Uniswap’s Token Captures 60% of the Market’s DEX Volumes in Just 7 Days

• UNI token has become only one of the most widely distributed tokens and has emerged as one of the most talked protocols in the DeFi sector.
• 400 UNI tokens were deposited to the accounts of the users who used the exchange before September 1st
• 400 UNI tokens that are distributed among the users have a value of approximately $1200

Uniswap’s decentralized governance token, UNI was just launched and it has set high standards for its own kind. In such a short span, UNI token has become only one of the most widely distributed tokens and has emerged as one of the most talked protocols in the DeFi sector. 

400 UNI Tokens Awarded to all the Uniswap Users

The UniSwap exchange launched its very own decentralised token on 14th September. As a perk instantly 400 UNI tokens were deposited to the accounts of the users who used the exchange before September 1st. This has led to a rush among the users who are actively trying to claim free UNI tokens from the four new liquidity pools of the Uniswap protocol. Clearly, UNI token has stood out and its craze has resulted in the spike of the gas fees. Consequently, these liquidity pools have managed to generate a liquidity of over 

The Gwei (gas) fees for transactions has exploded since the launch and now stands at a four figure price. 

UNI Token to Facilitate Yield Farming and Network Governance

These tokens are not just used for network governance and voting purposes. They are also utilised for gaining interest through liquidity mining schemes more commonly known as Yield Farming. The 400 UNI tokens that are distributed among the users have a value of approximately $1200. According to Dune analytics within 24 hours of the launch, 66 million tokens that were set apart for distribution have been claimed by the users. This amounted to 10% of the total UNI token supply. And currently, 104 million tokens have been claimed by 170,000 users. UNI token has already become one of the most held digital assets in the DeFi sector. 

Axie Infinity COO Aleksander Larsen tweeted that it must be a glorious morning for all the Uniswap protocol users as 400 UNI tokens were devoted to their accounts out of the blue. He specifically pointed out that this new initiative may mean a lot for users in the Philippines and Venezuela where the crypto trading activities have gained a lot of appreciation. 

$10 Billion Worth Locked Assets in Just 7 Days 

ETH/DAI, ETH/USDC, and ETH/USDT the three liquidity pools have accrued a total of $170 million each. As per Uniswap, the value of a single UNI token stands at $6.36 and is up by +79.35% in the last 24 hours. The total volume stands at $251 million as of now. Uniswap’s token has already locked assets worth $10 billion in the market and have captured 60% of the entire DEX volumes. 

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.