ReportWire

Tag: On-Chain News

  • UNI Jumps Over 11% – Here’s Why Investors Flock to This Token

    UNI Jumps Over 11% – Here’s Why Investors Flock to This Token

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    A few outliers continue to break through the bearish attitudes looming over the crypto horizon of late. UNI is one of those tokens, with an impressive jump of over 12% in the past 24 hours, investors have flocked to this altcoin in search of a bullish continuation. 

    The first quarter of this year brings a lot to the table for investors. Just this month, Uniswap reported that its deployment on Arbitrum led to the swap volume on the latter to jump by a significant amount. The news is also coupled with exciting new info on Uniswap’s latest agenda: the launch of Uniswap v4. 

    What Is Uniswap V4? 

    After news that Ethereum, Uniswap’s L1, will have its Dencun upgrade in this year’s first quarter, Uniswap then announced that their latest iteration of the protocol would be launched sometime in Q3 2024. 

    In essence, Uniswap v4 is a more efficient and cost-effective brother of v3. According to Uniswap’s own website, it is a “non-custodial, non-upgradeable, and permissionless automated market maker protocol.”

    In the announcement, v4 is currently in its first phase with the developers finalizing the core functionalities and features of the upgrade. The update would let the team create new features on top of the current AMM design of the protocol. This eliminates the need for creating an entirely new design from the ground up. 

    UNI currently trading at $7.462 on the daily chart: TradingView.com

    Leading The Innovation Charge

    Uniswap is also ramping up its effort in providing funding for innovators in the Web 3 space. Last week, the Uniswap Foundation X account released a detailed look at the organization’s new granting strategy. 

    In short, the new strategy revolves around granting a minimum of $250,000 in four audience-specific categories: developers, researchers, delegates, and innovation (all stakeholders). 

    For now, no date of implementation has been announced for these new grants. 

    UNI: Challenging Week Ahead For Investors

    The lead-up to the month of March has certainly brought a level of hype around the broader market, but thus hype has since died down and was replaced by profit-taking attitudes. UNI will inevitably experience this bearishness taking hold in the coming weeks as the market potentially dips. 

    If this happens, investors and traders have strong support on the 50% and 38.20% price levels. These supports will slow down any bearish advance, stabilizing UNI’s price at the $7.3 and $7 range. 

    Featured image from Adobe Stock, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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  • NEAR Hits New High Since 2022 – Will The Bears Get In The Way? 

    NEAR Hits New High Since 2022 – Will The Bears Get In The Way? 

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    The past two months have been a green flag for the broader crypto market in the run-up to the festive season. Although the hype has since cooled down, a few outliers continue to follow the upward trend. NEAR is one of those tokens that aren’t showing signs of cooling down.

    According to Coingecko, the token is up nearly 8% in the daily, with the biggest jump being at 23% in the weekly timeframe. With this price ascent, NEAR just reached a new high of $2.81. The token hit its all-time high of $20.42 in January 2022. 

    The token’s market capitalization has likewise ballooned significantly, currently priced around $2.8 billion. Several on-chain integrations power this new wave of bullishness for NEAR. 

    NEAR: Monolithic And Modular?

    Recently, eyes are on NEAR as it continues to improve its systems. According to a Medium article last week, the protocol is implementing more changes to become what they call “a monolithic going modular” blockchain. 

    “In a monolithic blockchain, all four functions are executed by the same set of nodes. This has some benefits, such as high security, easier deployment, and potentially improved utility for users thanks to the ability to specialize the entire network,” the Medium article said. 

    Although the NEAR team says that the token is a monolothic chain, its implementation of sharding do not overwhelm individual validators. However, this isn’t enough for users as both users and developers quickly realized that publishing on Ethereum becomes an expensive ordeal. 

    But NEAR DA aims to change that. 

    NEAR market cap currently at $2.839 billion. Chart: TradingView.com

    NEAR DA (“DA” meaning data availability) will give rollup operators access to NEAR’s storage capacity. 

    “NEAR runs four shards with roughly 16MB throughput a second. Assuming 100 bytes per transaction, you can store quite a significant amount of your data on NEAR at a fraction of the cost of publishing to NEAR,” the article explained.

    As of writing, only a handful of rollups are using NEAR DA; namely Caldera, Fluent, and Movement Labs. Once this capability is in the hands of commercial users and other rollup operators, NEAR will be able to increase exposure to other investors. 

    Meanwhile, according to Artemis data, there has been a significant increase in network activity on the NEAR blockchain since the beginning of the month.

    The data source claims that there has been a 975% increase in the daily count of unique wallet addresses sending on-chain transactions on the network.

    Source: Artemis

    How Does This Affect NEAR’s Price? 

    As of now, the token is on its way to break through $2.90 price ceiling. However, it seems that the January 2022 high of $20.42 will be a tough nut to crack as the bears mount a strong defense. But the advent of strong on-chain development along with good market conditions will bring more bullishness in the short to medium-term. 

    For now, investors and traders should brace for a possible correction towards $2.25 once the hype starts to settle down. 

    Featured images from Shutterstock

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Christian Encila

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