We’re thrilled to announce that the BlockFi platform will now be supporting UNI, an ERC20 token issued by the Uniswap Protocol, a platform that’s intended to provide a highly decentralized financial infrastructure that facilitates community-led growth, development, and self-sustainability.
Launched in 2018, Uniswap is a decentralized (DeFi) exchange that aims to create liquidity, primarily through trading, within the DeFi space, while addressing some of the liquidity issues that other platforms have encountered. UNI Holders or Participants contribute to Uniswap pools by locking two assets into a smart contract, and they receive UNI, plus a portion of the trading fees, in exchange for maintaining liquidity in these pools.
BlockFi clients holding UNI in a BlockFi Interest Account (BIA) will be able to earn monthly compounding crypto interest at an introductory rate of up to 3.75% APY through July 31, 2021.* Clients will also be able to trade UNI for other cryptoassets on the BlockFi platform.
By automating the market-making process, the Uniswap Protocol incentivizes activity by reducing risk costs for all parties. The mechanism also removes identity requirements for users, and technically anyone can create a liquidity pool for any pair of tokens.
According to Uniswap, the UNI token was created to “officially enshrine Uniswap as publicly-owned and self-sustainable infrastructure while continuing to carefully protect its indestructible and autonomous qualities.” At launch, 1 billion UNI were minted and should become accessible over the course of four years.
Adding support for UNI is a key step in providing BlockFi clients with the flexibility and new opportunities that could improve their earning potential, while also supporting a promising solution for improved liquidity in the cryptoasset space.
If you have any questions about supported cryptoassets at BlockFi, please submit a support ticket HERE
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Neither BlockFi nor any of its affiliates or representatives provide legal, tax or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
Trading qualifications are dependent upon geographic and regulatory restrictions.
Rates for BlockFi products are subject to change. Digital currency is not legal tender, is not backed by the government, and crypto interest accounts are not subject to FDIC or SIPC protections. For more information, please see BlockFi’s Terms of Service.