DeFi protocol Uniswap has had its new UNI token added to the coinbase exchange’s Pro trading platform just hours after its launch.
In line with a recent official announcement by Coinbase, it has started accepting UNI deposits immediately, with trading beginning as soon as there’s sufficient liquidity.
UNI is tradable against the USD altogether Coinbase’s covered jurisdictions except for the New York users.
Coinbase has not yet revealed whether UNI will be made vailable on its retail-orientated platform.
Launched earlier in 2018, Uniswap is one among the pioneers of a new sort of trading platform that uses smart contract-based liquidity pools to identify prices & facilitate trades, also referred to as “swaps.
Also referred to as an AMM [Automatic Market Maker] protocol – users become liquidity suppliers on the Uniswap by depositing digital assets into the pools, receiving interest, and a cut of transaction fees reciprocally.
Moreover, Coinbase exchange uses an additional traditional order book format – where a user’s trade is matched up against an inventory, or book, of buys & sells, and executed at the simplest available price.
Uniswap revealed late last night that it might issue a billion UNI tokens to founders, team members as well as the community over the subsequent 4-Years.
According to the release, the token will be employed to power on-chain governance decisions.
A governance token that offers its users a task in running the protocol could be a move to stop the flow of tokens and liquidity getting to rival SushiSwap.
Out of the 2 AMM exchanges, SushiSwap is usually considered to be more decentralized.