Uniswap UNI/USD has been taking major steps towards adopting Layer 2 technology as of recently and has even invested heavily in the DeFi Education Fund (DEF).
Uniswap developments as catalysts for growth
On July 12, the DeFi Education Fund (DEF), the new policy organization supported through Uniswap turned half of the assets allocated to it by the Uniswap Governance into USDC.
In other words, 500,000 UNI or around $10 million were turned into USDC.
This indicates yet another use-case for the UNI tokens and an increase in the overall circulating supply.
On July 13, Uniswap V3 launched Optimistic Ethereum layer two scaling in alpha.
Throughout their alpha period, the platform will support a throughput of 0.6 transactions per second initially. This will drive the demand for UNI tokens even further and has the potential to get the price higher.
Should you buy Uniswap (UNI)?
On July 14, UNI had a value of $17.
Its trading volume saw an increase of 35% within the span of 24 hours, which leads to an increase in the usage of the blockchain as well as the UNI tokens.
To get an idea of where the value might be headed, we’ll need to look at its growth throughout the month.
UNI traded at $27 on June 1 but it fell in value throughout June and started July at around $19. The selling continued through the first half of July but at $17 investors should consider buying amid the weakness.
With the developments surrounding the blockchain, and its implementation throughout various projects such as Optimism, the potential for growth is definitely there. According to data from IntoTheBlock, we can see that transactions of at least $100,000 totaled $907.52 million in volume over the past week.
We can also see the total exchange inflows are at $72.19 million within the last 7 days.
While the total exchange outflows are at 74.19 million within the last 7 days, which indicates that there are more outflows.
However, we can also clearly see that there are a lot fewer inflows and outflows within the last 30 days.
This has the potential of changing by the end of July, and we expect the price to kick back up to $20 by the end of the month.