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Uniswap 71% Single-Day Rally Raises Eyebrows – Can DeFi Maintain Momentum?

The cryptocurrency market witnessed a significant shift in momentum on February 23rd, as Uniswap native token, UNI, skyrocketed by an impressive 71%. This surge marks the token’s highest price point since March 2022, sending shockwaves through the crypto landscape and reigniting interest in the decentralized finance (DeFi) sector.

Uniswap Proposes Fee-Sharing Feast For Stakers

The primary catalyst behind this astronomical rise appears to be a pivotal proposal unveiled by the Uniswap Foundation. This proposition advocates for the implementation of a novel fee-sharing mechanism, fundamentally altering the token’s utility and incentivizing long-term participation within the Uniswap ecosystem.

Under the proposed system, UNI holders who stake their tokens will be rewarded with a portion of the fees generated by the Uniswap protocol. This not only grants them a direct financial incentive but also empowers them to choose delegates who vote on governance proposals, shaping the future direction of Uniswap.

This revolutionary approach resonates with a broader trend of resurgent interest in DeFi. According to on-chain data provider Santiment, assets associated with decentralized lending, borrowing, and cryptocurrency exchange, like $COMP, $SUSHI, and $AAVE, have all experienced notable value increases, mirroring UNI’s upward trajectory.

Trade Volumes On A Roll

Further bolstering this trend, trading volumes across these protocols have also seen explosive growth. For instance, the COMP price jumped alongside a staggering 400% increase in trading volume, reaching over $175 million.

Similarly, SushiSwap (SUSHI) witnessed a 27% price surge coupled with a 153% increase in trading volume. This shift in investor focus is further underscored by a corresponding decline in the value of AI-related coins, indicating a potential capital rotation within the market.

Uniswap v4 Upgrade On The Horizon: Efficiency And Customization Beckon

Adding fuel to the fire is the impending arrival of the highly anticipated Uniswap v4 upgrade, slated for release in Q3 2024. This transformative update promises to enhance the protocol’s efficiency and customizability, catering to the evolving needs of the DeFi space.

While the direct impact of v4 on the current price surge remains debatable, its potential to revolutionize the Uniswap experience undoubtedly contributes to the overall bullish sentiment surrounding UNI.

Beyond Uniswap: DeFi Dominance On The Rise?

The Uniswap fee-sharing proposal and upcoming v4 upgrade have not only revitalized the UNI token but also cast a spotlight on the broader DeFi landscape. Analysts predict that other DeFi protocols like Blur and Lido Finance could witness similar surges in the wake of Uniswap’s bold move.

This potential domino effect underscores the growing importance of DeFi within the cryptocurrency ecosystem, attracting investors seeking innovative financial solutions beyond traditional centralized systems.

Featured image from Adobe Stock, chart from TradingView

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Uniswap Foundation Unveils Major Upgrade Plan, UNI Price Skyrockets 52%

Uniswap (UNI), one of the industry’s largest decentralized cryptocurrency exchanges (DEXs), has set the stage for a major shift in its ecosystem with a proposed upgrade that could have significant implications for UNI token holders. 

The upgrade aims to bolster governance participation, enhance resilience, and reward token holders for active engagement within the Uniswap ecosystem.

Uniswap Takes Big Leap In Governance

Uniswap Foundation (UF) Lead Developer Erin Koen, while expressing his enthusiasm, has suggested that it has been the “biggest week in Uniswap Protocol Governance” and revealed a major upgrade proposal for the system.

At the heart of the proposed upgrade lies a fee mechanism designed to reward UNI token holders who stake and delegate their tokens. As announced, by actively participating in the governance process, token holders can earn additional rewards in the form of protocol fees. 

In addition to the enhanced rewards, the proposed upgrade seeks to fortify Uniswap Governance, making it “more resilient and decentralized.” 

