Decentralized finance (DeFi) platform Uniswap’s governance protocol token UNI went live on Ethereum earlier today. The community showed immediate support for the new token with Uniswap’s Twitter announcement garnering over 1.2 thousand likes in the first 90 minutes.
150 million UNI, or 15% of the token's supply, is now available to be claimed by anyone who has used the platform. Synthetix founder Kain Warwick called the move a “galaxy brain move,” adding that this will be “the best token distribution we have ever seen.”
With the news going viral, 13,000 Uniswap users had already claimed their 400 free tokens in the first three hours — not surprising given that number of tokens is valued at $1,344 per user at the current price. The mad rush for tokens saw the Ethereum network slow to a crawl and fees skyrocket with $650,000 spent on Uniswap and UNI gas fees alone in three hours.
Three Arrows Capital CEO and co-founder Su Zhu shared Uniswap’s post adding:Love it. In before Synthetix and Ampleforth whales become the biggest uni simps ever.
Binance quickly announced it would list the UNI token around 60 minutes after Uniswap’s official announcement. That’s despite — or perhaps because — Binance recently received strong criticism for listing competitor SUSHI just days after the official announcement. KuCoin and FTX have also announced support.
Some in the community believe this is a massive blow to Sushiswap, which has been trying to attract Uniswap’s liquidity by offering large rewards of its own SUSHI token. Co-founder and CEO of BitMEX’s parent company 100x Arthur Hayes said: “My Sushi is spoiled, I shall make it back on UNI,” with another Twitter user called m2lower simply saying, “DeFi war.”
Popular Youtuber, Lark Davis commented: “Oh s**t!!!! Sushi is in big trouble.”
The recent launch of rival automated market maker protocol Sushiwap saw it successfully migrate a significant share of Uniswap's liquidity an...