San Francisco-based cryptocurrency exchange Coinbase has listed the freshly-minted Uniswap token (UNI) just hours after it was airdropped to thousands of Uniswap users.
While the majority of Uniswap users received a 400 UNI airdrop, some liquidity providers and high frequency traders received up to half a million Dollars in UNI tokens, making it by far the largest airdrop in cryptocurrency history.
Coinbase confirmed that it will list UNI on its professional trading platform, Coinbase Pro, with it being rolled out in three phases: Post-only, limit-only and full trading.
Full trading will begin once liquidity requirements are met, which in theory shouldn’t be difficult considering how many users received the airdrop.
UNI is designed to be a governance token for the Uniswap protocol, a decentralised exchange that has become increasingly relevant this year along
A friend of mine who provided liquidity to Uniswap v1 for a long time just received a HALF A MILLION USD airdrop of $UNI at these prices. This is absolutely insane. @UniswapProtocol @haydenzadams. pic.twitter.com/H5DQwOV41w
— Private Chad (@Privatechad_) September 17, 2020
The price of the UNI token has skyrocketed since its release with it now being worth $2.91 per token after trading down at $1.01 just hours ago.
Price discovery for this token will remain intriguing for a number of weeks, as a lot of users will be liquidating their tokens to take effective cash positions while others will be placing bets on Uni going on a run like Yearn Finance (YFI).
The current market cap of Uni is just $140 million, which is dwarfed by YFI’s capitalisation of $968 million.
Trade volume has risen as expected on Uni trading pairs, with $600 million being reached in a few hours since it was launched.
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