Uniswap protocol token UNI is finally officially launched! As an important infrastructure in the field of decentralized finance (DeFi), Uniswap is known for its high degree of market fit and independently developed platform. The introduction of UNI tokens not only achieves joint ownership of the community, but also establishes a vibrant and diverse governance system that actively guides the Uniswap protocol towards a better future.
Distribution of UNI Tokens
The UNI contract address is 0x1f9840a85d5aF5bf1D1762F925BDADdC4201F984. At the beginning of the token issuance, a total of 1 billion UNIs were minted and will be gradually issued over the next four years. The initial four-year distribution plan is as follows:
60.00% (600,000,000 UNI) is allocated to Uniswap community members
21.51% (215,101,000 UNI) awarded to team members and vested employees
17.80% (178,000,000 UNI) awarded to investors
0.69% (6,899,000 UNI) awarded to project consultants
Of the total supply, 60% of tokens will be distributed to Uniswap community members, with a quarter (i.e. 15% of the total supply) allocated to existing users. Users can obtain UNI tokens through four liquidity pools, including:
ETH/USDT
ETH/USD
ETH/DAI
ETH/WBTC
The initial liquidity mining program will launch on September 18, 2020, and operate until November 17, 2020.
Governance framework: Uniswap always adheres to the principles of neutrality and trust minimization, and the governance structure is limited to contributing to the development of the protocol and ecosystem. Each year after four years, Uniswap will issue additional tokens at an inflation rate of 2% to ensure continued community participation and contribution.
Unlock UNI tokens
The success of Uniswap is due to the participation of thousands of early community members, who will become the leaders of Uniswap. According to the snapshot results on September 1, 2020, 15% of the total circulating supply (i.e. 150,000,000 UNI) will be directly distributed to users participating in liquidity provision, trading and holding SOCKS. Among them, 49,192 liquidity providers will receive 4.92% of the total circulating supply (49,166,400 UNI), while 251,534 historical user addresses will be evenly allocated 10.06% of the total supply (100,613,600 UNI), each of which has traded on Uniswap v1 or v2 The address will receive a reward of 400 UNI.
community treasury
To continue supporting community initiatives and liquidity mining, Uniswap will reserve 43% (430,000,000 UNI) of the UNI token supply for managed funds. These tokens will gradually vest in managed funds according to the following schedule:
40% unlocked in the first year (172,000,000 UNI)
30% unlocked in the second year (129,000,000 UNI)
20% unlocked in the third year (86,000,000 UNI)
Unlock 10% in the fourth year (43,000,000 UNI)
Liquidity Mining
Each liquidity pool will be allocated 5,000,000 UNI in proportion to the liquidity, which can be converted into:
Each pool is allocated 83,333.33 UNI per day
54 UNI allocated per pool per block
These UNIs are not subject to allocation periods or locking restrictions. After thirty days, governance will reach the established barrier and Uniswap governance will control all UNI tokens that have been allocated to Uniswap vaults.
governance assets
Vaults based on community management open up endless possibilities, and Uniswap hopes to see various experiments, including ecosystem subsidies and public goods funding, that can promote further growth of the ecosystem. Uniswap governance will be in effect from day one, although control of the vaults will be delayed until October 17, 2020.
UNI token holders will have the following rights: Uniswap governance rights
UNI Community Treasury
Agreement fee conversion
Ethereum ENS (Ethereum Domain Name Service)
Uniswap default list (tokens.uniswap.eth)
SOCKS Liquidity Token
Initial governance parameters include:
Submit 1% of the total UNI supply (authorized)
4% of UNI token supply needs to vote in favor to reach quorum requirement
7 days voting period
Implement a 2-day lock delay
Next step: All existing users, liquidity providers and SOCKS redeemers can claim UNI tokens immediately.
Liquidity providers supporting the first phase of liquidity mining can now deposit liquidity tokens, and mining will begin on September 18, 2020.
Users can delegate UNI tokens and vote through the governance portal.
Users can create an account at gov.uniswap.org to start participating in protocol management.
Through this series of measures, Uniswap has not only established its position in the field of decentralized finance, but also laid the foundation for future sustainable development. With the launch of the UNI token, Uniswap's community governance will enter a new stage, and we look forward to its performance in the future.