Uniswap’s UNI Token Soars 28% as Altcoins Outperform Following U.S. Presidential Election

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Moreover, the funding rates for UNI have more than doubled within the last day, rising from around 5% to 10%. A positive funding rate implies that long traders must compensate short traders to maintain their positions. In simpler terms, this means that traders who predict an increase in price are willing to pay more, suggesting they expect further price growth for UNI.

The progress at UNI is leading a 8.2% increase in the CoinDesk 20 Index, surpassing bitcoin‘s 6% climb to $74,600. Notable gains are also seen in Solana (SOL), increasing by 10%, Avalanche (AVAX) and ChainLink (LINK), each advancing approximately 8.5%. On the other hand, Ripple (XRP) and Polkadot (DOT) have underperformed, rising less than 4%.

Over the past few months, Uniswap has been under scrutiny from U.S. regulatory bodies. In April, they were issued a Wells Notice, signaling potential enforcement action by the Securities and Exchange Commission. Later in September, they agreed to pay $175,000 to settle charges brought by the Commodity Futures Trading Commission for offering illegal leveraged and margined commodities transactions.