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Uniswap becomes the first DeFi token to reach top 10 cryptos list

Uniswap, a popular ETH-based DeFi token, has seen remarkable growth over the past week, reaching an all-time high of $34. Remarkable growth for a token hovering between the low 20s for quite some time.

Image courtesy: CoinMarketCap

As of writing, Uniswap token’s price is $34.28. With a growth of 13.79% past 24 hours, Uniswap rode into the list of top 10 cryptos. It’s market cap rose from $8.8 Billion to about $18 Billion and popular exchange Messari ranked the token 3rd position overtaking Chainlink.

UNI’s entrance into the top 10 is coupled with the consecutive trade volume records set by the token on the exchange. In February, Uniswap had four consecutive trading volume records with an all-time high at $31.9 Billion.

But it looks like Uniswap’s streak of weekly volume records have come to an end, with seven-day volume currently sitting at $6.4 billion which is down by 25% when compared to last week’s $8.6 billion. Despite this decline, Uniswap still represents half of all trade on Ethereum-powered DEXes.

Uniswap token’s surge comes amid speculations that their V3 upgrade will be available soon. Uniswap lead developer, Hayden Adams recent increased social media activity could suggest that the new version is coming soon.

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