Uniswap and it’s mobile crypto wallet on Apple

Bad news for Uniswap, the decentralized crypto exchange that uses a series of smart contracts to conduct transactions on its platform.

Reportedly, it appears that apple refuses consent to Uniswap Labs regarding the launch of its mobile wallet. It should be noted that Uniswap is an open source project and falls under the category of a DeFi product because it uses smart contracts to facilitate exchanges.

The mobile wallet designed by the crypto exchange Uniswap

Uniswap Labs has announced plans to launch a new self-customized mobile wallet that will allow users to swap over layer-1 or layer-2 network without having to switch blockchains.

According to Uniswap Labs, the wallet will allow users to check price charts and search for any token on various networks, including Ethereum, Polygon, Arbitrationand Optimism. To ensure maximum security, Uniswap Labs has partnered with Trail of Bits to audit the wallet.

In addition, the seeds and private keys of imported and newly created wallets will be encrypted and stored on the devices using Apple’s secure enclavewhich are excluded from device backup.

Uniswap also reported that users will be able to manually save their seed phrases with a hard copy or encrypt and store them on iCloud. Actually Uniswap official Twitter The profile reads as follows:

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1/ Introducing the Uniswap mobile wallet 🦄✨

A fully self-managed open source mobile app from the most trusted name in DeFi.

Now available as a limited early release – through Apple TestFlight. pic.twitter.com/NmO8c0bXMs

— Uniswap Labs 🦄 (@Uniswap) March 3, 2023

Uniswap’s problems with Apple: what’s going on?

Although the first version was approved in October, Uniswap Labs has had issues with Apple’s App Store regarding the mobile wallet.

Despite the approval of other self-storage wallets, the final construction of Uniswap’s mobile wallet was rejected by Apple just days before its planned launch in December 2022.

Uniswap Labs said it has answered Apple’s objections, all the questions, and reiterated that complies with its guidelines. However, Apple has yet to give the green light for launch, and Uniswap Labs is still in limbo.

As a result, the exchange is offering early access to a few thousand Testflight users while they wait for Apple to approve the launch. Indeed, in its announcement, Uniswap points out the following:

“Apple doesn’t want to give the green light for the launch, and we don’t know why. We are stuck in limbo.”

On February 6, members of the Uniswap community voted for implementation Uniswap v3 on Ethereum’s Boba networklayer-2 protocol.

This means that Boba Network will be the sixth chain to distribute Uniswap v3. The move was supported by several units, such as e.g GFX Labs, Blockchain in Michigan, Gauntlet and ConsenSys.

Focus on the price of Uniswap (UNI) crypto

After rejecting the price at $7,624 On February 18, Uniswap (UNI) was written off by 20%. In fact, the original DEX token traded at 6,239 and turned green as bullish traders tried to front a recovery.

However, fundamentals and key figures delivered mixed results, urging investors to be cautious. At the top of the January rally, UNI entered a price consolidation and formed an ascending (white) channel.

The price action fell below the channel in early February, but was checked by the 100-day EMA (exponential moving average). However, bullish strength strengthened after a retest of the retracement at the 100-day EMA produced a strong recovery, leading the UNI to reach resistance above $7,624.

The retracement after the price rejection at $7,624 undermined a successful recovery. Bearish may re-enter the market if UNI fails to close above 23.6% Fibonacci level ($6,390).

They could benefit from short selling the asset at $6. The stop loss can be set above $6,390. Conversely, a daily close above the 23.6% Fibonacci level could push bullish to 3.8.6% ($6,625), 50% ($6,816) or 61.8% ($7,007) Fibonacci levels.

If Bitcoin (BTC) tests $25k again, UNI may swing to the upper resistance level of $7,624. However, the RSI on the daily chart has shown increasing divergence.

in addition Average directional movement index (ADX) has pulled back, indicating that the UNI market has weakened and may enter consolidation or further retracement. However, the 100-day EMA has moved horizontally, showing that a consolidation may be possible in the medium term.