According to Koen, by increasing the number of actively involved token holders, the governance structure becomes more robust, ensuring that decisions align with the collective interests of the UNI community. 

The proposed upgrade maintains governance control over core parameters such as fee-charged pools and fee magnitude. Token holders will collectively decide on these critical aspects, allowing for flexibility and adaptability in response to market dynamics. 

Beyond the immediate benefits, the proposed upgrade holds the potential for long-term value appreciation of the UNI token. By incentivizing participation and aligning token holders’ interests with the ecosystem’s success, Uniswap aims to foster organic growth and adoption. 

Assuming a successful on-chain vote, the community will have the option to activate fees. Gauntlet, a trusted entity, is reportedly preparing a proposed roll-out process that will be shared on the forum. 

Only after completing this separate governance process will fees be collected and distributed according to the adopted contracts. Koen further noted:

We’re excited to invigorate governance – incentivizing not only delegation but thoughtful and active delegation – by tying delegation to protocol fees. Specifically, we believe UNI token holders will be incentivized to choose delegates whose votes and engagement with the protocol will lead to the Protocol’s growth and success. If this proposal succeeds we believe we will see an influx of new delegations.

UNI Records 23-Month High

As these developments unfold, considerable excitement has emerged around the Uniswap protocol. Notably, a cryptocurrency investor named “Virtual Bacon” expressed enthusiasm, stating, “Uniswap finally proposes to share revenue with UNI token stakers. Chart exploding on this ‘proposal’ which hasn’t passed yet.” 

Within 24 hours, the UNI token witnessed a surge of over 52%, signaling the market’s anticipation of the potential benefits this upgrade could offer token holders.

Uniswap

Currently, the UNI token is trading at $11.29. However, with the unveiling of the upgrade proposal, the token quickly surged to the $12.50 level, reaching its highest point in 23 months. 

The gains over longer time frames have also experienced a dramatic surge. Over the past fourteen days, the UNI token has seen an impressive increase of 73%. Similarly, the token’s value has soared by 94% in the last thirty days. 

Overall, should the proposed upgrade be approved and implemented, Uniswap will reinforce its position as a leading DEX and establish a framework that empowers token holders and fosters the continued growth and success of the Uniswap protocol.

Featured image from Shutterstock, chart from TradingView.com

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Uniswap Expands Reach: Deploys v2 Protocol On Six New Chains Including Arbitrum And Polygon

Uniswap (UNI), one of the largest decentralized cryptocurrency exchanges (DEX) by trading volume, has made an important announcement regarding deploying its v2 protocol on six additional chains. 

The chains on which the v2 protocol has been deployed include Arbitrum (ARB), Polygon (MATIC), Optimism (OP), Base, Binance Smart Chain (BSC), and Avalanche (AVAX).

Uniswap Widens v2 Protocol Deployment

According to a recent post on X (formerly Twitter) by Uniswap Labs, the software product developer working on the protocol, the decision to deploy the v2 protocol on more chains is primarily driven by the desire to simplify the experience for Liquidity Providers (LPs).

While the protocol’s v3 offers advanced features tailored for active liquidity providers, the development team believes the v2 protocol offers a more “straightforward approach.” 

By default, v2 pools cover the entire price range, reducing the need for upfront decisions and minimizing the active involvement of liquidity providers. This simplification streamlines the process and makes it more accessible to a broader range of users, according to the announcement. 

Another benefit of using the v2 protocol on multiple chains, according to Uniswap Labs, is its cost efficiency. Creating pools on v2 is more gas efficient than other versions, resulting in lower gas costs to add liquidity. 

This cost reduction can be translated into savings for users, making swaps on the platform “incredibly affordable.” In addition, the use of v2 on Layer 2 scaling solutions significantly reduces the risk of frontrunning and manipulative practices known as Miner Extractable Value (MEV). 

Ultimately, by offering an official v2 deployment directly accessible through the Uniswap interface, the developers suggest that users can be assured of a safe and secure environment for their swaps.

