That moves a lot in the DeFi – Uniswap, widely known for its repetition records, is back on track. This time it is its cash flow in full swing, surpassing 2.28 billion dollars. Meanwhile, the rest of DeFi continues its ascent and explodes the meters.

Uniswap and its UNI token

You probably couldn’t miss the news: Uniswap has unveiled its governance token. Uniswap has therefore joined the long list of DeFi platforms with a native token. This one will allow users to propose and vote the evolutions and modifications of the platform. The whole process is made possible by the UNI token, which grants these rights to its holder.

Unfortunately, it seems that in practice, the decentralisation of governance is only window dressing. Indeed, it is currently impossible to take part in governance, as had already pointed out by Andre Cronje, the creator of yEarn, the day after the UNI token was released.

In fact, a user who wishes to make a proposal for change must have a “ voting power „ of 10 million UNI tokens, or 1% of the total offer. Although this amount can be delegated by other users, it is still almost impossible to gather . In practice, only the centralised exchange platform Binance holds enough tokens to participate in governance. This puts Uniswap in a rather absurd situation, to say the least, where only its centralised competitor can take part in its governance.

+236% in 72 h

Of course, the yield farmers around the world could not miss this opportunity. Thus, the day after the announcement and before the start of the liquidity mining operation, Uniswap’s liquidity pools saw $500 million in additional digital assets flowing in just 24 hours .

A trend that has since been confirmed and has brought total liquidity to a peak of $2.16 billion on September 20, an amount never before reached. In total, liquidity grew by 236% in the space of 72 hours. Subsequently, the craze continued and liquidity reached a new record of $2.18 billion.

In total, the 4 pools of liquidity eligible for liquidity mining have already raised $1.667 billion. The suppliers of these pools share the modest sum of UNI 2.33 million per week.

The rest of the DeFi lagging behind

In parallel to Uniswap which is living its „best life“, the rest of the DeFi ecosystem continues its rise. Indeed, the total cash deposited on DeFi protocols has also just reached a new peak, currently totalling $11.11 billion.

Since its launch, the price of UNI has stabilised at around 4.20 dollars. The price of socks made by Uniswap has exploded to over 10,000 dollars. The hype is back at Uniswap.

Categories: Bitcoin

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