Members of the Uniswap community are scrambling to update the income farming rewards for the automated market maker (AMM) native UNI token as the first liquidity mining program goes down on November 17th
An audit vote to continue farming on the same four pairs of assets – WBTC / ETH, USDC / ETH, USDT / ETH and DAI / ETH – was proposed by Audius strategy leader Cooper Turley and the pseudonymous "Monet Supply" on Monday. The proposal must pass a series of governance surveys before agriculture resumes on December 4th.
UNI allocations for the depletion of liquidity would be half of the original 2.5 million UNI tokens delegated monthly per asset pool. The first agricultural rewards were created in September for a limited period of two months after the AMM's developers, users and investors surprisingly received UNI tokens.
According to CoinGecko, UNI is trading at $ 3.50.
The Total Value of Uniswap Locked Up (TVL) topped $ 1 billion for the first time in September after UNI rewards were introduced. The AMM peaked at just over $ 3 billion at TVL on Nov. 11.
At the same time, the competition with AMM SushiSwap is apparently a gain for Uniswap's liquidity. The rival AMM sets certain bet pools and distributes the returns to the expiring pairs at Uniswap (should the governance plan fail).