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Is Uniswap’s UNI The Crypto Version of a Stimulus Check at $3 Per Token?

Altcoins 2020/09/17 21:00 by Tony Spilotro

Overnight, crypto Twitter exploded in chatter about what is essentially free money. Liquidity swap platform Uniswap that’s recently enjoyed enormous growth rewarded early users with a distribution share of UNI tokens.

The price per token quickly rose, essentially turning the UNI distro into the crypto industry version of the stimulus check.

How Uniswap Is Stealing Back The Momentum After SushiSwap Fallout

The DeFi trend has taken some strange twists and turns. What started as a very serious movement to build the future of alternative finance, turned into a buffet of both profits and odd-sounding food tokens with little to no use case.

Along the way there were plenty of new buzzwords such as yield farming, and liquidity pooling coined, and dozens of new tokens minted.

Where you got those coins early on, were decentralized swap platforms like Uniswap. There, you pool tokens toward other project’s total liquidity, and you either profit or lose when you finally take your liquidity out of the pool.

Related Reading | Dangers of DeFi Hype Surface Following One-Hour Crypto Scam

Some have made fortunes, others have been badly burned. The craze led to a number of knockoffs, including some from Tron frontman Justin Sun, and another, SushiSwap. A fiasco involving the project’s founder dealt a major blow to the DeFi space, Ethereum, and just about all swap-based platforms.

To revive that once burning hot interest in Uniswap and take back market share from competing platforms, Uniswap has dished out a distribution of UNI tokens to early users of the platform, and it has got the world of crypto buzzing once again.

uniswap uni crypto

UNIUSDC Price Chart | Source: TradingView

400 UNI Tokens At $3 A Piece Is Equivalent To $1200 Stimulus Check

Overnight, news broke that Uniswap had issued earliest users of the platform as many as 400 UNI tokens. Some users received more, however, most commonly 400 was distributed.

Although there’s been some fluctuation, the price per UNI token has trade mostly stable at roughly $3 per token. At $3 per token, multiplied by the 400 sent around, The Uniswap token distribution matches the same amount of stimulus money the US government sent out to taxpayers back in April.

Related Reading | Pizza & Hot Dogs: How Uniswap’s Profit Buffet Can Burn Crypto Investors

Those who invested it into Ethereum then, would have turned it into a small fortune. However, is it wise to invest this UNI-based crypto stimulus back into Ethereum, or is it best to hold UNI for the long-haul?

Uniswap recently beat Coinbase in total volume, and the UNI token is surprisingly already listed on the exchange. These two facts alone suggest incredible momentum, and potentially much higher prices per UNI token.

Selling now, may get you a secured $1,200 in the bag, but letting it ride could be far more stimulating.

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