In brief

  • Major crypto exchange Bitfinex has listed Uniswap's new token, $UNI.
  • It is the latest large exchange to do so, after OKEx, Coinbase Pro and Binance.
  • $UNI has doubled in price since its launch.

Crypto exchange Bitfinex is the latest major cryptocurrency exchange to list $UNI, the governance token that powers decentralized exchange Uniswap.

Bitifnex today opened trading of pairings for UNI/USD and UNI/USDT (that's Tether, the US dollar-pegged stablecoin). Deposits, trading and withdrawals are all open. Bitfinex follows Coinbase Pro, OKEx and Binance, major cryptocurrency exchanges that have also listed the token.

$UNI, which launched on Wednesday, traded for $3.21 on Thursday. Its value has since doubled; as of this writing, it is worth $6.56, according to data from metrics site CoinMarketCap.

$UNI is a governance token, meaning that holders can stake it to vote on proposals to upgrade the network. High-rollers can propose their own upgrades.

Those who provide liquidity to the network earn the token as an extra reward. Uniswap is a decentralized exchange that relies on a liquidity pool to facilitate trades. A liquidity pool is a bunch of money that Uniswap's customers can draw on to swap tokens.

Uniswap's $UNI token matches the offering of SushiSwap, a Uniswap clone that last month added the same governance token distribution mechanism for its token, $SUSHI.

Ethereum-based DEX Uniswap has its own token. Image: Shutterstock

Ethereum Locked in Uniswap Soars to $1.6 Billion After UNI Launch

Uniswap is back on top in the world of DeFi. The immensely popular Ethereum-based decentralized exchange, which has shown tremendous growth in trading volume in recent months, has seen a huge boost in the amount of money flowing onto its platform after just launching its own governance token, UNI. Prior, up-and-coming decentralized finance protocols such as Aave and Curve Finance had unseated it from the top of the “total value locked” charts on DeFi Pulse, a metrics site that tracks the industr...

NewsDeFi
4 min read
Alexander Behrens

SushiSwap, which today has $487 million locked up in its smart contracts, had been eating up Uniswap's business. After launching $UNI, Uniswap is the DeFi smart contract with the most value locked up in its smart contracts—$1.85 billion, according to data from metrics site DeFi Pulse.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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