Decentralized Financial Platform (DeFi) Uniswap’s UNI Governance Protocol Token went live on Ethereum today. The community showed immediate support for the new token. he display Uniswap on Twitter received more than 1.2 thousand likes in the first 90 minutes.
Currently, 150 million UNI or 15% of the token offering can be claimed by anyone who has used the platform. Synthetix founder Kain Warwick I call to the movement a “brain movement of the galaxy,” adding that this will be “the best distribution of tokens we’ve seen”.
With the viral news 13,000 Uniswap users had already claimed their 400 free tokens in the first three hours, which is not surprising given that the number of tokens is estimated at USD 1,344 per user. at the current price. The frenzied rush for tokens caused the Ethereum network to slow down and fees to skyrocket. In just three hours, $ 650,000 was spent on Uniswap and UNI gas charges.
Su Zhu, CEO and Co-Founder of Three Arrows Capital, shared on additive to the Uniswap contribution:
I love it. Before the Synthetix and Ampleforth whales became UNI’s biggest fools.
Binance quickly announced that the UNI token would be listed about 60 minutes after Uniswap’s official announcement.. This despite, or perhaps also because, Binance recently received heavy criticism for listing its competitor SUSHI just a few days after the official announcement. KuCoin and FTX have also announced their support.
Some in the community believe this is a massive hit for Sushiswap, which has been trying to gain liquidity from Uniswap by offering great rewards from its own SUSHI token.. Co-founder and CEO of BitMEX 100x parent company Arthur Hayes said: “Sushi went bad, I’m going back to UNI” and another Twitter user named m2lower just said: “DeFi War”.
The popular Youtuber Lark Davis commented: “Oh sh * t !!!! Sushi is in big trouble.”
With the recent introduction of the competing automated market maker protocol, Sushiwap, a significant portion of Uniswap’s liquidity and volume was successfully migrated in a “vampire” attack. Uniswap’s Total Insured Value (TVL) fell from $ 1.72 billion to $ 518 million in 48 hours between September 7 and 9. But Uniswap quickly regained the upper hand and briefly rose to over $ 1 billion. on September 10 and currently stands at $ 926 million.
1 billion UNI tokens will be introduced over the next four years. Of the 1 billion tokens, 60% go to community members and the remaining 40% to team members, investors and consultants with an acquisition period of up to four years. After four years, the token will have an inflation rate of 2% per year.
The immediately released 150,000,000 UNI tokens will be distributed to “historical liquidity providers, users and SOCKS redeemers / holders”. based on a snapshot taken on September 1st.
The token will make community governance easier for Uniswap to move forwardaccording to the official announcement:
The introduction of UNI (ERC-20) serves this purpose and enables joint ownership of the community as well as a lively, diverse and committed system of governance.who will actively lead the log into the future.
Compound’s governance system contracts manage Uniswap’s governance log. Composite CEO and Founder Robert Leshner rated This combination of technologies as a “victory for open source, composability and community tools”.
Although the Uniswap governance will be active immediately, Community control of the treasure will be delayed for 30 days and the Uniswap fee will change by 180 days.
In the initial stage of governance, any token holder can submit a governance proposalif you delegate 10,000,000 UNI tokens or 1% of the entire UNI offer.
Before implementing a proposal, the community is encouraged to “consult well-informed legal and regulatory professionals”. to ensure that all “governance decisions are made in accordance with applicable laws and regulations”.
As of the date of this report There are 13,314 addresses with UNI tokens, of which more than 44,000 transactions have already been confirmed, an average of 4 transactions per second since the announcement. The price is up more than 90% to $ 3.36.