The price of the DeFi exchange Uniswap’s native token UNI has decreased by 15% in the past week due to news of a potential SEC enforcement action against it for alleged securities law violations. UNI is currently trading at $9.08, with a 2.1% loss in the past 24 hours. While it is not a crash, this dip is significant compared to other major cryptocurrencies. TON, another cryptocurrency, also experienced a 3.6% loss overnight but is still 37.5% higher than last week. UNI saw rapid growth on specific dates in February and March but has been declining since then, with the steepest losses occurring in the last 48 hours.
Uniswap is the largest decentralized exchange (DEX) in the DeFi sector, allowing users to trade numerous cryptocurrencies without the need for a centralized entity to custody their funds. While this aspect is seen as a barrier to entry for some, it provides users with control over their assets and private keys, unlike traditional exchanges. Many lost faith in centralized exchanges after the 2021/2022 recession, when withdrawals were halted due to liquidity issues. The collapse of FTX further emphasized the importance of decentralization and self-custodying crypto, leading to a growing interest in DeFi platforms like Uniswap.
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