Uniswap: New Crypto Developments Lift UNI Price Up by 17% – Details
October 13 2024 - 2:00PM
NEWSBTC
Uniswap has surprisingly outpaced the broader market with the token
experiencing an outstanding 17% uptick since last week, gaining
bigger retail interest. This has been caused by a recent
development that provided a new level of user experience on the
platform. Related Reading: Helium (HNT) Falters 15% As Crypto
Market Tries To Bounce Back This week, Uniswap announced Unichain,
a new L2 with faster block times and cross-chain interoperability
designed to be “the home for liquidity across chains.”
Unichain: What’s The Gist? According to Uniswap’s most recent
blog post, Unichain is designed to support Ethereum’s scaling which
draws transaction fees to be as low as 95% compared to the Ethereum
mainnet with the goal to drop it even further. Another feature that
current and future users will love is the fast transaction times
thanks to Unichain’s 1-second block times. As the platform
matures, Unichain aims to release 250 millisecond block times in
the future further decreasing transaction times while increasing
the number of transactions the platform can handle. The faster
transaction times are only possible because of the trusted
execution environment (TEE), a feature designed with Flashbots, an
R&D organization on Ethereum. Since Uniswap is already
part of the Optimism Superchain, users of Unichain will enjoy
built-in cross-chain interoperability, which only means that users
can interact with other L2s that are part of the Superchain without
any hitches. Right now, Uniswap has launched the Unichain
Testnet Bridge Rewards program which will allow users to bridge to
the Unichain testnet and experience the new L2. The platform has
also set up a 20,000-participant Early Adopter Rewards program to
encourage new users to join the infant platform. Once Unichain
matures, Unichain will continue to grow to be a major competitor in
the market. Continued Rejection On $8.186 Puts UNI In Awkward
Position Despite the token experiencing a move upward, the $8.186
resistance level proves to be a tough nut to crack for investors
and traders. As of writing, UNI is still trading between $7.518 and
$8.186, placing the token in a very awkward position. UNI’s
relative strength index (RSI) continues to signal that the token
will fall below the $7.518 support level in the short to medium
term. But it remains to be seen whether the current trading range
will yield to the bears in the medium term. Related Reading:
Whales Hoard $90 Million In Bitcoin: A Sign Of What’s To Come? At
its current rate, UNI bulls will have to deal with a growing
bearish sentiment that will wipe out the gains made within the
previous week. In this case, investors and traders should be
careful with entering the market right now as the token’s momentum
will put UNI well below $7.518 short term. Featured image from
Printler, chart from TradingView
Helium (COIN:HNTUSD)
Historical Stock Chart
From Nov 2024 to Dec 2024
Helium (COIN:HNTUSD)
Historical Stock Chart
From Dec 2023 to Dec 2024