One of the hottest topics and news in the cryptocurrency and blockchain market is that Uniswap, which is one of the prominent decentralized cryptocurrency exchanges, has announced that they have launched their own crypto-coin known as the UNI. Right after the launch, Uniswap gifted a whopping 130,000 UNI tokens to SushiSwap that currently operates as Uniswap’s hard fork. Adding to their announcement, Uniswap boasted of their achievement stating that they have minted 1 billion tokens and are planning to release these tokens in the cryptocurrency community in the next four years.
Uniswap has also released a statement that the UNI token governance will be ruled as a democracy where the UNI coin holders will have the authority and the Uniswap’s team management will have no direct involvement in the governance of the UNI coins until further updates.
As per the statistics released by the crypto-economic analysts, the decentralized financing sector currently resides at $8.9 billion worth of cryptocurrencies and these stats are considered as total value locked (TVL). At present, Uniswap currently holds $793.2 million of the total value lock (TVL) and Sushiswap holds up around $714.3 million worth of the total value lock (TVL).
After the launch of Uniswap, one of the most criticized and controversial figures of the year 2020, Chef Nomi (Founder of SushiSwap) was one of the cryptocurrency creators to have congratulated Uniswap for the launch of their UNI token. He later thanked the Uniswap blockchain for the generosity that the Uniswap displayed by gifting the SushiSwap a whopping 130,000 tokens. Nomi also commended that contribution of the blockchain for adding so much value to the DeFi community in the recent years.
He also added that the gifted UNI tokens will help fund the SushiSwap blockchain enough to go on for months in performing research and development.
However, this act from Uniswap’s end has earned them a lot of hatred from the cryptocurrency community as many were expressive to share their concern and displeasure of Uniswap gifting SushiSwap UNI Tokens, while the founder of SUSHI (Chef Nomi) recently cashed out his tokens ($27 million) when the value of the currency started to get sour.