Several Altcoins Set To Rally As Uniswap Upgrade Approaches, Says Trader Tyler Swope
Cryptocurrency trader and YouTuber Tyler Swope predicts several altcoins will benefit from the upcoming upgrade of top decentralized exchange Uniswap.
With Uniswap v3 set to drop on May 5th, Swope is releasing a new video naming a list of assets that he says will likely benefit from the launch.
Swope kicks off his list with the Ethereum-based wrapper token xToken (XTK). According to Swope, xToken is preparing to unveil a new solution (xU3LP) for offering liquidity on Uniswap’s latest version.
“They tweeted March 31st, ‘We’re excited to announce xU3LP! A convenient, fungible solution to Uniswap v3 liquidity provision. Stay tuned for more updates as we prepare for a launch shortly after Uniswap v3 deployment in May,’ of which Uniswap founder Hayden Adams retweeted.”
Swope also expects Visor Finance (VISR) to rally as Uniswap prepares for an upgrade.
Per the cryptocurrency influencer, Visor Finance is offering a solution to a problem that Uniswap v3 will pose to passive liquidity providers (LPs) whereby LPs may not be able to compete on a level playing field against each other.
Swope cites a question posed on social media where a user asks which ‘teams/devs are working’ on a solution to ensure passive liquidity providers are able to compete fairly against each other. According to Swope, Visor Finance’s twitter reply, “we are” is evidence of their commitment to enhancing the Uniswap v3 experience.
Another altcoin that is set to benefit from the Uniswap upgrade adds Swope is automation protocol Gelato Network which is launching a second version.
“Gelato’s v2 was built to complement next-generation protocols like Uniswap v3, which leads to a lot of features open-ended for third parties to build out.”
The YouTuber explains that Gelato v2 will automate functions such as transforming liquidity provider non-fungible tokens (LP NFTs) into wrapped Ethereum-based ERC-20 tokens.
“Gelato can automate a variety of functions of Uniswap v3, including reinvesting fees back into the pool, converting LP NFTs into wrapped ERC-20s, and automating LP price ranges.”
Per Swope, a Gelato token could be unveiled before the end of the second quarter of this year.
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