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Guavy AI Editorial Team••Sentiment: -3•Clout: 35

Uniswap Price Suffers Amid DeFi Sector Turmoil

DAOUNIETH

The recent Kelp DAO hack has sent shockwaves through the DeFi sector, leading to a massive withdrawal of funds and causing several cryptocurrencies to plummet in value.

Uniswap, one of the largest decentralized exchanges, has not been immune to the effects of the hack. The token's price dropped by 5% on Thursday, falling from $3.54 to $3.24 with a market capitalization of $2.06 billion.

The hack, which involved a cyber attack on the cross-chain bridge for rsETH, allowed hackers to create new tokens without any real backing. This has sparked fear in the DeFi community, leading to a drop in Total Value Locked (TVL) and a significant decrease in liquidity providers' assets.

According to CoinMarketCap, Uniswap's price is currently hovering around $94.16 with a marginal drop of 1%. The token holds a market capitalization of around $1.43 billion and has a daily trading volume of around $292.37 million.