The native token of leading decentralized exchange Uniswap has surged by nearly 50% this week, ranking UNI as the eighth-largest crypto asset with a $17.7 billion market cap as speculation builds for the exchange’s coming V3 overhaul.
Messari currently ranks UNI as the -second-largest Ethereum-based asset by market cap behind Tether, beating out the Chainlink by nearly 50% of its capitalization.
UNI broke into the top 10 on March 5, becoming the first native token of a DeFi DApp to hold the distinction. In 24 hours, UNI’s capitalization increased from $8.8 billion on March 4 to $14.7 billion, according to CoinMarketCap’s historic snapshots.
The price of UNI is currently consolidating near yesterday’s all-time high above $34, with the token last trading hands for $33.9.
Uniswap’s initial token distribution saw UNI tokens airdropped proportionally to liquidity providers, in addition to 400 tokens being sent to every wallet that interacted with…
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