Uniswap (UNI) Reaches $634,996,183 Market Cap
Uniswap (UNI) was the sensation these days following the coin’s listing.
Coinbase Pro’s quick listing of the new Uniswap protocol governance token UNI boosted the fledgling asset’s market cap to about $322 million the other day, and today, its market cap is $634,996,183.
At the moment of writing this article, the digital asset UNI is trading g in the green and the coin is priced at $6.56 after the other day it reached above $8.
Uniswap rolled out UNI
You may already be aware of the fact that 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 was announcing its Pro platform would roll out a USD-UNI order book on September 17th, depending on liquidity.
Coinbase Pro recently said 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
The online publication the Daily Hodl notes that UNI’s market cap shot up from about $50 million to $322 million after the listing.
“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,” the same online publication notes.
Paving the way for grants and ecosystem growth
Uniswap has recently said that 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,” they note.
The exchange also said that “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.”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.