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13,000 DeFi users have already claimed Uniswap’s new UNI token

Decentralized finance (

The 150,000,000 UNI tokens being released immediately are being distributed to “historical liquidity providers, users, and SOCKS redeemers/holders” based on a snapshot taken on Sep 1.

The token will facilitate community governance for Uniswap moving forward, with the official announcement stating:

The introduction of UNI (ERC-20) serves this purpose, enabling shared community ownership and a vibrant, diverse, and dedicated governance system, which will actively guide the protocol towards the future.

Compound’s governance system contracts will manage Uniswap’s governance protocol. Compound CEO and founder Robert Leshner called this combination of technologies “a win for open source, composability, and community tooling.”

Although Uniswap governance will be live immediately, community control over the treasury will be delayed by 30 days, and the Uniswap fee switch for 180 days.

In the initial governance stages, any token holder can submit a governance proposal, if they delegate 10,000,000 UNI tokens, or 1% of the total UNI supply.

Prior to implementing any proposal, the community is “encouraged to consult knowledgeable legal and regulatory professionals” in order to ensure all “governance decisions are made in compliance with applicable laws and regulations.”

As of the time of press, there are 13,314 addresses holding UNI tokens with over 44,000 transactions already confirmed — that is on average 4 transactions per second since the announcement. The price has risen over 90% to $3.36.

Source
cointelegraph

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