Uniswap Mining - CoinList

archived 3 Apr 2021 10:03:29 UTC
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Uniswap is a decentralized protocol for automated liquidity provision on Ethereum

Uniswap Liquidity Mining through CoinList

Through Uniswap Mining through CoinList, users are able to earn the new UNI governance token by committing funds to Uniswap liquidity pools.

Get exposure to UNI while limiting complications 

  • Avoid directly managing the process of liquidity mining
  • Avoid directly interacting with smart contracts
  • Avoid managing multiple asset pools (participate with a simple USD deposit)
  • Avoid high transaction fees and gas costs

CoinList helps you navigate Uniswap mining

Deployment and Rebalancing. CoinList helps you as a liquidity pool provider (a "Participant") manage the rebalancing and deployment of funds into Uniswap liquidity pools. 
Mining Reward Earnings. Participants on CoinList receive their pro-rata share of accumulated exchange fees and UNI tokens at the end of the Uniswap Mining program.
Simple Funding. On CoinList, Participants will be able to fund their Uniswap Mining participation with USD, USDT, BTC, wBTC, ETH, USDC, and/or DAI.

Details

  • Participants must deposit a minimum of $1,000 to be eligible.
  • CoinList will deploy Participant's assets equally to each eligible Uniswap pool (ETH/USDC, ETH/USDT, ETH/DAI, and ETH/wBTC).
  • Participants’ assets will be rebalanced into approximately 50% ETH, 12.5% USDC, 12.5% USDT, 12.5% DAI, and 12.5% wBTC immediately prior to the deployment to the protocol; this allocation allows liquidity providers to put up a balanced amount of crypto into each pool (50% ETH and 50% of the counter-asset in each of the four pools). 
  • There will be at least two deployments to the Uniswap Liquidity Pools for CoinList users.
  • The first planned deployment will be Oct 2, 2020, and the second planned deployment will be Oct 9, 2020. The deadline for providing assets will be the morning of the deployment i.e. Oct 2, 2020, 9:00 am PDT and Oct 9, 2020, 9:00 am PDT. 
  • All funds will be retrieved from the protocol on Nov 17, 2020, and CoinList will plan to distribute the initial assets as rebalanced into the pooled assets to Participants prior to Nov 24, 2020, along with all rewards earned. 

Access UNI, built on CoinList

CoinList is where early adopters access new protocols and projects. By accessing Uniswap through CoinList, you can rely on our operational excellence that has powered more than one billion dollars of crypto payments, trading, and token sales since inception.
  • Secure infrastructure. CoinList only works with best in class custodians like Bitgo, Gemini and Anchorage to secure your funds.
  • DeFi leader. CoinList has been a leader in DeFi through our simple and easy to use wBTC minting service. Since launch, CoinList has minted or burned more than $350M wBTC/BTC. 
  • Trusted Network Participant. CoinList is an active network participant across new protocols. CoinList is one the largest validators on the Celo Network and our users have staked more than $50M ETH to the NuCypher Worklock. 
Example: Contribution of $1,000,000 

Estimated ETH and UNI Rewards for Eligible Uniswap Liquidity Pools       
Pool Allocation Contribution Amount Est. Pool Share Est. Daily ETH Rewards (USD) Est. Daily Uni Rewards (USD) Est. Total ETH Rewards (USD) Est. Total UNI Rewards (USD) Value at End (USD) Yield APY
ETH/USDC 25% $250,000 0.07% $93.17 $284.62 $4,291.23 $13,109.47 $267,400.70 6.96% 54.05%
ETH/USDT 25% $250,000 0.06% $133.04 $267.64 $6,127.69 $12,327.65 $268,455.34 7.38% 57.33%
ETH/DAI 25% $250,000 0.08% $74.88 $343.12 $3,448.86 $15,804.12 $269,252.97 7.70% 59.81%
ETH/WBTC 25% $250,000 0.06% $34.02 $255.08 $1,566.85 $11,749.01 $263,315.86 5.33% 41.36%
Total 100% $1,000,000 $335.10 $1,150.46 $15,434.63 $52,990.25 $1,068,424.88 6.84% 53.14%
Data provided above is only an estimate. Actual results will vary. Liquidity Pool data collected via Uniswap smart contracts 9/23/2020. Volume per pool estimated at ETH/USDC (135k ETH), ETH/USDT (205k ETH), ETH/DAI (90K ETH) , ETH/wBTC (55k ETH) based on previous 30 day average volume per pool. Assumes ETH price of $344.85 and UNI price of $5.15 and fixed pool sizes, ETH price, and UNI price.  

