Worthalter, a uni swap whale and co-founder of POAP, a company that turns priceless memories into collectibles, seems to be selling off his stockpile.
Transfers to UNI
In the early hours of January 16, according to feeds from Lookonchain, Worthalter transferred 600,400 UNI, or almost $4 million, to Binance, the largest cryptocurrency exchange in the world by the number of users.
Worthalter is a UNI “whale” that received a 985,486 UNI airdrop from Uniswap in September 2022. A whale is a person or thing that has a significant amount of a certain coin or form of money. One example of a whale in bitcoin (BTC) is Satoshi Nakamoto, who has 1 million BTC.
One of several transfers recently made was to Binance. Worthalter has been dumping UNI for the past three months. For instance, he transferred 130,082 UNI, worth $1.21 million, to Binance on January 23, 2021. Later, in early May 2021, he relocated 200,000 UNI on the same ramp, earning $8.1 million.
The Uniswap community on Twitter has not yet responded to the most recent action.
Uniswap, the largest DEX by total value locked, uses UNI as its governance token (TVL). The initial Uniswap launch took place in late November 2018. It introduced DeFi and was the first protocol to use the automated market maker (AMM) mechanism, which drew liquidity.
The exchange is the sixth-largest DeFi protocol and has a TVL of $3.6 billion. Managing $2.4 billion, PancakeSwap is the second-largest DEX by TVL.
Does This Portend Iii For Uniswap?
Any transfer of funds from a non-custodial wallet to a centralized crypto platform is seen by the cryptocurrency community as bearish. Many whales prefer ramps like Binance, Coinbase, and others because it is easy to swipe tokens for liquid currencies like bitcoin (BTC), the euro, or the dollar off-chain.
Although handy for the token or coin owner, it may cause Fear, Uncertainty, and Doubt (FUD) among other token owners or traders who are concerned about impending liquidation that could reduce the value of their holdings.
Members always keep check of the addresses of token “whales” due to liquidity issues raised by such outflows, particularly for future projects with limited liquidity depth. As a result, his addresses have been monitored by the Uniswap community, interested parties, traders, and specialized chain analytics tools like Lookonchain.
It is unclear whether Worthalter has sold his UNI stockpile.
Uniswap’s TVL decreased along with the rest of the crypto market as its valuation grew. Since becoming life, the company that created Uniswap, Uniswap Labs, has deployed the DEX on many blockchains.
Priorities during the crypto-freeze of 2022 were network fees, which were higher in Ethereum but remained below all-time highs when ETH values reached $4,600. Uniswap allows token swapping between traders on Polygon, Arbitrum, and more than three chains, including layer-2s.
