The launch of UNI, the governance token of uniswap, is causing quite a few fibrillations on the markets. Its price, in fact, has risen in the space of 24 hours from 2,80 to 5,80 dollars. A growth that has allowed the new cryptocurrency to bring its market capitalization to 564 million dollars, from the initial 50, with the achievement of the 35th place in the ranking of CoinGecko. A real boom which promises to continue in the next few hours.
A debut with a bang
Uniswap launched its governance token on Wednesday of the past week. A debut with special effects, which naturally immediately attracted the appetites of those who are constantly looking for investment opportunities capable of giving an extraordinary return.
Within hours of launch, UNI was added by CoinBase to its trading. An important imprimatur, given the reputation ofexchange, usually very cautious in his assessments.
A further boost was then given by the decision of grant 400 tokens to anyone who used Uniswap before September. A move which immediately paid off, with thousands of users rushing to collect their due, which is now worth over $ 2.
A very hard blow for Sushiswap
UNI's debut proved to be a huge blow for Sushiwap, a project that had presented itself as the great rival of Uniswap. At the moment, in fact, the 1,47 billion dollars blocked by the latter is almost three times that collected by the rival decentralized trading protocol.
Which is also serving the image damage brought about by the strange decisions of one of its founders, Chef Names. Who first sold his tokens, only to return to his decisions. On the one hand, it has transferred 38 thousand ETH to the Sushiswap portfolio, on the other hand he entrusted the project to Sam Bankmann-Fried, CEO of the FTX exchange.
Compound resistance is also overwhelmed
The real boom in progress, after having literally annihilated Sushiswap, has however made another illustrious victim. Or Compound, another decentralized finance project which immediately captured the approval of investors. The overwhelming advance of Uniswap was in fact a counterbalance to the descent of COMP, now attested in 39th place in the CoinGecko ranking, with a capitalization of just over $ 452 million.
Doubts about DeFi remain
Just what is happening with UNI, however, has allowed critics to return to report the dangers enclosed in the DeFi, decentralized finance. More and more are those who consider it one a real bubble, similar to that of the dot.coms of the early millennium.
It will therefore be interesting to observe the evolution of the sector. Remembering, however, that when the bubble of tech companies burst, it was the weakest projects that remained on the ground, which quickly disappeared. While the really valid ones, starting with The Amazon, literally took off, making use of the clarification given by the markets.
It therefore remains to be seen whether if the bubble hypothesis turns out to be real, Uniswap is destined to strengthen or disappear. The important thing is that investors know the risks involved in investing in such a particular sector. And therefore know how to behave accordingly, avoiding too high risks.