Why is Uniswap on the rise among cryptocurrencies?

Martin Shkreli is famous for a few things. Among the most important, the purchase of the Wu Tang Clan album Once Upon a Time in Shaolin. It is an asset that was confiscated as part of his conviction, which we will talk about.

He was banned from Twitter for harassing a reporter. He is also known for purchasing the license of Daraprim, a drug used by many AIDS and cancer patients. In fact, he is not known for buying it, but for raising the price from $ 13,50 per pill to $ 750 per pill, practically overnight.

These facts culminated in another thing Shkreli is known for: being sent to prison for financial fraud. His sentence was seven years, but he received a reduced sentence for good behavior. A few days after he was released from prison, he joined a Twitter Spaces and talked about cryptocurrencies stating: “Uniswap is really cool. I started using Uniswap in prison ”.

More information on Uniswap

Now some information on Uniswap for those who don't know. Founded in 2018 by Ethereum developer Hayden Adams, Uniswap is a cryptocurrency exchange that uses a decentralized network protocol. It is operated on the Ethereum blockchain and uses smart contracts to facilitate transactions.

According to CoinMarketCap, the price of Uniswap rose 8,3% today, reaching $ 5,84. The 24-hour trading volume is approximately $ 209 million and the market cap is over $ 4 billion. The current offer in circulation is 718.823.109 UNI coins with a maximum offer of 1.000.000.000 UNI coins. Although it has taken a leap forward, it is still 86,97% below its all-time high of $ 44,97.

Conclusions

Shkreli is certainly seen as a villain, and presumptuous to boot. Which was reinforced when he, after being released, wrote on Facebook: "Getting out of real prison is easier than getting out of Twitter." But his talks about Uniswap and the future of DeFi, and the social media frenzy that followed, could certainly be the cause of the stock market's rise in prices. Even if he is wrong about many things, we will see if he is right that decentralized finance is the way of the future.