A listing support announcement from Coinbase Pro and Binance was required for Uniswap’s recently launched governance token, UNI, to value 300%.
The Uniswap UNI token has just been launched on the main Ethereum network. Soon after, Coinbase Pro and Binance announced their listing on their platforms. UNI’s market price soared (rising 300 percent) after the news.
Coinbase Pro Announces Listing for Uniswap UNI Token
According to an article, the U.S.-based cryptocurrency exchange Coinbase Pro announced the listing of Uniswap’s recently launched governance token, UNI.
Coinbase just activated ‘transfer only’ mode for UNI and said that all users from ‘supported jurisdictions’ will be able to access the UNIUSD market, ‘with the exception of New York State.’
Our UNI-USD order book will now enter transfer-only mode, accepting inbound transfers in supported regions. Orders cannot be placed or filled. Trading will begin on September 17, if liquidity conditions are met. https://t.co/2SGc6UyoS3
– Coinbase Pro (@CoinbasePro) September 17, 2020
“Our UNI-USD order book will now enter transfer-only mode, accepting incoming transfers in supported regions. Orders cannot be placed or filled. Trading will begin on September 17, if liquidity conditions are met. ”
UNI trading will only begin on the platform if there is sufficient liquidity to meet Coinbase Pro requirements.
“As soon as sufficient supply of UNI is established on the platform, trading in our UNI-USD order book will be launched in three phases: after-sales, limit only and full trading. If, at any point, one of the new order books does not meet our assessment of a healthy and orderly market, we can keep the book in a state for a longer period or suspend trading in accordance with our Trading Rules. ”
Access to Uniswap’s governance token trading is not yet available for regular users of Coinbase (dotcom) and Coinbase mobile apps. This will happen later through a separate ad.
It is important to note that Coinbase is an investor in the UNI token and also has a stake in the parent company of Uniswap and intends to keep it that way in the near future.
Binance lists UNI along with UNI-USDT futures contracts
Binance also did not lag behind and announced the trading of UNI / BTC, UNI / BNB, UNI / BUSD and UNI / USDT pairs. And that is not all.
Shortly after announcing support for Uniswap’s governance token, Binance went ahead by listing the ‘Perpetual Contract with UNI / USDT margin with up to 50x leverage’ on its futures platform with USDT as the underlying guarantee.
– Binance (@binance) September 17, 2020
“#Binance Futures will launch @UniswapProtocol $ UNI USDT-perpetual contract with a profit margin of up to 50x.”
It seems that the two exchanges don’t want to leave a stone unturned in milking the DeFi frenzy.
UNI values 300%
In response to news of the support announcement, Uniswap’s governance token skyrocketed from $ 1 to nearly $ 4, which represents a jump of almost 300% from the initial price.
DeFi enthusiasts and market participants wasted no time in taking advantage of the news to reap generous UNI post-trade profits.
But an intensified UNI frenzy has led to an increase in gas prices in the Ethereum block chain. Gas rates have risen to a maximum of 800 gwei, resulting in users waiting 10 minutes to up to 4 hours to have a confirmed transaction.
Glassnode pointed this out in a recently posted tweet. According to the market observation platform and chain activity based in Zug and Berlin, UNI token activity has earned Ethereum miners to earn almost $ 1 million through transaction fees in just one hour.