Connect with us

Blockchain And Crypto News

Uniswap Token Collection Rate Hits 80% Suggesting UNI Is Here to Stay

Published

on

Uniswap’s massive airdrop to loyal platform users has been an overwhelming success and a strong indication that the token is not going to fade away despite its recent price slide.

When Uniswap announced its native UNI token and Ethereum-based liquidity farming pools, it also distributed 150 million of those tokens as a loyalty bonus. DeFi users woke up with free tokens in their wallets and UNI prices subsequently spiked to a brief high of $8 each.

Many of those that received the tokens instantly sold them, resulting in the price slipping after. But the sheer number of users that claimed them is a testament to Uniswap’s success.

” alt=”” aria-hidden=”true” />UNI Uniswap DeFi

Collection Rate a Positive Sign

According to findings from the on-chain analytics provider, Dune Analytics, 190,800 eligible wallets have claimed their UNI airdrop.

This equates to over 117 million UNI tokens, or 78% of the total dropped, claimed within a week of the giveaway. The majority of the tokens were claimed on Sept 17 and the number has been falling off ever since, indicating that there may be over 30 million unclaimed UNI still out there.

Dune made a comparison to Apple which has just launched a new mobile operating system that only 17% have installed over the same period. It was pointed out that it is not a fair comparison and highly unlikely that Apple would give anything away to its users for free.

The analytics provider added that supply should start to stabilize now that the airdrop frenzy is over;

“Beyond the 83,333.33 UNI per pool per day (four pools) for liquidity mining it seems fair to assume that circulating supply is now going to be fairly stable in the next couple of months.”

At the time of press, there was $1.46 billion distributed across UNI’s four liquidity pools with the ETH/WBTC pool being the most popular and containing almost 30% of the total.

UNI Price Update

UNI prices have topped $5 again as crypto markets rebound from a week of losses. The token has been slowly grinding higher from is post-spike low of $3.70 on Sept 22 to reach today’s levels.

” alt=”” aria-hidden=”true” />UNI price
UNI/USD Chart by TradingView

UNI has largely been spared by the marketwide dump that has battered its DeFi brethren.

In terms of total value locked, Uniswap has dropped down to the second spot on the DeFi charts with a TVL of $1.87 billion according to DeFi Pulse. It has recently been usurped by DeFi stalwart Maker which has an 18% market share.

 

Source: Beincrypto

Trade with Nairabusiness

I am a student studying computer science. I'm a passionate blogger that loves reading and writing, business minded with solution to complete financial tips. You love business? Stay tuned to Nairabusiness.com

Continue Reading
Click to comment

Leave a Reply

%d bloggers like this: