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Uniswap surpassed SUSHI with the launch of the new governance protocol token UNI, which resulted in a wide range of activities from more than 13,000 DeFi users.
The UNI token of decentralized financial platform (DeFi) Uniswap appeared on Ethereum early September 17. The community showed immediate support for the new token with the announcement Twitter Uniswap’s attracted more than 1.2 thousand likes in the first 90 minutes.
150 million UNI, or 15% of the token supply, is now available to be validated by anyone who has used the platform. Synthetix founder Kain Warwick calls the move “Move of the genius brain”, adding that this would be “The best token distribution we’ve ever seen”.
With the news spreading widely, more than 13,000 Uniswap users received 400 tokens for free in the first three hours – it’s not surprising that these are priced at $ 1,344 per user at current price. The insane rush of tokens has made the Ethereum network slow to crawl and fees skyrocketed with nearly $ 1 million in transaction fees in just 1 hour.
Binance quickly announced it would list UNI tokens about 60 minutes after Uniswap’s official announcement. That is though – or perhaps because – Binance has recently received strong criticism for listing competitor SUSHI just days after the official announcement. KuCoin and FTX have also announced support.
Over the next four years, 1 billion UNI tokens will be issued. Of the one billion tokens, 60% will be transferred to community members with the remaining 40% going to team members, investors, and advisors, with a lockout period of up to four years. After four years, the token will have a 2% annual inflation rate.
150,000,000 immediately issued UNI tokens are being distributed to “historic liquidity providers, SOCKS users and recipients / holders” based on information received on September 1.
The token will support community governance for Uniswap in the future, with the official announcement stating:
The creation of UNI (ERC-20) for this purpose, allowing co-owned communities and a vibrant, diverse and dedicated governance system, will actively guide the protocol towards the future. .
Compound’s management system contracts will manage Uniswap’s governance protocol. Compound CEO and founder Robert Leshner called this combination of technology “A win for open source, aggregation and community tools”.
While Uniswap admin rights will be operational immediately, community control over the treasury will be delayed by 30 days and Uniswap fees shifted to 180 days.
During the early stages of governance, any token holder can submit a management proposal, if they authorize 10,000,000 UNI tokens or 1% of the total UNI supply.
Before making any proposals, the community “is encouraged to consult with knowledgeable legal and regulatory experts” to ensure all “governance decisions are taken. to comply with applicable laws and regulations ”.
According to Cointelegraph
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