While most of the altcoins in the market were hesitant and complacent by the end of the week, UNI gained significantly. In fact, the price soared from a low of $ 17.7 to a weekly high of $ 26 in less than 2 days before initiating a correction.
UNI 4-hour price table | Source: Tradingview
In China, the crypto space remains “fearful” from the start due to regulatory uncertainty and threats. However, crypto has never been completely eliminated. Things could turn for the worse following the recent raid announcement.
Amid fear, uncertainty, and doubt, Wale began transferring BTC and ETH from Huobi wallets to other unknown wallets. In addition, the value of the HT token has more than halved in the past week. Even so, this development has significant advantages for a variety of other tokens.
Amid the news of such a crackdown, DeFi tokens like UNI began to soar. Even if many centralized exchanges in China close, users will still have access to the decentralized market. In fact, the famous Chinese journalist Colin Wu recently tweets:
“Many Chinese users will pour into the DeFi world, the volume of MetaMask and dYdX will increase significantly. The entire Chinese community is discussing how to use DeFi. “
Overall, Uniswap works pretty well in terms of development. For example, the Uniswap v3 implementation on Optimism and Ethereum will move from Alpha to Beta so that users can seamlessly access other networks directly through the Uniswap app.
In addition, the application is now fully compatible with EIP-1559. Since the London hard fork, over 43,577 ETH have been burned by transactions that interact with the Uniswap protocol.
Without ignoring the above aspects, however, it should be noted that the Total Value Locked (TVL) does not increase on the protocol.
Prior to China’s announcement, UNI’s total liquidity was more than $ 6.3 billion. At the time of writing, the numbers are hovering in the direction of $ 5.75 billion to $ 6 billion.
Total value blocked on Uniswap | The source: DeFi impulse
The trading volume on the exchange has also been lower so far. This despite a remarkable increase a few days ago. That is not a good sign either.
UNI adapted NVT | The source: Messari
In addition, the ratio of network value to transaction (NVT) was at a one-month low (52.05) at the time of going to press. Therefore it can be concluded that the network value of Uniswap does not keep pace with the value transmitted on its network. Overall, NVT currently represents a bearish mood.
Hourly Fees and Quantities | The source: Dune analysis
In short, for UNI’s price to continue to rise, network usage must increase. If this doesn’t happen in the next few days and the state of the above indicators is grim, it will be quite difficult for the token to maintain its current level of $ 24-25.
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