Uniswap Rallies: Token Tops Polygon and Avalanche Charts
• Uniswap became one of the top gainers last week on both the Polygon and Avalanche blockchains.
• The token’s price surged by over 7%, while its usage declined both on Ethereum and Optimism.
• Open interest for UNI also shot up, as investors reacted positively to the bullish price action.
Uniswap Rallies On Polygon and Avalanche
Uniswap [UNI] surprised investors last week as its price action turned bullish, becoming one of the most bullish projects on Polygon [MATIC] . Thanks to the price uptick, its performance on the social front improved drastically.
Decline in Uniswap v3 Usage
While the token’s price went up, Uniswap v3’s performance took a back seat as a few stats declined. For instance, after spiking in mid-July, Uniswap v3’s volume started to decline both on ETH and OP. Interestingly, while the number of trades went down on OP, it registered a spike on Ethereum. Its TVL on both blockchains has remained stable over the past few weeks.
Positive Price Action for UNI
UNI investors had a comfortable week as its price turned bullish. As per CoinMarketCap , UNI was up by more than 7% in the last seven days. At the time of writing, it was trading at $6.44 with a market capitalization of over $3.7 billion. It was also one of the top gainers in Avalanche’s ecosystem last 24 hours [AVAX] .
Open Interest Increases for UNI
On-chain metrics looked bullish for UNI, and open interest also shot up significantly following its positive price action. This indicates that investors are eagerly waiting for more gains from this altcoin before exiting their positions in it or taking profits from it respectively.
Conclusion: Is More Usage Coming?
The network’s usage registered a decline over recent weeks but will UNI’s rally be enough to lure users back onto the network? Only time will tell if this increase in interest will result in increased usage or not but things look promising so far for this altcoin going forward into next year and beyond!