Bitfinex Lists UNI as DeFi Token Price Doubles in Two Days

UNI is the governance token for decentralized exchange Uniswap.

2 min read

Sep 19, 2020

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.

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.

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

Get crypto news straight to your inbox--

sign up for the Decrypt Daily below. (It’s free).

Get Email!

North Korea's Lazarus Group Laundered $200M in Crypto, Says Blockchain Sleuth—Here's How

Notorious North Korean hacker organization, Lazarus Group, has long been seen as a villain in the crypto world, allegedly pilfering billions in total from projects and networks. Now, pseudonymous on-chain sleuth ZachXBT has broken down exactly how the group apparently laundered over $200 million in hacked crypto funds into fiat currency. Lazarus has been identified as the group behind some of the most noteworthy crypto-related hacks in recent years. It was named by the FBI as responsible for the...

Bitcoin Rollups Could Boost Transaction Speeds 10X, Devs Claim

A team of crypto developers has published a detailed plan to enable transaction rollups on Bitcoin, a common practice in crypto that was deemed impossible on the grandfather blockchain. Rollups are a decentralized system for bundling crypto transactions off-chain before settling them together on-chain in more data-efficient batches, and have historically been used as a scaling solution for Ethereum. The creators of the proposed Bitcoin framework say rollups will deliver more than increased capac...

Bitcoin, Ethereum Funds Bleed Investor Cash for Third Straight Week

Cash is draining out of digital asset investment products, including spot Bitcoin ETFs, as the coin’s price clings to previous all-time highs amid global economic headwinds. These investments have now seen outflows for three weeks straight, losing $435 million over the past seven days alone, according to data from CoinShares. Month-to-date outflows now stand at $102 million across coins like Bitcoin, Ethereum, and Solana. “We've seen a slowdown of inflows from new ETF issuers in the United State...

News

Courses

Deep Dives

Coins

Videos