Uniswap's governance token, UNI, which was launched Wednesday night, has been on a crazy ride in the previous 24 hours, yet in spite of the value unpredictability the complete market top of UNI could make the automated market maker (AMM) one of the most significant decentralized finance (DeFi) ventures in the coming years.
In light of 1 billion tokens outstanding and a current market cost of $3.50, the project has an inferred market estimation of $3.7 billion on a fully diluted basis, as indicated by information incorporated by CoinGecko. There is right now $829.7 million worth of crypto assets committed to Uniswap, according to DeFi Pulse.
Since its dispatch, UNI’s prices arrived at a high of $4.08 before returning down to around $3 as past users of Uniswap claimed their airdropped UNI tokens.
As a venture capital-backed project, Uniswap raised $11 million up in a Series A funding led by Andreessen Horowitz, alongside Union Square Ventures, Paradigm and a few other prominent funds in early August, and sold shares of Universal Navigation Inc.., the organization behind the protocol, to its investors.
Around 178 million UNI (about 17.8% of the total supply) will be allocated to investors with a four-year vesting cycle which, at the current price, is worth roughly $600 million.
At the point when the exchange did its Series A round, there was speculation investors could potentially receive returns through a protocol fee of 0.05%, which was introduced to the second version of Uniswap. However, the fee function is currently turned off.
More than 50,000 addresses were holding UNI at press time, including the creator of its competitor SushiSwap, Chef Nomi. Uniswap’s token came just a week after SushiSwap migrated over $800 million in crypto assets from the former to jump-start its competing AMM.
Step-by-Step Guide:
- Visit the Uniswap app.
- Connect your ETH wallet.
- If your wallet is eligible you will see an “UNI has arrived” popup in the Uniswap app.
- Click on “Claim your tokens” and finalize your claim. Don’t forget to set appropriate gas limit due to high gas prices.
- If you’re experiencing problems claiming your free UNI, check for alternative claim links from their official social channels.
- UNI is already tradable on Binance, KuCoin, Huobi & OkEx. Coinbase listing also has already been annoounced.
