The current value of UNI in the market stands at $4.27 USD with a trading volume of $78,762,783 USD over the past 24 hours. There has been a slight decrease of 0.30% in its value during this period.

Uniswap is ranked #27 on CoinMarketCap with a market capitalization of $2,467,764,245 USD. It has a circulating supply of 577,501,031 UNI coins and a maximum supply of 1,000,000,000 UNI coins.

The Uniswap Foundation (UF) has submitted a proposal to secure the second tranche of funding for their goal of creating a self-sovereign Internet and a permissionless alternative to traditional finance (TradFi).

The funding amount requested is $62.37 million, and an on-chain vote has been scheduled for Wednesday, October 4th, with a 10% buffer included to address any price fluctuations.

UNI Foundation Proposes Community Vote for Approval of New Initiative

The funding request was divided into two parts to allow the Uniswap Foundation to obtain non-profit status from the IRS before receiving the larger portion of funds. The first tranche of funding was approved for $20 million but was reduced to $17.3 million due to a decrease in the value of UNI.

The second tranche, totalling $62.37 million, will be received in UNI using a 30-day TWAP. The UF has around $9.24 million left for operational expenses, which is expected to last until Q4 2024. In mid-2024, the Uniswap Foundation plans to revisit governance to extend its operational runway.

See also  Weekly Recap: Controversy Surrounding Tornado Cash Founders and Grayscale's Legal Victory over SEC — A Overview

UNI Takes Bold Steps to Consolidate Amidst Market Downturn

Over the last week, the price of UNI, Uniswap’s native token, has remained within the range of $4.198 and $4.311 due to the bearish market trend and a negative macro outlook. The token has seen a 0.5% decline in the last two weeks and a 9.6% drop in the last month, reaching a four-month low.

UNI/USD Price Chart – Source: Tradingview

To break the downtrend structure and potentially rally towards $6.259, UNI bulls must defend the current price floor and surpass resistance walls at $4.418 and $4.487. It’s important to note that this price level is still below UNI’s annual high of $7.629.

According to Token Terminal data, Uniswap’s circulating market cap currently stands at $3.67 billion, experiencing a recent decrease of 6.66%, while the fully diluted market cap stands at $4.27 billion, displaying an 8.15% decrease.

Recently, the total value locked in Uniswap, which represents the amount of cryptocurrency assets deposited and utilized within the platform, has declined by 5.31%, reflecting the challenges faced by the broader DeFi sector.

Related News


Leave a Reply