PANews May 12th News: Official data from the Uniswap protocol shows that its historical trading volume has exceeded 3 trillion US dollars, making it the first decentralized exchange to reach this milestone. Uniswap founder Hayden Adams posted on the X platform to celebrate, thanking users for their support and hinting at greater plans for the future.
However, just as Uniswap achieved this significant feat, its governance token $UNI suffered a heavy price blow. According to data from the Coinworld APP, as of 23:42 on May 12th, the price of $UNI was approximately $8.98, having dropped by 6.06% over the past 24 hours.
The decline in the price of $UNI is mainly due to the large inflow of tokens into Binance, which has caused market panic. Recently, of the 27.9 million UNI unlocked from the Uniswap time lock contract, 1.24 million have flowed into Binance. Investors were worried that the large-scale sell-off would lead to a further decline in prices. This panic triggered a herd sell-off, causing the price of $UNI to drop significantly.
Although the short-term performance of $UNI is not good, as a leading decentralized trading platform, the continuous development of Uniswap’s ecosystem may provide support for the long-term value of $UNI. However, investors still need to closely monitor market dynamics in order to make informed investment decisions.
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