The price of the native token of the Uniswap project collapsed by 5%
Community decides whether to continue farming
Many farmers have already withdrawn their assets from liquidity pools, rolling back Uniswap to third place in terms of pledged assets
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Uniswap, a leading decentralized cryptocurrency exchange platform, lost over 40% of liquidity amid the upcoming end of liquidity mining
The world’s largest decentralized exchange, Uniswap, has lost over 40% of its liquidity due to the upcoming completion of its liquidity mining program. As part of a two-month program, Uniswap developers allocated more than 20 million UNI tokens for pharming, that is, in two months, each of the four pools had 5 million tokens.
The liquidity collapse is directly related to the potential termination of the distribution of UNI tokens. However, the community has already initiated a vote with a proposal to extend the program for another two months, but to reduce the volume of issue to 1.25 million UNI per month per pool. Voting will last until November 19, 2020.
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The initiators of the vote argue that the renewal of the program will help preserve liquidity in the decentralized exchanges (DEX) based on the Ethereum blockchain. At the same time, they acknowledge that the constant distribution of UNI tokens is driving speculation. As a result, native token As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More Uniswap is used exclusively for pump schemes & dump “.
Away from volatility
Despite the fact that the voting will end only on November 19, and at the time of this writing, more than 58% of voters supported the continuation of UNI farming, liquidity on Uniswap collapsed by 42%.
Such a sharp outflow of funds has already moved the site to the third place in the DeFi ratingDecentralized finance (DeFi) is financial services built on the basis of blockchain technology that offer users access to an open, efficient and … More Puslse in terms of pledged assets. In just three days, the volume of liquidity on Uniswap decreased from $ 3.36 billion to $ 1.55 billion.
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Also, over the past 24 hours, the protocol lost more than a million ETH tokens, although the price of the second largest cryptocurrency rose by 1.78% to $ 462.45. This means that farmers do not cash out their crops, but transfer them to other DeFi platforms like SushiSwap or hardware wallets. The UNI token itself has already dipped 5.29% to $ 3.64.
The volatility of the asset is expected to persist until the end of the vote, as UNI tokens have yet to be distributed among liquidity providers. How Uniswap manages to maintain its leading position despite a large number of forks – read the special material BeInCrypto.
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