Uniswap On-Chain Activity Grows Despite Fee Introduction and Price Decline

21/10/2023 07:23

According to CryptoPotato, the recent introduction of fees by Uniswap has led to speculation about a 'sell the news' reaction. However, a closer examination reveals a different perspective. Despite a 5% decline in UNI's price since the initial announcement, Uniswap's on-chain activity has grown. Crypto analytic platform Santiment observed a noticeable disparity between the diminishing UNI price and the increasing on-chain activity. The negative MVRV suggests short-term UNI holders may be feeling some pain, but Active Addresses and Network Growth have surged to levels not seen since July this year. This trend has been on the rise despite a downtrend in the price side of things.Uniswap Labs, the organization behind the decentralized crypto exchange, imposed a 0.15% fee starting Tuesday on trades involving ETH, USDC, and other tokens. Only swaps that execute through Uniswap Labs' front end will be taxed. This fee differs from Uniswap's current 'protocol fee,' which is overseen by governance voters. Uniswap Labs is imposing this fee as part of its effort to sustainably fund its operations. Uniswap creator Hayden Adams stated that this interface fee will enable them to continue to research, develop, build, ship, improve, and expand crypto and DeFi. While the introduction of the fee has led many investors to dump the asset and create FUD, a hook enabling Know Your Customer (KYC) verification on the upcoming Uniswap v4 pools has sparked discussions regarding the future of DeFi, despite it being an opt-in functionality.

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