Is now a Good Time to buy Uniswap (UNI)?

The post Is now a Good Time to buy Uniswap (UNI)? by Reid McCrabb appeared first on Benzinga. Visit Benzinga to get more great content like this.

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The Uniswap protocol is an automated market maker (AMM) used for swapping ERC-20 tokens – the most popular token standard built on Ethereum. Uniswap is also commonly referred to as a DEX, short for decentralized exchange. With over $1 trillion in trading volume and a recent non-fungible token (NFT) aggregator acquisition, Uniswap and its development team at Uniswap labs have become essential for peer-to-peer crypto transactions. 

Although Uniswap is a protocol governed by a decentralized autonomous organization (DAO), its founder Hayden Adams also runs a for-profit company called Uniswap Labs, which helps to manage and integrate new technology into Uniswap. 

Despite the many DEXs to choose from, Uniswap has managed to become a leader in the industry and a trusted name for safe transacting. With the market in a downturn, some investors are scooping UNI, the Uniswap governance token, for cheap. The cryptocurrency is one of the select few on the market that has shown value.

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Is Now a Good Time to Buy Uniswap?

Sentiment in the markets is at record lows; crypto and broader markets have reflected the feeling in a 2022 sell-off. Uniswap has lost roughly 75% of its value in 2022 and is down closer to 88% from its all-time high in May of 2021.

The gravity of the bear market is impossible to escape. Uniswap had some bullish news from its camp with successful launch of Uniswap V3 and acquisition of NFT aggregator Genie. A brief price rally took place but nothing substantial. 

The acquisition of Genie is a huge move for Uniswap. Not only does it get the protocol started in the NFT space, but it also acquired the entirety of the Genie team for Uniswap labs. The team of roughly 15 will join Uniswap labs in making Uniswap a hub for digital ownership. 

Also interesting about the Genie acquisition is that Uniswap chose to airdrop USDC – a popular stablecoin – to any user who has made two or more transactions on Genie. Rewarding the Genie community with no tie to a protocol is an uncommon move.

How Long Will the Crypto Bear Market Last?

Bear markets time spans vary, with most lasting around 10 months. However, the market conditions this time around may point to an extended bear market. With inflation at all-time highs and a tightening cycle projected to last through 2024, limited positive news is coming out about macro fundamentals.

While many investors are calling for a painful recession, it is important to think back to 2020 when fear rushed through the markets as businesses were shut down in response to COVID-19. As all signs pointed to a recession, the Fed countered with record money printing. 

A pivot from the Fed could instantly shift market conditions. An infinite amount of other potential factors could alter the state of the market.

Timing the market is difficult, but if you are highly convicted on crypto, then these prices may have begun to look attractive to you. A drop in price does not alter the fundamental technology behind crypto.

Will Uniswap Ever Reach All-Time Highs? 

For Uniswap to return to its all-time highs, a full market reversal will need to take place. Along with a shift in the macro environment, Uniswap will need to continue to lead DEXs in transactions, as well as integrate new tech. The recent acquisition of Genie can add more volume on the protocol from individuals trading NFTs. 

Is Uniswap (UNI) a Good Long-Term Investment?

If you are highly convicted on Ethereum and DeFi, then Uniswap could be a good long term investment for you. The protocol is at the cutting edge of DeFi innovation and has an active community that continues to improve the user experience.

How to buy Uniswap (UNI)

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• Only 29 coins available

The UNI token is listed on some popular exchanges such as eToro. If you are looking to use a non-custodial wallet, then you can connect directly to the Uniswap application and swap Ethereum for the token.

How to Store Uniswap Safely

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ERC-20 tokens

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Launched in 2014, Ledger has transformed into a fast-paced, growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for companies and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.

With 1,500,000 Ledger wallets already sold in 165 countries, the company aims at securing the new disruptive class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates to a secure chip for its line of wallets. So far, Ledger takes pride in being the only market player to provide this technology.

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• ERC-20 tokens
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• Easy to set up and use
• Supports more than 1,500 different digital assets
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• Can be quite pricey

Centralized exchanges are in hot water as a number have begun to fail following the downturn in markets. The importance of holding your own keys is more relevant than ever; however, crypto wallets do hold risks of their own. When using a wallet, you are solely responsible for remembering the password and seed phrase, and if forgotten there are no back-end routes to recovery like there are for forgetting your password on a centralized exchange.

Another risk with wallets is that software wallets, often referred to as hot wallets, are susceptible to scams and hacks. Moving your digital assets to a hardware wallet, or cold wallet, is good practice. A hardware wallet holds less compromisable qualities than a software wallet.

A popular hardware wallet maker is Ledger – the Ledger Nano S is a commonly used model and is a relatively easy process to set up.

How Does Uniswap fit in the Bigger Picture? 

Uniswap’s token UNI is built on Ethereum’s blockchain. It is used to vote in the DAO that governs the DEX. The token funds liquidity pools used to grow the ecosystem via partnerships, grants and other activities.

The UNI token is most often used as an investment vehicle to represent the value of Uniswap. It can be further used as a tool for governing and growing Uniswap. 

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So, is now a Good Time to buy Uniswap (UNI)?

If you are in crypto for the long haul, it may be a good time to acquire UNI. The protocol has provided tremendous value as a DEX, and its active community continues to improve and expand its use cases.

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The post Is now a Good Time to buy Uniswap (UNI)? by Reid McCrabb appeared first on Benzinga. Visit Benzinga to get more great content like this.

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• Source: https://www.benzinga.com/money/is-now-a-good-time-to-buy-uniswap/