1 billion Uni Tokens will be made accessible to four groups of people over a period of four years. Interestingly, it took just a few hours after its launch for Coinbase Pro and Binance to list it.
Uniswap, a DeFi protocol platform has officially launched its long-awaited token (Uni Token) today with a positive response from its community. Interestingly, it took just a few hours after its launch for Coinbase Pro and Binance to list it. This has been said to be a huge blow to its rival, Sushiswap which recently launched an automated market maker protocol to cause a considerable migration of a share of Uniswap‘s liquidity and volume. This move caused the Uniswap Total Value Lock to fall significantly from $1.72 billion to as low as $518 million in less than three days, though it recovered its lost value in a few hours.
Allocation Plan of Uni Token
According to the official report, 1 billion Uni Tokens will be made accessible to four groups of people over a period of four years. After the allocation over the designated period, there will be an inflation rate of 2% every year in a bid to ensure continuous participation and contribution.
600,000,000 Uni Tokens representing 60% of the available token will be made accessible to the Uniswap community members. 215,101,000 Uni Tokens representing 21.5% will be accessible to the team members and future employees with four years vesting according to the report. In addition, 178,000,000 Uni Tokens which represents 17.8% will be accessible by investors with four-year vesting. And then finally, 6,899,000 tokens which represent 0.069% will be made accessible to the advisors with four-year vesting.
The Users, SOCKS holders, and historical liquidity providers will be able to claim 150,000,000 Uni Tokens which represent 15% of the tokens. The claim will be based on snapshots which end on 1 September 2020, 12:00 am UTC. With this, there will be a retaining of 430,000,000 representing 43% of the total Uni Token Supply. This will be distributed through a number of programs including liquidity mining, contributor grants, and community initiatives.
In just three hours after the launch, 400 free Uni Tokens were claimed by Uniswap users with the number of tokens said to be valued at $1344 per user based on the current rate. There were about 44,000 confirmed transactions and 13,314 addresses holding the UNI Token at the time the announcement was released. The demand has caused the price to trade at over $3 after surging by about 90%.
Listing of the Token by Binance and Coinbase Pro
Binance has listed the Uni Token after announcing that trading will be opened at 7:00 am on 2020/09/18 for the perpetual contract of UNI/USDT. The announcement states that the UNI/USDT is a USDT margine futures contract that will ensure that USDT is used for collateral.
Also, users are free to choose between 1 to 50x leverage. The immediate announcement to list the Token is said to be partly linked to its recent criticism of listing its rival, Sushi, immediately after it was launched.
Coinbase has also announced that it will accept Uni Tokens as soon as possible with the Uni trading set to commence as soon as there is enough liquidity. However, Coinbase did not reveal whether the Uni Token will be accessible on its retail-oriented platform.
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
