Uniswap UNI coin launch steals the DeFi show

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Last Updated on 19 September 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Decentralized Finance (DeFi) platform Uniswap has launched its very own governance protocol token on the Ethereum blockchain. The community was highly enthusiast and the token immediately raised from a value of $1 to $8 at its peak. In the first three hours after its launch on the Ethereum network, attention for the new coin skyrocketed and some $650k was spent on UNI gas fees.

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Uniswap

The Uniswap exchange, having seen the attention it gathered in the past few weeks for the Sushi token (which got caught in scandal afterwards) started to understand the value of its power in the community and therefore launched its UNI governance token to great fanfare.

However, many in the market fear another pump and dump scheme, which would spell disaster for the DeFi industry as a whole.

Of course, the launch of UNI is a major blow to Sushiswap, which has desperately tried in the past week to relaunch its very own native SUSHI coin

DeFi war

Arthur Hayes, current CEO of BitMEX claimed:

My Sushi is spoiled, I shall make it back on UNI.

Others spoke of a pending DeFi war between Sushi and Uni.

By now, the success of UNI is undeniable, as it is already listed on various exchanges only a few hours after its launch, is featured in many coin pairings and has attained a market capitalization of some $600 million. It will be interesting to see whether the doomsday predictors are correct about this one or whether UNI is here to stay.

At the time of writing, Uniswap is up 27% to a value of $6.60