Binance Coin, Uniswap, and Terra Luna were up 15.7%, 27.4%, and 10.4% as of 10:58 AM EST for the past seven days.
Currently, tokens are trading at $409.29, $25.01, and $38.41 separately.
On September 29, Binance, the world’s largest cryptocurrency exchange, announced that it would no longer do business in China. Investors sold the coin of the same name for fear. Worrying that it would be subject to a state crackdown on cryptocurrencies.
China recently banned cryptocurrency mining and declared all cryptocurrency trading illegal. Savvy Chinese investors bypassed local regulations by linking their wallets to decentralized exchanges (DEXs) like Uniswap to trade cryptocurrencies.
An increase in trading volume is driving the demand for Uniswap tokens. Which can provide liquidity to lesser-known altcoins, leading to higher prices. It is a different story from Terra Luna. September On May 30, the long-awaited Columbus5 update was released online. He introduced a deflationary aspect to his LUNA coin. He also created an integration between Cosmos and the blockchain, allowing data-sharing across multiple ecosystems.
The catalyst was what these dormant altcoins needed to breakthrough.
Moreover, the functionality of Binance Coin has rapidly expanded from checking network transactions for interest (interest rate) to borrowing and lending, managing its decentralized exchange, and more.
Uniswap and Terra Luna
On Uniswap, there are 442 coins traded on the exchange and 937 active trading pairs. Users receive a 0.3% commission on a prorated basis for all transactions they make with UNI tokens.
Finally, the developers of Terra Luna have created an advanced platform that lets consumers buy and sell goods and services using the TerraUSD stablecoin (CRYPTO: UST). Simultaneously, investors can use LUNA coins to sustain a 1:1 UST exchange rate against the US dollar and gain capital gains.
All three cryptocurrencies are doing well. For example, the PancakeSwap (CRYPTO: CAKE) decentralized exchange, powered by the Binance smart chain and BNB to manage transaction fees, has 2.8 million monthly users and 31 million transactions.
Also, although Uniswap’s creation was only a year ago, the platform already completed 62 million transactions, with a total transaction value of $386 billion. Finally, the Terra Luna Chai payment app has over 2 million users. It furthermore pledges over $1 billion per year in UST currency transactions. This equates to $1 billion per year when traded in UST currency.
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