Uniswap exchange launched its own UNI token to manage the Protocol

The popular decentralized exchange Uniswap has launched its own UNI token to manage the Protocol. The token is traded on the Binance platform almost from the moment of launch.

In an article on the company’s blog, it is reported that a total of 1 billion tokens were issued, which will be released to the market over a four-year period. After the issue, 15% of the tokens were distributed between liquidity providers and existing users. 60% of the tokens will be allocated to community members, and 21.51% to “team members and future employees”.

“The project has a constant annual inflation rate of 2%. This will help support Uniswap at the expense of passive UNI holders, ” the article notes.

Almost immediately after the release of UNI tokens, Binance CEO Changpeng Zhao announced That the exchange is adding the ability to trade with UNI tokens:

“A new coin, only a couple of hours old. A well-known project, the grandfather of the DeFi industry. I expect high volatility and high risk.”

After the release of the token by the popular DeFi project, there was immediately a stir around UNI. The UNI/WETH pair has become the most popular on the Uniswap platform – at the moment, the trading volume with it is $71 million. On the Binance exchange, there is a similar trading volume in a pair with USDT. The UNI rate at the time of publication is about $4.

Many Uniswap users have requested UNI tokens – the number of wallets holding these tokens is approaching 24,000. Due to the activity, the number of transactions in the Ethereum network has significantly increased, and accordingly, commissions have soared, reaching 270-450 Gwei.

Recall that recently the founder of the analytical company Messari Ryan Selkis (Ryan Selkis) expressed confidence that soon the bubble of the DeFi industry will burst, as it was with the ICO.