The withdrawal of prominent DeFis after the turmoil in Binance disrupted the balance of Uniswap (UNI).
Binance, which has been struggling with investigations and lawsuits for a while, created a stir in DeFi. While various platforms and tokens came to the fore, one of the clearest examples of these was UNI. Even though UNI, one of the first names that comes to mind when DeFi is mentioned, showed an increase of 13 percent in a very short time, it lost more than 10 percent in value in the last two days. In addition, the popular coin, which ranked third on the “Top Losers” list with its 6.71 percent decline in the last 24 hours, fell below an important support zone.
The sharp rise had a heavy price!
Among the DeFis that took off with the decrease in trust in centralized exchanges, the rise of UNI was the first to attract attention. However, UNI, which started to decline with the slight relaxation of BTC, lost 10.62 percent in value in the last two days. As of the writing of the news, the DeFi coin, which found buyers at $ 5,892, may move first to 5,584 and then to $ 5,517 and $ 5,293.
If new news comes that will highlight DeFis, BTC dominates over $ 38,000 or UNI exceeds $ 5,996, there may be increases to 6,072 – 6,153 – 6,294 – 6,425 and $ 6,568, respectively. In this process, fundamental analysis will play as critical a role as technical analysis.
What is UNI?
UNI is a governance token that allows you to have a say in the management of the Uniswap decentralized exchange. Uniswap system is an open software protocol.
The decentralized Uniswap protocol presents user ideas to other users in order to make in-system updates and changes. Users also vote for these updates thanks to the UNIs they own. Updates or changes can only be made based on the voting results.
UNI was launched in 2018. UNI boomed in 2020, accompanied by increasing interest in DeFi projects. The circulating quantity of UNI is 202,417,054 units. Uniswap will currently release a total of 1 Billion UNI to the market.
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