Uniswap (UNI) Price Soars: Where And How To Buy UNI?

Uniswap (UNI) is a decentralised cryptocurrency exchange that aims to create liquidity pools for cryptocurrencies using the platform’s unique set of smart contracts.

It is an open source definance (DeFi) platform that is governed by its smart contracts and is not influenced by any third parties. The platform is built on the Ethereum blockchain. 

The protocol works on the basis of the liquidity pools created by the liquidity providers to the platform. The liquidity providers function by adding a profitable token pair to the smart contracts and make it available for trading.

They are given rewards and fees in tune with the number of tokens sold on the platform. Uniswapp is totally open source, and it does not charge any fees for the listing of the tokens. This also contributes to the increased availability of various ethereum based tokens for sale on this exchange.

What Is The UNI Token? 

UNI token is the native currency of the Uniswap platform. It is the governance token of the platform. The token holders can make decisions concerning the platform using exclusive voting rights.

The coin was launched on 16 September 2020 through an airdrop event, when a sample of the token was distributed to those users who had already interacted with the token through token swapping and providing liquidity. 

The current market status of the UNI token can be understood from the following key figures. 

Why Is Uniswap (UNI) In The News Now?

The current on-chain development of the protocol to initiate a new fee collection mechanism, which will be put to voting on 31 May 2024, is the immediate reason behind the sudden price surge of the token. This announcement triggered an instant price rise of the UNI token by 20%. 

The revised fee structure will boost the token holders’ participation in the governance decisions concerning the platform. This in turn will help in the platform’s development and spur on chain innovations. 

With this new decision, those investors having a stake hold in the platform will also be rewarded in addition to the liquidity providers. They will be paid the fees with UNI, the native token of the currency.

The UNI token will rise in its status as a governance token, which will result iin increased price and demand. This policy innovation will make Uniswap a large player in the cryptocurrency market with a third of all DeFi transactions being done on account of the platform.

Where And How To Buy UNI Tokens?

UniSwap is a leading cryptocurrency exchange where you can exchange the cryptocurrencies in hand for UNI, the native token of the platform. It is also available for purchase on various crypto exchanges such as Kraken, Coinbase and Binance. 

Read below the procedure to buy UNI tokens on the exchanges where it is listed.

1. Decide on an exchange from where you intend to buy UNI coins. 
2. Create an account on the exchange by providing your personal details and endorse it by uploading an authorised identity card. 
3. Fix a payment method such as crypto wallet, credit card, debit card or bank transfer. Ensure that the selected payment method is compatible with the exchange. 
4. Link the payment method to the exchange.
5. On the exchange, enter the name UNI on the space given for filling in the details of the token you intend to purchase.
6. Transfer the required amount from your account to the exchange and get UNI tokens in exchange. 
7. Complete the transactions as per the instructions given. The purchased tokens will now be credited to your account. 

The Bottom Line

As you have read in this article, the price of UNI tokens have soared to unprecedented levels after the recently announced policy change. This new innovation will boost the publicity efforts of the protocol and make the token the best buy in the coming years.