Top Altcoins in May [2024] You Should Look Out For
Uniswap (UNI)
Uniswap, a powerhouse in the decentralized finance (DeFi) realm, stands out prominently within the decentralized exchanges (DEX) sector. Recognized as one of the top altcoins in 2024, Uniswap has solidified its position as a leading decentralized trading protocol, revolutionizing the automated trading of DeFi tokens without reliance on centralized entities. Founded by Hayden Adams in 2018, Uniswap introduced its automated market maker (AMM), gaining significant attention, particularly during the DeFi boom of 2021.
A distinctive feature of Uniswap is its operation under a decentralized autonomous organization (DAO), governed by its native token, UNI. This governance structure empowers users to actively influence and contribute to Uniswap’s future developments, enhancing user engagement and profitability. By automating the market-making process, Uniswap minimizes risks and lowers costs for all participants, eliminating identity requirements for users and enabling the creation of liquidity pools for various token pairs. As one of the top altcoins in 2024 to invest in, Uniswap continues to play a pivotal role in shaping the decentralized financial landscape in 2024
The native crypto of Uniswap started 2024 with a relatively subdued performance, encountering a minor decline in January. However, February and early March saw a significant resurgence in its price, marked by positive momentum and highlighted by an impressive intraday surge of nearly 70% on February 23, followed by a 111% rally between then and March 6.
This surge coincided with reports suggesting that the Uniswap DAO was considering a proposal for fee rewards – a development that propelled the UNI price to reach $12, marking its highest value in two years.
However, soon after this massive rally – UNI price lost almost all the gains it had made in 2024 to touch its 2-year high of around $17 and is back to trading near $7 now.
