Uniswap and Zcash Outpace Bitcoin, Altcoin Gains

Uniswap (UNI) and Zcash (ZEC) dominated altcoin gains on Wednesday, outperforming Bitcoin (BTC). UNI rose 18.1% in 24 hours, while ZEC gained 8.4%. This surge is largely attributed to different factors.

Uniswap's growth is driven by the increasing momentum of Robinhood Chain, where Uniswap handles most trading. This has led to a rebound in protocol TVL from $3 billion in August to around $3.9 billion now. The majority of fees generated go to liquidity providers, with a small portion burned and distributed to UNI token holders.

Zcash's price was boosted by the launch of 21Shares' Zcash exchange-traded product (ETP) in Europe on Tuesday. This ETP is physically backed by ZEC and has a fee of 2.50%. The firm pitched Zcash as a play on financial privacy and post-quantum security.

Despite differences in market capitalization, both tokens have seen significant open interest, with $2.97 billion for ZEC and $988.8 million for UNI. This has led to increased trading activity, particularly in ZEC futures volume at $6.69 billion over 24 hours.