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Is now a Good Time to buy Uniswap (UNI)?

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Is now a Good Time to buy Uniswap (UNI)?

Think now is a good time to buy Uniswap? You can buy UNI on eToro today!

The Uniswap protocol is an automated market maker (AMM) used for swapping ERC-20 tokens – the most popular token standard built on Ethereum. Uniswap is also commonly referred to as a DEX, short for decentralized exchange. With over $1 trillion in trading volume and a recent non-fungible token (NFT) aggregator acquisition, Uniswap and its development team at Uniswap labs have become essential for peer-to-peer crypto transactions. 

Although Uniswap is a protocol governed by a decentralized autonomous organization (DAO), its founder Hayden Adams also runs a for-profit company called Uniswap Labs, which helps to manage and integrate new technology into Uniswap. 

Despite the many DEXs to choose from, Uniswap has managed to become a leader in the industry and a trusted name for safe transacting. With the market in a downturn, some investors are scooping UNI, the Uniswap governance token, for cheap. The cryptocurrency is one of the select few on the market that has shown value.

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Is Now a Good Time to Buy Uniswap?

Sentiment in the markets is at record lows; crypto and broader markets have reflected the feeling in a 2022 sell-off. Uniswap has lost roughly 75% of its value in 2022 and is down closer to 88% from its all-time high in May of 2021.

The gravity of the bear market is impossible to escape. Uniswap had some bullish news from its camp with successful launch of Uniswap V3 and acquisition of NFT aggregator Genie. A brief price rally took place but nothing substantial. 

The acquisition of Genie is a huge move for Uniswap. Not only does it get the protocol started in the NFT space, but it also acquired the entirety of the Genie team for Uniswap labs. The team of roughly 15 will join Uniswap labs in making Uniswap a hub for digital ownership. 

Also interesting about the Genie acquisition is that Uniswap chose to airdrop USDC – a popular stablecoin – to any user who has made two or more transactions on Genie. Rewarding the Genie community with no tie to a protocol is an uncommon move.

How Long Will the Crypto Bear Market Last?

Bear markets time spans vary, with most lasting around 10 months. However, the market conditions this time around may point to an extended bear market. With inflation at all-time highs and a tightening cycle projected to last through 2024, limited positive news is coming out about macro fundamentals.

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While many investors are calling for a painful recession, it is important to think back to 2020 when fear rushed through the markets as businesses were shut down in response to COVID-19. As all signs pointed to a recession, the Fed countered with record money printing. 

A pivot from the Fed could instantly shift market conditions. An infinite amount of other potential factors could alter the state of the market.

Timing the market is difficult, but if you are highly convicted on crypto, then these prices may have begun to look attractive to you. A drop in price does not alter the fundamental technology behind crypto.

Will Uniswap Ever Reach All-Time Highs? 

For Uniswap to return to its all-time highs, a full market reversal will need to take place. Along with a shift in the macro environment, Uniswap will need to continue to lead DEXs in transactions, as well as integrate new tech. The recent acquisition of Genie can add more volume on the protocol from individuals trading NFTs. 

Is Uniswap (UNI) a Good Long-Term Investment?

If you are highly convicted on Ethereum and DeFi, then Uniswap could be a good long term investment for you. The protocol is at the cutting edge of DeFi innovation and has an active community that continues to improve the user experience.

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How to buy Uniswap (UNI)

get started securely through eToro’s website

Disclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal. Virtual currencies are highly volatile. Your capital is at risk.

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1 Minute Review

eToro is headquartered in Cyprus, England and Israel. A major eToro plus is its social trading operations, which allows new clients to copy trade the platform’s best performers. Its social trading features are top notch, but eToro loses points for its underwhelming research and customer service features.

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  • Investors looking to CopyTrade other traders
  • Simple user interface

Pros

  • Several major cryptocurrencies and altcoins
  • Expansive network of social trading features
  • Large client base for new traders to imitate

Cons

  • Only 29 coins available
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The UNI token is listed on some popular exchanges such as eToro. If you are looking to use a non-custodial wallet, then you can connect directly to the Uniswap application and swap Ethereum for the token.

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How to Store Uniswap Safely

buy now securely through Ledger Hardware Wallet’s website

1 Minute Review

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Launched in 2014, Ledger has transformed into a fast-paced, growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for companies and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.

With 1,500,000 Ledger wallets already sold in 165 countries, the company aims at securing the new disruptive class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates to a secure chip for its line of wallets. So far, Ledger takes pride in being the only market player to provide this technology.

Best For

  • ERC-20 tokens
  • All experience levels

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  • Easy to set up and use
  • Supports more than 1,500 different digital assets
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Centralized exchanges are in hot water as a number have begun to fail following the downturn in markets. The importance of holding your own keys is more relevant than ever; however, crypto wallets do hold risks of their own. When using a wallet, you are solely responsible for remembering the password and seed phrase, and if forgotten there are no back-end routes to recovery like there are for forgetting your password on a centralized exchange.

