Uniswap's UNI token may be only two days old, but its price has already risen by around 100%.
- Data from CoinGecko shows the UNI token price has surged from just under $2.80 to a high of $5.80 in the past 24 hours.
- The so-called governance token's market cap is now over $430 million, which makes it the 39th largest cryptocurrency in the space on CoinGecko's rankings.
- The token started Thursday morning with a total value of approximately $50 million, meaning it's seen a near nine-fold increase in the past 36 hours or so.
- UNI is trading around $5.48 at press time.
- Uniswap only unveiled its new token, which will be used to power on-chain governance, late on Wednesday but it has quickly gained traction.
- Coinbase – an exchange that's usually picky about the assets it lists – added UNI to its Pro trading platform just hours after the launch.
- The project plans to issue all one billion UNI tokens to the community, founder and the team over the next four years.
- Further, the project gave away a minimum of 400 UNI to anyone who had used Uniswap prior to September – an amount now worth over $2,000.
- Should UNI continue at its present trajectory it could soon take over from decentralized lender Compound's COMP token – currently with a $540 million cap – which itself experienced a major price hike back in late June.
- Uniswap is already the number one DeFi project by crypto locked in, according to DeFi Pulse.
- Its $1.47 billion locked is nearly triple that of rival decentralized trading protocol, SushiSwap
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