Uniswap has acquired SUSHI with the launch of a new governance protocol code UNI, which has led to a surge in activity from more than 13,000 DeFi users.
UNI, the governance protocol code for the decentralized financing platform (DeFi) Uniswap, was posted on Ethereum earlier today. The community showed immediate support for the new token, with a Uniswap ad on Twitter garnering more than 1.2k likes in the first 90 minutes.
150 million UNIs, or 15% of the token supply, are now available to claim from anyone using the platform. Synthetics founder Ken Warwick described the move as a “galaxy brain trick,” saying it would be “the best symbolic distribution we’ve ever seen.”
With the news spreading, 13,000 Uniswap users had already claimed 400 of their free tokens in three hours – not surprisingly, the number of tokens at the current price is $ 1,344 per user.
Arrow Capital CEO and co-founder Su Zhu shared the Uniswap post:
Love her. Synthetics and Ampleforth became the largest mono-sim before Pisces.
Binance quickly announced that it will be listing UNI codes about 60 minutes after the official Unicep announcement. A few days after the official announcement – Binu recently criticized her inclusion on the SUSHI contestants list, due to – or perhaps because of.
Some people in the community think this is a major setback for Sushi Wapas, which is trying to lure Uniswap’s liquidity by offering big bonuses from its SUSHI tokens. “My sushi is spoiled, I’ll return it to UNI,” said co-founder and CEO of Bitx’s parent company, 100x Arthur Hayes, with another Twitter user named M2lower simply saying, “DFI War.”
Lark Davis, the famous YouTuber commented, “Oh s ** t !!!! sushi is in big trouble.”
The recent launch of competing automated market maker Protocol Sushiwap saw it successfully diverted much of the cash and size of Unizawp in a “vampire” attack. The total value of Uniswap Lock (TVL) decreased, but from September to September, from $ 1.Wap2 billion in September to $ 51 million. But Uniswap quickly gained momentum, rising to over $ 1 billion on September 10 and is currently at $ 924 million.
In the next four years, 1 billion UNI tokens will be issued. Of the billion tokens, 60% will go to community members while the remaining 40% will go to team members, investors, and advisors, for up to four years. Four years later, the token will have an inflation rate of 2% per year.
150,000,000 UNI tokens are instantly issued “distributed to Historic Liquidity Providers, Users, and Redeemers / SOCKS owners” based on a screenshot taken on September 1.
This token will facilitate community management with the official announcement of Uniswap to follow:
The introduction of the UNI (ERC-20) serves this purpose, enabling shared community ownership and a vibrant, diverse, and customized governance system, which will actively guide the protocol in the future.
The pool governance system contracts will manage the Uniswap governance protocol. Robert Lesnar, CEO and founder of the pool, described this combination of technologies as a “win-win for open source, compliance, and community tools”.
Although Uniswap management will start operating immediately, community control of the treasury will be delayed by 30 days and the Uniswap fee switch will be 180 days.
In the initial governance stages, any token holder can submit a management proposal if they deliver more than 10,000,000 UNI tokens or 1% of the total UNI supply.
Before implementing any proposal, the community is encouraged to “consult with legal and regulatory professionals” to ensure that all “governance decisions are made in accordance with applicable laws and regulations”.
As of the time of publication, there are already 13,314 titles with UNI codes with more than 44,000 transactions already confirmed – an average of 4 transactions per second since the announcement. The price comes in at 90% to $ 3.36.