The chief funding officer of the crypto asset supervisor Bitwise says he believes one decentralized finance (DeFi) undertaking on the Ethereum (ETH) blockchain is at the moment undervalued.
Matt Hougan says the market cap of Uniswap (UNI), which is roughly $6 billion, at the moment “feels too small.”
“[Uniswap] can be the four-hundredth largest monetary companies enterprise on this planet – roughly the identical measurement as Storebrand, a financial savings and insurance coverage enterprise in Norway.”
In accordance to Hougan, regulatory uncertainty may very well be driving Uniswap’s present undervaluation, however that might change amid the U.S. Securities and Alternate Fee’s (SEC) latest initiatives to supply regulatory readability for crypto property.
Per a Grayscale Analysis report launched in late June, Uniswap is among the many top-10 decentralized exchanges.
Over six months ending on Could thirty first, Uniswap ranked third by way of volumes. Uniswap generated $487 million in charges behind Solana-based decentralized exchanges Raydium, Meteora and Jupiter over that interval.
UNI is buying and selling at $9.89 at time of writing, up by 36% over the previous month and down by round 78% from the all-time excessive reached in Could of 2021.
Turning to Ethereum, Hougan notes that spot exchange-traded funds (ETF) of the second-largest crypto asset by market cap recorded $5.4 billion in web inflows in July, the best month-to-month web inflows ever.
“When you think about Ethereum is 20% the dimensions of Bitcoin, the size of these flows actually hits residence. Think about if Bitcoin ETFs did $27 billion in a month…”
In accordance to crypto ETFs tracker SoSoValue, the best web inflows determine for spot Bitcoin ETFs was the $6.49 billion reached in November of 2024.
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Featured Picture: Shutterstock/Philipp Tur/Vladimir Sazonov
