the price rally of UNI thanks to Trump’s victory

Uniswap (UNI) also joined the crypto rally after Trump’s victory, with the price rising to $9.62 from $7.19 the day before. Not only that, but the open interest (OI) also increased by 20%, involving over 18 million UNI tokens in OI contracts. 

Uniswap: UNI rises in price with Trump’s victory in the USA 2024 presidential elections

Just like for the entire crypto market, Uniswap (UNI) also experienced a price increase with Donald Trump’s victory in the USA 2024 presidential elections. 

In fact, at the time of writing, UNI is worth $8.95, but yesterday it reached $9.62 starting from $7.19 24 hours earlier. 

In practice, as of now, the price of UNI is in a dump of -4% compared to yesterday, but in a pump of +12% compared to a week ago. 

Trump’s victory seems to have also favored the decentralized finance sector. According to what is reported, the CoinDesk DeFi index also gained 20% in one day, with UNI leading the way with an 8.2% gain for the CoinDesk 20 index, surpassing the 6% increase of bitcoin to $74,600.

Not only that, Coinglass reports the data related to the Open Interest (OI) for UNI which also seems to have risen by 20% between November 5 and 6, involving over 18 million UNI tokens in OI contracts. This result is the highest amount ever recorded since April 2024. Specifically, the OI saw an increase of over 3 million UNI tokens. 

Uniswap: the price increase of UNI thanks to Trump’s victory and its October news

Besides the “green” numbers of the crypto and DeFi market as a consequence of Trump’s victory, Uniswap (UNI) also experienced some news in October. 

In fact, the DEX protocol has recorded a new record, surpassing the threshold of 2 trillion dollars of volume processed on the Ethereum blockchain. This result is very significant for Uniswap, as it strengthens its position in the world of Web3.

Uniswap had reached 1 trillion dollars in processed volume on Ethereum in June 2022, just 4 years after its official launch in 2018. 

This news arrived two weeks after the same Uniswap had presented Unchain, its new layer 2 (L2) solution designed to improve the efficiency and scalability of Ethereum. 

The CFTC fine of $175,000

At the beginning of September, the news arrived that Uniswap Labs would have agreed to pay a fine of $175,000 as part of a settlement with the CFTC (Commodity Futures Trading Commission of the USA).

In practice, Uniswap has been sued for illegally trading derivatives of digital assets. Not only that, Uniswap has also received a Wells notice from the Securities and Exchange Commission (SEC), as has happened with many other crypto companies. 

The order notes that Uniswap Labs allegedly illegally offered leveraged or margined commodity transactions to the retail public through a decentralized digital asset trading protocol (DEX). 

After the payment of the $175,000 monetary penalty, Uniswap is required to cease violating the Commodity Exchange Act (CEA). In exchange, the CFTC withdraws the complaint and the case is closed.