Why Did Uniswap (UNI) Price Rise? - 23.11.2023

Uniswap is a decentralized exchange protocol. It enables the trading of ERC-20 tokens through automated market making (AMM). Uniswap was launched in 2020 and has since played an important role in the DeFi ecosystem. Uniswap's native token, UNI, is used for the governance of the protocol. UNI token holders can use it to vote on changes to the platform. Uniswap is one of the most popular protocols in the DeFi space and is expected to continue to play an important role in the future of decentralized finance.

The US Department of Justice recently held a press conference to announce the sanctions it plans to impose on the cryptocurrency ecosystem. As part of these sanctions, Binance, the world's largest cryptocurrency exchange by volume, was fined the highest fine in US history. As part of the $3.9 billion fine, Binance was forced to withdraw from the US and the exchange's CEO was forced to resign.

This caused a serious outflow of money from the Binance exchange. It is estimated that some amount of money has shifted to the decentralized financial market as users change their patterns in existing exchanges and cash flow shifts to different channels. It is thought that this situation may have a positive reflection on UNI's price.

UNI is trading at 182 liras, up 16% in the last 24 hours.