Coinbase Pro’s quick listing of the new Uniswap protocol governance token UNI is already helping boost the fledgling asset’s market cap to about $322 million.
The decentralized trading platform Uniswap rolled out UNI on September 16th, announcing plans to mint 1 billion tokens over four years. On the same day, Coinbase announced its Pro platform would roll out a USD-UNI order book on September 17th, depending on liquidity.
Coinbase Pro says the UNI-USD order book had already achieved full trading.
Our UNI-USD order book is now in full-trading mode. Limit, market and stop orders are all now available. https://t.co/C77PgPJBtj
— Coinbase Pro (@CoinbasePro) September 17, 2020
UNI’s market cap shot up from about $50 million to $322 million after the listing. It’s now hovering around $233.45 million at time of writing, according to CoinGecko. Its price, which began around $2.97, is at $4.99 at time of writing.
Uniswap plans to allocate 60% of UNI’s circulation to the protocol’s community members; 21.51% to team members and future employees with four-year vesting; 17.80% to investors with four-year vesting; and 0.069% to advisors with four-year vesting.
Uniswap says the new governance token could pave the way for grants and ecosystem growth.
“A community-managed treasury opens up a world of infinite possibilities. We hope to see a variety of experimentation, including ecosystem grants and public goods funding, both of which can foster additional Uniswap ecosystem growth.
Uniswap has set the standard for automated liquidity provision: it is now time to set the benchmark for responsible but radical, long-term aligned on-chain governance systems.”
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