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Another risk with wallets is that software wallets, often referred to as hot wallets, are susceptible to scams and hacks. Moving your digital assets to a hardware wallet, or cold wallet, is good practice. A hardware wallet holds less compromisable qualities than a software wallet.

A popular hardware wallet maker is Ledger – the Ledger Nano S is a commonly used model and is a relatively easy process to set up.

How Does Uniswap fit in the Bigger Picture? 

Uniswap’s token UNI is built on Ethereum’s blockchain. It is used to vote in the DAO that governs the DEX. The token funds liquidity pools used to grow the ecosystem via partnerships, grants and other activities.

The UNI token is most often used as an investment vehicle to represent the value of Uniswap. It can be further used as a tool for governing and growing Uniswap. 

So, is now a Good Time to buy Uniswap (UNI)?

If you are in crypto for the long haul, it may be a good time to acquire UNI. The protocol has provided tremendous value as a DEX, and its active community continues to improve and expand its use cases.

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FAQs

Is now a good time to buy Uniswap token?

The best time for you to buy UNI depends on your time scale and appetite for risk. To invest in Uniswap, you likely should be bullish about its use cases and willing to hold through volatile swings.

Can UNI reach new all-time highs?

Uniswap is far off from its all-time highs. UNI will need to see a shift in market sentiment as well as continued growth of the protocol to return to its highs.

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$4 Billion

Axie Infinity Surpasses $4 Billion In All-Time Sales, Team Removes SLP Rewards From Classic Game Mode

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Axie Infinity Surpasses $4 Billion In All-Time Sales, Team Removes SLP Rewards From Classic Game Mode

After recording more than $4 billion in all-time sales, Axie Infinity announced the game’s classic mode will no longer allow users to obtain smooth love potion (SLP), as SLP rewards have been added to the new Origin ranked gameplay mode. The team also introduced non-fungible token (NFT) runes and charms that can be minted on the Ronin network through the marketplace.

As the Play-to-Earn Game Hits $4 Billion in Sales, Axie Infinity’s Classic Mode Will No Longer Collect SLP

Axie Infinity is changing the rewards system and removing SLP from the classic gameplay, according to a blog post published on August 11. Axie Infinity is one of the most popular play-to-earn (P2E) games that incorporates NFTs. The game’s NFT collection so far has seen $4.24 billion in all-time sales, according to all-time statistics collected by dappradar.com.

Cryptoslam.io data also shows that Axie Infinity has over $4 billion in all-time sales, but the metric is a touch less ($4.08B) compared to dappradar.com’s stats. The $4 billion in sales took place across 17,038,131 transactions to date and there’s 2,291,087 NFT owners.

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Axie Infinity is the top NFT collection on cryptoslam.io as Bored Ape Yacht Club (BAYC) follows behind Axie Infinity in sales with $2.36 billion, and Cryptopunks has $2.35 billion in all-time sales. In the latest blog post called “Origin Season 0: Phase 3 Is Here,” Axie Infinity details that some changes to the game will remove classic mode rewards.

The game’s management plans to reward players using Origin’s ranked gameplay mode. NFT runes and charms have been introduced as well, and the team adjusted the game’s leaderboard rewards.

“As planned, we will be moving SLP over from Axie Infinity Classic (V2) to Axie Infinity Origin (V3) as part of Phase 3,” Axie Infinity explained on Thursday. “This means that SLP emission will be completely turned off from V2 on August 12th at 9:30 AM GMT +7. One major benefit of transitioning to Origin from Classic is expanded abilities to balance the SLP economy. Thus, the design of the SLP rewards system with Origin is being tuned in a way to align with that goal.”

Axie Infinity has two native tokens, smooth love potion (SLP) and axie infinity (AXS), that are integral to the P2E game. While SLP is used for rewards, AXS is the community’s governance token. AXS tapped an all-time high (ATH), four days before BTC reached its lifetime price high, when AXS hit $164 per unit on November 6, 2021. AXS is currently down more than 88% from its ATH, and SLP’s fall from its price high is even worse. On July 13, 2021, SLP reached a $0.399 price high, and today it’s down more than 98% from that point.

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$4 Billion, $4 Billion in sales, August 11, axie, axie infinity, axs, Blockchain, Classic, Classic Mode, Cryptocurrency, cryptos, Games, Leader Board, Leaders, Markets, nft, NFTs, Non-fungible Token, Non-Fungible Token Collectibles, Origin Season, P2E, play to earn, Rewards, rewards system, sales, SLP, Smooth Love Potion, v2

What do you think about Axie Infinity changing the SLP rewards structure? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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$450 Million

Binance CEO Says Exchange Recovered $450 Million From The Curve Finance Attack

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Binance CEO Says Exchange Recovered $450 Million From The Curve Finance Attack

Following the recent Curve Finance attack, Binance CEO Changpeng Zhao announced that the exchange had recovered $450 million from hackers. The decentralized finance (defi) platform Curve saw roughly $570 million siphoned from the application on August 9.

