Hong Kong-based cryptocurrency exchange Bitfinex has announced the listing of UNI, the native token of the Uniswap Ethereum-based decentralized exchange (DEX).
Bitfinex disclosed this news via an official blog post, noting that trading of UNI/USD and UNI/USDT is now available on its platform. Also, it noted that deposits, trading, and withdrawals are currently available.
Uniswap (UNI) is now listed on Bitfinex!
Trading and withdrawals of $UNI are now available.
UNI can be traded with US Dollars (UNI/USD) and tether (UNI/USDt).
Discover more on Uniswap listing at⬇️https://t.co/oPkk5MwGgA pic.twitter.com/F4IOmXmyia
— Bitfinex (@bitfinex) September 19, 2020
With the new listing, Bitfinex becomes the latest major digital currency exchange to list Uniswap (UNI), following the likes of Coinbase Pro, OKEx and Binance. Other top crypto exchanges to have listed UNI include, KuCoin, Poloniex, Huobi, and FTX.
Notably, UNI is the governance token for the Uniswap protocol. According to the Ethereum-based DEX, it is mainly focused on enabling developers, liquidity providers, and other clients to engage in an open and accessible financial space.
The recent growth of Uniswap (UNI)
The Uniswap token has recorded major growth since its launch last Wednesday. It traded on the next day for $3.21, and its price has since skyrocketed, trading for $5.84 at press time.
Launched in 2018, Uniswap is one of the founders of the “SWAPS” trading platform movement. The DeFi platform has grown impressively since its launch. With the remarkable rise of the DeFi protocol this year, Uniswap has been able to grow with the rising tide.
Notably, Uniswap also runs an automated market maker (AMM) protocol. This is actually an aspect of decentralized exchanges that rely on mathematical formulas to set the price of a token.
The platform will eventually issue one billion UNI tokens to community members, founders, and team members. The UNI will serve as a governance token, providing holders with voting rights in making important on-chain decisions on Uniswap.
Uniswap, Sushiswap controversy
Uniswap and Sushiswap recently made headlines. SushiSwap is a fork of Uniswap, and the liquidity of Uniswap was greatly increased by the liquidity mining scheme of SushiSwap. However, the migration of SushiSwap from the Uniswap network took $1.3 billion in TVL from Uniswap, leaving the platform with pre-Sushi TVL.
After the SushiSwap migration, Uniswap’s TVL plummeted by 75.95% and rested at $348 million. More than $830 million worth of digital assets were transferred as part of the ongoing SushiSwap saga. However, Uniswap has rebounded, now boasting a USD TVL of $1.6 billion. Currently, the UNI token matches the offering of SushiSwap.
The Sushiswap controversy is an interesting saga. For more information, do read our exhaustive report on the whole issue. Additionally, for more information on Uniswap (UNI), check out the recent review of UNI governance tokens on the Altcoin Buzz YouTube channel.