What is Uniswap?*

Uniswap is a protocol for exchanging ERC-20 tokens on Ethereum. Uniswap is one of the most-used crypto trading platforms with more than $20B traded since inception. Uniswap’s protocol design eliminates centralized intermediaries, allowing for fast, efficient trading. 

Key Highlights

Pioneer in Decentralized Trading

When you are trading using Uniswap, there is no orderbook, no centralized party and no central facilitator of trade. Rather than relying on order books to facilitate trade, Uniswap is an automated liquidity protocol. Smart contracts define standard ways to make liquidity pools and corresponding markets that are compatible with each other.  Each pool is defined by a smart contract that includes a few functions to enable swapping tokens, adding liquidity and more. 
In Uniswap's design, users contribute liquidity to each pool at a ratio of 50% of each asset by value (e.g. 50% ETH & 50% WBTC). When the Uniswap pool is out of 50%/50% balance, other traders have an incentive to rebalance the pool, but in doing so, the traders pay a flat 0.3% fee per trade. This 0.3% fee is passed to the users who have supplied liquidity to the pool. 
Putting this all together, the end result is an extremely simple, easy, and efficient protocol to trade Ethereum based assets without centralized counterparties. Anyone can trade on Uniswap, add new pairs, or contribute liquidity to the protocol to earn liquidity rewards.

Significant Adoption

Uniswap is one of the most used applications on Ethereum with:
  • $20B+ in lifetime volume
  • 250K+ unique addresses that have interacted with the protocol
  • 8400+ unique assets available on the platform
  • Daily volumes greater than $100M
Uniswap V2 launched in May 2020 and has already facilitated over 8.6 million trades, accounting for 1/3 of transactions across all decentralized exchanges. 

Maintained by the Community

With the launch of UNI, Uniswap will be fully governed by the community of network participants. 60% of the UNI supply is being distributed to users and liquidity providers – the Uniswap community will maintain the future of the project. 

Security

Unlike many of the novel DeFi exchange protocols, Uniswap has a long track record of stability and performance. Uniswap V1 was originally conceived and launched in 2018, and since its inception hundreds of thousands of users have traded billions of dollars of assets on Uniswap. Then, prior to launching Uniswap V2 (the current version) to the Ethereum mainnet, the protocol underwent a four-month long security audit administered by six dapp.org engineers. Their findings included three bugs and seven suggested improvements. None of the bugs were critical and all issues discovered in the audit have been addressed in the git repository uniswap-v2-core at commit 8160750. 

What is Liquidity Mining?

Liquidity mining is a term used in decentralized finance (DeFi) applications where users supply liquidity to decentralized financial applications and receive rewards for doing so. In the context of Uniswap, liquidity mining refers to users (Liquidity Providers, or LPs) supplying both assets to a given trading pair market so that the protocol can execute trades. 
Whenever liquidity is deposited into a pool, special tokens known as liquidity tokens are minted to the Liquidity Provider’s address, in proportion to how much liquidity they contributed to the pool. These tokens are a representation of a Liquidity Provider’s contribution to a pool. Whenever a trade occurs, the 0.3% fee is levied and is distributed pro-rata to all Liquidity Providers in the pool at the moment of the trade. The user is able to claim the fees when they take their assets back from the protocol. 
Beyond receiving trading fees for supplying liquidity, liquidity providers on Uniswap for eligible markets will also receive UNI tokens for providing their service. 
Liquidity providers will earn UNI proportional to their contribution liquidity. The UNI and ETH earned through liquidity mining are not subject to any vesting or lock up. 

