What is UNI

What is UNI?

The Uniswap cryptocurrency (UNI) was released in 2020. No ICO was held for this, and 400 UNI coins were donated to all users of the Uniswap platform. The total volume of the issued tokens is 1 billion UNI.

Uniswap platform management features

• The project’s community sets fees for the Uniswap exchange by voting.
• Coin holders have absolute control over the platform.
• Users can pay for the development of various products using the coin supply at their discretion.
• Project participants can hire lawyers to discuss regulatory issues before making changes to the network.
• Token holders are responsible for the platform’s functioning and should follow regulatory requirements.
• The development team cannot influence decisions regarding the network, whereas its members can transfer their votes to other community members.
• If the user owns 1% of UNI tokens, they can vote by signature for the proposed issue. 4% of the tokens allow voting. Those who do not have enough cryptocurrency, transfer their coins to other participants for voting. Each new voting lasts for a week.

The exchange needs those who want to purchase and those who want to sell crypto to function properly. However, it often happens that cryptocurrencies with low trading volume lack either sellers or buyers. This leads to the difficulty of placing orders. The Uniswap platform came up with its own solution: the platform users can leave their cryptocurrency, and it will work as a liquidity reserve. Other users get the opportunity to reserve assets for exchange in desired liquidity pools, and a percentage of the gas fee goes to the user who provided their cryptocurrency to the reserve.

In addition, if desired, you can always leave the pool by taking back your assets. The Uniswap platform allows you to add any Ethereum ERC-20 tokens without registration.

UNI price

Right after the airdrop, the coin rate was $2, but on the very first day, it rose to $4. Until the end of 2020, the price of UNI rose slightly, but the real growth began at the beginning of 2021. In May, the cost of one coin reached $42. This was followed by a correction down to $20.

Uniswap prospects

The UNI coin rate depends directly on the success and development of the Uniswap platform because the UNI token is a part of the exchange ecosystem. A big plus is the decentralization of the platform and the freedom of users to make decisions about its development. But the developers still have work to do.

Project tokenomics:

• 60% of the coins are received by the community;
• 21.51% go to developers;
• 17.8% are sent to investors;
• 0.69% go to advisors.

Some community coins were spent to provide the first liquidity pools launched by the community members.

How to buy UNI?

You can buy UNI on the WhiteBIT cryptocurrency exchange. You must have an active account with a positive balance to do that. To acquire UNI, go to the Basic or PRO Trade page, select the desired pair and place an order. Next, wait till it gets executed.