According to recent news, Uniswap adopts xToken and Alchemist coin as new partners in order to join Uniswap V3. This has made XTK to grow up %400. Let’s take a look at what is going on?
New Partners Are Going To Join Uniswap V3
Although the launch of Uniswap V3 has lost its ardor, Uniswap still breaks records. This decentralized exchange could surpass Bitcoin’s network in terms of transaction fees in 24 hrs and paid more than $36 million to liquidity providers on its platform. However, as there is only one month left until the launch of Uniswap V3, the possibility of an increase in price of UNI is not out of mind and significant changes are going to happen. Let’s discuss it in more detail.
What is xToken and Alchemist?
xToken protocol provides an ERC-20 staking system which makes the complexity of DeFi projects simpler. The system receives popular DeFi tokens and provides only a token, which represents all tokens included in xToken protocol. Therefore, an ERC-20 token can be created within this program in order to provide liquidity and governance. In addition, the Alchemist can receives the same token and deliver the NFT version.
Now Uniswap aimed to use these two protocols in order to enable the NFT token deposits. Consequently, both NFT and ERC-20 tokens can be traded (exchanged) on Uniswap platform. Accordingly, xToken and Alchemist can take the advantage of this opportunity and join Uniswap to grow in the CoinMarketCap table.
The Current Condition of New Partners
Alchemist coin is currently only available on Uniswap and its price details and market cap has not been placed yet on CoinMarketCap. Finally, it should be said that by the start of counting down to the Uniswap update, we should expect to hear good news from these two coins. In fact, we need to wait for the launch of Uniswap V3.