The chief funding officer of the crypto asset supervisor Bitwise says he believes one decentralized finance (DeFi) mission on the Ethereum (ETH) blockchain is at the moment undervalued.
Matt Hougan says the market cap of Uniswap (UNI), which is roughly $6 billion, at the moment “feels too small.”
“[Uniswap] could be the four-hundredth largest monetary companies enterprise on this planet – roughly the identical dimension as Storebrand, a financial savings and insurance coverage enterprise in Norway.”
According to Hougan, regulatory uncertainty might be driving Uniswap’s present undervaluation, however that might change amid the U.S. Securities and Trade Fee’s (SEC) current initiatives to offer regulatory readability for crypto belongings.
Per a Grayscale Analysis report launched in late June, Uniswap is among the many top-10 decentralized exchanges.
Over six months ending on Might thirty first, Uniswap ranked third when it comes to volumes. Uniswap generated $487 million in charges behind Solana-based decentralized exchanges Raydium, Meteora and Jupiter over that interval.
UNI is buying and selling at $9.89 at time of writing, up by 36% over the previous month and down by round 78% from the all-time excessive reached in Might of 2021.
Turning to Ethereum, Hougan notes that spot exchange-traded funds (ETF) of the second-largest crypto asset by market cap recorded $5.4 billion in internet inflows in July, the best month-to-month internet inflows ever.
“When you think about Ethereum is 20% the scale of Bitcoin, the dimensions of these flows actually hits dwelling. Think about if Bitcoin ETFs did $27 billion in a month…”
According to crypto ETFs tracker SoSoValue, the best internet inflows determine for spot Bitcoin ETFs was the $6.49 billion reached in November of 2024.
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