Uniswap flipped this alt to become the most traded token among BSC whales

According to WhaleStats data, Uniswap has flipped Ethereum to become the most traded token among Binance whales. At the time of writing, the token was up 2.8% in the last 24 hours. Well, the coin traded within a price reach from $9.30 and $10.16, at the time of going to press. However, the token is still nearly 80% lower than the ATH of $44.92 in May 2021.

It should be noted that the trading volume includes the 1000 largest Binance Smart Chain portfolios. Interestingly, UNI remains the seventh most widely used smart contract among these users at the time of going to press. This essentially means that of the top 1000 BSC portfolios, the BSC contracts have consumed the most cumulative gas in the past 24 hours.

In addition, UNI is also the most widely used token for Ethereum whales. Meanwhile, it is the ninth most gas-consuming token used in smart contracts.

This is an important development given the Uniswap protocol, which is used for decentralized trading (DEx) and automated liquidity provision.

On Defillama, Uniswap’s Total Value Locked (TVL) is at $7.53 billion, with Optimism controlling $44.8 million, Ethereum dominating $7.27 billion, Polygon holding $139.3 million and Arbitrum owning $72.6 million.

What is noteworthy is that as a utility token, UNI holders can vote for Uniswap developments that decide where the project will go. It also uses an automated market making system where users merge two assets based on a certain ratio.

UNI holders can use the token to fund liquidity mining pools, grants, partnerships and other developments to improve UNI’s user base and scalability.

Currently, Investor Observer has given Uniswap (UNI) a low to moderate risk rank. In general, low risk LPs (liquidity providers) are considered sufficiently liquid and immune to market manipulation. The report noted,

“UNI’s current risk score means it is a relatively modest risk investment. Investors primarily concerned with risk assessment will find this score most useful for avoiding (or possibly seeking out) risky investments.

And in 2022, with the launch of V3 on four platforms, Messari analysis expects the V3 to V2 ratio for Uniswap to continue to grow.

According to Messari, the ROI or return on investment on Uniswap, if held until today, is close to -8.45%.

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