UNI Price Dip, Platform Metrics Remain Solid

Despite the recent developments that could attract investors’ attention and drive broader adoption of the Uniswap protocol, the exchange’s native token, UNI, is currently undergoing a significant correction in line with the overall market trend.

Currently, UNI is trading at $7.22, representing a 4.4% price drop in the past 24 hours and a 1.1% decline in the last trading hour. However, it’s worth noting that UNI has been one of the better-performing tokens in the market, with price increases of 14.7% and 16.8% in the past fourteen and thirty days, respectively.

Uniswap

Furthermore, according to data from Token Terminal, the Uniswap ecosystem continues to exhibit substantial growth in key metrics. 

The fully diluted market capitalization of Uniswap stands at $7.56 billion, reflecting the total value of all tokens if they were fully in circulation. This figure has experienced a notable increase of 18.4% over the past month. 

In contrast, the circulating market capitalization, which considers the currently circulating tokens, is valued at $6.94 billion, indicating a 19.9% increase over the same period.

Uniswap

Despite the overall surge in market capitalization, the trading volume of the UNI token has experienced a significant decline of 69.3% over the past 30 days, amounting to $2.79 billion. 

The total value locked (TVL), a measure of the value of assets locked within Uniswap’s smart contracts, has also experienced a 14.4% increase, reaching $4.76 billion. 

Featured image from Shutterstock, chart from TradingView.com 

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Uniswap V4 Catalyst: UNI Token Primed For Growth As New Chain Launch Loom

Uniswap, one of the world’s largest decentralized exchanges (DEX), is poised for significant growth with the upcoming launch of its V4 upgrade. This anticipated update will introduce custom Automated Market Maker (AMM) functionality directly on top of Uniswap, eliminating the need for separate AMM designs.

In addition, Uniswap’s governance token, UNI, has seen notable growth, with a 6.8% increase in the last 24 hours and an 8% increase in the previous 30 days, bringing the UNI token to $7.318.

However, while these developments favor the exchange and investors, decentralized finance (DeFi) researcher DeFi Ignas has raised concerns regarding the launch and its potential impact on critical features.

The Ultimate DeFi Liquidity Solution With Uniswap V4?

According to DeFi Ignas’ latest analysis on X (formerly Twitter), Uniswap V4 represents a significant transformation from a protocol to a platform. Like the Apple Store’s impact on the iPhone, Uniswap V4 will consolidate all pools into a single framework, reducing creation costs by 99% and enabling more cost-effective multi-pool swaps.

The introduction of the “Hooks” system is particularly noteworthy. These hooks act as plugins or extensions, allowing for customized code execution during crucial events within a pool. 

The 13 available hooks enable various functionalities, including on-chain limit orders, time-weighted average market making, liquidity depositing into lending protocols, auto compound liquidity provider (LP) fees, and know-your-customer (KYC) integration.

Introducing hooks leads DeFi Ignas to believe that the launch of Uniswap V4 will allow developers to experiment and launch their protocols while leveraging Uniswap’s liquidity.

According to the researcher, this has the potential to attract even more liquidity from other decentralized exchanges and establish Uniswap as the dominant liquidity layer for all DeFi activities, from trading to lending.

Yet, while unified liquidity may benefit users by increasing market efficiency, it raises concerns about potential market concentration and stifling of competition.

UNI Token Gains Momentum

Uniswap’s V4 liquidity sourcing could concentrate liquidity within the platform, potentially making it the go-to liquidity layer for DeFi. According to DeFi Ignas, this dominance, coupled with Uniswap’s operating license that prohibits forking until 2027, raises questions about market competition and the potential impact on decentralized finance. 

In addition, reports suggest that Uniswap Labs has sent takedown notices to gateways of the InterPlanetary File System (IPFS) – a decentralized and distributed protocol designed to facilitate the storage and sharing of files on a peer-to-peer network – adding another layer of concern about decentralized access and censorship resistance.

