The popular DEX, Uniswap, has finally launched its governance token called UNI.

And without wasting any time, Binance listed the token first. The leading spot cryptocurrency exchange has listed the UNI token against BTC, BNB, BUSD, and USDT.

“New coin, a couple hours old. Relatively well known project, grandfather of DeFi,” tweeted Changpeng Zhao (CZ), the CEO of Binance.

“Expect high volatility. HIGH RISK,” he added with the listing announcement.

This has to be the fastest listing yet. https://t.co/mm0ZatJ44n

— Ceteris Paribus (@ceterispar1bus) September 17, 2020

According to trader Josh Rager, because Binance has a “big stake” in Uniswap clone and competitor SushiSwap, the exchange will add UNI to derivative leverage trading “so that people are incentivized to sell UNI and short it.”

Naturally, other exchanges also rushed to list the hot DeFi token with Coinbase joining in the FOMO listing of UNI as well. OKEx was close behind with UNI /USDT, UNI/ETH, and UNI/BTC trading pairs along with Kucoin, FTX, and Poloniex.

The token jumped to its peak of $4.08 post listing but is currently trading at $3, at a market cap of $147 million, compared to its less than a month old copycat Sushi’s $142 million, as per CoinGecko, is extremely low.

Uniswap is one of the top and popular projects in the DeFi space, which currently has about $965 million in TVL (total value locked).

Today, it announced the launch of its Uniswap Protocol Token (UNI), whose 60% of supply is allocated to the project’s community members, with 15% already distributed to past users.

UNI is available through four ETH liquidity mining pools, which could even help giving ETH a “bullish boost.”

Interestingly, yesterday while ETH was underperforming Bitcoin in the aftermath of DeFi getting crushed, today it went up, trading at $375.

Uniswap’s UNI launch may even bring back the craze in the DeFi sector, which took a hit after the SushiSwap debacle and failure of Yieldfarming.insure (SAFE), which wanted to be like YFI.

“Major moment for DeFi. High probably it brings the euphoria back to the space,” said a researcher at crypto fund The Spartan Group.

In the last two years, the Uniswap protocol has seen $20 billion volume, 250,000 unique addresses, and secured over $1 billion liquidity deposits by over 49k LPs who earned $56 million fees in the process.

So, now Uniswap is “particularly well positioned for community-led growth, development, and self-sustainability,” hence, the UNI launch.

With the governance token launched, one needs 1% of the total UNI supply to submit a proposal, and 4% of supply is required to reach quorum with a 7-day voting period.

With 1 billion UNI minted at genesis, 21.51% will go to team members, 17.80% to investors, and 0.069% to advisors, all with a 4-year vesting period.

The initial liquidity mining program will go live on Sep. 18 that will run until Nov. 17, targeting four pools, viz. ETH/USDT, ETH/USDC, ETH/DAI, and ETH/WBTC with 5 million UNI allocated per pool.

The post Major Moment for DeFi: Crypto Exchanges FOMO List Uniswap’s UNI, Bringing Back Euphoria first appeared on BitcoinExchangeGuide.

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