Demand for self-custody pushes triggers for more Uniswap utility. UNI’s long-term outlook has improved after last week’s events. Uniswap just announced that the number of users on its web app recently soared to a new 2022 high. This outcome is unsurprising considering that recent events revealed that many centralized exchanges may not have adequate reserves. […]
The key reason why traders have shifted to DeFi is that FTX sowed the seeds of distrust against centralized exchanges. It has become clear to traders that holding cryptocurrencies on exchanges may not be ideal. If more traders transition to DEXes, we might witness an explosion of utility for DEXes during the next bull run.
Uniswap’s short-term outcome already confirms that the number of addresses using the DEX has increased. The number of addresses with non-zero balance transacting on UNI has been growing steadily this month. They were at the highest level in the last three months, at the time of writing.New addresses and active addresses registered healthy growth since mid-October. They recently peaked near mid-November, after which they pivoted. The upside is due to a resurgence of demand at recent lows.
Uniswap’s reported increase in usage may have been short-lived based on the above observations. The DEX’s volume and transactions metric confirm that there was, indeed, a sharp increase inIt is worth noting that both the volume and transactions managed to achieve new 3-month highs during this week. This suggests that more activity has taken place this week and this might be due to the investors’ migration to DEFI.
Such an outcome will favor Uniswap’s network growth in the long-run while also favoring UNI demand. UNI’s price pulled off a 36% upside from last week’s lows to its Tuesday’s highs.UNI’s 50-day moving average recently formed a golden cross with the 200-day MA. This is traditionally aRead the best crypto stories of the day in less than 5 minutes
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