This altcoin has seen incredible growth in 2023 and has increased by more than 25% since the beginning of the year. As Kriptokoin.com, we have compiled the details of the altcoin that the consulting giant is examining for you.
This altcoin is making a big move
With the recent surge in the cryptocurrency market, investors and traders alike are following some of the biggest movers. One such crypto that the company will add to its ‘big movers’ group lately is Uniswap (UNI), a decentralized crypto exchange.
This increase can partly be attributed to the news that Uniswap has transitioned to Binance’s BNB Chain in order to grow its user base and reach more customers.
Uniswap moves to BNB chain
Uniswap’s upcoming transition to BNB Chain for V3 protocol is seriously big news. Initially launched as a project aimed at incorporating automated market maker technology into the Ethereum blockchain, this switch seems to mark Binance’s dominance in the crypto space in terms of having a private blockchain focused on low-fee trading for exchanges.
A recent survey by OxPlasma labs shows broad support for this movement. An estimated 80% of the votes representing approximately 20 million tokens were cast in favor of the proposal. This should be enough to ensure the success of this offering, making this transition towards BNB Chain a near-complete deal.
For the Uniswap team, the purpose of this strategic technological move seems to center around the idea that providing access to the enormous DeFi market potential of Chain BNB allows Uniswap to disproportionately benefit from the network effects created as a result of being part of a much larger ecosystem, according to the company. This could lead to more gains for the altcoin, which have increased significantly this year.
What makes Uniswap unique?
Uniswap is an option for traders to buy and sell cryptocurrencies in this market. With the centralized exchange Binance dominating the market, one might wonder why Uniswap is important in the grand scheme of things.
After all, as with many industries, a number of crypto experts believe that by the end of the day, a few major central players will dominate this industry. Therefore, Uniswap’s move to BNB Chain may indicate that the market may already be cornered and Uniswap is simply going with the flow once the trading volume gets to where it is now.
Interesting, however, is Uniswap’s automated liquidity protocol, which allows users to pool their funds to execute all transactions on the platform. This system allows buyers and sellers to complete their transactions without waiting for the addressee.
Additionally, Uniswap works with two types of contracts: factory and barter contracts. The factory contract adds new tokens to the exchange, while the swap contract facilitates cryptocurrency trading. This allows many of the same centralized services that happen on Binance or Coinbase to happen only on the decentralized blockchain. It’s also something that many investors prefer.
The consulting giant is watching this altcoin
The company is one of the potential winners when it comes to cryptocurrency investment, which Uniswap currently thinks is worth considering. They feel that Uniswap’s growth prospects have improved significantly, taking advantage of the growth potential provided by its new link to the BNB Chain.
Additionally, Uniswap’s ability to benefit from potentially lower transaction fees should provide an increase in volumes over time. Therefore, for investors looking for a high-growth project to consider at the moment, Uniswap is listed as an interesting token to watch right now, according to the company.
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