Uniswap (UNI) 价格是否被极度低估？

Uniswap 是以太坊中排名第一的 DEX，占据主导地位。它占据了更大的市场份额，而根据加密货币分析师的说法，UNI 的价值可能被极度低估——但这是真的吗？让我们深入研究一下。

Uniswap, the leading decentralized exchange (DEX) on Ethereum, is known for its pivotal role in facilitating trustless token swaps. Despite its dominance, however, some crypto analysts believe that UNI, the native governance token of Uniswap, might be undervalued.

Uniswap 是以太坊上领先的去中心化交易所 (DEX)，以其在促进去信任代币交换方面的关键作用而闻名。然而，尽管它占据主导地位，但一些加密货币分析师认为，Uniswap 的原生治理代币 UNI 可能被低估。

Uniswap's Impact on Ethereum Gas Fees and Liquidity Providers

Uniswap 对以太坊 Gas 费用和流动性提供者的影响

Uniswap's contribution to the Ethereum network is evident in its role as a major generator of gas fees. As of early August, Uniswap accounted for about 71% of all Ethereum gas fees in the last month, generating over $1 billion in fees over the last year. These fees are distributed to liquidity providers who enable the protocol to operate trustlessly.

Uniswap 对以太坊网络的贡献显而易见，它是 Gas 费的主要产生者。截至 8 月初，Uniswap 约占上个月所有以太坊 Gas 费的 71%，去年产生的费用超过 10 亿美元。这些费用分配给流动性提供者，使协议能够以无需信任的方式运行。

The dominance of Uniswap highlights the significance of the network, particularly as a fee-generating powerhouse within the Ethereum ecosystem. As a result, some analysts question whether UNI's market cap should be much higher, given the importance of Uniswap in making most Ethereum tokens liquid.

Uniswap 的主导地位凸显了该网络的重要性，特别是作为以太坊生态系统中的收费引擎。因此，考虑到 Uniswap 在使大多数以太坊代币具有流动性方面的重要性，一些分析师质疑 UNI 的市值是否应该更高。

Uniswap's Pivotal Role in Ethereum's Layer-2 Swapping Operations

Uniswap 在以太坊第 2 层交换操作中的关键作用

Uniswap plays a central role in powering most of Ethereum's and its layer-2 swapping operations. According to TokenTerminal data, Uniswap controls about 70% of the DEX market share. It has nearly half a million monthly active users and retains most of them.

Uniswap 在为大多数以太坊及其第 2 层交换操作提供动力方面发挥着核心作用。据TokenTerminal数据显示，Uniswap控制着DEX市场约70%的份额。它每月拥有近 50 万活跃用户，并保留了其中的大部分。

This contribution to the network is undeniable, as Uniswap handles a vast majority of decentralized trades, making it the go-to DEX for traders and users alike. As a result, some analysts believe that UNI's market cap might be too low for the role that Uniswap serves in the broader crypto landscape.

这种对网络的贡献是不可否认的，因为 Uniswap 处理绝大多数去中心化交易，使其成为交易者和用户的首选 DEX。因此，一些分析师认为，对于 Uniswap 在更广泛的加密领域所扮演的角色来说，UNI 的市值可能太低。

For instance, a recent post on X highlights the surprising statistic that UNI's market cap is only 2% of Ethereum's, according to CoinMarketCap. This raises questions about whether UNI's market cap could expand in the coming years, given the role of Uniswap in the crypto scene.

例如，根据 CoinMarketCap 的数据，X 最近的一篇文章强调了令人惊讶的统计数据，即 UNI 的市值仅为以太坊的 2%。鉴于 Uniswap 在加密货币领域的作用，这引发了人们对 UNI 市值在未来几年是否会扩大的疑问。

As the approval of spot Ethereum ETFs could benefit UNI with more regulatory clarity, and with plans to launch Uniswap v4, which introduces unique features like Hooks to make the DEX more customizable, the performance of UNI in the upcoming bull cycle will be interesting to watch.

由于现货以太坊 ETF 的批准可以使 UNI 受益，监管更加明确，并且计划推出 Uniswap v4，该版本引入了 Hooks 等独特功能，使 DEX 更具可定制性，UNI 在即将到来的牛市周期中的表现将值得关注。

UNI's Price Support and Potential Direction

UNI的价格支撑和潜在方向

From the daily chart, UNI's price has support at around $6.6. However, it is currently falling away from 20DMA support, highlighting the risk of further downside in the short-time frame. If bulls push to help UNI reclaim this moving average, it could send the token above $8.5 - a sign that it might be on its way even higher, long-term targeting 2021 highs.

从日线图来看，UNI价格在6.6美元附近有支撑。然而，目前该股正脱离20日均线支撑位，凸显短期内进一步下行的风险。如果多头推动帮助 UNI 夺回该移动平均线，则该代币可能会突破 8.5 美元——这表明它可能会走得更高，长期目标是 2021 年高点。