UNIUSD has shown solid bullish momentum after expanding its products and smart contracts to include ERC-20 and NFTs. This comes in after the Uni lab incorporations purchased its first NFT marketplace aggregator Genie to boost transactions on the network.
Genie is a popular NFT marketplace aggregator that exposes users to various NFT markets. It makes it easier for cryptocurrency traders to discover and trade new NFTs across the major platforms.
The Uniswap protocol, through this means, aims to allow users; to buy and sell their NFTs and other digital works using the Uniswap decentralised exchange protocol.
According to the developers of the network in a post shared on their page on 21st June 2021:
"NFTs will be integrated into our products, starting with the Uniswap web app, where soon you'll be able to buy and sell NFTs across all major marketplaces. We'll also integrate NFTs into our developer APIs and widgets, making Uniswap a comprehensive platform for users and builders in web3."
In light of the recent development, the volume of transactions carried out on the Uniswap network has increased dramatically after the protocol acquired an NFT marketplace aggregator Genie.
Similarly, the recent acquisition of an NFT marketplace will further attract many users to the Uniswap platform, seeking to create new NFTs to sell on Uniswap.
According to data assembled recently by analysts, it was discovered that Uniswap has overtaken Ethereum in the daily gas fees paid for its transactions within the past seven days. Following the data from Crypto Fees, over $4.9 million was spent on crypto transactions on the network in June.
What is Uniswap?
Uniswap is the world's largest decentralised crypto exchange built on the Ethereum network, allowing users to swap and exchange crypto from all parts of the globe without needing an intermediary. This DeFi exchange was launched in 2018 and has become the most prominent decentralised exchange today, with the largest volume of daily transactions carried out on its network. Given the low fees charged for using this Defi exchange, many believe that it has the potential to replace Ethereum as the second most popular network. Uniswap holds a market capitalization of $5 669 370, 108.16. UNI is ranked 19 amongst the most sought-after cryptocurrencies in today's market. The total supply of this coin is 1,000,000,000, while its circulating supply is 733,302,592.
What is the use case of the Uniswap protocol?
Uniswap is the world's most extensive decentralised exchange protocol for running smart contracts. It offers users a safe zone to access the benefits of digital ownership of their crypto assets.
Similarly, the Uniswap token can be used to provide liquidity by users to support the Crypto project and earn rewards. Holders are rewarded with the governance token for holding their assets over time.
What is the forecast for Uniswap?
UNIUSD is currently showing strong bullish momentum given the increased transactions on its network. Analysts consider the next target for this token as $8.77, which is the next strong resistance above the current price.
Which broker is best for trading UNIUSD?
UNIUSD can be traded as CFDs using the most popular ECN broker known today as ATFX. Thus investors can obtain their desired leverage to trade UNIUSD using ATFX global brokers.
