BitMEX founder Arthur Hayes, a prominent figure in the cryptocurrency sphere, has reportedly acquired an altcoin, according to on-chain data. The transaction involved the purchase of 28,670 UniSwap (UNI) tokens, valued at $257,000, executed through the Over-The-Counter (OTC) trading platform FlowDesk.
UniSwap's Recent Platform Announcements
This acquisition follows recent announcements from UniSwap regarding significant platform developments. The decentralized exchange (DEX) recently revealed its intention to activate a fee switch mechanism. Furthermore, developers indicated the possibility of a token burn event, potentially amounting to up to $100 million.
Market Reaction and Trading Activity
In the wake of these announcements, UNI experienced a surge, surpassing the $10 mark. While it has since seen a minor pullback, the token was trading at $8.62 at the time of reporting. Arthur Hayes' purchase was made when UNI was priced at $8.96.
In recent months, UniSwap has faced challenges due to a shift in decentralized finance (DeFi) volume on Ethereum towards Layer-2 scaling solutions. The exploration of new strategies by UniSwap to enhance its competitive standing appears logical, particularly as platforms like Aster and Hyperliquid have begun to offer spot trading capabilities.