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Uniswap community members are rushing to update yield farming rewards for the automated market maker (AMM) native UNI token as the initial liquidity mining program kicks off on November 17th.
A governance vote to continue farming on the same four asset pairs – WBTC / ETH, USDC / ETH, USDT / ETH and DAI / ETH – was proposed Monday by strategy leader Audius Cooper Turley and the pseudonym “monet supply” . The proposal will have to pass a series of governance surveys before agriculture resumes on December 4.
UNI liquidity mining allocations would be half of the original 2.5 million UNI tokens delegated per asset pool on a monthly basis. The Farming Awards were first created in September for a limited period of two months after a surprise launch of UNI tokens to AMM developers, users and investors.
UNI is trading hands at $ 3.50, according to CoinGecko.
Uniswap’s total value under lock (TVL) surpassed $ 1 billion for the first time in September after introducing UNI awards. The AMM peaked at just over $ 3 billion on TVL on November 13.
At the same time, competitor AMM SushiSwap is apparently targeting Uniswap’s liquidity. The rival AMM is break some staking pools while reallocating the yields to maturing pairs on Uniswap (in case of failure of the governance plan).
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