Polkadot, the sharded protocol, recently shared that one of its parachain, Moonbeam Network, is taking Uniswap, a decentralized exchange to its network. Moonbeam is Polkadot’s layer-1 parachain, which experienced quite impressive user growth over the last year,” according to Polkadot. When Uniswap comes to Polkadot’s parachain, it will boost the volume and liquidity across its ecosystem, as Polkadot noted in a recent tweet.
Polkadot further mentioned the arrival of Uniswap to its ecosystem. It mentioned, “Uniswap’s arrival in the Polkadot ecosystem adds visibility and momentum towards the development of a new world of decentralized financial products & services on Polkadot.”
Notably, the initiative to bring Uniswap to Polkadot along with Moonbeam was led by Michigan Blockchain. It then successfully passed the governance processes of Moonbeam on May 17th with strong community support. Once this gets live, all the parachains will have immediate access to Uniswap.
Omar Elassar, the Global Head of Growth and BD at Parity Technologies shared his thoughts on this team-up. He said “Polkadot is a strong fit for Uniswap. Its DeFi ecosystem benefits from a marquee name in the space.”
Polkadot ($DOT) Price Analysis
At press time, the price of Polkadot ($DOT) trading at $5.42 with more than 1% of growth in recent hours. In the last 24-hours, the trading volume is $116.05 Million while the market cap is $6.41 Billion. In the last 24-hours, the price of DOT gave its low at $5.24 while high was at $5.46.
As shown in the above chart, the price of DOT showed little bullish trend. However, the previous day’s performance of DOT was not bullish. Late last month, the price of DOT started sliding and continued its bearish trend. Its price dropped from its 20-day EMA and is still not able to touch it. However, the present bullish trend may take it near to its 20-day EMA.
The RSI of DOT also seems like trying to take an upsurge with recent price gain. However, the price of DOT returned to March low like many other altcoins. As the price of Bitcoin (BTC) currently holds $27,000 mark, Dogecoin (DOGE), Cardano (ADA), Solana (SOL) and Polkadot also showing bullish sentiments.
Polkadot holds its position at 12th place by most-traded cryptocurrency by market cap. While, the global crypto market cap is $1.13 Trillion, with nearly 0.57% of upsurge over the last day. The total crypto market volume over the last 24 hours is $33.50 Billion, which makes a 19.67% increase. The total volume in DeFi is currently $2.36 Billion, 7.04% of the total crypto market 24-hour volume.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/05/18/polkadots-parachain-moonbeam-taking-uniswap-on-its-network/