Uniswap Surpasses Ethereum in Fees After Acquiring NFT Genie Platform

  • Uniswap’s recent integration of market aggregator NFT Genie has triggered an increase in activity on the protocol.
  • Uniswap witnessed a massive increase in user activity and outperformed Ethereum in fees paid on a seven-day rolling average.
  • Analysts have set a bullish target of $8 for Uniswap price in the current uptrend.

Uniswap expanded its products to include both ERC-20 and NFTs after acquiring leading NFT market aggregator, Genie. Uniswap’s web application will soon allow users to buy and sell digital collectibles and art across all markets, fueling bullish sentiment among users.

Uniswap beats Ethereum in fresh, fueling summer DeFi 3.0

Based on data from Crypto Fees, the average daily fee collected on daily transactions between June 15 and June 21 is $4.87 million. Uniswap topped Ethereum in daily fees paid on a seven-day moving average.

On June 15, fees collected on Uniswap peaked at $8.36 million, while on the Ethereum network they were below $8 million. The DEX on the Ethereum blockchain has seen a massive increase in transaction activity and experts cite this as high demand for DeFi in the current crypto bear market.

Fees paid on AAVE and Synthetix saw an increase, alongside Uniswap and native tokens such as Compound (COMP).

Daily fees on DeFi platforms 7-day moving average

Uniswap acquires market aggregator NFT Genie

Uniswap has expanded its products after its recent acquisition of Genie, giving users the ability to discover and trade collectibles and digital art. NFTs will soon be integrated into Uniswap products, starting with the web application, developer APIs and widgets. This would make Uniswap a complete platform for users and builders in Web3.

Uniswap’s recent blog explains that this acquisition is part of the protocol’s mission to unlock universal ownership and exchange.

Uniswap Price Starts Uptrend, Analysts Remain Bullish

The latest round of acquisitions and updates to the Uniswap protocol has fueled bullish sentiment in the holder community. Analysts assessed the Uniswap price chart and identified a bullish trend in the DeFi token.

Brian Bollinger, a crypto analyst, noted a double bottom breakout. Uniswap tested support several times and the long-tail rejection attached to the candles suggested a strong demand zone. Uniswap price saw a bullish break past $4.57 accompanied by high volume activity on the protocol.

Analysts say that Uniswap price has entered bullish territory and the next resistance levels are $7.50 and $9.80.

UNI-USDT Price Chart

UNI-USDT Price Chart

FXStreet analysts believe Ethereum price could experience a breakout if the bulls step in and set these targets for the altcoin. For more information, watch this video:

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