Uniswap launched its own token and blew up fees on the Ethereum blockchain

CONTENT

  • Uniswap protocol launched its own UNI token

  • More than 13 thousand users have already applied for free UNI tokens

  • Uniswap overloaded the Ethereum network and blew up the cost of the commission

International consortium of news organizations developing transparency standards.

The Uniswap Protocol has announced the launch of its own UNI token and the distribution of 400 free tokens to its users. The message literally crashed the Ethereum network.

UNI tokens are handed out for free

The announcement of the launch of its own UNI token was published on the official protocol page on Twitter and went viral in a matter of minutes.

Just a few minutes after publication, the recording received over two thousand likes and 700 reposts, and thousands of Uniswap fans rushed to issue their free tokens. Already on the first day after the announcement, 13 thousand participants, including protocol users, liquidity miners and others, requested their “portion” of tokens. Considering that the cost of UNI at the time of this writing exceeds $ 3.5, each user can receive tokens in excess of $ 1344.

“Any address that has ever been registered in a Uniswap v1 or v2. Contract can claim 400 UNI. It’s approximately 12,000 active addresses. We love you guys, ”the company’s blog says..

In total, the company issued 1 billion UNI tokens worth $ 20 billion. This volume will be distributed over the next 4 years as follows:

  • 60.00% to members of the Uniswap community [600,000,000 UNI]
  • 21.51% to team members and future employees with a 4-year transition [215,101,000 UNI]
  • 17.80% to investors with the transition to 4 years [178,000,000 UNI]
  • 0.069% to consultants with the transition to 4 years [6 899 000 UNI]
Uniswap launched its own token and blew up fees on the Ethereum blockchain

According to the developers of the protocol, 43% of tokens will be distributed in the form of grants to participants in the initiatives, the community, and also to other programs. Therefore, already today projects can apply to Uniswap for a grant for the development of a startup..

Another 5 million tokens will receive liquidity pools in proportion to the generated liquidity per day.

All holders of UNI tokens will not only be able to sell them, making money on the price difference, but will also be entitled to:

  • participation in the management of the Uniswap protocol;
  • participation in the distribution of funds within the community;
  • use tokens as payment for using the protocol;
  • receive SOCKS liquidity tokens;

These and other features will be available on Friday 18 September.

UNI token can become a growth driver for ETH

Immediately after the announcement of the UNI free token giveaway, the company received more than 13,000 transaction requests, which led to a slowdown in the Ethereum network. In addition, along with the increased activity of users of the Uniswap protocol, transaction fees have also increased. The Uniswap platform alone spent 650 thousand dollars to pay for gas.

What Is Uniswap? Can It Become THE Ethereum Token Exchange? What Is With the 2020 Price Movement?

Experts are confident that the addition of the UNI token to the Ethereum blockchain will, as a result, have a positive effect on the value of the ETH coin itself. This opinion was expressed by trader and investor Alex Kruger on his Twitter page..

 

However, no global changes in the UTH price have been observed so far. According to Tradingview, the ETH token price is $ 378 (+ 3.70% per day).

But the growth of fees on the Ethereum network can slow down the development of the DeFi sector. The growing segment of decentralized finance overloads the Ethereum network, while developers are primarily concerned about the rise in gas prices.

As a reminder, as of September 12, the average transaction fees on Ethereum exceeded two dollars. On September 2, the average commission was $ 14.58, and on September 9, it dropped to $ 2.67. Fees are now rising again amid continuing hype around the DeFi marketDecentralized finance (DeFi) is a blockchain-based financial service that offers users access to an open, efficient and … More.

The blockchain update to Ethereum 2.0, due later this year, aims to address scaling issues. At the same time, developers are constantly looking for solutions for the current network. For example, the recent transfer of transactions from Tether to OMG Network is helping to reduce latency and fees..

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Uniswap launched its own token and blew up fees on the Ethereum blockchain
Uniswap launched its own token and blew up fees on the Ethereum blockchain
Uniswap launched its own token and blew up fees on the Ethereum blockchain
Uniswap launched its own token and blew up fees on the Ethereum blockchain

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