The competitor of the trading platform, SushiSwap, dropped to the 10th line in the rating of DeFi projects in volume of funds blocked for their needs.
The cryptocurrency of the popular decentralized exchange Uniswap (UNI), released a few days ago, failed to stay in the top 30 most capitalized digital assets. After a positive movement, the token went into a correction. At the time of writing the news, the cryptocurrency is in 34th place in the CoinMarketCap resource capitalization rating and is trading at $ 5.51.
For comparison, one day after the launch, UNI ranked 26th in the capitalization rating. At the same time, the cryptocurrency was trading at a lower price – $ 5.13. Against the background of the changes, the number of tokens in circulation has decreased (from 170 million to 96 million).
The maximum value of the token was recorded on September 19 at $ 7.82 (according to coingecko.com). The decline from all-time highs, at the time of writing, exceeded 30%.
At the same time, the number of exchanges that listed the Uniswap cryptocurrency continues to grow. At the time of writing, the trading platform Binance is the leader in UNI trading.
Meanwhile, Uniswap has returned to first place among DeFi projects in terms of the number of funds blocked for its needs. At the same time, one of the main competitors of the startup – SushiSwap – dropped to 10th place.
Recall that recently the SushiSwap team announced the launch of a decentralized trading platform – an analog of the Uniswap exchange. In contrast to the latter, the presence of an internal token became a competitive advantage of the new site. With the launch of the trading platform, the SushiSwap team migrated its cryptocurrency from Uniswap. As a result, the liquidity of Uniswap decreased by 75%. One of the reasons for such serious damage was the migration of other projects, that followed SushiSwap, to a new platform.
Amid the losses, the Uniswap team decided to create their own management token – UNI. Its launch was accompanied by the distribution of cryptocurrency. The interest in the new digital asset on the part of crypto community members clogged the Ethereum network (the token is built on the ETH blockchain). As a result, the token managed to approach the top 20 most capitalized cryptocurrencies within a day of its existence.