Uniswap’s (UNI) price has been rising against general market sentiment. As Bitcoin, Ethereum, and larger cryptocurrencies give out their last week’s gains, UNI’s price remains impervious and maintains bullish momentum.
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Uniswap trades at $5.7%. It has a 10% profit for the past seven days, and a 32% gain over the month. In smaller timeframes, UNI’s price has begun to weaken as it displays a 3% loss in the past day.
As a result of a scam, millions were lost yesterday by liquidity providers. Via its official Twitter handle: Uniswap Labs confirmed the attack and called it a “problem far too common in crypto today”.
Because of ongoing rumors regarding an exploit to the Uniswap v3 Platform, the company addressed this matter. They confirmed that the attack was phishing, but denied any exploit.
As they explained, liquidity providers on the platform received “malicious tokens” via airdrops which pointed them to a “malicious interface”. Because they promised UNI, users fell for the phishing scheme. According to the company,
This generated a setApprovalForAll transaction, which, if approved by the user in their wallet, gave the attacker the ability to redeem all of the user’s Uniswap v3 LP tokens for their full underlying value.
According to the company, users should be aware of potential phishing attacks coming from domains not affiliated with unswap.org. Hayden Adams (creator of Uniswap) responded to the question about possible future steps to reduce these attacks.
To protect the users, there are many things that can be done on the UI layer (wallets or other interfaces). Ex: By default, any unidentified token is hidden with a URL.
Why Uniswap is Moving Against the Trend
Despite the attacks, the sentiment in the crypto market, and the UNI tokens entering the market, UNI’s price was able to maintain its weekly and monthly gains. A series of acquisitions and partnerships could explain the bullish trend in price.
Uniswap Labs has announced purchaseGenie is a non-fungible token (NFT) marketplace aggregater. The platform will be able to trade these digital assets.
Developers will also be able leverage a brand new API to create applications for Uniswap. This API allows them to offer ERC-20, NFTs and cryptocurrency trading. Thus, making the protocol a “comprehensive platform for users and builders in Web3.
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All users trading on the platform after April 15, 2022 were eligible for a USDC airdrop. This was also available to GENIE NFT and GENIE NFT holders. This has potentially boosted UNI’s trading volume and demand which provided the token with more resilience against the persistent bearish price action across the crypto market.