Ethereum (ETH) whales are big investors who aim to move large sums of money to the right projects. It seems that one of these altcoins became an Ethereum-based DEX platform. Whales buy massive amounts of UNI instead of SHIB or ETH.
ETH whales buy UNI for $75M
According to Santiment, the biggest ETH whales have added more than 10 million UNIs to their wallets in the last 16 days. These whales are investors holding between 10,000 and 1 million tokens. During this period, the UNI price gained more than 25%.
Whales bought Uniswap (UNI) for a total value of approximately $75 million. For comparison, Uniswap’s circulating supply is 734 million UNIs, according to CoinMarketCap. Thus, we can say that the largest whales have achieved 1.5% of the total circulation volume of UNI in just the last two weeks.
Whales’ motivation for Uniswap (UNI)
It’s not hard to understand why whales buy UNI. One of these; Uniswap is the largest Ethereum-based DEX platform. Additionally, trading volumes on the platform are already 50% of the same volumes on Coinbase, one of the three largest centralized exchanges. At the same time, Uniswap does not just do cryptocurrency transactions. The Ethereum-based DEX platform is already taking serious steps in the field of NFT. cryptocoin.comFrom the acquisition of Genie to its current integration into Sudoswap’s platform, Uniswap is preparing to launch a full-fledged NFT platform solution this fall.
We'll be launching NFTs on Uniswap with full @sudoswap support. Pool data flowing in👇 pic.twitter.com/nsRt9Cp1Ss
— Scott 🦄 (@Scott_eth) July 22, 2022
Uniswap (UNI) expands into NFT market
The key player of DeFi has announced its integration with the NFT platform Sudoswap to provide users with efficient NFT transactions. The final NFT platform solution on Uniswap is expected to arrive in the fall. However, as can be seen in the above post at the head of Uniswap’s NFT projects, work on it is already in progress.
This move is a logical follow-up to the June acquisition of NFT aggregation platform Genie. The agreement gives Uniswap users access to NFTs from multiple platforms in one place. At the same time, users will be able to sell NFTs directly from Uniswap, thanks to the Sudoswap integration. It will also allow users to create their own NFT liquidity pools. Additionally, the platform is optimized for gas fees. Thus, it charges a commission of only 0.5%, which is five times lower than the main competitor OpenSea.
Uniswap’s efforts in the altcoin market
The Sudoswap integration largely reflects the goals of Uniswap. First, the largest Ethereum-based DEX received half of its trading turnover from Coinbase and has now decided to seriously take over a portion of the market dominated by well-known NFT marketplaces such as OpenSea and LookRare.
The Uniswap team also speaks positively of the most exciting and possibly the most memorable part of the crypto market. It also describes NFT tokens as a full-fledged form of value in a thriving digital economy.
