After Coinbase Pro and Binance listing support announcement for Uniswap’s just-released governance token UNI to rally 300% in price

By Selena 09/17/20 11:16 AM

Uniswap’s UNI governance token has just been released on the Ethereum mainnet. Soon after, Coinbase Pro and Binance announced the listing of UNI on their platform, bringing the price of UNI soaring to 300%.

Source: CoinGecko

Binance and Coinbase Pro list UNI, price up 300%

According to a blog post, US-based crypto exchange Coinbase Pro has announced the listing of the newly released governance token of Uniswap, UNI.

Coinbase has just activated the ‘transfer-only’ mode for UNI and has said that all users of supported jurisdictions’ will access the UNIUSD market, except for New York State. Trading for UNI will only initiate the platform if there is enough liquidity to meet Coinbase Pro’s requirements.

Our UNI-USD order book will now enter transfer-only mode, accepting inbound transfers in supported regions. Orders cannot be placed or filled. Trading will begin on September 17, if liquidity conditions are met. https://t.co/2SGc6UyoS3

— Coinbase Pro (@CoinbasePro) September 17, 2020

The notice states:

“Once sufficient supply of UNIis established on the platform, trading on our UNI-USD order book will launch in three phases, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.”

Access to Uniswap’s administration token transaction is still not available to regular Coinbase (dotcom) and Coinbase mobile apps. It will then happen via a separate announcement.

It’s important to note that Coinbase is an investor in UNI tokens and also has a stake in Uniswap’s parent company and intends to keep it that way shortly.

And like AZCoin News reported, Binance also announced trading for UNI/BTC, UNI/BNB, UNI/BUSD, and UNI/USDT pairs. And that’s not all.

Immediately after Uniswap’s governance token support announcement, Binance went ahead listed the ‘UNI USDT-Margined Perpetual Contract with up to 50x leverage’ on its futures platform with USDT as the underlying collateral.

#Binance Futures Will Launch @UniswapProtocol $UNI USDT-Margined Perpetual Contract With Up to 50x Leveragehttps://t.co/u4DxtW1Ovd

— Binance (@binance) September 17, 2020

It seems the two heavyweight crypto exchanges do not want to miss any gains in draining DeFi.

In response to news of support, Uniswap’s UNI skyrocketed from $ 1 to nearly $ 4, marking an almost 300% increase from the original price.

DeFi enthusiasts and market participants spent no time leveraging the news to reap a hefty return on the UNI trade. But the soaring UNI frenzy has resulted in gas prices on Ethereum skyrocketing. Specifically, the gas price has increased to a maximum of 800 gwei, leading to the user having to wait 10 minutes to 4 hours to confirm the transaction.