Uniswap [UNI] struggles to recover following multiple obstacles, more inside
TL;DR Uniswap recorded a considerable fall in its trading traffic and TVL since mid-February. The launch of its mobile wallet has been delayed as Apple rejected its final build just before launch. Whales accumulated UNI, but the token failed to show a noticeable improvement in its price.
Uniswap recorded a considerable drop in its trading activity since mid-February.
Uniswap [UNI], the largest decentralized exchange (DEX), recorded a considerable fall in its trading traffic in February. Data from Token Terminal highlighted that the trading volume tanked 46% since mid-February, while trading fees almost halved in the same time period.
Realistic or not, here’s UNI’s market cap in BTC’s terms
To make matters worse, the Uniswap community had other bad news to deal with.
Uniswap’s new offering faces a hurdle
Uniswap announced the launch of a self-custodial mobile wallet which will allow users to swap tokens between Ethereum [ETH] mainnet and other layer-2 networks like Arbitrum [ARB], Optimism [OP] and Polygon [MATIC].
Uniswap added that the app will be available as a limited early release to 10,000 users via the TestFlight beta platform because Apple had rejected the final build of the product just before its planned December 2022 launch.
1/ Introducing the Uniswap mobile wallet 🦄✨ A completely self-custodial, open-sourced mobile app from the most trusted name in DeFi. Now available as a limited early release – through Apple TestFlight. pic.twitter.com/NmO8c0bXMs — Uniswap Labs 🦄 (@Uniswap) March 3, 2023
To add to its woes, Uniswap recorded one of the biggest weekly drops in the total value locked (TVL) among the top DeFi protocols, data from DeFiLlama revealed. The TVL failed to show a noticeable growth in February.
Whales show ‘UNI’ty
UNI got considerable attention from big addresses. According to Whalestats, it was the most widely held token by top Ethereum whales at the time of writing.
The whale accumulation, however, failed to improve the token’s long-term prospects. According to Coinglass, the number of short positions for UNI increased considerably since the start of March.
This indicated that investors were wary of UNI’s price in the short-term. At the time of writing, it lost over 12% of its value over the previous month, data from CoinMarketCap showed.