Uniswap’s UNI token just released on the Ethereum main net. Soon after, Coinbase Pro and Binance announced its listing on their platforms. UNI’s market price soared through the roof (to the tune of 300 percent) post the news.
Coinbase Pro Announces Listing For Uniswap’s UNI Token
According to a blog article, US-based cryptocurrency exchange Coinbase Pro announced listing for Uniswap’s just-released governance token, UNI.
Coinbase has just activated the ‘transfer-only’ mode for UNI, and has said that all users of ‘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
Trading for UNI will only start on the platform only if there’s enough liquidity to match Coinbase Pro’s requirements.
Once sufficient supply of UNIis established on the platform, trading on our UNI-USD order book will launch in three phases, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.
Access to Uniswap’s governance token trading is still not available to the usual Coinbase(dotcom) and Coinbase mobile app users. It will happen later through a separate announcement.
It is important to note that Coinbase is an investor in UNI token and also has an equity stake in Uniswap’s parent firm and intends to keep it that way for the foreseeable future.
Binance Lists UNI Too Along With UNI-USDT Futures Contracts
Binance, too, has not stayed behind and announced trading for UNI/BTC, UNI/BNB, UNI/BUSD, and UNI/USDT pairs. And that’s not all.
Soon after announcing support for Uniswap’s governance token, Binance went ahead listed the ‘UNI USDT-Margined Perpetual Contract with up to 50x leverage’ on its futures platform with USDT as the underlying collateral.
— Binance (@binance) September 17, 2020
It seems the two crypto exchange heavyweights don’t want to leave any stone unturned in milking the DeFi frenzy.
UNI Surges ~300 Percent Along with Ethereum Gas Fees
In response to the support announcement news, Uniswap’s governance token rocketed from $1 to almost $4, which marks an almost 300 percent jump from the initial price.
DeFi enthusiasts and market participants didn’t lose any time in leveraging the news to reap generous profits post-trading UNI.
But a heightened UNI frenzy has led to a spike in gas priced on the Ethereum blockchain. As reported by CryptoPotato a few hours ago, gas rates surged to a maximum of 800 gwei resulting in users waiting from 10 minutes to up to 4 hours to get a transaction confirmed.
Glassnode pointed this out in a tweet published recently. According to the Zug and Berlin-based on-chain activity and market observing platform, the UNI token activity saw Ethereum miners make almost $1 million through transaction fees in just an hour.