During Friday’s 60% increase to $12.80, a wallet that was given 5.44 million uniswap (UNI) tokens in 2020 sold 90,000 of them for $1.03 million.According to blockchain analytics company Lookonchain, the wallet might belong to a team member or an early Uniswap investor.
In 2018, Uniswap, a decentralized exchange (DEX), was introduced.In 2020, it gave early adopters access to an airdrop of UNI, a governance token.Following the submission of a governance proposal that recommended rewarding holders who had staked or delegated their UNI tokens, the token saw a spike on Friday.
Despite selling over 9% of its 926,000 UNI tokens on Friday, the wallet in question still has $10.6 million worth of tokens in it.The transaction signaled the peak of UNI’s growth.Then the price dropped again.On Monday, it increased by 0.8% to $10.40, a 19% decrease from its peak on Friday, while the broad CD20 gauge hardly changed.
The decentralized finance system Frax Finance submitted a proposal on Monday that was comparable to Uniswap’s governance concept.Initial reaction to the news saw a 16% increase in the frax shares token (FXS).