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  • Uniswap Development Activity Highest in October
  • Since the collapse of FTX, the DEX has seen an increase in user activity

According to data from on-chain analytics platform Sanimentthe decentralized finance protocol (DeFi) Uniswap [UNI] had the most development activity over the past month.

Lily Uniswap [UNI] price prediction 2023-2024

In the past 30 days, Uniswap’s GitHub events totaled 176. It was followed by Osmosis [OSMO] and fox token [FOX]which had 164 and 123 GitHub events respectively.

Source: Santiment

It’s been a particularly good month so far for Uniswap. The sudden fallout from the major exchange FTX has led to a decline in trust in centralized exchanges and a migration of users to decentralized exchanges.

According to crypto analyst WuBlockchain, the “loss of confidence in CEX” has caused an increase in trading volume on Uniswap. Indeed, Uniswap V2 and V3 burned over 2300 Ethereum [ETH] between 7 and 14 November. This caused the leading altcoin to “fall into deflation”.

A look at UNI

While Uniswap has seen growth in user activity and development activity over the past month, thanks to the collapse of FTX, its native token has not seen the same success.

By data of CoinMarketCap, UNI had attempted a price rally between October 19 and November 6, and its price had increased by 17% during this period. However, things suddenly took a turn for the worse when the FTX reveals came to light on November 6th.

The price of the altcoin has since fallen by 24%. At press time, UNI traded hands at $5.76.

Source: CoinMarketCap

As users left CEXes to seek solace on DEXs starting Nov. 6, the number of unique addresses that traded UNIs increased. However, by November 13, the token had both peaked and declined. At press time, daily active addresses traded with UNI stood at 1,717, down 44% over the past six days.

Following a similar progression, the number of new addresses joining the UNI network increased on November 6, peaking at 1,959 addresses on November 13. However, it has since fallen by 54%.

Source: Santiment

Since the beginning of the year, the price per UNI token has fallen by 66%. Unsurprisingly, UNI holders have held on at a loss since the start of the year. According to on-chain data from Santiment, the market value to realized value (MVRV) ratio for alt has been negative since January. Still negative at press time, the MVRV ratio was -57.38%.

Source: Santiment

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