Binance Boss Says Exchange Froze 83% of the Curve Finance Hack Funds, Domain Provider Says Exploit Was DNS Cache Poisoning

Four days ago, the crypto community was made aware that the Curve Finance front end was exploited. Curve fixed the situation but $570 million was removed from the defi protocol. The attackers, however, decided to send the funds to crypto exchanges. Binance CEO Changpeng Zhao (CZ) tweeted about the exploit the day it happened.

“Curve Finance had their DNS hijacked in the past hour,” CZ wrote. “Hacker put a malicious contract on the home page. When the victim approved the contract, it would drain the wallet. Damage is around $570K so far. We are monitoring.” In addition to Binance monitoring the situation, the exchange Fixedfloat managed to freeze some funds.

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“Our security department has frozen part of the funds in the amount of 112 [ether]. In order for our security department to be able to sort out what happened as soon as possible, please email us,” Fixedfloat wrote the day of the hack. Then three days after the hack, on August 12, CZ explained at 1:07 a.m. (EST) that Binance recovered roughly 83% of the funds.

“Binance froze/recovered $450K of the Curve stolen funds, representing 83%+ of the hack,” CZ tweeted on Friday. “We are working with [law enforcement] to return the funds to the users. The hacker kept on sending the funds to Binance in different ways, thinking we can’t catch it,” CZ added.

Curve Finance retweeted CZ’s statement and noted earlier in the day that the team has a brief report from the domain provider [iwantmyname.com] and said: “In brief: DNS cache poisoning, not nameserver compromise,” Curve Finance explained while sharing the report. “No one on the web is 100% safe from these attacks. What has happened STRONGLY suggests to start moving to ENS instead of DNS.”

The domain provider iwantmyname.com’s report confirms Curve’s statements. “It appears that one customer’s domain was targeted,” iwantmyname.com’s disclosure report details. “Our external provider’s hosted DNS infrastructure was apparently compromised and the DNS records for this domain were changed to point to a cloned web server. Further investigation together with the external provider indicates that it was DNS Cache poisoning rather than any nameservers compromised.”

Tags in this story

$450 Million, $570K, Binance, Binance CEO, Changpeng Zhao, Curve, Curve fi frontend, Curve.finance, CZ, DeFi, Defi exploit, DNS Cache poisoning, ETH, Ethereum, Ethereum (ETH), Fixedfloat, Funds, Hack, hacker’s funds, iwantmyname.com, USDC, USDC funds

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What do you think about Binance recovering $450 million from the Curve Finance hack? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

Biggest Movers: MATIC, SOL Move Towards 4-Month Highs On Saturday

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Biggest Movers: MATIC, SOL Move Towards 4-Month Highs On Saturday

Polygon rallied to its highest point in nearly four months on Saturday, as the token climbed to the $1.00 mark to start the weekend. Solana was also trading at a multi-month high, as it rose by over 10% earlier in today’s session. As of writing, the global crypto market cap is trading nearly 3% higher.

Polygon (MATIC)

Polygon (MATIC) was a notable gainer on Saturday, as the token rose to its highest point since May.

Less than 24 hours after trading at a low of $0.9141, MATIC/USD climbed to a peak of $1.02 to start the weekend.

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This is the strongest point that the token has traded at since May 7, and comes after prices rallied past a key resistance level.

MATIC/USD – Daily Chart

Looking at the chart, this resistance was at the $0.9500 region, which was last breached on July 31. However, the move eventually turned into a false breakout.

As of writing, another resistance level was hit, with the 14-day relative strength index (RSI) now tracking at a ceiling of its own.

This is the 66 point on the index, which has been in place since July 17, when the RSI moved to a high above the 80 level.

Following earlier highs, MATIC is once again trading below $1.00, as bulls retreated from their previous positions.

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Solana (SOL)

In addition to MATIC, solana (SOL) was another big mover in today’s session, with it also climbing to its highest point since May.

SOL/USD raced to an intraday high of $48.18 to start the weekend’s session, as bulls attempted to recapture the $50.00 point.

The move sees solana hit its highest point since May 25, and comes as the 10-day (red) moving average (MA), crossed above the 25-day (blue) MA.

SOL/USD – Daily Chart

This is the first time since mid-July that such a cross has occurred, with prices rising from a floor of $32, to a ceiling of $47 on that occasion.

In addition to this, the 14-day RSI has also broken its ceiling, surging above the 59.20 resistance for the first time since July 18.

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Can solana hit $50.00 in August? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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