Estimated ETH and UNI Rewards for Eligible Uniswap Liquidity Pools   
    
Mining Pool Pool Size (USD) Est. Average Daily Volume (ETH) Est. Daily ETH Rewards (ETH) Est. Daily ETH Rewards (USD) Est. Daily Uni Rewards (UNI) Est. Daily UNI Rewards (USD) Est. Total Daily Rewards (USD)
ETH/USDC $375,243,884 135,000.00 405 $139,664 83,333 $426,667 $566,331
ETH/USDT $399,549,272 205,000.00 615 $212,083 83,333 $426,667 $638,749
ETH/DAI $312,875,944 90,000.00 270 $93,110 83,333 $426,667 $519,776
ETH/wBTC $419,833,337 55,000.00 165 $56,900 83,333 $426,667 $483,567
Total $1,507,502,437 485,000.00 1,455 501,756.75 333,333 $1,706,667 $2,208,423
Data provided above is only an estimate. Actual results will vary. Liquidity Pool data collected via Uniswap smart contracts 9/23/2020Volume per pool estimated at ETH/USDC (135k ETH), ETH/USDT (205k ETH), ETH/DAI (90K ETH), ETH/wBTC (55k ETH) based on previous 30 day average volume per pool. Assumes ETH price of $344.85 and UNI price of $5.15 and fixed pool sizes, ETH price, and UNI price. 

The UNI Governance Token

UNI is the newly announced governance token for the Uniswap protocol. UNI provides users and network participants with the opportunity to have a voice in the future developments on one of the most used applications in all of crypto. UNI delivers on the promise of crypto applications being fully decentralized and governed by the users who maintain and use the product.
UNI holders will have governance rights including:
  • Votes regarding the use of the UNI community treasury
  • Changes to the protocol fee 
  • eth ENS
  • Uniswap Default List (tokens.uniswap.eth)
UNI is not being distributed via a token sale. Rather, the token will be distributed to network participants who participate in the network and supply liquidity to eligible markets on Uniswap.

UNI Allocation

One billion UNI have been minted at genesis and will become accessible over the course of four years. The Uniswap team has described initial four-year allocation as follows:
  • 60.00% to Uniswap community members (600,000,000 UNI)
  • 21.51% to team members and future employees with 4-year vesting (215,101,000 UNI)
  • 17.80% to investors with 4-year vesting (178,000,000 UNI)
  • 0.069% to advisors with 4-year vesting (6,899,000 UNI)
A perpetual inflation rate of 2% per year will start after four years, incentivizing continued participation in and contribution to Uniswap at the expense of passive UNI holders.



Key Information

Asset UNI
Key Dates September 29th – Registration for Uniswap Mining + deposits open
October 2, 9:00 am PDT – Deposits for first deployment closes
October 2, 5:00 pm PDT – First deployment to Uniswap
October 9, 9:00 am PDT – Deposits for second deployment closes 
October 9, 5:00 pm PDT – Second deployment to Uniswap
November 17 – Uniswap Mining ends
November 24 – Tokens are distributed into CoinList wallets

A third deployment may occur depending on demand
Initial Supply 1,000,000,000 UNI
Inflation Rate A perpetual inflation rate of 2% per year will start after four years
Uniswap Mining on CoinList Period 9/29 – 11/17
Eligible Participants Users in CoinList's supported jurisdictions, excluding the United States and Canada
Acceptable Assets to Deposit Eligible participants can deposit one or more of the following assets to participate:

- USD
- USDC
- USDT
- DAI
- wBTC
- ETH
Rebalancing Before we deploy funds to the Uniswap protocol, we will need to rebalance participant's tokens into the eligible Uniswap pools. Funds will be rebalanced into the following breakdown:

- 12.5% USDC
- 12.5% USDT
- 12.5% DAI
- 12.5% wBTC
- 50% ETH

Users will bear any trading costs for conversion. Final conversions and fees will depend on the distribution of assets deposited for use in Uniswap Mining. Not all assets will be converted.
Assets you’ll receive at the end of the liquidity
mining program		 Eligible participants will receive each of the following assets at the end of the liquidity mining program:

- USDC
- USDT
- DAI
- wBTC
- ETH
- UNI

Assets will be distributed pro-rata to all users who participated based on their original contribution amount, denominated in USD, at the time of conversion.
Fees CoinList will take a 2% fee on accumulated liquidity rewards fees and UNI tokens
Token Distribution Tokens will be distributed to CoinList wallets on 11/24
CoinList Role CoinList shall facilitate the conversion of assets into the pool assets, and will facilitate users' interfacing with the Uniswap Protocol, but has no ability to affect the functionality of the the Uniswap Protocol, and is not a service provider for, nor in any way affiliated with, either the Uniswap Protocol or Universal Navigation Inc.
Relevant Smart Contracts Your funds will be sent to the following Uniswap pool smart contracts:

