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The Uniswap Effect: UNI Listed on Major Exchanges Within 24 Hours of Launch

UNI tokens were launched yesterday on September 17, and the world’s largest cryptocurrency exchange platform Binance snapped the token up immediately on the same day, announcing both the UNI token listing and also UNI/USDT perpetual contracts on the Binance Futures platform. Other major exchanges have been quick to jump on the bandwagon as well for good reason, including Coinbase and OKEx on the same day.

Known for its ‘Coinbase Effect’, coins which are listed on US-based crypto exchange Coinbase will typically see a surge in price. After the announcement of the famed DeFi token on the Coinbase Pro platform, UNI saw more than 20% in gains, the growth driven by not only Coinbase’s listing but listing by other prominent platforms as well. Coinbase will roll out trading formats in three different phases, beginning with post-only, then limit-only, before finally heading onto full trading. This is to ensure that UNI fulfils Coinbase’s “assessment for a healthy and orderly market”.

OKEx is taking on an approach similar to that of Binance’s by offering not only full spot trading for UNI tokens, but also multiple additional product offerings such as swap trading and UNI derivatives.

“Not only has OKEx added support for spot trading of UNI, but it is also providing its users with the most comprehensive range of trading products for this hot DeFi token, including margin, swap trading, coin-margined perpetual swap and Savings, making OKEx the first exchange to offer UNI derivatives,” said OKEx in an official announcement.

According to statistics from CoinGecko, UNI is currently trading at $5.11 only a day after its launch. Uniswap users who have been on the platform before September 1 were also allocated 400 UNI each, and at its current price, UNI has essentially given away approximately $2,000 to its loyal users.

“400 UNI are claimable by each address that has ever called the Uniswap v1 or v2 contracts. This includes ~12,000 addresses that have only ever submitted failed transactions — love you guys,” was the message by the Uniswap team.

Additionally, Ethereum miners are having a field day with the UNI token boom as both existing and new market participants frantically placed orders on exchanges. Glassnode reported that Ethereum miners earned a total of $1 million USD within a single hour. However, the downside to this was a massive slowdown in Ethereum network capacity, and congestion is expected to continue while the UNI hype persists, which means plenty of users will be left waiting to have their transactions processed.

Cover Image Courtesy: publish0x

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