UNI, the native token of the decentralized finance protocol (DeFi) Uniswap, has broken into the top 10 largest cryptocurrencies by market cap.
As a result, the cryptocurrency has just become the first DeFi token to join the selected group of 10 largest cryptocurrencies by market capitalization.
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Notably, the coin has catapulted into the top 10 after experiencing a spectacular increase of more than 50% over the past week. In particular, the asset is currently ranked #8 according to CoinMarketCap's rankings at a price of $33.42 after rising 6.5% over the past 24 hours and 42.73% over the past 7 days. The token's market cap amounts to more than $17B.
According to Messari, UNI is the second largest Ethereum-based asset by market cap behind Tether, thus surpassing Chainlink by almost 50% of its capitalization.
The recent jump in the price of the token could be related to the imminent release of the V3 update to the Uniswap protocol.
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