Regarding the potential upside of Uniswap V4 acting as a catalyst for the exchange’s token, the research went on to suggest that while UNI’s value “accrual” for retail investors has been relatively modest, the introduction of Uniswap V4 and its hooks opens up new possibilities.

In this sense, DeFi Ignas believes the UNI token could function as a platform/ecosystem token, benefiting from third-party decentralized applications (dApps) developed using Uniswap’s hooks, expanding the token’s use cases and potentially attracting more investors.

Additionally, there is speculation that Uniswap may solidify its dominance and liquidity by launching its chain, potentially as a layer-two (L2) solution, which could further boost the valuation of the UNI token.

Uniswap V4

As the upgrade deadline for Uniswap approaches, the impact of the exchange’s upgrade on the UNI token remains uncertain. However, there has been a noticeable growth in the token’s value over the past few weeks. 

After reaching a 17-month high of $8.260 in January, the token experienced a correction but has since broken out of that pattern. As the upgrade deadline draws near, it is yet to be determined whether the token can consolidate its gains and regain previous levels.

Featured image from Shutterstock, chart from TradingView.com

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Uniswap Unveils Funding Plan For Ecosystem Revamp As UNI Price Hits 4-Month Low

In a move aimed at advancing their vision of creating a self-sovereign Internet with a permissionless alternative to traditional finance (TradFi), the Uniswap Foundation (UF) has submitted a proposal to secure the second tranche of funding. 

The desired funding, totaling $62.37 million, will be put to an on-chain vote scheduled for Wednesday, October 4th, with a 10% buffer included to mitigate price volatility.

Uniswap Foundation Seeks Community Approval

The separation of the funding request into two tranches was initially established to allow the UF to finalize its legal entity and obtain non-profit status from the Internal US Revenue Service (IRS), as the company is based in Brooklyn New York, ensuring clarity on tax implications before receiving the larger portion of funds. The UF obtained this status in the spring of this year, prompting the request for the second tranche.

The first tranche of funding, approved by Uniswap governance last year, aimed for $20 million but experienced a decrease in value due to a drop in the price of UNI, the native token of the Uniswap Protocol. 

Consequently, the Uniswap Foundation received $17.3 million worth of UNI, creating a remainder of $56.7 million to be requested in the second tranche. A 10% buffer of $5.67 million has been included to account for potential price fluctuations, bringing the total request to $62.37 million.

The Uniswap Foundation plans to receive the funds in UNI, with the amount determined using a 30-day UNI/USD TWAP (Time-Weighted Average Price). The pricing and its source will be explicitly noted in the on-chain proposal to ensure transparency in the process.

Regarding future operations, Uniswap currently holds 452,534 UNI tokens for employee vesting, valued at around $1.9 million. Factoring in a capital loss of $259,000 and the current UNI price, the UF has approximately $9.24 million remaining for operational expenses, expected to sustain them until Q4 2024. 

Lastly, according to the proposal discussion, the Uniswap Foundation anticipates revisiting governance in mid-2024 to extend its operational runway.

UNI Consolidates Amid Bearish Market Sentiment

Uniswap’s native token, UNI, has been consolidated between the price range of $4.198 and $4.311 over the past week. 

This price stagnation comes from the overall market trend and a bearish macro outlook, with the token experiencing a 0.5% decline in the fourteen-day timeframe. Furthermore, UNI has dropped 9.6% over the past 30 days, reaching a four-month low.

Uniswap

In the short term, UNI bulls must defend the current price floor to establish a strong support level. They aim to surpass the resistance walls at $4.418 and $4.487 to break the downtrend structure and potentially rally toward $6.259. It is worth noting that this price level is still below UNI’s annual high of $7.629.

