood announced the listing of a new cryptocurrency on Thursday. Users of the popular trading app can now trade Uniswap’s native governance and utility UNI token. The Robinhood team shared the news via Twitter.
UNI can be used to participate in the governance process and for fee payments on Uniswap, one of the largest decentralized trading protocols. Uniswap employs the automated market maker (AMM) model, which essentially allows traders to tap into liquidity pools to trade without a centralized intermediary. According to data curated by CoinGecko, the decentralized exchange (DEX) facilitated $1.16 billion in trading volume over the past 24h hours across its v3, v2, and Polygon versions.
The addition of UNI saw the total number of supported digital currencies on Robinhood swell to thirteen. The selection of coins available for trading on the app includes exclusively large market cap assets such as Bitcoin, Ethereum, Dogecoin, and Solana, to name a few.
The price of UNI increased from roughly $6 to above $7 after the listing announcement and hit a two-month high.
Earlier this month, the company launched zero-fee cryptocurrency transfers, allowing users to send and receive Bitcoin and other supported currencies directly from the app.
On top of crypto-centric features, Robinhood added support for Solana, Polygon, and Compound in April. At the same time, the exchange listed popular memecoin Shiba Inu, after the Change.org petition to list SHIB surpassed 500,000 users.
The development on the crypto front has reportedly piqued the interest of the FTX crypto exchange. According to a recent Bloomberg report, FTX has internally been having discussions about a potential acquisition of Robinhood. The report’s credibility is bolstered by the fact that FTX CEO Sam Bankman Fried bought a 7.6% stake in Robinhood in May for over $600 million.
Last week, the Celo Foundation and the Celo Climate Collective issued a proposal for Uniswap’s integration with the Celo blockchain
The Uniswap community approved the proposal with an overwhelming majority
Celo is looking to create green asset liquidity pools and use Uniswap’s energy-efficient decentralized mechanisms in place of CEX solutions
Uniswap protocol is coming to mobile-first and environmentally friendly Celo blockchain
Last week, the Celo team put forward a proposal to deploy the decentralized exchange Uniswap v3 on the Celo blockchain. According to the proposal posted on Uniswap’s Governance website, the Celo Foundation and the Celo Climate Collective had been looking to deploy the decentralized protocol on the Celo network to increase capital efficiency and create green asset liquidity pools backed by tokenized carbon credits.
The Celo team’s intent on integrating Uniswap on its rails is driven by the low carbon cost linked to running the decentralized protocol. In particular, the team is looking to use Uniswap to “rebalance the Celo Reserve with nature-backed assets rather than relying on centralized exchanges.”
The proposal had received a wave of approval from the community. A16z’s Porter Smith, for instance, wrote that he believes this is a “terrific proposal that aligns incentives among the Celo and Uniswap communities to set the conditions for long-term success.” Likewise, the blockchain department at the University of Michigan noted they are in favor of the proposal as it underscores the importance of a “cross-chain future” and commended Celo for the “green asset move.”
When the final vote was cast on Sunday, it was immediately apparent that the proposal received an overwhelming majority. With 12M UNI votes in favor and only 603 UNI votes cast against the proposal, the Uniswap community welcomed the expansion of the protocol to the mobile-first Celo blockchain.
The Celo team has allocated $10 million worth of CELO in financial incentives for Uniswap users to promote green use cases and carbon-negative blockchain-powered services.
The blockchain sector represents a modern and more transparent alternative to the traditional banking infrastructure, which is one of the reasons why established financial institutions have been taking advantage of their dominant position to artificially limit their crypto competition. The latest victim of such practices was Uniswap’s founder Hayden Adams, who got his JPMorgan chase accounts closed with no prior notice or explanation.
Key takeaways:
Adams revealed that his JPMorgan chase bank account had been closed in a tweet on January 23. He said that the bank offered no explanation for their actions and added that he knows “many individuals and companies who have been similarly targeted simply for working in the crypto industry.”
Adams was obviously furious with his bank and concluded the tweet by stating, “Thanks for making it a personal.”
Commodity Futures Trading Commission (CFTC) Commissioner Brian Quintenz responded to Adams’ tweet and wrote that what happened to Uniswap’s founder is “likely a shadow de-banking of crypto” directed by the Fed and the OCC.
One of the replies in the Twitter thread came from none other than the Chase support account, that urged Adams to use the internal support system to resolve the “less than ideal experience.”
The high profile of Adams’ case drew attention from the broader crypto community. Several members chimed in to the discussion and shared their own stories of having their bank account closed without any explanation or prior notice.
Banks have a lot of leeway when dealing with their customers – if authorities deem a certain customer too risky, for instance, the bank is not required to reveal the reasons for the account closure to the customer.
