The decentralized protocol Uniswap has introduced its native governance token UNI. The new decentralized finance (DeFi) token was launched on Wednesday night. As soon as this governance token went live, it gained a lot of attention in the cryptocurrency community and also the world’s leading digital currency in terms of trading volume Binance has announced to add support for Uniswap’s UNI token.
UNI Goes Live
Uniswap has announced that its new governance token UNI has officially gone live on the Ethereum mainnet. The Uniswap’s new token gained quick support from the community. Within the duration of just 90 minutes of UNI’s launch, the Twitter announcement of Uniswap was liked by more than 1.2 thousand people. Reportedly, the UNI token has already been claimed by more than 13,000 users in the decentralized finance industry.
The decentralized trading platform also revealed the allocation of the new token in the announcement. During the next four years, one billion coins will be minted and distributed. As per the announcement, around 60% of all UNI tokens will be allocated to community members of Uniswap, 21.51% will go to team members and future employees, 17.8% is for investors, and 0.69% will go to advisors.
Regarding UNI, the company said in the post:
“UNI officially enshrines Uniswap as publicly-owned and self-sustainable infrastructure while continuing to carefully protect its indestructible and autonomous qualities.”
Binance announces support for UNI
The major digital currency exchange Binance has announced to list Uniswap’s native governance token UNI on its trading platform. The deposits of UNI have already been allowed, however, the trading of UNI is set to begin on September 17 at 3 AM UTC. Initially, the leading cryptocurrency exchange has supported only four trading pairs for UNI which are against Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD), and Tether (USDT).
Binance also cautioned its users while using UNI token saying that it is a new token and therefore it may involve higher risks. The exchange said, “Please ensure that you exercise sufficient risk management, that you have done your own research in regards to UNI’s fundamentals and fully understand the project before opting to trade.”
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