The prominent DeFi protocol, Uniswap, has officially announced that its UNI governance token is live and is now in circulation – setting the bar for other DeFi protocols that aim to do the same. The highly anticipated governance token launched this last Wednesday, and as Uniswap’s way of seemingly saying thanks, it gave 400 UNI tokens to each wallet address that made contact with the protocol before the start of the current month.
Notably, the 400 UNIs handed out is worth over $1,400 as of press time, meaning Uniswap offered thousands of dollars to countless of users all over the world for merely being an early supporter. More than anything else, experts see this move by Uniswap as its grand gesture to re-establish itself as the undisputed leader of DeFi.
Within just a day, more than 66 million UNIs were distributed for simply utilizing the protocol itself. That is already 10% of the current total supply of UNI tokens. Uniswap clarifies that 60% of the total supply would be distributed gradually to its community, while the remaining percentage will be shared evenly by investors, advisors, and team members who worked for the protocol for more than four years.
In its very early lifespan, Uniswap’s governance token is already considered as one of the most utilized digital assets housed within DeFi.
Uniswap received overwhelming support for the launch of UNI tokens
Support for the newly launched governance token has been overwhelmingly positive. Uniswap’s twitter account blew up with noteworthy compliments from its supporters, industry mainstays, and even rivals.
Sam Bankman-Fried, Alameda Research’s CEO and current head of SushiSwap, Uniswap’s adversary, has high praises for the protocol following its successful token launch. Bankman-Fried states that is the precise reason why Uniswap has consistently been at the top of decentralized trading. He adds that it is indeed one of the premier protocols in DeFi, and that the launch of UNI tokens would solidify that claim even more.