Bittime - In the last 24 hours, the price of Uniswap (UNI) rose by 18.98%, reaching $9.30 (Rp148,800). This surge surprised many market participants and led to various speculations about the cause behind this sudden rise.
Impact of Ethereum Spot ETFs
Many analysts attribute UNI's price surge to the increased chances of Ethereum (ETH) spot ETF approval by the U.S. Securities and Exchange Commission (SEC). This news caused the price of ETH to increase, which in turn gave a boost to the crypto market as a whole, including UNI.
However, according to an investigation from AMBCrypto, there are other factors that also play an important role in this UNI price increase. One of them is the significant development and on-chain activities that occur in the Uniswap ecosystem.
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New Token Standard from Uniswap Labs
On May 20, Uniswap Labs announced the introduction of a new token standard named ERC-7683. For context, ERC (Ethereum Request for Comment) is a standard for creating and issuing smart contracts on the Ethereum blockchain.
According to Uniswap Labs, the new standard, if implemented, will address fragmentation on networks and improve cross-chain interaction. The proposal states, "By implementing this standard, cross-chain intent systems can operate together and share infrastructure such as order deployment services and filler networks."
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Increased Open Interest (OI)
After the announcement, UNI's Open Interest (OI) increased. At the time of writing, OI reached $64.90 million (Rp1.03 trillion). This is the highest value achieved by this metric in over the past month.
An increase in OI indicates that more money is coming into the market. On the other hand, a decline in OI is a sign of a decline in net positions with outgoing liquidity. This activity indicates that buyers in the market are increasingly aggressive. If this value continues to increase, UNI prices are likely to follow.
On-chain Activity Increases
In addition to OI, there was a significant increase in active addresses in the last 24 hours. On-chain data from Santiment shows that UNI's active addresses reached a weekly peak of 1,926. This sudden increase indicates increased confidence among UNI holders. Usually, this leads to an increase in purchasing activity, which is certainly one of the reasons for the increase in UNI prices.
Other Factors Driving UNI Price Increase
In addition to the announcement of new token standards and increased on-chain activity, there are several other developments that also support UNI's price increase. One of them is news about new projects and increased liquidity on the Uniswap platform, which attracts more investors and users to the ecosystem.
UNI Price Today
At the time of writing, UNI tokens are trading at the level of Rp153,487 per coin with an increase of 3.70% in the last 24 hours. UNI recorded a daily high of Rp154,904 and a daily low of Rp146,921.
Source: Bittime
Conclusion
The Uniswap (UNI) price surge in the past 24 hours was driven by a combination of factors, including positive news about an Ethereum spot ETF, the introduction of a new token standard by Uniswap Labs, and increased on-chain activity.
Although the crypto market is notorious for its volatility, this positive development indicates that there is further growth potential for UNI in the future. Investors are advised to keep a close eye on the latest developments and conduct in-depth research before making any investment decisions.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the Complete Guide on How to Buy Crypto on Bittime.
Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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Uniswap Launches New Token Standard ERC-7683, What Is It?
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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