UniSwap – The largest AMM of the Ethereum ecosystem. Or more broadly, it is the largest decentralized exchange of the cryptocurrency market with a trading volume of nearly 9 billion dollars within 7 days, far ahead of the 2nd ranked competitor Curve with 8 times the trading volume. times and accounted for 68.8% market share of decentralized exchanges. UniSwap is expected by the parties to be one of the projects benefiting from The Merge in the coming September.
Recently, the “ETH Dominant DEX” has made very positive strides in expanding into the NFT array. Since the past 2 months, Uni has continuously announced acquisitions and integrated NFT exchanges into its platform to develop liquidity generation. Specifically, Uni acquired Genie.xyz exchange at the end of June and most recently supported by Sudo Swap to deploy the AMM NFT model.
According to Scott, UniSwap's head of NFT products and former Founder of Genie.xyz, their team is contacting 7 different parties working on NFTs mortgage and lending protocols and with other services. Revealed to include BendDao, LucaNetz (CEO Pudgy Penguin),...
In addition, the team also constantly updates new members, most of which are experienced people like @AzFlin, @AntToeKeeETH, @0xKenzee,...
Update from SudoSwap
If the new members mostly come from Genie.xyz, SudoSwap is announced to be supporting Uni in building AMM as well as providing liquidity for the NFTs market. Currently, there are not many updates on the status of this cooperation, but the Sudo Swap side is receiving enthusiastic attention from the community.
Sudo Swap was launched in early July and started a strong growth momentum in early August after the implementation of Low-Cap collections on the platform resulted in community FOMO with a total trading volume of up to almost 30M$. Besides, the number of users also grew strongly and extremely quickly because of the rumor of the opportunity to receive airdrop or retroactive from the project.
Indeed, if the Sudo Swap model succeeds, it will bring a lot of benefits to the NFT industry especially in pricing. This will help to integrate the tools of the DeFi market into the NFT.
“Imagine doing a long with x10 leverage for the NFT price of the Bored Ape Yacht Club collection. It's quite interesting, isn't it?"
What is expected here is the combination of good and innovative mechanism from Sudo Swap with a large and regular customer base of UniSwap. It could change the traditional "game" of the NFTs industry so far.
According to the author's personal opinion, the $UNI token will have the potential to grow in the near future, although the project is still using the old DeFi mechanism, the expansion and innovation of the NFT liquidity array can be collected. attract cash flow to the platform. However, with the current market volatility, another correction is highly likely to happen. Investors should allocate capital and buy according to the strategy that suits them.
Or more simply, investors can follow the token release information and join the Sudo Swap project for a chance to receive an airdrop or retroactive in the near future.
In addition, investors can also become NFTs liquidity providers for UniSwap when the product is completed. Looking at the growth of Sudo Swap, the future picture of Uni probably won't be too difficult to imagine.
Data source: Dune.com