13,000 DIFI users have already claimed Uniswap’s new UNI token

UNI, the governance protocol token of decentralized finance (DeFi) platform Uniswap, went live on Ethereum earlier today. The community showed immediate support for the new token with Uniswap’s Twitter Declaration More than 1.2 thousand likes were found in the first 90 minutes.

150 million UNIs, or 15% of the token supply, are now available to be claimed by anyone using the platform. Synthetics founder Ken Warwick Called While saying that “the galaxy moves the brain”, it is “the best token distribution we’ve ever seen.”

With the news going viral, 13,000 Uniswap users had already claimed 400 of their free tokens in three hours – not surprisingly, the number of tokens at the current price is $ 1,344 per user. The mad rush for tokens saw the Ethereum network slow with $ 650,000 for crawl and slow skyrockets, with Uniswap and UNI gas fees costing in just three hours.

Three Arrow Capital CEO and co-founder Su Zhu shared Uniswap’s post Connecting:

love it. Synthetics and Amplforth become the largest uni sim before the whale.

Binance soon announced that it would list UNI tokens approximately 60 minutes after Unicep’s official announcement. Despite this – or perhaps because – just days after the official announcement, Binance drew severe criticism for listing competing SUSHI. KuCoin and FTX have also announced support.

Some in the community believe that this is a major blow to Sushiwapas, who is trying to attract Uniswap’s liquidity by offering huge rewards of his own SUSHI tokens. Co-founder and CEO of Bitx’s parent company 100x Arthur Hayes said“My sushi is spoiled, I’ll make it back to UNI,” along with another Twitter user called M2lower Only saying, “DFI War.”

Popular YouTuber, Lark Davis Commented: “Oh s ** t !!!!” Sushi is in great difficulty. ”

The recent launch of rival automated market maker Protocol Sushiwap saw that it successfully transfers a significant portion of Unispa’s liquidity and volume to the ‘Vampire’ attack. Uniswap’s Total Value Lock (TVL) dropped from $ 1.72 billion to $ 718 in Soldier 9 to $ 518 million in 48 hours. But Uniswap quickly gained momentum, rising above $ 1 billion on September 10 and currently sitting at $ 926 million.

In the next four years, 1 billion UNI tokens will be issued. Of the one billion tokens, 60% will go to community members while the remaining 40% will go to team members, investors and advisors, with a term of up to four years. After four years, the token will have an inflation rate of 2% per annum.

UNI Token Allocation. Source: Uniswap

150,000,000 UNI tokens being issued immediately “are being distributed to historical liquidity providers, users, and SOCKS redeemers / holders” based on snapshot taken on 1 September.

This token will facilitate community administration with the official announcement of Uniswap to proceed:

The introduction of UNI (ERC-20) serves this purpose, enabling shared community ownership and a vibrant, diverse and dedicated governance system, which will actively guide the protocol for the future.

The governance system of the compound will manage the governance protocol of the contract Uniswap. Robert Lashner, the CEO and founder of the compound Called This combination of technologies is “a win for open source, creativity and community tooling.”

Although the Uniswap administration will be live immediately, community control over the treasury will be delayed by 30 days, and the Uniswap fee switch will be for 180 days.

In the initial governance stages, any token holder can submit a governance proposal if they hand over 10,000,000 UNI tokens, or 1% of the total UNI supply.

Before any proposal is implemented, the community is encouraged to “consult with legal and regulatory professionals” to ensure that all “governance decisions are made in compliance with applicable laws and regulations.”

As of press time, there are 13,314 addresses holding UNI tokens with over 44,000 transactions already confirmed – on average 4 transactions per second since the announcement. The price is up 90% to $ 3.36.

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