The DeFi fervor continues to take over the crypto-verse as new tokens enter the market. After prominent DeFi lending and borrowing platform Compound rolled out its COMP token, several others followed suit. The latest DeFi platform to jump the bandwagon is Decentralized Exchange [DEX], Uniswap.
UNI Governance Token
Earlier today, Uniswap, a platform that had been dominating the DeFi space for quite some time announced the launch of its native token, UNI. The decentralized exchange that facilitates swapping of Ethereum-based tokens shared a blog post elaborating on the creation of its latest token. A total of 1 billion UNI tokens have reportedly been minted and would be made available to the community over a period of 4 years. A total of 60% of these tokens would be going to the Uniswap community members while 21.51% would be given to the existing team members and the ones that would be a part of the platform in the future.
The investors of this token would also be benefited with this as they would receive a 17.80% while the advisors would garner 0.069% The post further read,
“UNI will vest to the governance treasury on a continuous basis according to the following schedule. Governance will have access to vested UNI starting October 18 2020 12:00am UTC.”
Furthermore, the liquidity mining programs will reportedly go live from 18 September up until 17 November primarily focusing on ETH/USDT, ETH/USDC, ETH/DAI, and ETH/WBTC. All these pools would be given 5 million UNI tokens.
Even though the project is out and about, holders of the tokens would be able to engage in voting for allocation, partnerships, and other initiatives only after a period of 30 days from today. Along with the aforementioned activities, the control of the treasury would be postponed until 17 October 2020.
Binance First To List UNI
Malta-based cryptocurrency exchange, Binance, has always been at the forefront of onboarding innovation on to its platform. The exchange was one of the first to list the UNI token. Binance revealed that UNI would be paired against Bitcoin [BTC], Binance Coin [BNB] as well as stablecoin Tether [USDT]. Trading for the above-mentioned pairs would commence from 3:00 AM [UTC] starting today.
However, as a disclaimer, the exchange noted that UNI would be subject to higher risk as it was a new token.
This announcement was further followed by another one where the exchange declared the launch of a UNI/USDT perpetual contract. Trading for this is said to begin post 7:00 AM [UTC] from 18 September. Customers would be allowed to choose between 1-50x leverage.