According to Token Terminal data, Uniswap’s circulating market cap currently stands at $3.67 billion, experiencing a recent decrease of 6.66%. The fully diluted market cap, which considers the total number of UNI tokens that could enter circulation, stands at $4.27 billion, displaying an 8.15% decrease.

The total value locked (TVL) in Uniswap, representing the amount of cryptocurrency assets deposited and utilized within the platform, has recently declined by 5.31%. This decline reflects the broader Decentralized Finance (DeFi) sector’s challenges.

Featured image from Shutterstock, chart from TradingView.com 

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Uniswap And Polkadot Join Forces To Boost Decentralized Trading Volume, Here’s How

Polkadot has announced that Uniswap, the most important decentralized exchange (DEX) in terms of daily traded volume, is coming to its ecosystem via the Moonbeam Network parachain. This development is expected to significantly increase volume and liquidity across the Polkadot ecosystem while providing users a trustless, permissionless, and non-custodial way to trade and access tokens.

Polkadot And Uniswap Partnership Signals New Era For DEX

Uniswap’s arrival on Polkadot is a significant development for the decentralized finance (DeFi) space, as it adds visibility and momentum toward developing a new world of decentralized financial products and services on the Polkadot network.

With Uniswap’s proven track record in the Ethereum ecosystem, the following opportunities will open up on the DeFi sector:

  • Increased liquidity: Uniswap’s arrival on Polkadot is expected to increase liquidity across the ecosystem, as more users can trade a wider range of assets on the platform. This will likely attract more liquidity providers and traders to the ecosystem, further enhancing liquidity.
  • Interoperability: Polkadot’s unique architecture enables the creation of customized blockchains, or parachains, that can be tailored to meet the specific needs of different applications. With Uniswap’s arrival on the Polkadot network, developers will have access to a proven DeFi infrastructure that can be leveraged to create new and innovative products. This is expected to stimulate innovation in the DeFi space while facilitating the seamless asset transfer between Ethereum and Polkadot.
  • Trustless, permissionless, and non-custodial access to tokens: Uniswap provides users a trustless, permissionless, and non-custodial way to access tokens. Its arrival on Polkadot is expected to provide users with a more secure and decentralized way to access tokens, which will likely attract more users to the ecosystem.
  • Improved scalability and security: Polkadot’s high performance, scalability, and security will benefit Uniswap’s users, who can trade on a more secure and scalable platform.

Furthermore, according to Osama el-Sayed, Global Head of Growth & BD at ParityTech:

Polkadot is a strong fit for Uniswap, whose users can discover the network’s high performance, scalability, security, and interoperability. Polkadot’s DeFi ecosystem benefits from a marquee name in the space.

What Is The Moonbeam Network?

The Moonbeam Network is a Polkadot parachain that provides full Ethereum Virtual Machine (EVM) compatibility and native interoperability and prioritizes secure cross-chain integration solutions. It has seen impressive user growth over the last year, and the initiative to bring Uniswap to Polkadot and Moonbeam, led by the University of Michigan’s Blockchain Group, has successfully passed Moonbeam’s governance processes today following strong community support.

Adding Uniswap to the Polkadot ecosystem via the Moonbeam Network parachain is a significant development for the DeFi space. By increasing volume and liquidity across the Polkadot network and providing a trustless, permissionless, and non-custodial way to access tokens, Uniswap is expected to stimulate innovation and open up new opportunities for liquidity providers and traders. 

Uniswap

Featured image from Unsplash, chart from TradingView.com

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Uniswap Token (UNI) Forms Rounded Bottom, Can Price Hit $7.5?

  • UNI price creates more bullish sentiment as price forms rounded bottom below key resistance as price aims to break above.
  • UNI closes the week with two bullish candlesticks. 
  • The price of UNI breaks and holds above 8 and 20 EMA.

