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Home Markets Cryptos

Ethereum whales move over $50 million of Ether to Uniswap

Olumide Adesina by Olumide Adesina
October 12, 2020
in Cryptos
Crypto: UniSwap gives each owner over $2,000
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Uniswap is becoming the most dominant DeFi crypto, dwarfing its rivals at the speed of light. Crypto traders are now swapping their Ether for such a promising crypto.

Data seen from Whale Alert revealed large entities moved over 150,000 Ether worth over $56 million from an unknown wallet to Uniswap in 6 different transactions.

READ: Ethereum miners earning more than their Bitcoin rivals

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The largest of the six transactions were captured here:

🚨 🚨 53,758 #ETH (20,090,524 USD) transferred from unknown wallet to Uniswap

Tx: https://t.co/lpVq7PRiOz

— Whale Alert (@whale_alert) October 11, 2020

READ: Buyers storm into XRP, gains 10% in 7 days

At the time of writing, Uniswap traded at $3.40 with a daily trading volume of $219. 6 million UNI price is up 4.6% in the last 24 hours. It has a circulating supply of 180 million coins and a max supply of 1 billion coins.

Uniswap’s advantage: with a normal Ethereum wallet, crypto holders can link to Uniswap’s application and trustlessly swap ERC20 tokens in a seamless manner.

READ: Access Bank gets regulatory approval to become a Holding Company

  • The Uniswap application allows holders to not exchange their coins; it also helps users without needing an ID or going through a cumbersome KYC process and they can also create any type of ERC20 pool or provide an existing pool with liquidity and earn funds.
  • Coinbase, an American-based crypto exchange that is usually very choosy on listing newly created altcoins, added UNI to its Pro trading platform just hours after its debut.

READ: Two strange Bitcoin whales transfer $290 million worth of Crypto

What you should know: Uniswap is a decentralized exchange protocol built on the Ethereum network.

Uniswap has no book or any centralized platform for executing trades. It allows users to trade without a middle man or third party, with a high degree of decentralization and censorship-resistance.

READ: Two day old crypto, YAM’s market value drops from $60 million to $0 in 35mins

How Uniswap makes money:  Uniswap is designed to be a decentralized protocol. All fees go to market liquidity facilitators, and none of the founding partners get a cut from the transactions that occur through the protocol.

  • Currently, the transaction fee paid for these market liquidity providers is 0.3% per successful transaction. That said, these are added to the liquidity pool, but these market liquidity facilitators can redeem them at any time.
  • The fees are distributed according to each liquidity provider’s share of the pool.

READ: Bitcoin might be worth $1,000,000 in 2025


Follow us for Breaking News and Market Intelligence.
Tags: CoinbasecryptoCryptocurrencyCryptocurrency NewsERC20EthereumUniswapWhale alert
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 1

  1. Chiedozie akoma says:
    October 12, 2020 at 5:13 pm

    Please I like to learn more about the cryptocurrency

    Reply

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