- Uniswap recorded the highest development activity in October.
- The DEC has witnessed increased user activity since the FTX debacle.
Santiment, an on-chain analytics site, revealed that the DeFi protocol witnessed the highest development activity over the last month. Uniswap has its GitHub events totaling 176 within the previous 30 days. Osmosis and Fox Token followed with 164 & 123 Github contributions, respectively.
November has so far presented impressive actions for Uniswap. FTX’s sudden debacle triggered deteriorated faith in centralized exchanges (CEXs). That translated to user migration to DEXs (decentralized exchanges).
WuBlockchain, a cryptocurrency analyst, stated that faded faith in CEX triggered amplified Uniswap trading volume. That came as Uniswap V2 & V3 burned more than 2300 ETH between November 7 and 14. That saw the leading alt dipping into deflation.
While Uniswap recorded growth in development and user activity last month, following FTX’s collapse, its governance coin could not register similar success. Coinmarketcap data showed UNI tried a price upswing between October 19 and November 6, soaring approximately 17% in this timeframe.
Nevertheless, the tale shifted as FTX’s crisis slumped the cryptocurrency space on November 6. The token’s price has since plummeted by 24%. While writing this, UNI traded near $5.76 and exhibited bearish tendencies.
As users migrated from CEXs to DEXs from November 6, the number of new addresses on UNI increased. Nevertheless, the alt had crossed the highs and plummeted as of November 13. While publishing this blog, the address metric hovered at 1717, plunging by 44% within the past six days.
Also, the new addresses that signed up/joined on the Uniswap blockchain increased on November 6, peaking at 1959 wallets by November 13. Nevertheless, it has since dropped by 54%. UNI’s price plunged by 66% on a YTD basis. That saw Uniswap holders held the token at losses since 2022 started.
According to Santiment, an on-chain analytic site, UNI’s MVV Ratio has remained negative since early this year. The Market Value-Realized Value remained negative during this writing, reading -57.38%.
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