ETH <> USDC
ETH <> USDT
ETH <> DAI
ETH <> wBTC

We have linked each of the pools above with their corresponding smart contract for you to review. Additionally, here is the four-month long security audit administered by six dapp.org engineers.
Interface Factors
  • The markets for these digital assets are highly volatile due to factors including, but not limited to, adoption, speculation, technology, security, and regulation.
  • Your digital assets may lose some or all of their value while they are supplied to the Protocol. 
  • The Uniswap Protocol may fail to attract sufficient interest from key stakeholders, including, but not limited to, critical stakeholders such as liquidity providers, developers, users, and stakeholders participating in the various verification protocols. Any of the foregoing could materially adversely affect the viability of the Uniswap Protocol and UNI. 
  • The Uniswap Protocol operates based on an open-source protocol maintained by a variety of contributors. Third parties may, with or without intent, introduce vulnerabilities or bugs into the core infrastructure elements of the Uniswap Protocol which may negatively impact the Uniswap Protocol. Such events may result in a loss of trust in the security and operation of the Uniswap Protocol and a decline in user activity which could materially adversely affect the usage of UNI and the Uniswap Protocol. 
  • It is possible that the Uniswap smart contracts have critical bugs or exploits, which could result in a total loss of funds deposited into the smart contracts. 
  • The cost and speed of transacting with cryptographic and blockchain-based systems such as Ethereum are variable and may increase dramatically at any time. Any of the foregoing could materially adversely affect the viability of the Uniswap Protocol and UNI. 
  • CoinList is not responsible for any of these variables or risks, does not own or control the Protocol, and cannot be held liable for any resulting losses that you experience while accessing or using Uniswap Mining
Accordingly, you understand and agree to assume full responsibility for all of the risks of accessing, using, and interacting with the Protocol.
Additional Resources - Uniswap Website
- Uniswap Whitepaper
- Uniswap FAQ
- Documentation on Pools
- Uniswap: A Good Deal for Liquidity Providers?
- Uniswap V2 Audit
- Uniswap V2 Overview
- Github
- UNI Announcement
- Uniswap Blog

Documents

Documents

Whitepaper FAQ UNI Announcement Security Audit






*All information on this Uniswap Interface Mining page is based entirely on publicly available information published by Universal Navigation Inc. or other persons that CoinList reasonably believes are associated with the Uniswap Protocol, and CoinList makes no representations or warranties with respect to the accuracy, completeness or validity of such information. 
This site is operated by Amalgamated Token Services Inc. through its wholly-owned subsidiary, CoinList Services, LLC (together, “CoinList”), which is not a registered broker-dealer. CoinList does not give investment advice, endorsement, analysis or recommendations with respect to any securities or provide legal or tax advice. All securities listed here are being offered by, and all information included on this site is the responsibility of, the applicable issuer of such securities. Neither CoinList nor any of its officers, directors, agents, and employees makes any warranty, express or implied, of any kind whatsoever related to the adequacy, accuracy or completeness of any information on this site or the use of information on this site. This site contains external links to third-party content (content hosted on sites unaffiliated with CoinList). As such, CoinList makes no representations or endorsements whatsoever regarding any third-party content/sites that may be accessible directly or indirectly from this site.
All securities-related activity is conducted by EC Securities, LLC (“EC Securities”), an affiliate of CoinList, a registered broker-dealer and member FINRA/SIPC, located at 850 Montgomery St. Suite 350, San Francisco, CA 94133. EC Securities does not make investment recommendations, and no communication, through this website or in any other medium, should be construed as a recommendation for any security offered on or off this investment platform. These securities are not FDIC or SIPC insured and there is no bank or other guarantee if they lose value. Please review the background of our broker-dealer and investment professionals on FINRA’s broker/check. Please also review our Form CRS, a uniform customer relationship summary and disclosure template prescribed by the SEC, that provides succinct and relevant information to retail investors and enables comparability between broker-dealers with respect to fees, conflicts, and services provided.
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Potential investors must conduct their own due diligence of any issuer, cryptocurrency, token or token-based security. Investing in cryptocurrencies, tokens and token-based securities is highly risky and may lead to total loss of investment. Use of the site is subject to certain risks, including but not limited to those listed here.
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