Recently the cryptocurrency platform Binance moved their customers and stakeholders UNIs means approximately 4.6 million uniswap tokens. This movie was misinterpreted by the customers and stakeholders towards the company. The company spokesperson mentioned this move and delegation by the company but the company had not used these tokens for voting governance.
source : Indiatimes.com
What is Binance?
Binance is a cryptocurrency platform established in 2017. The platform provides cryptocurrency exchange for all the Global cryptocurrencies and is a cryptocurrency Exchange facilitator. The company is the largest cryptocurrency exchange in the world with a $1.3 Billion market capitalization by April 2021 and this way the company has been able to surpass the competition with coinbase.
What does the number say about Binance and others in UNI swap?
Recently Cryptocurrency facilitator Binance moved its 4.6 million uniswap tokens also called UNI. these moves are taken by the company to work upon the governance votes potential of the company into uniswap tokens. With the recent token moves, the company can become the second largest company in terms of voting rights in terms of governance proposals of uniswap tokens.
This gives Binance a total of 13.2 million votes in the company which accounts for 5.9% of total voting powers And the second spot in the uniswap token Governance proposal with the company. The rally in the uniswap token tokens voting powers is still dominated by a16z company, Which accounts for 6.7% voting hours in the governance problems.
What is UNI swap?
What is considered a mechanism which is used for the Governance of Automatic transitions in the cryptocurrency to come with the help of Smart contacts.
What is Uniswap tokens (UNI)?
Technically any individual or the company that holds the Uniswap tokens can vote for any proposal weighing their total number of tokens for the proposal in this governance. This process works on the decentralized financial protocol country to centralize companies and works from the open source software in its operation.
Operational changes in this effect can be moderated with the length of voting powers with the delegates who are involved in the governance And implementation of that cryptocurrency’s future cycles.
The process of transfer of Uniswap tokens has been completed in the proportion of 400 Uniswap tokens for each Ethereum address, calculated with the base of September 2020. The market capitalization of these Uniswap tokens is around $6.6 billion as of February 2022.
According to one report, Binance has been competing with global crypto facilitators like Coinmarketcap, tradingview, kucoin, bscscan, And many more for becoming the dominant cryptocurrency company in the world.
The post Binance UNI swap move misinterpreted by the market. appeared first on TechStory.
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