An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.
Market commentary
Good Morning!
UNI!
What a slick execution of the distribution of their governance token.
The 4 trading pairs used to distribute further UNI tokens for liquidity providers are all Ethereum (ETH) based:
- ETH/USDT (Ethereum/Tether)
- ETH/USDC (Ethereum/USD Coin)
- ETH/DAI (Ethereum/Dai)
- ETH/WBTC (Ethereum/Wrapped Bitcoin)
This was probably the reason for the spike in the price of ETH$ across all centralised trading venues (exchanges).
But what it also means is that UNISWAP will suck in a lot of liquidity from other DEX liquidity pools denominated in ETH.
One point that made me laugh was the distribution triggers for the 400 UNI tokens:
"400 UNI are claimable by each address that has ever called the Uniswap v1 or v2 contracts. This includes ~12,000 addresses that have only ever submitted failed transactions — love you guys."
And, by the way, GAS prices will go up on the back of this. Just make sure you have enough ETH to pay for your DeFi ride!
