Binance already announced support for Uniswap new token, UNI price increased by almost 60%

By Selena 09/17/20 2:54 AM

Binance has announced it will support Uniswap new token – more than an hour after it was announced. It is known that UNI is the governance token of Uniswap, running on the Ethereum Blockchain.

UniSwap issues its own governance token – UNI

UniSwap is a decentralized exchange with a volume of over $ 350 million per day. The advent of UNI will allow UniSwap to reward token users at a time when such rewards are becoming the norm in DeFi.

As planned, over the next four years, 1 billion UNI will be released gradually. Of which, 60% will go to Uniswap community members, 21.5% will go to Uniswap employees, and the remaining 18.5% will go to investors and advisors.

The official stated:

“The introduction of UNI (ERC-20) serves this purpose, enabling shared community ownership and a vibrant, diverse, and dedicated governance system, which will actively guide the protocol towards the future.”

After distributing 40% of tokens in the first year, it will gradually decrease by 10% every subsequent year until all tokens have been allocated.

Binance lists UNI, the price increased by almost 60%

According to the official announcement from Binance, the exchange will list Uniswap (UNI) and open trading for UNI / BTC, UNI / BNB, UNI / BUSD, and UNI / USDT trading pairs at 17/09/2020 at 3:00 AM (UTC). Meanwhile, users can now start depositing UNI in preparation for trading.

Even so, Binance has carefully warned:

“UNI is a new token that poses higher than normal risk, and as such, will likely be subject to high price volatility. Please ensure that you exercise sufficient risk management, that you have done your research in regards to UNI’s fundamentals, and fully understand the project before opting to trade.”