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In the Moment of Excitement Binance Lists Out New Token of Uniswap

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Sep 17, 2020
In the Moment of Excitement Binancelists Out New Token of Uniswap

According to the latest reports of today, Binance which is the leading crypto-exchange platform has announced that it is looking forward to list out UNI tokens.

The announcement came soon after the Ethereum saw the induction of the new tokens which are governed by the DeFi platform into its network.

Not perturbed with the growing controversy relating to Binance’s Sushiswap list, which turned out to be quite unfavorable to Binance, it categorically announced its complete support to UNI tokens of Uniswap. A high official of Binance has reportedly said that before the end of this day UNI tokens worth approximately US$ 1 billion will be immediately distributed amongst the users out of which at least 15% have been specifically designated for historic users of the exchange. The exchange also announced that at least 60% of the overall UNI tokens will be available to its community members while the rest 40% tokens will remain available for the use of team members, advisors, and investors wherein the vesting period has been capped up to four years max. At the expiry of the four years, the token will be automatically settled at an annual inflation rate of 2%.

In its official announcement Binance also hoped that the UNI tokens will be most beneficial to its community members. It is expected that the liquidity mining programs will be launched after 17th September until November 17, the focus of these programs will be to target cryptocurrencies such as ETH/USDC, ETH/WBTC, ETH/DAI, and ETH/USDT within the platform.

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On the other hand, the team of Uniswap has also ensured their full cooperation in fulfilling the purpose and objective of the program and pledged that they will refrain from interfering with the development of V2 protocol and will not directly or indirectly take part in the governance.

The decision of Binance to adopt the new tokens was rather quick and the rationale behind its adoption was explained in the words that the exchange will be available for trading various trading pairs on 17th September.

Though the deposits for UNI are open, yet the exchange has duly notified the users to adopt a cautious approach because the tokenized trading such as UNI carries high risks with them.

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