Most of the time, users prefer to use products operated or run by any centralized institution. UniSwap is one of the leading decentralized finance platforms in the crypto market.
UNI, the governance token, has surged 74% as of writing. Its price growth is claimed to be backed by the most recent governance proposal submitted by Erin Koen that aims to enhance the protocol’s decision-making process and incentivize UNI token holders.
The proposal advocates a fee-sharing mechanism that will reward UniSwap’s governance token holders, who also stake and delegate their tokens, thereby boosting engagement and participation in the governance ecosystem.
Following the sudden downfall of FTX, users started to shift towards the decentralized category of the crypto community. SushiSwap, Balancer, 1inch, and PanecakeSwap became very popular and are still leading the decentralized category.
The recent spike in the UNI token has stirred the entire DeFi category; its price surged over 79.59% in the past 365 days. The trading price and volume grew by 1901.15%, and market capitalization reflected an additional 75%.
As per CoinMarketCap, most of the UNI’s trading volume is gathered from Binance in the past 24 hours; UNI/USDT is the most traded pair. The growth will help DeFi attract more traders and users to its ecosystem.
As per the available data, the momentum in UNI price in the past few weeks is much better than in the past two years. Despite positive comments on the growth, some analysts claim the growth is a speculative move of the traders.
Decentralized Finance Market Size
According to the estimates of InsightAce Analytics, the global decentralized finance market size is $20.22 Billion in 2023. The firm claims that the size will grow an average of 45% and reach $398.77 Billion by the end of 2031.
However, compared to the centralized finance market, the DeFi market is relatively small, but the sector’s growth will continue. Coinbase Global Inc., Binance, and Kraken are other leading CeFi ecosystems in the crypto market.
Market Updates
The cryptocurrency market has experienced impressive growth in the past few years, and a significant boost in global crypto adoption is seen. “The constant evolution of technology will benefit us but will affect us in some other way.” Adoption growth is positively seen by increasing frauds and scams in the crypto sector, which is also a topic to discuss.
Most recently, an engineer working with Paradigm has launched a ‘Security Alliance’ with dozens of white hat hackers to safeguard the crypto-based firm from cyber thefts and threats.
The alliance of the white hat hackers has secured around $1 Million from some leading crypto-based companies. The coalition promised to work to protect the companies instead of receiving funding from the sector to tackle the expense of the operations.
The crypto market capitalization is consolidating from $1.95 Trillion to $2.00 Trillion; earlier on February 21, the market capitalization was $2.01 Trillion. When writing about the crypto market leader, Bitcoin is trading at $51,053 after a weekly decline of 1.34%.
Despite the recent decline, Bitcoin has experienced many mind-blowing highs and has traded near $53k. Some leading Bitcoin moguls claim that the coin will continue to surge, and its original price is worth billions of dollars.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
Source: https://www.thecoinrepublic.com/2024/02/24/proposal-to-boost-decision-making-process-backed-the-uni-growth/