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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Uniswap Foundation’s Unexpected $43 Million Token Sale: What’s Going On?

Samuel Edyme
Samuel Edyme
1 year ago
4 mins read
Uniswap Foundation's Unexpected $43 Million Token Sale:

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The spotlight has recently turned towards the Uniswap Foundation following notable shifts in its holding patterns. Uniswap Foundation, which backs the development and expansion of the Uniswap (UNI) protocol, made headlines for its sale of the platform’s native tokens. 

Uniswap’s UNI token has maintained its position as a prominent digital asset in decentralized finance (DeFi). Yet, the recently reported sale by the foundation responsible for its proliferation raises questions regarding its long-term strategy and the implications for the wider UNI ecosystem.

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Uniswap’s New Fee Structure: Are You About To Pay More For These Tokens?

1 year ago

$43 Million Uniswap Token Sale Capture Attention

Recent data suggests that the Uniswap Foundation moved roughly $43.3 million worth of UNI tokens within three days. This activity becomes even more interesting when considering that substantial movements of UNI tokens from the foundation’s wallet have been rare over the past two years, according to data from Etherscan.

In a disclosure by the renowned on-chain analytics platform Lookonchain, the foundation reportedly transferred 6.8 million UNI tokens (valued at $29.16 million) to a new digital wallet.

A segment of these tokens also reached FalconX, a recognized digital asset trading platform. Adding another layer to this saga, Lookonchain unveiled that three million UNI tokens, translating to $13 million, were sold via the Kraken exchange deposit address affiliated with the automated market maker Wintermute.

The timing of this sale coincided with a period of significant gains for the UNI token, according to Lookonchain.

Note that #Uniswap Foundation transferred 6.8M $UNI($29.16M) to a new address and #FalconX 30 minutes ago.

Uniswap Foundation dumped 3M $UNI ($13M) via #Kraken deposit address of #Wintermute yesterday after $UNI rose.

Watch for another sell-off!https://t.co/KFGHYCc6wu pic.twitter.com/IcBry2RlhB

— Lookonchain (@lookonchain) October 25, 2023

Further Insights Into The Foundation’s Token Activities

PeckShieldAlert, a renowned market risk assessment entity, also highlighted that the Uniswap Foundation had relocated nearly ten million UNI tokens to four distinct addresses.

With the cumulative value pegged at approximately $43.3 million, according to PeckShieldAlert, these revelations raise further questions about the foundation’s objectives behind these token sales.

#PeckShieldAlert #Uniswap Foundation Custody-labeled address has transferred a total of ~9.8M $UNI (worth ~$43.3M) out within the last 3 days.
~3.4M $UNI (worth ~$15M) has been sent to #FalconX, and ~3M $UNI (worth ~$13M) has been sent to #Wintermute: #Kraken Deposit pic.twitter.com/ImtI0kHXVU

— PeckShieldAlert (@PeckShieldAlert) October 25, 2023

Shedding light on the inflow of tokens to the foundation’s wallet, data from Etherscan documented the receipt of 10,685,984 UNI from a wallet labeled “Uniswap V2: UNI Timeblock” on October 20.

Related Reading

Uniswap decentralizing

Uniswap Is Decentralizing: Why Are DeFi Users Worried About This Feature?

1 year ago

Meanwhile, regardless of the sell-off from the Uniswap Foundation, the UNI token has been in green over the past week, up by 7.5%. This bullishness appears due to the current global crypto uptrend sentiment, especially with Bitcoin up by more than 20% in the past 7 days.

Uniswap (UNI) price chart on TradingView
Uniswap (UNI) price is moving sideways on the 4-hour chart. Source: UNI/USDT on TradingView.com

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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