Uniswap Launches on Polygon, MATIC Rallies to a New All-Time High

The cryptocurrency market is experiencing a mixed performance at the moment, with some coins performing excellently while others are underperforming. However, the total market cap is now closing in on the $2.3 trillion mark.

Uniswap Launches on Polygon Following Recent Approval

Uniswap, the leading decentralized exchange in the world, launched its services on the Polygon blockchain yesterday. This latest development comes after UNI holders approved the launch of the DEX on the Polygon network.

Uniswap is a decentralized exchange protocol built on the Ethereum blockchain. Unlike centralized exchanges, Uniswap is an automated liquidity protocol. It doesn’t operate with order books, and there is no centralized party required to approve trades. Traders can execute their trades without any intermediaries, giving it a high degree of decentralization.

The UNI token holders approved the launch of Uniswap on Polygon earlier this week. The DEX was launched on Polygon a few hours ago. In an interview, Mihailo Bjelic, co-founder of Polygon, said, “Ethereum introduced a noble vision of an open, borderless economic system accessible to everyone. With the increased usage, fees on Ethereum layer 1 have effectively ‘priced out’ most of the users. With this deployment, Uniswap as the flagship Ethereum application returns back to the original vision and again offers low fees and open access to everyone.”

 MATIC Rallies to a New All-Time High

MATIC, the native coin of the Polygon ecosystem, raced to a new all-time high hours after the announcement. The coin reached an all-time high of $2.66 earlier today, making it one of the top performers in the market. However, the coin has slightly retraced and is now trading above $2.50 per coin.

MATIC’s MACD line is still in the positive zone, thanks to the coin’s recent performance. The RSI of 67 shows that MATIC is heading to the overbought zone. The coin could rally towards the $3 level over the next few hours if it can resume its upward movement. Year-to-date, MATIC’s value has grown by more than 14,000%.

UNI Rallies by More Than 10%

UNI, the native token of the Uniswap platform, is up by more than 11% in the past 24 hours. The coin has been rallying since Uniswap’s integration with Polygon a few hours ago. It could be set to soar higher if the market maintains its current momentum.

At the moment, UNI’s MACD line is below the neutral zone as the recent poor performance has affected its broader outlook. The RSI of 50 shows that UNI is getting out of the oversold region and could rally higher soon.