Uniswap launches its UNI token; a bullish development for Ethereum

Uniswap launches its UNI token; a bullish development for Ethereum

Uniswap has just launched its own UNI token, with an airdrop for its community.

Four liquidity pools are based on ETH pairs.

With this news, Ethereum’s price has taken an upward direction

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Uniswap has finally launched its own UNI token, with yield farm rewards on four new pools. This could be a big step for Ethereum , as it is the main currency pair in these pools.

The DeFi Uniswap token exchange protocol has joined the frenzy of yield farms with the highly anticipated launch of its own token, the UNI. Being one of the largest decentralized exchanges in the industry, it will undoubtedly attract hordes of interested parties eager to stock up on the token.

Here came the UNI farms

In the announcement , it was added that 60% of Genesis UNI’s supply is allocated to members of the Uniswap community, while a quarter has already been distributed to former users. One billion UNIs were issued from the start and will be distributed over the next four years, the statement said.

We are excited to announce that UNI, the governance token for the Uniswap protocol, is now live on the Ethereum mainet!

The additional allocation will allocate 21.51% to team members and future employees, 17.80% to investors and 0.069% to advisors, all over a four-year vesting period. Liquidity providers as well as SOCKS users and holders will receive a 15% airdrop based on a “snapshot” completed on September 1, 2020.

The permanent inflation rate will be 2% per annum, and will begin after four years to ensure continued participation and contribution to Uniswap at the expense of passive UNI holders.

An encouraging development for Ethereum

The long-awaited liquidity mining program is supposed to have been in place this Friday, September 18, 2020 at 12:00 UTC, until November 17. The big news for Ethereum is that the four pools are all ETH-based: ETH / USDT, ETH / USDC, ETH / DAI, and ETH / WBTC.

Five million UNI will be allocated per pool to the liquidity providers, in proportion to the liquidity of the respective pools. This equates to approximately 83,333.33 UNI per pool per day, or 54 UNI per pool per block.

Within an hour of the announcement, Binance had already listed UNI for the following pairs: UNI / BTC, UNI / BNB, UNI / BUSD and UNI / USDT.

The crypto community immediately started to rejoice, with the majority of comments indicating how bullish this will turn out for Ethereum.

Compound Finance founder Robert Leshner expressed his joy to see Uniswap using the Compound Governance system contracts to manage the protocol. He added that this is “another victory for open source, composability and community tooling”.

Very proud of @UniswapProtocol for its use of Compound governance system contracts for the management of Uniswap.

Another victory for open source, composability and community tools.

Cinneamhain Ventures partner Adam Cochran shared this sentiment:

Well done at @UniswapProtocol, it seems like a very well thought out governance and distribution model. This is going to be crazy for the ETH market!

At the time of this article’s publication, ETH’s price approaching $ 380 was rising. For its part, UNI was negotiating for 3.50 dollars according to Uniswap.info .