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Bitcoin whales are accumulating DeFi cryptocurrencies, data point

Investors with large amounts of capital in cryptocurrencies appear to be stocking decentralized financial assets (DeFi) while Bitcoin corrects its historic high above $ 42,000.

According to new data from cryptocurrency analysis firm Santiment, the number of whales that buy Uniswap (UNI), for example, shot since the beginning of the month.

According to the company, the big whales in the market would be converting their profits from the rise of Bitcoin into DeFi tokens. The objective with the action is to obtain new returns.

“Uniswap just broke the all-time record (Sunday) and crossed over $ 13 for the first time. New whale addresses are a clear reason! Our data from whale keepers indicates that addresses with 100,000 or more UNI $ inflated to a new high at 237 ″, Santiment pointed out.

Uniswap

Uniswap is a decentralized platform built on the Ethereum network that fueled the emergence of Automated Market Maker (AMM) protocols. These solutions allow users to trade assets using smart contract technology rather than through a central intermediary.



The exchange token, UNI, offers its holders control over the governance of the protocol. This includes token cash reserves, protocol fees and standard token list.

Alongside the Aave point-to-point lending platform, UNI reached the top of the top 20 cryptocurrencies by market cap this week.

In addition, the value of the network fees generated by Uniswap surpassed Bitcoin on Monday (25).

As Santiago Santos, a partner at ParaFi Capital, explained, this is a sign of what is to come with DeFi.“The great DeFi flippening. Today, Uniswap generated more network fees than Bitcoin. It is the first DeFi protocol, but not the last. The main feature here is that the rates at DeFi not only benefit mining companies, but also LPs (liquidity providers) and token holders. Monitor this, ”he said.

Also read: 6 cryptocurrencies will give chances of gain this week, according to trader

Read also: Bitcoin funds break record of investments received in 2021

Also read: Traders set up pump scheme on shares of forgotten companies

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