The launch of the Uniswap token clogs the Ethereum network

Ethereum miners fail to process transactions due to the launch of the Uniswap token.

The Ethereum network has seen a significant increase in the number of transactions pending processing. The indicator jumped from 150 thousand to 213 thousand (about 40%). The changes took place against the backdrop of the launch of the management token of the Uniswap decentralized exchange – UNI. The cryptocurrency is built on the ETH blockchain.

Ethereum transactions are pending processing. Data: etherscan.io

At the same time, Uniswap was in first place among the gas consumer projects in the Ethereum network.

Data: ethgasstation.info

Against the background of the interest of crypto community members in UNI tokens, users on the ETH network have recorded another jump in fees.

Ethereum fees chart. Data: etherscan.io

The Uniswap team announced their intention to launch their own token on September 16. Information about this appeared in the project blog. Probably, the initiative was an attempt to catch up with its competitor – SushiSwap. The latter’s team recently launched a decentralized exchange similar to Uniswap. At the same time, the fact that SushiSwap has its own token has become an important advantage of the platform over its competitor. As a result, many projects have decided to migrate to a new site. Amid the active work of a competitor, Uniswap lost about 75% of its liquidity.

Change in the number of tokens blocked for the needs of Uniswap. Data: defipulse.com

UNI emission is limited to 1 billion tokens. The project representatives are planning to release them within four years. Members of the Uniswap community will receive 60% of the tokens. The team will get 21.51% of UNI, investors – 17.8%, and startup consultants – 0.69%. It is known that users will have access to liquidity mining with a reward in the form of Uniswap tokens until Friday. As of this writing, the cryptocurrency has already been listed on a number of popular digital asset exchanges, including Binance, Huobi and OKEx.

Information about the UNI token. Data: CoinMarketCap

The graph showing the number of blocked tokens for the needs of Uniswap’s competitor SushiSwap, at the same time, demonstrates negative dynamics.

Changing the number of tokens blocked for the needs of SushiSwap. Data: defipulse.com

Recall that DeFi projects are popular among representatives of the profitable farmers movement.

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