Uniswap’s new UNI token emerges on Coinbase Pro
- Uniswap recently launched its new governance token, UNI.
- Only hours later, UNI ended up on most major exchanges, including Binance, and then Coinbase.
- The deposits on Coinbase became available immediately, while trading waited for liquidity to build up.
Uniswap launched its governance token, UNI, only yesterday, and less than 24 hours later, the coin found its way to pretty much every major exchange out there. 90 minutes after launch, the coin ended up on Binance. Soon after that, it also found its way to Coinbase Pro.
Impressive: UNI found its way to Coinbase in only a few hours
Seeing a coin gets listed on Binance is a major thing, but Binance is not that picky about what it lists. Coinbase is quite well-known for only listing the best of the best. The exchange is rather strict about its listing process, and not every cryptocurrency is worth a second look to it.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
Most projects have to wait for months, or even years, to even be inspected by the exchange. DeFi sector’s rising star, Uniswap, on the other hand, just saw listing after its token has been out for a few hours.
Coinbase announced the listing yesterday morning, with deposits being available immediately. The trading was scheduled to begin as soon as liquidity builds up.
Coinbase will provide trading pairs against USD in all jurisdictions but in New York. As for its retail-oriented platform, it remains unknown whether or not UNI will emerge on it, as well.
Details about the token
As for Uniswap itself, the project plans to issue a billion UNI tokens, according to its Wednesday announcement. The tokens will be distributed over the following four years, with 60% going to the community, and the rest going to team members, investors, and others.
The token’s purpose, according to the release, is to serve for making on-chain governance decisions. Basically, users will be allowed to vote on different decisions, and their voice will carry more weight if they happen to own more UNI token.
At the time of writing, Uniswap sits as the number one DeFi project, with a TVL of $1.37 billion. This is a major rise from yesterday, as the project sat at the fourth spot of the list of the biggest DeFis only 24 hours ago.