Decentralized exchange Uniswap has just announced the launch of its own protocol management token.
According to Uniswap, 1 billion UNI tokens have been issued. They will be distributed over four years. 60% of the amount will be distributed to community members, 21.51% to team members and future employees, 17.8% to investors, and 0.069% to consultants. Uniswap has said through a publication:
"A perpetual inflation rate of 2% per year will start after 4 years , ensuring continued participation and contribution to Uniswap at the expense of passive UNI holders."
The developers say UNI is the next step in the development of the protocol and have noted Uniswap is consistently outperforming records for trading volumes and liquidity:
"Having proven product-market fit for highly decentralized financial infrastructure with a platform that has thrived independently, Uniswap is now particularly well positioned for community-led growth, development, and self-sustainability. 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."
The distribution of the first 150 million UNI tokens has already started. These are distributed among users and liquidity providers based on a blockchain snapshot covering the period until September 1. Users can request 400 UNI tokens for each address from which they accessed the Uniswap v1 or v2 contracts. The distribution also affects 12,000 addresses that have only ever submitted failed transactions. Uniswap developers write:
"With 15 % of tokens already available to be claimed by historical users and liquidity providers, the governance treasury will retain 43% [430,000,000 UNI] of UNI supply to distribute on an ongoing basis through contributor grants, community initiatives, liquidity mining , and other programs."
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