Tag: Uniswap

Categories
Bitcoin Dogecoin Ethereum Market Analysis

Crypto Markets Outlook – 100 Day Performance DOGE, UNI, BTC, ETH

100 Day Snapshot
Source: Coin Metrics Network Data Charts

There are many indications that we’re still in a crypto bull market, so let’s take a look at some popular coins and how they have been performing.

Which Coin Won The Last 100 Days?

The last 100 days have been a turbulent period for crypto enthusiasts. There have been some coins that delivered phenomenal returns, while others have been less impressive. Let’s compare some of the big players.

100 Day Snapshot
Source: Coin Metrics Network Data Charts

$100 worth of the relative safety of Bitcoin (BTC) puchased 100 days ago is now worth $135, not too shabby compared to bank interest and government bonds. 

$100 worth of Ethereum (ETH) purchased 100 days ago is currently worth a more exciting $186 today driven largely by the explsion in NFTs.

Meanwhile, $100 worth of Uniswap (UNI) has rocketed to $401 in the past 100 days as traffic to the platform continues to grow.

But the real winner of the past 100 days is Dogecoin (DOGE), which would have seen $100 multiplied to a whopping $2,742 during the same timeframe. Such returns are not even considered feasible by those that invest in stocks or other ‘real world’ commodities. 

Dogecoin’s Long-term Prospects

For Dogecoin investors there is a significant probability that the coin may retrace its spectacular recent run. Many serious crypto thinkers believe it to be something of a joke that does not deserve its multi-billion dollar market cap. But occasionally markets behave strangely as the past 100 days shows. A single tweet from Elon Musk can send the Dogecoin price vertical. Its value is not based on solid fundamentals or impressive whitepapers, it’s a vehicle for those enjoy memes and don’t take life too seriously. 

Crypto Markets - 100 Day Snapshot

Jackson Byrne – Crypto News Guest Author

Categories
Crypto News DeFi

DEXs on Track to Break US$55 Billion in Monthly Trading Volume

DeFi Tokens Generated $252 Million In Revenue For April 2021

Decentralized exchanges (DEXs) are on track to reaching another massive monthly trading volume, according to the latest market report by Messari, a cryptocurrency analytics platform. DEXs are one part of the decentralized finance (DeFi) industry that has gained immense growth in participation and market valuation since the past year, especially during the rush in DeFi.

Judging by the trading volume, the exchanges had an awakening moment in July where the volume began spiking consecutively to the all-time monthly high in September.

With 15 days left to conclude the month, DEXs could see a new ATH.

DEXs are Seeing High Trades in 2021

DEXs are seeing high market participation in January, as the monthly trading volume is already up to US$22 billion, which is about six percent below the $23.4 billion recorded in December. Recent reports had indicated that more coins, especially Ethereum (ETH), have been leaving centralized exchanges (CEXs) to other places that include DEXs. Notionally, this somewhat explains the increasing trading volume posted on these DeFi exchanges. 

Meanwhile, DEXs are likely to surpass the September ATH of US$26.7 billion, following the current trading volume so far. Potentially, the crypto analytics platform noted that the trading volume could hit a milestone record of US$55 billion in January. Among all the available decentralized exchanges, Uniswap dominates the market with a current monthly trading volume of $9.7 billion. Other leading DEXs by trading volume include SushiSwap, Curve, Synthetix, Kyber, Balancer, and dYdX.

Total Assets Valuation in DEXs

A glance at DeFi Pulse showed that DEXs are the second-largest set of DeFi protocols with about US$7.67 billion in assets locked – second to the Lending market, which has a total assets valuation of US$10.68 billion. The leading decentralized exchange, Uniswap, has more than US$2.7 billion assets locked, followed by Curve (US$1.9 billion), SushiSwap (US$1.83 billion), etc.

Categories
Australia Coinjar Crypto News

Yearn.Finance and Uniswap Token Now Available on Aussie exchange CoinJar

Binance Australia to List Polkadot, Cardano, and PancakeSwap

One of the leading Australian cryptocurrency exchanges, CoinJar, announced Friday it has added support for two popularly-traded decentralized finance (DeFi) tokens – Yearn.finance (YFI) and Uniswap (UNI). Going forward, the users will be able to purchase and trade these tokens in addition to other digital currencies already supported on the trading platform.

Such a development tends to bring the Australian crypto market closer to DeFi, which presently is sailing at a total assets value of US$12.7 billion.

According to the exchange, the new DeFi tokens will be automatically included in new purchases for its CoinJar ERC-20 Bundle, CoinJar DeFi Bundle, and CoinJar Universe Bundle. The inclusion of the tokens won’t affect the exchange’s bundle users. However, CoinJar noted in the announcement that they would need to unbundle and re-purchase the desired bundle to access the DeFi tokens.

Yearn.finance and Uniswap Explained

Both YFI and UNI are the governance tokens for Yearn.finance and Uniswap protocols, built on the Ethereum blockchain as ERC-20 standard tokens. Yearn.finance is among the top-ranking decentralized finance protocols developed by Andre Cronje. The protocol provides lending aggregation and yield generation while using other DeFi services, including Uniswap, Aave, and others. 

The YFI token is trading at the price of US$23,100 on CoinGecko, a cryptocurrency price tracking platform. 

Uniswap is the leading decentralized exchange (DEX), with about US$1.24 billion in assets locked. It allows the exchange of Ether (ETH) and other ERC-20 tokens on Ethereum in a decentralized manner. Unlike regular cryptocurrency exchanges, Uniswap uses Constant Function Market Makers other than order book. The governance token (UNI) was launched on September 17 and made a big run shortly after it was introduced. 

The UNI token is presently trading at US$3.21, with about -3 percent change in the 24 hours count.

Categories
Scams

Aussie Nuggets News CEO Says Member Lost $20,000 in Fake Uniswap App

Transparency and Trust, among other things, are very important qualities that can accelerate the adoption and development of the digital currency industry. However, scammers are making this almost difficult to achieve with fraudulent crypto investments, projects, and applications. Many fake mobile applications were recently spotted on Google Play Store and were taken down after being reported.

Several crypto companies and experts have also been working to make the nascent industry safer for investors. Yet, scammers are still persisting with their malicious attacks. Earlier on Friday, unfortunately, a member of the Australian Nuggets News community reportedly lost thousands of dollars to a fake Uniswap mobile application hosted on the Google play store.

Users are Losing Thousands in Fake Uniswap App

The founder of the Aussie media platform, Alex Saunders, confirmed the development in a tweet. Going by his disclosure, the scammers used key phrases to victims’ crypto wallets to unauthorizedly move their cryptocurrencies to their wallets. For instance, the Nuggets News member entered his private key backup phrase to the alleged fake Uniswap application, after which he lost about AU$20,000 in cryptocurrency. 

Don’t Share Key Phrases Anyhow

Dubbed Uniswap DEX, the application was presented on the Google Play store as the Android app for the leading decentralized exchange (DEX), Uniswap. It’s still available in the store, with a 4.4-star rating. It has over one hundred positive reviews, all of which Saunders alleged was fake. Backing this up, the latest reviews are coming up with negative stories for the application. These comments claimed that the app was, in fact, a scam.

“Fraud/Scam alert! This app steals your money! Turkish fraudsters run this app!” one of the comments reads.

Key phrases are personal and should be kept confidential. One best safest measure to avoid being scammed is never to share key phrases to wallets on any online platform. Also, it is advisable for industry participants to conduct due research before parting their funds with any project, especially newly formed ones.