Uniswap UNI / USD has grown into one of the largest decentralized trading protocols and is known for enabling automated trading of DeFi tokens.
The UNI token is the primary token for the decentralized Uniswap exchange and plays an important role as it is a governance token and its owners can participate in the decision-making process about the operation, upgrade and future development of the platform.
Crossing $ 1 billion in transaction fees as a growth catalyst
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In fact, Uniswap opened on August 10th the $ 1 billion mark in fees exceeded. Note that this only takes into account the Uniswap V2 and Uniswap V3 fees.
There are many factors that have led to this development; However, it is important to note that Uniswap is one of the largest trading protocols out there and is constantly updating its portfolio of tradable tokens.
The question that concerns everyone right now is whether to invest in Uniswap as it is one of the first protocols of its kind to top $ 1 billion in fees. Let’s find out.
Should you buy Uniswap (UNI)?
On August 11th, Uniswap (UNI) was worth $ 29.91.
It hit its all-time high on May 3rd, valued at $ 44.92. This gives us a perspective on how much the native token has risen over its history. Compared to its all-time high, the value is down 33% on August 11th, which could be an indication of the growth potential of the token.
However, if we want to look at recent developments, July gives us a clearer view of the token’s performance.
On July 7th, UNI climbed to $ 23.17, which was one of its highest points of the month, but if we look at the other end of the price spectrum, it fell to just $ 14.52 on July 21st, which marked its lowest point.
From the lowest to the highest, the difference in value is 38%. The high in July is only 30% lower than the value in August 11.
By looking at the data from IntoTheBlock we can get a clearer picture of what is actually going on.
In the past 7 days, there were $ 1.01 billion in transactions valued at more than $ 100,000, which is a new record.
In addition, there were total inflows of $ 96.88 million and outflows of $ 114.3 million.
With that in mind, Uniswap is sure to cross the $ 30 mark soon and, at the current rate of growth, has the potential to climb into the $ 39 range by the end of August.
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