🤡 This week @jpmorgan@Chase closed my bank accounts with no notice or explanation
🧑💻 I know many individuals and companies who have been similarly targeted simply for working in the crypto industry
The launch of Uniswap v3 on Layer 2 network Polygon will reduce gas fees and increase the liquidity of Uniswap’s decentralized trading service
The Uniswap community approved the launch on Polygon in a nearly unanimous vote as 99.3% of users voted in favor of the launch
Uniswap Labs has committed $20 million for the integration with Polygon
After a virtually unanimous vote, the Uniswap community has agreed on deploying the v3 of the Unsiwap trading protocol on Polygon, one of the leading Layer 2 networks. The price of the platform’s native MATIC token has skyrocketed to a new all-time high of $2.70 following the announcement.
The launch of Uniswap on Polygon will reduce the high gas fees when trading, borrowing, and lending
One of the issues of decentralized finance (DeFi) service operating on the Ethereum network is the high gas fees that are associated with performing transactions associated with trading, borrowing, and lending that are a product of Ethereum’s outdated Proof-of-Work (PoW) consensus mechanism.
The launch of Uniswap’s trading and automated liquidity provision services on Polygon will significantly reduce the costs of performing DeFi services due to Polygon’s efficient Proof-of-Stake (PoS) mechanism.
The Uniswap team has announced the deployment of their decentralized trading protocol on Polygon on Wednesday, four days after the initial governance vote had taken place.
1/ We're excited to announce v3 has been deployed on @0xPolygon! 🚨
As a leading scaling solution, Polygon offers low gas fees and fast transactions, with over 3000 applications hosted and 1B transactions processed! 🚀 pic.twitter.com/bzRRkqDJuk
The proposal to launch Uniswap v3 on Polygon was first submitted by the company’s CEO Mihailo Bjelic, who argued that the deployment of Uniswap on Polygon will bring a long list of benefits to users, including higher revenue, more liquidity, and most importantly, huge savings.
Uniswap Labs has committed $20 million to support the deployment of Uniswap on Polygon – $5 million for various costs associated with driving the overall adoption and $15 million for a liquidity program.
Following the news, the prices of MATIC and UNI tokens jumped to their respective multi-week highs. The price of MATIC has surged to a new price peak of $2.70 in the four days after the announcement, while UNI gained roughly 20% and reversed its recent downward trend.
Decentralize exchange tokens have been among the biggest gainers following Beijing’s crackdown on crypto businesses
UNI and DYDX are up the most, other DEX tokens are also showing strong market performance
Ethereum manages to rise above the $3,000 level, thanks to a 9-hour long 15% rally
The cryptocurrency market has been thoroughly shaken up by Friday’s news of China banning crypto services like trading and new token issuance. In the 48 hours following the regulatory crackdown, the total market cap had dropped by $150 billion, pushing the value of Bitcoin to $41,000 and Ethereum to $2,750. Since then, bullish momentum has allowed most tokens to recover some of their lost value. Over the course of the last 24 hours, 81 out of the top 100 digital currencies have managed to post positive results.
A 15% upswing lifts the second-largest crypto above $3,100
Ethereum plunged to as low as $2,753 on September 26, before a 9-hour long rally pushed the price to $3,166.
Ethereum was hit hard by the news of the Chinese central bank (PBoC) issuing a blanket ban on cryptocurrency businesses. The price of the second-largest crypto dropped from $3,120 to $2,770 in the span of three hours, representing an 11% drop. Over the course of the next 2 days, ETH momentarily plunged even lower, to $2,750. Since then, however, ETH rallied by 15% and reached the price point it held just before the China news went viral.
DEX tokens DYDX and UNI have rallied after the China ban
Uniswap, the biggest DEX in the market, has enjoyed the increased interest from investors who are betting on the success of DEXs following the crypto ban.
In anticipation of Chinese users flocking to decentralized exchanges now that China has made cryptocurrency trading via an intermediary illegal, the market values of DEXes have increased tremendously. During the trading action that has taken place over the weekend, and continued today, Uniswap, dYdX, and other decentralized exchanges have been among the biggest beneficiaries.
UNI, for instance, experienced a massive 41% upswing, which has lifted the price from $18 to $25.5, before dropping to $24.5 at press time. The bullish surge has helped UNI overtake LUNA as the 12th biggest crypto by market cap.
The price of DYDX nearly doubled in the last 48 hours of trading action.
Another decentralized exchange token that has had enormous success over the weekend and going into today is DYDX. Although DYDX started trading just a little over two weeks ago, the token has already managed to break into the list of the top 100 largest coins by market cap.
Since its launch and a massive $1 billion airdrop on September 8, DYDX has been experiencing a mostly sideways trading action – until China decided to ban crypto businesses, that is. While DYDX was trading at $11.3 in the early hours of September 24, the token has since then managed to gain over 100% and reached an all-time high of $22.7. As of now, DYDX is trading at $20.9, showing a relatively small retracement from its ATH, at the time of this writing.
Conversely, centralized exchange tokens have been hurting. Houbi Global, for instance, has announced the retirement of China-based accounts by the end of the year, while its native Huobi token lost more than 30% since the news of the crypto ban went live. Binance is reportedly also distancing itself from the Chinese market. Talking with CNBC, Binance’s spokesperson said that the new account registrations are now blocked when using Chinese mobile numbers.
