Uniswap

NFT platform wars could be ahead, says new DappRadar report

OpenSea, UniSwap, MagicEden, eBay and others are acquiring NFT aggregation tools and taking a stand to gain market share of the evolving NFT ecosystem.

DappRader’s “Dapp Industry Report for Q2” 2022 raised, among many points, the idea that an upcoming non-fungible token (NFT) platform war could be on the horizon.

The report, which was provided to Cointelegraph, spoke of how UniSwap had recently acquired Genie and OpenSea purchased Gem in an effort to expand their respective services to include NFT aggregation tools, which “accumulate NFT offers from various trading platforms.” Meanwhile, newer platforms such as Magic Eden and X2Y2 continue to take from OpenSea’s current 75% NFT marketplace dominance.

DappRadar stated, “These acquisitions will most likely pit OpenSea and UniSwap in direct competition with each other in the near future.“ Although OpenSea and UniSwap are well-established entities within the crypto space, they both face competition from outside the crypto industry as well. eBay recently acquired the Ethereum-based, digital art market KnownOrigin in an effort to further expand its digital product offering and capabilities in the NFT space.

Related: NFT hype evidently dead as daily sales in June 2022 dip to one-year lows

OpenSea has faced increasing competition with NFT platforms emerging across various blockchains. The report stated that the company “has seen its market share diminished with the arrival of contenders like Magic Eden, LooksRare, and X2Y2.” 

CNBC reported in April that OpenSea had “more than 1.5 million active users.” According to current data from DappRadar, the platform added 66.03 thousand users in the last thirty days, compared to MagicEden’s 272.97 thousand. The same DappRadar data shows MagicEden had 14.1 million transactions in the last thirty days and OpenSea only had 955.69 thousand. The report also stated, “This quarter Magic Eden accounts for 10% of all NFTs transactions.”

In recent news, Meta signaled the closure of its Novi wallet after a 10-month pilot program. The average cost of Ethereum gas fees recently fell to the lowest they’ve been since 2020. Also in NFT news, experts have explained how music NFTs will enhance the connection between their creators and fans.

Uniswap analysis: UNI price can double based on a classic technical pattern

UNI needs to break above a key technical resistance level to trigger its 100% bull run scenario. Otherwise, a bear flag awaits a 45% price crash.

Uniswap (UNI) market valuation could grow by 100% in the second half of 2022 as it paints a classic bearish reversal pattern.

UNI price bullish setup

Dubbed “inverse head and shoulders (IH&S),” the technical setup takes shape when the price forms three troughs in a row below a common support level (neckline), with the middle one (head) deeper than the other two (shoulders).

Additionally, it resolves after the price breaks above the support level.

The UNI price trend since May 23 checks all the boxes for forming an IH&S pattern, except the right shoulder. A retest of its neckline near $5.71 would form the right shoulder, increasing the possibility of an iH&S breakout scenario, as shown below.

UNI/USD daily price chart featuring IH&S setup. Source: TradingView

As a rule of technical analysis, the price breaking out of an IH&S structure can rally by as much as the maximum distance between its head’s lowest point and the neckline. So, UNI’s IH&S’s upside target comes to be around $9.78, up over 100% from June 2’s price.

Conflicting Uniswap price signals

Uniswap’s longer-timeframe charts bring attention to resistance levels that could keep UNI from touching their IH&S target.

That includes an interim resistance level of around $6 that has rejected UNI’s price lower at least thrice since May. A successful break above the $6-level could have UNI face the February 2022 support of around $7.52 whose test preceded a 75% price rally to $12.48.23.

The $7.52-level also coincides with UNI’s 20-week exponential moving average (20-week EMA; the green wave in the chart below), now near $7.90.

UNI/USD 1-week candle chart. Source: Tradingview

Conversely, a decisive pullback from the $6-resistance level could trigger a result in a bearish technical setup, dubbed as a “bear flag.”

Related: Finance Redefined: Uniswap goes against the bearish trends, overtakes Ethereum

UNI has already been returning lower after testing levels around $6, which coincides with the flag’s upper trendline. That leaves the UNI/USD pair two potential scenarios: decline toward the flag’s lower trendline near $3.92, or rebound for a potential breakout above the upper trendline.

UNI/USD three-day price chart featuring ‘bear flag’ setup. Source: TradingView

UNI’s move toward $3.92 would risk triggering the bear flag breakdown scenario, meaning a 45%-plus decline to $2.75 when measured from June 2’s price. On the other hand, a break above the upper trendline would invalidate the flag setup altogether.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Former president of the New York Stock Exchange joins Uniswap Labs as an advisor

Uniswap said it is betting on her experience with TradFi translating over to DeFi to further help them evolve their place in Web3.

On Wednesday, Uniswap announced that former New York Stock Exchange president Stacey Cunningham will join the company as an advisor.

Cunningham served as the first female president of the New York Stock Exchange after beginning her career as a trader on its floor. She said in a statement that she believes in the potential of Uniswap’s commitment to fairer markets.Uniswap is betting on her experience with TradFi translating over to DeFi to further help them evolve their place in Web3. Cunningham has also been listed as one of BBC’s 100 Women, and joined the NYSE board of directors in December 2021.

Uniswap said it is betting on her experience with TradFi translating over to DeFi to further help them evolve their place in Web3. Cunningham has also been listed as one of BBC’s 100 Women, and joined the NYSE board of directors in December 2021.

Uniswap enables automated transactions between cryptocurrency tokens on the Ethereum blockchain using smart contracts. Uniswap is considered a decentralized exchange utilizing liquidity pools as opposed to Binance, a centralized exchange serving as a market maker. Cunningham’s existing experience with the trading floor, trading traditional stocks, the Nasdaq, and NYSE all appear to be relative to Uniswap’s mission.

Back in May, Uniswap revealed it had surpassed $1T in trade volume across roughly 4 million addresses. This placed the exchange ahead of other players in the crypto sector such as Crypto.com and Kraken. On Wednesday, the DEX saw the price of Ethereum flash crash to $950 after a whale dumped 93,000 ETH over the course of six hours.

Former president of the New York Stock Exchange joins Uniswap Labs as an adviser

Uniswap said it is betting on her experience with TradFi translating over to DeFi to further help them evolve their place in Web3.

On Wednesday, Uniswap announced that former New York Stock Exchange president Stacey Cunningham will join the company as an adviser.

Cunningham served as the first female president of the New York Stock Exchange after beginning her career as a trader on its floor. She said in a statement that she believes in the potential of Uniswap’s commitment to fairer markets. Uniswap is betting on her experience with TradFi translating over to decentralized finance (DeFi) to further help them evolve their place in Web3. Cunningham has also been listed as one of BBC’s 100 Women and joined the NYSE board of directors in December 2021.

Uniswap enables automated transactions between cryptocurrency tokens on the Ethereum blockchain using smart contracts. Uniswap is considered a decentralized exchange utilizing liquidity pools as opposed to Binance, a centralized exchange serving as a market maker. Cunningham’s existing experience with the trading floor, trading traditional stocks, the Nasdaq and NYSE all appear to be relative to Uniswap’s mission.

Back in May, Uniswap revealed it had surpassed $1 trillion in trade volume across roughly 4 million addresses. This placed the exchange ahead of other players in the crypto sector such as Crypto.com and Kraken. On Wednesday, the decentralized exchange (DEX) saw the price of Ethereum flash crash to $950 after a whale dumped 93,000 ETH over the course of six hours.