Uniswap gains momentum thanks to mainstream media – BeInCrypto

DeFi exchange and automated market maker (AMM) Uniswap has finally gained mainstream media attention, as Bloomberg labels it as “the exchange of cryptocurrencies most wanted”.

The 2020 DeFi bubble and the protocols that have made it possible are receiving increased attention across mainstream media as it expands its reach beyond Bitcoin. He informe essentially explains what DeFi is and adds that Uniswap is currently the industry leader.

Bloomberg quotes Paul Veradittakit, a partner at California-based Pantera Capital Management LP, who is apparently considering investing in Uniswap’s native token, UNI:

“It’s just phenomenal. We can really see that decentralized exchanges make a huge dent in the market and potentially outperform centralized exchanges. “

Bloomberg compared Uniswap with the world’s largest centralized cryptocurrency exchange, adding that it lists 845 tokens, while Binance has 820. However, what it doesn’t explain is that anyone can list a token on Uniswap, and many of them are scams or duplicates of tokens.

He also noted that the volume of Uniswap is generated by relatively few users, with an estimated 50,000 to 100,000 users compared to Binance’s 15 million customers. According to DeFi Pulse, Uniswap is the leading DEX in terms of total locked value, which has reached $ 2.67 billion, giving it a 24% market share. Most of that is locked into four ETH-based liquidity pools who obtain UNI until November 17.

Governance vote update

Uniswap is currently in its first vote governance, which was proposed by the DeFi Dharma trading platform. How reported BeInCrypto, Dharma proposed lowering the voting and quorum thresholds, which would effectively give more power to UNI’s top incumbents, of which Dharma is one.

Voting ends on October 20, and at the time of writing, there were more than 30 million votes in favor of the proposal and only 643,000 against. Industry observers have noted that this proposal would make Uniswap more centralized by consolidating voting power in just a few UNI whales.

Chris Blec of DeFi Watch has voiced his opinion on this centralization threat, as have several others who have requested that the remaining token holders vote against it.

Source: Twitter

UNI pricing outlook

Uniswap’s native UNI token has sunk with the rest of the DeFi tokens in recent weeks, but has managed to exceed $ 3 again, according to Tradingview.com.

Source: Trading View

Since its peak of around $ 8 in mid-September, UNI has followed the same pattern as its DeFi siblings, dropping more than 60% to current levels. Other tokens like rival SUSHI have fared much worse, dropping more than 90% from their all-time high.

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