Native Token of Uniswap UNI Increased By 35%, Trading Volume Increased By 500%

Uniswap (UNI), the largest decentralized exchange (DEX), has seen a rise in the value of native tokens by over 35% over the past 24 hours. The UNI price rose from a daily low of $17.77 to a daily high of $25.98. The trading volume for the token increased by 500%.

DeFi tokens have skyrocketed over the past couple of days, making double-digit gains at a time when much of the crypto market is still recovering from Friday's correction caused by another crypto ban in China.

Chinese journalist Colin Wu argued that the recent crackdown by the Chinese government will push local crypto traders towards DeFi, and this will dramatically increase the volume of MetaMask wallets and DEX protocols such as dYdX. The Chinese journalist's prophecy has come true. dYdX recorded a higher trading volume than Coinbase.

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