Uniswap May Re-Up Rewards as SushiSwap Angles to Catch Itinerant Yield Farmers

A new governance vote would continue liquidity mining rewards for certain asset pairs as the original allocation ends.

AccessTimeIconNov 16, 2020 at 10:06 p.m. UTC
Updated Sep 14, 2021 at 10:31 a.m. UTC

Uniswap community members are scrambling to update yield farming rewards for the automated market maker’s (AMM) native token UNI as the initial liquidity mining program sunsets on Nov. 17.

A governance vote for continuing farming on the same four asset pairs – WBTC/ETH, USDC/ETH, USDT/ETH and DAI/ETH – was proposed by Audius strategy lead Cooper Turley and pseudonymous “monet supply” Monday. The proposal will have to pass a series of governance polls before farming restarts Dec. 4.

UNI liquidity mining allocations would be half of the original 2.5 million UNI tokens delegated per asset pool on a month-to-month basis. Farming rewards were first created in September for a limited two month run following a surprise airdrop of UNI tokens to the AMM’s developers, users and investors.

UNI is trading hands at $3.50, according to CoinGecko.

Uniswap’s total value under lock (TVL) first broke $1 billion in September after introducing UNI rewards. The AMM peaked at just over $3 billion in TVL on Nov. 13.

At the same time, competing AMM SushiSwap is apparently gunning for Uniswap’s liquidity. The rival AMM is discontinuing certain staking pools while reallocating yields to the expiring pairs on Uniswap (should the governance plan fail).


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.

Read more about