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Liquidity Rewards Program Ends On Uniswap Next Week.
The Uniswap community has not yet received any answers about the future of the protocol..
UNI and ETH rates may undergo a sale.
International consortium of news organizations developing transparency standards.
The liquidity reward program is ending on the Uniswap platform, and the project team did not comment on its further fate.
Next week, November 17, the popular decentralized exchange (DEX) Uniswap will end its liquidity reward program. The crypto community is eagerly awaiting news in which direction the project will develop after this event – but so far it has not received any answers.
Farming season closes
In recent months, the segment DeFi Decentralized finance (DeFi) is a financial services built on blockchain technology that offer users access to an open, efficient and … More (decentralized finance) and topic profitable farming, undoubtedly remained the hottest topic in the crypto space. One of the most successful DeFi projects has been the Uniswap platform. At the same time, staking opportunities have always been among the most attractive characteristics of the project. Investors were attracted by the opportunity to receive passive income, simply by blocking a certain amount of funds in the protocol.
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Market Update! Polkadot, Uniswap and Bitcoin! Things are HEATING UP!
Currently, over $ 2.4 billion is blocked in four Uniswap liquidity pools. However, the current liquidity extraction program and the issuance of rewards for its provision will cease from November 17.
In this regard, the Uniswap project community was called to a conference. As expected, its results should have shed light on the future prospects for mining liquidity on the platform. In addition, such serious issues as the corporate governance mechanism and the further direction of development of this largest decentralized exchange in the world were subject to discussion..
Thank you everyone who attended the @UniswapProtocol community call today!
For those who missed it, here are the video and chat logs of the event:
If anyone is interested in making a transcript, please get in touch!
– monetsupply.eth (@MonetSupply) November 13, 2020
Crypto community members had high hopes for the conference, as lack of clarity on such issues is potentially fraught with nervousness and volatility. The “call” lasted for an hour and a half, but its results disappointed most of the participants in the meeting..
It is not surprising that the most burning topic very quickly became the focus of the discussion: how to prevent a massive exodus of collateral from the protocol. Many people were worried about how the project intends to proceed after the “farming season” closes and UNI farmers start looking to the side in search of profitability. Some feared repeating stories like the SushiSwap attack.
However, the project’s strategist Matteo Liebowitz disappointed everyone, stating:
“Unfortunately, I cannot comment on this topic. Any decisions regarding liquidity mining should be made by community members, not the team. “.
As noted in this regard, Robert Leschner, founder of Compound Finance, there are only a few days left until the termination of awards, and this program will expire before the management of Uniswap can take any action..
Uniswap liquidity incentives are expiring in five days, sooner than $ UNI Governance can act.
When incentives expire, liquidity in $ DAI, $ USDC, $ USDT, and $ WBTC will decline, and slippage (the cost of trading) will go up. This is bad for traders that use & adore, the # 1 DEX
– Leshner (@rleshner) November 13, 2020
He added that this could lead to an outflow of liquidity from $ DAI, $ USDC, $ USDT and $ WBTC, and this will be bad news for traders who are fans of Uniswap as the number one decentralized exchange..
$ 1.2 billion ETH will break free
It seems that at the moment there is no question of extending the program or alternative pools. This means that a huge amount of UNI tokens could flood the market, and their owners will be deprived of both the four current pools of liquidity and the ability to find a replacement for them. Accordingly, this is fraught with a fall in the UNI exchange rate, especially if farmers decide to take profits..
Also raises questions and the impact of this event on the Ethereum rate. Currently, more than $ 1.2 billion of ETH is blocked in four Uniswap pools.On November 17, all this collateral will be released.
In mid-September, when Uniswap launched its pools, the ETH rate rallied, then peaking at $ 390. Now it is trading 18% higher, so a possible profit taking cannot be ruled out.
Some of these funds can be redirected to other DeFi protocols, or even to the ETH 2.0 smart deposit contract, which launched on November 4. One thing is clear: the Uniswap protocol faces massive exodus of users if it cannot keep them with any incentives..
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