On 17 March, Uniswap announced it would deploy on Avalanche and add support for AVAX. Being one of the leading decentralized finance (DeFi) protocols, the deployment of Uniswap could significantly impact Avalanche in terms of transaction volume and Total Value Locked (TVL).
Read Avalanche (AVAX) Price Prediction 2023-24
There was a request for the Uniswap V3 to be deployed on Avalanche in a proposal that some community members submitted. The Business Source License (BSL), which was set to expire on April 1, was the catalyst, according to the initiators. The expiration of the BSL will allow developers to fork the Uniswap V3.
On March 17, the voting ended, with 26 million votes—or 91.26%—cast in favor of the proposition. Effectively, this meant Avalanche, which already supports over 200 protocols, would gladly incorporate Uniswap into its system.
The implication is that Uniswap can potentially overtake Trader Joe as the most popular protocol on Avalanche regarding TVL.
Avalanche had about 281 protocols listed on it as of DefiLlama’s most recent data dump. More than 5% of its TVL has been generated in the last 24 hours, bringing the total to almost $821 million from all the protocols on it.
Yet, Uniswap boasts a greater TVL, and its V3 alone has over $2 billion. Uniswap was on several chains, including Polygon, Arbitrum, and Optimism, in addition to the most recent deployment plans on Avalanche.
Its TVL might rise as a result of the deployment of Uniswap. Its transaction volume might also be affected, which would have an effect on AVAX.
Avalanche (AVAX), according to its daily period chart, increased in value by 11.50% at the close of trading on March 17.
It was trading at roughly $17.66, down less than 1% as of this writing. The Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) both showed that the minor uptrend had turned the asset into a bull trend.
How much are 1,10,100 AVAXs worth today?
Uniswap (UNI), which had gained over 2%, was trading at roughly $6.5 as of this writing. It had been pushed into a bull trend by its present uptrend, just like AVAX, as shown by the MACD and RSI lines.