Key Insights:
- Unichain now dominates Uniswap v4 with 75% of transaction volume.
- DEX volume spikes 322%, led by Uniswap’s growing ecosystem.
- UNI price breaks $6 resistance, fueled by bullish sentiment and usage shift.
Uniswap has shown up as the best performer in the daily volume in trading. The most recent version of the protocol, Uniswap v4, is now more active on Unichain (Uniswap’s native Layer 2 network) than on Ethereum.
Daily DEX Volume Surges Above $29 Billion
According to market data, daily decentralized exchange (DEX) volume surged to $29.4 billion, marking a 322.6% increase in just 24 hours. Uniswap contributed substantially to this total, reinforcing its role as the leading DEX protocol.
Uniswap V3 remains in the lead among DEXs by daily volume, while Uniswap V4 is experiencing a sharp spike in activity as users migrate to Layer 2 networks. Analysts explain that these networks’ low fees and fast transactions attract new and returning users.
Uniswap V3 on Ethereum is the top decentralized exchange, according to CoinGecko data. PancakeSwap V3 and Orca take respective second and third positions. This growth underlines Uniswap’s consistent dominance, even amid evolving competition.
Unichain Now Handles the Majority of Uniswap v4 Transactions
Unichain has dethroned Ethereum as the best chain for Uniswap v4, handling close to 75% of the total transactions in the protocol. The share of Ethereum has fallen below 20%, while it is still dominant in Uniswap v3 activity.
The transition towards Unichain has increased for several reasons, including lower gas fees, faster confirmations, and incentive programs. Unichain’s infrastructure facilitates native swaps, bridging, and providing liquidity in wallet interfaces, generating a better user experience.
The data also displays that transaction volume, total value locked (TVL), and user interaction on Unichain are escalating. This change underscores growing competition between Layer 2 chains, as Unichain becomes a preferred venue for DEX activity within a few days.
UNI Price Breaks Resistance as Momentum Builds
The UNI token has responded positively to the recent network activity and protocol enhancements. Following the UNI 1-day trading chart, UNIN has surged above the $6.00 resistance level reaching a local high of $6.702.
Daily charts reveal that UNI is trading above its upper Bollinger Band, indicating strong volatility and the start of a potential trend change. The RSI is close to 65, just below the overbought levels at 70, but volume oscillators indicate above-average activity. Meanwhile, Cumulative Volume Delta (CVD) data confirms it is a strong net buying pressure and not something isolated behind the breakout, as real capital flows support it.
The breakout results from Sonium integration, an interface upgrade enabling direct swaps, bridging, and liquidity provisioning within the wallet by analyst Defi_Edward. “Real UX improvements are a prelude to real market interest,” reportedly said the analyst, referring to the prospect for wider deployment.
If UNI remains above $6.30, analysts watch $7.50 to $8.00 as the next resistance range. A pullback toward $5.46, the middle Bollinger Band, could serve as a reentry point if the uptrend continues.
Market Data Indicate Bullish Movement for UNI
OI-weighted funding rates have also turned in favor of UNI. Funding rates have turned positive, according to data from Coinglass, where more traders are opening longs and paying premiums to hold them.
UNI price has also been tracking the positive funding rates, indicating that the rally is being pushed by demand and not short-term speculation. The level of consistency of these funding rate changes will lead to enduring bullish sentiment.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Olivia Stephanie is a FinTech enthusiast with a keen understanding of financial markets. Her passion for economics and finance has led her to explore emerging blockchain technology and cryptocurrency markets.