Uniswap sees increase in network activity after launch of NFT aggregator

• Uniswap announced the launch of its NFTs aggregator platform.
• This led to an increase in the number of new addresses and the number of addresses that shopped at UNI.

In the face of the prolonged crypto winter, leading decentralized exchange Uniswap[UNI] launched its NFT aggregator tool on 30 November.

According to the announcement’s blog post, NFT’s aggregator tool will give users access to listings from all major NFT marketplaces, including OpenSea, X2Y2, Sudoswap, LooksRare, Larva Labs, X2Y2, Foundation, NFT20, and NFTX.

Read Uniswap’s price estimate 2023-24

Uniswap stated that their aggregator would offer users access to a wider variety of NFTs as the platform has 35% more listings than the leading NFT marketplace.

Additionally, powered by Uniswap’s new open source Universal Router contract, the aggregator will allow users to save around 15% on gas costs compared to other NFT aggregators in the market.

Also, the first 22,000 unique wallets that make NFT purchases on the aggregator from the launch date until December 14th will receive gas discounts on their transactions.

Furthermore, Uniswap announced a $5 million USDC airdrop to historical users of Genie, the NFT marketplace aggregator the decentralized exchange acquired earlier in June.

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Following the launch of NFT’s aggregator platform, UNI’s price jumped another 6% close the trading day at an index price of $5.88, data from CoinMarketCap revealed.

News of the launch also saw UNI record a 19-month high in network activity. According to data from the analytics platform Santiment in the chain, the number of new addresses on the network immediately increased by over 100%.

UNI ended the trading session on 30 November with 7,351 new addresses on its network. This showed rapid growth in new demand for UNI after the launch of NFT’s aggregator platform.

Also, the number of unique addresses transacting with UNI on Nov. 30 rose to the highest point since May 4, 2021, data from Santiment showed. According to the analytics platform on the chain, 8,531 addresses traded UNI on November 30, jumping by 107% in just one day.

Source: Sentiment

Furthermore, UNI’s large key addresses took advantage of the launch of NFT’s aggregator and the price rise to increase UNI trading on 30 November. As a result, the number of UNI whale transactions exceeding $100,000 increased by 197% during intraday trading on November 30.

Likewise, for whale transactions over $1 million, the number increased by over 100% over the same period.

Source: Sentiment

It is also important to point out that when UNI’s price rose momentarily, it also saw a spike in active withdrawals as many investors tried to take advantage of the rally.

According to data from Santiment, UNI’s active withdrawals increased by 99% during the November 30 trading session.

Unfortunately, according to UNI’s MVRV ratio, many saw losses on their investments.

Source: Sentiment