- Uniswap moves to improve bridge security through a newly created committee.
- UNI bears remain dominant but some whale accumulation revives hopes of a bullish relief.
Uniswap is making moves aimed at improving bridge security. Many of the crypto thefts that have taken place in the past involved cross-chain bridges, which is why Uniswap’s latest move is important.
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The announcement made through Uniswap’s governance forum revealed the creation of a Bridge Assessment Committee.
The selected committee members will commence work immediately. According to the announcement, they will start by offering short-term recommendations for how Uniswap should approach bridges.
The assessment committee will be tasked with evaluating bridges to ensure a high level of security. This is part of Uniswap’s efforts to boost bridge security. These efforts are part of the measures that Uniswap is implementing in an effort to boost its long-term efficiency and appeal.
The decentralized exchange is also winning in other areas. For example, its native token UNI is currently the leading DEX token by market capitalization.
The latest ranking revealed a strong lead with a $4.7 billion market cap, while Synthetix was the runner-up with an $841 million market cap.
Top 10 Decentralized Exchange Tokens by Market Capitalization
Decentralized exchanges, or DEXs, allow users to trade with one another in a permission less manner and without any intermediaries. $UNI $CAKE $SNX $OSMO $CRV $RUNE #1INCH $LRC $GNO $DYDX pic.twitter.com/pQYpxhIiEd
— Ben GCrypto (@GCryptoBen) March 3, 2023
Can UNI’s DEX lead translate to its price action?
UNI bears have been dominant since the last week of February and have maintained that trajectory despite a bullish attempt at the start of March.
UNI traded at $6.23 at press time, after tanking by 18% from its February peak. However, this pullback puts it within the $6 to $6.11 support range.
Source: TradingView
Will UNI extend the downside or will the support hold strong? UNI’s supply distribution metric reveals that some whale categories have started accumulating.
Addresses holding between 1,000 and 1 million tokens have been contributing to buying pressure in the last 24 hours at press time.
Source: Santiment
But the price tanked by a significant margin during the same period as the accumulation was taking place. One of the reasons for this was- There was still some selling pressure from a few whales. Notably, addresses holding between 1 million and 10 million UNI have been selling.
How many are 1,10,100 UNIs worth today?
A lot of UNI tokens were moved in the last 24 hours as reflected in the transaction volume. The latter registered its highest pick during the aforementioned period and was accompanied by increased activity in the age-consumed metric.
Source: Santiment
The selling pressure from whale categories is still suppressing any bullish volumes and expectations of a pivot are low according to the weighted sentiment metric.
