Uniswap, a leading decentralized cryptocurrency exchange, has launched a closed beta version of its mobile app for Android users. The app aims to provide a more convenient and user-friendly way to swap tokens on multiple chains, including Ethereum, Polygon, Optimism, Arbitrum, Base, and BNBChain.

The app can automatically detect which network a token belongs to and switch to that network without requiring the user to do so manually. The app also supports Uniswap’s governance token UNI, which allows users to participate in the protocol’s decision-making process.

Early Data Shows Some Sign of Recovery for Uniswap

The launch of the Android app comes as Uniswap has faced a decline in user activity since May. According to data from Token Terminal, the number of active monthly users on the protocol has dropped by 23%. The number of daily transactions and network fees have also decreased significantly in the same period.

However, Uniswap has seen some signs of recovery in the last month, with daily transactions increasing by over 50% since 19 September. This may be attributed to the growing popularity of layer 2 solutions, such as Optimism and Arbitrum, which offer lower gas fees and faster transactions.

Uniswap’s native token UNI has also suffered from the low demand for the DeFi token among spot traders. The token’s price has fallen by 10% since the beginning of October and is currently trading at $4.01. The token’s technical indicators suggest that it is in a downtrend and may face further selling pressure.

The diminished interest in the decentralized finance (DeFi) token among spot traders over the past 12 days has led to its current state. The daily chart analysis of UNI’s price reveals that its primary momentum indicators are nearing the oversold territories.

Uniswap hopes that its Android app will help attract more users and increase its market share in the DeFi space. The app is currently in closed beta and requires users to sign up for early access. Uniswap has not announced when the app will be available for public download.

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Filed under: News - @ October 13, 2023 12:17 pm