According to the announcement by Binance Futures director (VP) Mr. Aaron Gong, his platform has found itself responsible for the lion's share of USDT-settled perpetual contracts on UniswapV2 governance token (UNI).
$1 bln in 24 hours
It took 24 hours only for the UNI-USDT perpetual contract on Binance Futures, the derivatives arm of leading cryptocurrencies exchange ecosystem Binance, to reach the impressive level of $1 bln in net trading volume. Thus, the Binance Futures platform covers 76.5 percent of all UNI perpetual contracts trading volume.
This achievement looks fabulous, even given the fact that contracts on overhyped tokens are becoming popular on Binance with tremendous momentum. As covered by CryptoComes previously, it was a matter of a few days for Chainlink (LINK), Polkadot (DOT) and the OMG Network (OMG) combined to reach the same level on the Binance derivatives platform.
The UNI craze is another stage in the DeFi euphoria. It was triggered by the airdrop that initiated the unparalleled distribution of UNI tokens between all traders who accomplished registration on Uniswap before Sept. 1 of this year. The initial airdrop amount included 400 UNI equivalent to $2,920 at the current price.
Immediately after the airdrop, the price of UNI has skyrocketed 50 times—from $.30 to $15. The inevitable correction returned the UNI price to the sub-$3 zone, but then it started to gain steam again.
Leveraging the hype
Binance Futures, FTX and OKEx Futures are three main platforms for UNI derivatives trading. The combined share of the three exchanges surpasses 99 percent. When it comes to spot trading, Binance, Huobi, OKEx and Coinbase Pro are in the leader group of UNI/USDT trading pairs. Also, the UNI/ETH pair is still very popular on UniswapV2 decentralized Ethereum-based exchange.
The top-tier platforms have not given up hope of making the most out of the hype around UNI token. Today it was announced that Bitfinex is enabling deposits and withdrawals of UNI tokens to launch two trading pairs, namely UNI/USDT and UNI/USD. Once they go live, Bitfinex may establish itself as a pioneer of trading UNI with fiat.
Thrilled to have $Uni🦄️ on #OKEx Earn! #OKEx is the first #Cex to offer 1-click $Uni Mining & save you time & $$ on all the complex #Defi mining steps.— Jay Hao @OKEx (@JayHao8) September 19, 2020
Subscribe now https://t.co/auHxjwYP9O, mining starts 04:00 Sep 20 UTC. Don't miss out on all that free $UNI! 😎 https://t.co/kyoZ9BLGYN pic.twitter.com/tnttzRymM0
Also, OKEx CEO Jay Hao has shared plans to introduce, on Sept. 20, liquidity mining for UNI token holders. Thus, OKEx will pioneer CEX-based one-click earn strategies developed around overhyped DeFi tokens.