Uniswap token (UNI) has had a rough start to the year and has failed to hold key support as the price of Uniswap token (UNI) had a spiral from a high of $45 to the current price of $6.5 as price aims to break out from its long downtrend movement. The price of UNI has struggled to keep up with Bitcoin’s (BTC) range movement as this has affected most altcoins, including the price of UNI. (Data from Binance)

Uniswap Token (UNI) Price Analysis On The Weekly Chart

The cryptocurrency market hasn’t had the best price movement in recent times, but that doesn’t mean that some crypto assets haven’t shown great strength in bouncing from their lows and breaking out of their downtrends to establish bullish momentum.

Despite showing less price movement in recent weeks, the price of UNI has continued to trade below the key resistance level of $6.6, preventing a rally to new highs.

UNI’s price fell from a high of $45 to a low of $3.5 as it bounced off that region, quickly rallying off to a high of $8, but the price was rejected as it continues to struggle to break out of its price range.

The price of UNI ended the week looking more bullish as bulls pushed the price to break the resistance at $6.7, setting up a more bullish price movement for the price of UNI ahead of the new week.

The price of UNI must break and hold above $6.7 in order to rally to a higher region with more bullish sentiments; if the price of UNI is rejected from this region, we may see the price retest a $5 region acting as good support zones.

Weekly resistance for the price of UNI – $6.7.

Weekly support for the price of UNI – $5.

Price Analysis Of UNI On The Daily (1D) Chart
Daily UNI Price Chart | Source: UNIUSDT On Tradingview.com

The price of BEL on the daily timeframe continues to look bullish as the price forms a rounded bottom as the price breaks out of the neckline resistance.

The price of UNI trades at $6.7 as the price attempts to break above the 50 and 200 Exponential Moving Average (EMA). The price at $6.3 corresponds to the price at 50 and 200 EMA for UNI on the daily timeframe.

The Relative Strength Index for UNI on the daily timeframe is above 45, suggesting less buy volume.

Daily resistance for the UNI price – $6.7.

Daily support for the UNI price – $5.

 

Featured Image From themarketperiodical, Charts From Tradingview

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Uniswap (UNI) Leads Gains Among Top Coins

Uniswap (UNI) has led growth and gains among other top coins in the last 7 days. The price has been moving northward in the past week, with other top coins following suit.

From the technicality outlook, the coin’s current support zone has been between 6.25 and 6.35, respectively. As of writing, CoinMarketCap has shown the token trading at $6.35, enjoying a 12.07% weekly gain in value. 

Related Reading: Bitcoin 30-Day Long-Term Holder SOPR Is Yet To Hit Bottom Values

The digital asset is one of the leading gainers as it has been able to break past its $6.00 support level. While it slipped below its mark during the week, it quickly bounced back, going up to $6.6 on Tuesday.

Uniswap Price Analysis

UNI was trading at $5.69 in the past week. The bulls have been constantly defeated at the resistant mark by other coins. Many believed that if Uniswap continued to witness fewer demands, it would lose most of Its gains. However, it surged in price in the last 24 hours and led to gains.

If UNI eventually falls below the $6.29 level, it will be reduced to $6.00. This indicates the amount of bearishness it would be for the UNI. However, if it continues leading gains, trading will rise, and the buying strength will keep increasing. Moreover, the overhead resistance, for now, is at $6.29.

Uniswap (UNI) Technical Analysis

UNI has been increasing and decreasing in the trading rate due to the unstable value. This occurred as a result of the coin being unable to exceed the $6.00 resistance mark in the past week. At the time of writing, the relative strength has been slightly below the half line. This signals the increase in selling strength over the buying strength.

It could also mean that sellers are driving the momentum of price in the market. The green signal bar indicates the buying signal for the coin. This could also imply that the UNI might make a comeback in price in the upcoming trading sessions with the increase.

UNI’s price is currently trading at above $6. | Source: UNIUSD price chart from TradingView.com
Where Is The Uniswap Token Heading?

