On January 30th, Uniswap (UNI) and Compound (COMP) hit new highs as the entire DeFi sector continued to warm. UNI hit a new all-time high at $ 19.93 and the COMP price did the same when it briefly traded at $ 340.
COMP / USDT 4-hour chart. Source: TradingView
For the past 30 days, the entire decentralized financial sector has been in a strong upward trend and data from DeFi Pulse shows the locked total value of $ 16.43 billion to a new all-time high of $ 27.67 billion on Jan. 2 January 30th rose.
Total value locked in DeFi. Source: Defi Pulse
The increase in COMP price follows the recently released version of a new governance module and an upgrade to the comp.vote interface, which now allows community members to save gas fees by voting by signing instead of chain transactions.
DeFi is getting more attractive after the Robinhood debacle
This week’s controversy over investment brokers stalling the GameStop and AMC stock markets has highlighted DeFi and crypto exchanges as a possible alternative to the centralized traditional financial sector.
In a tweet, Compound founder Robert Leshner said recent developments have shown that “the long-term answer” to the time it takes to trade with the Depository Trust & Clearing Corporation (DTCC) is for the markets run on blockchains. ”
Leshner said:
“Immediate settlement would remove most of the complexity, cost, and capital requirements that affect T + 2 settlement. Robinhood would have no credit obligations or the need to turn against their own customers. “
The launch of the Uniswap grant program supports the UNI rally
Uniswap DEX 24-hour trading volume. Source: Uniswap
Uniswap’s scholarship program was launched on January 20 to expand the ecosystem of exchange.
Developers interested in participating now have the opportunity to submit a proposal and receive funding to develop a project that adds value to the overall platform. According to the Uniswap Twitter feed, there have been “40 grant applications to @uniswapgrants” in the 14 days since the applications were opened.
UNI / USDT 4-hour chart. Source: TradingView
Since the grant program was published, UNI’s price has increased 160% from $ 7.10 on January 21 to its current price of $ 18.51. Uniswap’s rising TVL, daily transaction volume, and investor excitement over the upcoming launch of v3 are other factors helping UNI climb to a new all-time high.
