Uniswap’s UNI token is finally live and marks the biggest DeFi moment of the year. Now, UNI became the most valuable DeFi token in less than two hours. Uniswap dismissed the fair launch competitors and it is now on its way to create a community so let’s read more in today’s altcoin news.
According to the announcement, Uniswap’s Uni token broke the record in being most valuable defi token in such as short period of time. The token holders will govern the Uniswap protocol and 67% of the tokens will be given to the community. Many believed that there’s a glaring hole in Uniswap but the leading theory is that the platform will not be able to create a loyal community because of the lack of a governance token.
The platform hit back at the claims and destroyed many of the competitors in the process. The Decentralized exchange announced its governance token in a sudden move that caught the Defi community off guard. The most shocking part is the 67% allocation to the community and the 35% reserved for investors, advisors, and team members. Uniswap used the token distribution in order to capture the mass majority of the attention from Defi users.
A quarter of the allocation was distributed to retrospective LPs which rewards the loyal users that helped make the protocol. The remaining portion of the community’s share of the tokens will be distributed in a liquidity mining process in the ETH/DAI, ETH/WBTC, ETH/USDC and ETH/USDT pools. Bigger centralized exchanges such as OKEx and Binance have already listed the UNI token and it is possible that this could be the biggest token launch of Defi in 2020.
Uniswap is the most successful decentralized exchange primitive which is facilitating more trading volume than Coinbase. Now, with the UNI native token which will align the community, the effect of the network will only grow.
As recently reported, Uniswap’s daily volume recorded a new high, making it the first DEX to record higher trading volumes than Coinbase, as the volume is a direct byproduct of the incentive of the DEX arbitrageurs. Uniswap could lose the market share to a competitor but this will unlikely happen in the near future. The 24-hour trading volume of $479 million outpaced Coinbase’s $397 million which is the first instance of a decentralized exchange that facilitates more volume than the major crypto exchange Coinbase.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]