Cryptomustar
Sunday, July 3, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Cryptocurrency

Uniswap locks up $1.79 billion two days after token launch, UNI surges to $7.50

by admin
September 19, 2020
in Cryptocurrency
0
Uniswap locks up $1.79 billion two days after token launch, UNI surges to $7.50
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter


Image by Vane from Pixabay

Decentralized exchange Uniswap has locked up a staggering $1.79 billion in total assets just two days after the launch of UNI, its native governance token.

Uniswap shows who is boss

As per data on DeFi Pulse, Uniswap liquidity pools now lock up over 2.4 million ETH alone, with other assets combining to make a total of $1.79 billion. The figures are over thrice than the first week of September—when investors moved to Uniswap fork SushiSwap to lock their assets up.

Image: DeFi Pulse

For the uninitiated, Uniswap is a fully decentralized on-chain protocol for a token exchange on Ethereum that uses liquidity pools instead of order books. Any users, regardless of nationality or KYC status, can quickly swap between ETH and any ERC20 token and earn fees by supplying liquidity. 

The protocol also allows users to create their own market by supplying an equal value of ETH and an ERC20 token: The market creator can then set the exchange rate, which shifts through trading due to Uniswap’s “constant product market maker” mechanism.

UNI token 101

So far, the platform served as a pure-play DEX without a token. But competition from the likes of SushiSwap — and DEXs on other blockchains like Binance Smart Chain — spurred Uniswap to release its token last week.

The token briefly traded at under a dollar, as per data on CoinGecko, but surged shortly after to $2.4. Investors then piled into the token over the next two days, with UNI briefly trading at over $8.40 on Friday night — a rise of over 500%. It trades at $6.32 at press time.

Image: TradingView

Much of the buying pressure could be explained by the lure of taking part in community proposals, discussions, and governance on Uniswap. As per its token prospectus, a total of 1 billion UNI tokens will ever be available, of which 60.00% belongs to Uniswap community members, 21.51% to team members, and future employees with 4-year vesting, 17.80% to investors with similar vesting, and 0.069% to advisors.

Image: Uniswap

Over 110 million UNI are in circulation at press time. A perpetual inflation rate of 2% per year will start after 4 years, ensuring continued participation and contribution to Uniswap at the expense of passive UNI holders, the prospectus said.

Uniswap, currently ranked #32 by market cap, is up 25.1% over the past 24 hours. UNI has a market cap of $635.58M with a 24 hour volume of $5B.

Uniswap Price Chart

UNIUSD Chart by TradingView

Like what you see? Subscribe for daily updates.



Source link

RELATED POSTS

Top 10 VC firms have ownership in 38% of all unicorns

Korean Students, Lead in Resolving the US Manpower Shortage through HR Blockchain Group, COSMETA?

Tags: billionDayslaunchlocksSurgesTokenUNIUniswap
ShareTweetShare

Related Posts

Top 10 VC firms have ownership in 38% of all unicorns

Top 10 VC firms have ownership in 38% of all unicorns

by admin
July 2, 2022
0

In a bid to answer the question of where does big venture capital money go to, a new analysis...

Korean Students, Lead in Resolving the US Manpower Shortage through HR Blockchain Group, COSMETA?

Korean Students, Lead in Resolving the US Manpower Shortage through HR Blockchain Group, COSMETA?

by admin
July 1, 2022
0

COSMETA - A HR Blockchain Company Willing to Enter the Metaverse Blockchain technology is changing many industries, and Human Resources...

AssetDash – An All-In-One Portfolio Tracking System for Modern Investors

AssetDash – An All-In-One Portfolio Tracking System for Modern Investors

by admin
June 30, 2022
0

The development of the crypto sector has presented users with a vast choice of new products to track your portfolio...

Nansen report reveals Terra caused the stETH depeg and crippled Celsius, 3AC

Nansen report reveals Terra caused the stETH depeg and crippled Celsius, 3AC

by admin
June 29, 2022
0

The source of the current market volatility and liquidity issues with companies such as Celsius and Three Arrows Capital...

Traditional hedge funds consider regulatory uncertainty biggest barrier to entry in crypto

Traditional hedge funds consider regulatory uncertainty biggest barrier to entry in crypto

by admin
June 28, 2022
0

There have never been more traditional hedge funds investing in crypto, but around two-thirds are still hesitant to enter...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

Crypto Trading Platform Uphold Exits Venezuela, Cites US Sanctions

Plataforma de trading cripto Uphold se retira de Venezuela por sanciones de EE. UU.

June 23, 2022
Belgian Member of Parliament to convert entire 2022 salary into Bitcoin

Belgian Member of Parliament to convert entire 2022 salary into Bitcoin

January 31, 2022
Benefits Of Crypto Payments And DeFi Projects For SMEs

Benefits Of Crypto Payments And DeFi Projects For SMEs

May 31, 2022
Hurry Up With Crypto ID Checks, FATF Tells Countries

Hurry Up With Crypto ID Checks, FATF Tells Countries

June 30, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Bitcoin Legalization Pushed By Mexican Senator, Despite Central Bank’s Opposition
  • 3 Lessons From The Oslo Freedom Forum: BTC Is Different – Neigut, Alden, Feinstein
  • Bitcoin Funding Rate Turns Deep Red, Short Squeeze Soon?
  • Three Arrows Paper Trail Leads to Trading Desk Obscured Via Offshore Entities
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%