Uniswap launches UNI governance token

The leading decentralised exchange (DEX) Uniswap released the UNI governance token. It was quickly listed on Binance.

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We’re thrilled to announce that UNI, the Uniswap Protocol governance token, is live now on Ethereum mainet!

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Read more:https://t.co/RD3mwEUyHn

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Ethereum Address: 0x1f9840a85d5af5bf1d1762f925bdaddc4201f984

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— Uniswap Protocol 🦄 (@UniswapProtocol) September 17, 2020

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The total UNI supply will be 1 billion; 60% is allocated to the community and will be distributed over four years. As of writing, Uniswap has already allocated 15%.

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The team, current and future employees, will receive 21.51% under the vesting program. Another 17.80% were allocated to investors, and 0.069% to the project’s advisors.

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After four years, the inflation mechanism will kick in, with an annual rate of 2%.

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Binance added UNI to its listing within an hour of the release, and Changpeng ‘CZ’ Zhao warned of extreme volatility.

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New coin, a couple hours old. $UNI
\nRelatively well known project, grandfather of DeFi (NOT endorsement)
\nExpect high volatility.
\nHIGH RISK. https://t.co/oY9I7UJswX

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— CZ Binance (@cz_binance) September 17, 2020

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About 13,000 users have already claimed the tokens. The high demand led to a sharp rise in Ethereum network fees.

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Earlier Uniswap lost 70% of liquidity due to migration to a competing protocol SushiSwap, which attracted liquidity providers with the distribution of the governance token SUSHI.

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Uniswap later reclaimed the top position in the DEX segment.

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More on the SushiSwap saga can be read at the link below.

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The runaway ‘chef’, DeFi fever and the whale gambit: how SushiSwap attracted $1B in two weeks

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