CandleFocus Bearish for ETH: Unichain Launch Damages Ether's Value, Experts Say
2024-10-11
Author: Content Editor
Uniswap, the largest decentralized exchange on the Ethereum Virtual Machine (EVM) ecosystem, has announced the upcoming release of its own blockchain network called Unichain. This move is seen as bearish for Ethereum (ETH) as Uniswap will use a different fee mechanism, potentially affecting the tokenomics and network activity of ETH. Once Uniswap migrates to its own chain, it will be able to capture transaction fees and MEV fees, reducing Ethereum's network activity and the rate of ETH's token burn. This migration undermines Ethereum's promises as an asset and raises questions about its position in the market. The narrative of Ether as "Ultra Sound Money" is also said to be disappearing due to the challenges faced by Ethereum's low transactional volume.
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