August 9, 2022

Uniswap (UNI) has been transferring in opposition to the final sentiment available in the market. As Bitcoin, Ethereum, and bigger cryptocurrencies give out their final week’s positive aspects, UNI’s value stays impervious and maintains bullish momentum.

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On the time of writing, Uniswap (UNI) trades at $5.7% and data a ten% revenue prior to now 7 days and a 32% revenue over the past month. In smaller timeframes, UNI’s value has begun to weaken because it shows a 3% loss prior to now day.

UNI’s value developments to the draw back on the 4-hour chart. Supply: UNIUSDT Tradingview

Yesterday, liquidity suppliers on the platform suffered hundreds of thousands of {dollars} in losses on account of a phishing rip-off. Through its official Twitter deal with, Uniswap Labs confirmed the assault and known as it a “downside far too frequent in crypto as we speak”.

The corporate addressed the state of affairs as there have been ongoing rumors a few potential exploit to the Uniswap v3 platform. In that sense, they confirmed the phishing assault however claimed no exploit occurred.

As they defined, liquidity suppliers on the platform obtained “malicious tokens” by way of airdrops which pointed them to a “malicious interface”. Customers fell for this phishing assault as a result of they have been promised an opportunity to swap the airdropped tokens for UNI. The corporate defined:

This generated a setApprovalForAll transaction, which, if accepted by the person of their pockets, gave the attacker the flexibility to redeem the entire person’s Uniswap v3 LP tokens for his or her full underlying worth.

The corporate defined that customers should think about potential phishing assaults from all these domains not related to In response to possible future measures to be adopted to mitigate these assaults, the creator of Uniswap Hayden Adams stated:

Along with training, I feel there’s a ton that may be accomplished on the UI layer (wallets and different interfaces) to guard customers. Instance: by default, cover any unknown token with a URL within the identify.

Why Uniswap Is Shifting Towards The Development

Regardless of the assaults, the sentiment within the crypto market, and the UNI tokens getting into the market, UNI’s value was capable of preserve its weekly and month-to-month positive aspects. The persistent bullish value motion may very well be pushed by a sequence of partnerships and acquisitions.

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Uniswap Labs introduced the purchase of non-fungible token (NFT) market aggregator Genie. This may allow the platform to supply buying and selling companies for these digital belongings.

As well as, builders will have the ability to leverage a brand new API to construct functions on Uniswap and supply ERC-20, NFTs, and cryptocurrency buying and selling. Thus, making the protocol a “complete platform for customers and builders in Web3.

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The acquisition included a future USDC airdrop to all customers that traded within the platform earlier than April 15, 2022, and GENIE NFT holders. This has doubtlessly boosted UNI’s buying and selling quantity and demand which supplied the token with extra resilience in opposition to the persistent bearish value motion throughout the crypto market.