Following Binance, OKEx, and Coinbase Pro, a giant cryptocurrency exchange Bitfinex announced to list Uniswap governance token UNI. According to the report, Bitifnex has opened all the services for the governance token, including deposits, trading, and withdrawals. Moreover, the exchange is also offering trading pairs for UNI/USD and UNI/USDT.
While the Uniswap announcement goes viral, the crypto community has embraced the new governance token. Uniswap users rush to claim their 400 free UNI tokens. The highly lifted enthusiasm fueled UNI to reach $6.56 from $3.21, as per CoinMarketCap data.
Uniswap Lead the DeFi Space with Most Value locked
Uniswap is a decentralized exchange that heavily demands on a liquidity pool, a bunch of tokens locked in a smart contract that generates liquidity, to facilitate trades. Recently, the DEX platform encountered massive liquidation after ‘Vampire Attack’ from SushiSwap. Uniswap total value lock dived to $518 million from almost $1.7 billion. Uniswap introduces a $UNI token to meet the SushiSwap offering.
Some analysts are considering the launch of UNI token a massive blow to Sushiswap. CEO of BitMEX parent firm 100x Arthur Hayes passed the statement, “My Sushi is spoiled, I shall make it back on UNI.” m2lower, another Twitter user, posted a simple tweet, “DeFi war.”
Currently, Uniswap is driving the DeFi sector with $1.85 billion value locked up in its smart contracts, after the UNI governance token launching. Whereas, $487 million locked up in the smart contracts of SushiSwap, according to data from DeFi Pulse.