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The Daily Hodl
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New Crypto Asset Uniswap (UNI) Erupts to $322,000,000 Market Cap

by Daily Hodl Staff
September 18, 2020
in Altcoins

Coinbase Pro’s quick listing of the new Uniswap protocol governance token UNI is already helping boost the fledgling asset’s market cap to about $322 million.

The decentralized trading platform Uniswap rolled out UNI on September 16th, announcing plans to mint 1 billion tokens over four years. On the same day, Coinbase announced its Pro platform would roll out a USD-UNI order book on September 17th, depending on liquidity.

Coinbase Pro says the UNI-USD order book had already achieved full trading.

Our UNI-USD order book is now in full-trading mode. Limit, market and stop orders are all now available. https://t.co/C77PgPJBtj

— Coinbase Pro (@CoinbasePro) September 17, 2020

UNI’s market cap shot up from about $50 million to $322 million after the listing. It’s now hovering around $233.45 million at time of writing, according to CoinGecko. Its price, which began around $2.97, is at $4.99 at time of writing.

Uniswap plans to allocate 60% of UNI’s circulation to the protocol’s community members; 21.51% to team members and future employees with four-year vesting; 17.80% to investors with four-year vesting; and 0.069% to advisors with four-year vesting.

Uniswap says the new governance token could pave the way for grants and ecosystem growth.

“A community-managed treasury opens up a world of infinite possibilities. We hope to see a variety of experimentation, including ecosystem grants and public goods funding, both of which can foster additional Uniswap ecosystem growth.

Uniswap has set the standard for automated liquidity provision: it is now time to set the benchmark for responsible but radical, long-term aligned on-chain governance systems.”

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