You Can Now Earn Staking Rewards and Trade UNI on CryptoLocally!
At CryptoLocally we are always looking for exciting opportunities to expand our token offerings. Today we are adding Uniswap’s UNI token to the list of available tokens that our users can trade or stake. Our goal is to offer a wide variety of different tokens on our P2P crypto trading platform, and adding a protocol token from an AMM adds yet another type of token to our growing list.
Automated Market Makers (AMMs) have grown in popularity over the past year and are now one of the most talked-about innovations in DeFi. As the undisputed leader of AMMs, Uniswap has significantly impacted the DeFi market, and as a company that offers a DeFi product ourselves, we want to support other companies in the space. That is why, not only will CryptoLocally users be able to trade UNI on our trading platform, they will also be able to earn staking rewards on their UNI tokens.
Finally, when we asked our community which token they would like to see listed on CryptoLocally through polls on Twitter and Telegram, the majority of votes went to the UNI token.
What is UNI?
UNI is Uniswap’s protocol token. After thriving completely independently, Uniswap introduced the UNI token as a way of encouraging community-led growth, development, and self-sustainability. The token enables shared community ownership and a diverse governance system. This new system will be used to guide the Uniswap protocol into the future.
By introducing the UNI token, Uniswap has taken its first step as a publicly owned organization. Recently during our GIV Bonding Curve Distribution Event, Uniswap played a key role in the price discovery of GIV. At CryptoLocally, we are confident that UNI will be a welcome addition to our token offerings and that users will support the presence of this token on our platform.
Buying and Selling UNI
Just like for any crypto listed on CryptoLocally, trading UNI on CryptoLocally is extremely simple. Returning users just have to change the crypto to UNI on the CryptoLocally platform (see gif) and go through with their desired trade. New users can quickly start trading after signing up on the platform. For more information about how to trade on CryptoLocally, read our guide.
Earning staking rewards on UNI
The Finance Wallet is the easiest way to earn staking rewards and become involved in the future of blockchain: decentralized finance, also known as DeFi. Earning staking rewards on UNI with CryptoLocally’s Finance Wallet is easy. Just create a password to set up your Finance Wallet, deposit your UNI, and toggle the button for UNI under “Earn interest” to start passively earning staking rewards!
Of course, CryptoLocally values the security of your funds as much as you do. Behind the scenes, we use advanced technologies like non-custodial, smart contract based algorithms so that you can put your mind at ease.
For more information about using our DeFi feature, read this article.
Staking rewards on Uniswap
On top of our balancer pool, we decided to extend staking rewards to a Uniswap pool. CryptoLocally has moved half of the liquidity on Balancer to the Uniswap pool to immediately allow for activity on Uniswap. This expansion of pools is anticipated to not negatively impact the experience on Balancer.
To provide a consistent experience to our users, the staking rewards allocation and distribution mechanism for the Uniswap pool will be the same as Balancer’s. In a similar fashion, the staking rewards for a given week for each pool will be proportional to their size.
Speaking of rewards, we will be distributing over 6 million GIV this week and 20 million GIV total for this month alone! More specifically, staking rewards will be up to 800% APY on capital contribution!
For more information about staking rewards on Uniswap, read this article.