As of the moment, the data chart has indicated that hourly trading is at a low rate. If this continues, the price might change in the next few days to come. The level at which the price may stop falling or rising may be between $6.60 to $6.10.

Unlike other tokens in the chain link, Uniswap seems to have its head high above. This period has been one filled with uncertainty and volatility for the token. It may seem like a rather odd development. This is due to the fact that it has been stuck on a strange decline in the past five weeks.

Related Reading: Why VeChain Is Attractive At $0.02, Is VET Aiming For A Big Move?

It is important to remember that the bull can easily increase the trading price to $7.00. However, the token may still be at the risk of falling below a price of $6.00. it’s best you stay on the lookout for the next pattern breakout.

Featured image from Pixabay and chart from TradingView.com

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Galaxy Digital Will Introduce Cryptocurrency Indexes In Partnership With Alerian

Galaxy Digital has announced the launch of passive cryptocurrency indexes with Alerian. These passive crypto indexes are eight in number; they will be weighted equally and re-balanced monthly.

Galaxy Digital Holdings has partnered with S-Network Global indexes and Alerian to launch eight blockchain indexes focused on crypto.

Galaxy Digital Holdings Ltd is a financial services and investment management company that offers cryptocurrency and digital assets services. The Company also provides services in blockchain technology with business lines, including Principal investments, trading, advisory services, and asset management.

Related Reading | Kraken To Re-Enter The European Market By Applying For A New License

According to an announcement made on August 24th, the duo developed two families of the crypto index.

They are referred to as the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Indexes and Alerian Galaxy Global Blockchain Indexes. The eight offerings have their listing under Alerian Galaxy Global Cryptocurrency-Focused Blockchain Indexes.

The passive indexes enable access to few selected investment vehicles and public companies. The companies and selected vehicles should be actively involved in the blockchain and crypto sectors like cryptocurrency miners.

Related Reading | Number Of Short-Term Bitcoin Holders Hits All-Time Low, How This Affects The Price

Other good examples are companies with crypto on their balance sheets, blockchains researchers, and infrastructure tech developers. The indexes are equally weighted and rebalanced monthly.

Comments From Galaxy Digital Head of Asset Management

Steve Kurz, Partner and Head of Asset Management at Galaxy Digital, said:

” We have a goal to keep on empowering investors with institutional, seamless, and innovative access points. We intend to channel it to the upcoming digital assets ecosystem”.

The Alerian Galaxy Global Cryptocurrency-Focused Blockchain CRYPTE Index is one of the eight latest products. It tracks crypto companies like Argo Blockchain, Square Inc., Voyager Digital, Coinbase, and Marathon Digital holdings, etc.

Although, the Alerian Galaxy Global Blockchain Index (BCHAIN) is tracking Facebook, Microsoft, Mastercard, Grayscale’s Bitcoin, and Ethereum Trusts. Other indexes include CRYPTP, BLKCHN, and BLKCNP.

Galaxy has increased its offerings early this month by partnering with Bloomberg to create a Defi Index tracking various projects. These projects include Aave (AAVE), Uniswap (UNI), and Compound (COMP).

In 2018, Galaxy had a partnership with Bloomberg to launch a Crypto Benchmark Index. The Index aims to track the liquidity of the top 10 cryptos.

Related Reading | Why An 18% Drop In Bitcoin Could Still Be Bullish

According to an August 18th report, Galaxy posted a loss of $175.8 million in Q2. The Galaxy CEO and founder Mike Novogratz expressed that he isn’t disturbed by the development.

He referred to factors like blue-chip strategic partnerships and increased counterparty trading volume as reasons to be bullish. He added that the goal was simply an adoption.

“We believe that the adoption battle will over time be a stickier, hard, and more financially impactful compared to short-term price moves.” – Mike Novogratz

At the time of writing, cryptocurrency market is down by 2% | Source: Crypto Total Market Cap on TradingView.com
Featured image from The Block, chart from TradingView.com