Decentralized finance (DeFi) exchange Uniswap’s native token uni (UNI) broke $15 per token on Coinbase Wednesday morning. It’s up more than 92% in one week and up 1,300% since the token debuted in September 2020, according to CoinGecko at press time.
Valued at $4.2 billion, Uniswap’s UNI has the highest market cap of any DeFi token on the market, according to research firm Messari.
The governance token has been caught up in bitcoin’s 2020-21 bull run along with other DeFi tokens. At $25.1 billion, DeFi Pulse’s Total Value Locked (TVL) metric – similar to assets under management (AUM) – is up nearly $10 billion from Jan. 1. TokenSets’ DeFi Pulse Index, which measures a suite of DeFi token prices, is also up 136% on the year.
A governance token, UNI holders can vote on the direction of Uniswap version 2 such as how the Uniswap treasury will be spent. The exchange’s weekly volume has also surpassed its impressive initial run during “DeFi summer.” During the first three weeks of January, volume averaged some $5.6 billion while available liquidity on the exchange consistently sat above $3 billion, according to info.uniswap.
At the time, Uniswap conducted what’s called a token “airdrop” to anyone who had ever used the exchange before. The token drop was