As per WhaleStats data[1], Uniswap has flipped Ethereum to become the most traded token among Binance whales. At the time of writing, the token was up by 2.8% in the last 24 hours. Well, the coin was trading within a price range[2] of $9.30 and $10.16, at press time. However, the token is still close to 80% down from its ATH of $44.92 in May 2021.
To be noted, the trading volume incorporates the 1000 largest Binance Smart Chain wallets. Interestingly, UNI remains the seventh most used smart contract among these users at press time. This essentially means that among the top 1000 BSC wallets, the BSC contracts have consumed the most cumulative gas in the past 24 hours.
Additionally, for Ethereum whales, UNI is also the most widely held token. Meanwhile, it is the ninth most gas-consuming token used in smart contracts.
This is a significant development considering the Uniswap protocol, which is used for decentralized trading (DEx) and automated liquidity provision.
On Defillama, Uniswap’s Total Value Locked (TVL) stands at $7.53 billion with Optimism controlling $44.8 million, Ethereum dominating $7.27 billion, Polygon holding $139.3 million, and Arbitrum holding $72.6 million.
What is noteworthy is that as a utility token, UNI holders can vote on Uniswap developments that decide where the project will head. It also uses an automated market-making system where users pool two assets based on a determined ratio.
UNI holders can use the token to fund liquidity mining pools, grants, partnerships, and other developments to improve UNI’s user base and scalability.
Currently, InvestorsObserver[3] has given Uniswap (UNI) a low to moderate risk rank. Generally, low-risk LPs (liquidity providers) are considered sufficiently liquid and immune to market manipulation. The report noted,
“UNI’s current risk score means it is
