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Over 28.4M UNI Users Vote for Uniswap Phase One AirDrop

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The phase one Uniswap airdrop proposal was brought forth by the Dharma protocol. It claimed that its users were left out during the prior distribution.

A day to the end of the Uniswap Phase one voting process, Uniswap users have overwhelmingly voted for the proposal that will see around 12,619 distinct addresses receive 400 UNI tokens via an airdrop.

At the time of writing, 28,442,970 Uniswap users had voted for the proposal while 1,269,462 Uniswap users had voted against the proposal. Hereby indicating a higher chance of the proposal being adopted.

Uniswap Phase One Airdrop

All the 12,619 addresses were left out in the original airdrop, hence a chance for them to get part of the share.

“Specifically, this proposal transfers 5,047,600 UNI to a new MerkleDistributor contract, which will then allow for 400 UNI to be claimed by each of the 12,619 accounts,” the organization noted in the announcement.

According to the announcement, 3,418 Argent account users are to receive 27.09% of the total Uni distribution, 890 Defi Saver accounts are set to receive 7.05%, 2,833 Dharma account holders are set to receive 22.45% of the airdrop, 301 Eidoo users are to receive 2.39%, 57 FURUCOMBO accounts are to receive 0.45% of the airdrop, 4278 MEW account holders to receive 33.90%, 19 Monolith account holders to receive 0.15% of the phase one airdrop, 740 Nuo addresses to receive 5.86%, 79 Opyn addresses to receive 0.63%, and 4 rebalance addresses will receive 0.03% of the set airdrop.

The phase one Uniswap airdrop proposal was brought forth by Dharma, a Compound-based lending and saving protocol, which claimed its users were left out during the prior distribution.

For the voting to be considered, a quorum of 40 million Uniswap users will have to participate in the voting process.

On the Flipside

At the time of, Uniswap (UNI) token was trading around $2.34 having dropped 11.80% in the past 24-hours. According to metrics provided by Coinmarketcap, Uniswap (UNI) token had a market capitalization of $494,870,69 and a daily trading volume of $422,029,815.

In terms of market capitalization, the Uniswap project was ranked position 35 among other crypto projects. Notably, there are approximately 211,396,162 UNI tokens in circulation supply, whereby there are 1 billion in total supply.

Uniswap embarked on a process of distributing the 1 billion UNI tokens amongst its members. However, the process has been predetermined to take place in the next four years. According to the initial distribution plan, 60% of the 1 billion UNI tokens are to go to the Uniswap community members. 21.51% is planned to go to the team members, 17.8% to investors, and 0.69% to Uniswap advisors.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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Robinhood Delaying Its IPO Plans amid Expansion of Its Crypto Business

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The initial plan of Robinhood was for the IPO to be done in June but the plans stretched to July.

A reliable source has it that In the past, the SEC has been concerned about Robinhood‘s growing business related to cryptocurrencies. While the company may be listed by summer, those plans may as well be achieved later, probably in fall. Robinhood plans to put its house in order and publicize its past financial performances to make way for the public listing. A company’s spokesperson disclosed that a successful Initial Public Offer (IPO) filing was done earlier in the year, March. According to Bloomberg, the initial plan of Robinhood was for the IPO to be done in June but the plans stretched to July.

Robinhood Activities amid Its IPO Plans

Robinhood began trading cryptos two years ago, 2018. Today the company’s portfolio includes Bitcoin, Litecoin, and even meme-based Dogecoin which started as a joke. Besides the mentioned digital coins, clients can get many products on this platform. Robinhood is particularly popular with first time (novice) crypto investors. Robinhood became both popular and controversial during the pandemic and has elected new members to its board. The company is also popular for meme stocks.

The crypto market has been very volatile this year. Bitcoin achieved a high of $64,000 after being backed and endorsed by high-profile investors, notably Elon Musk. However, the rally was short-lived and the prices dipped to as below $30 K in June. Other crypto have been following the same trend increasing uncertainty in the general market.

Sometimes in the near future, Gary Gensler, the current SEC chair, is expected to make momentous rulings on digital assets. Robinhood made the application in a “bad year”. The SEC has been busy, thanks to the many IPOs, particularly for Special Acquisition Companies (SPACs) in their in-tray. These delays have however caused an equity backlog in capital markets. As per Bloomberg’s report, SEC staff has however warned lawyers that this time around, it may take well over a month to review SPAC paperwork. Additionally, they can expect another two to three weeks to get feedback on changes and amendments.

What Ails the Cryptocurrency Market

In the recent past, China has intensified its crackdown on crypto, particularly Bitcoin. Following the Chinese government’s decision to launch a Central Bank Digital Currency (CBDC), the digital Yuan, Bitcoin was no more welcome. In fact, all Bitcoin-focused activities were banned.

Last month, the Chinese government denied rumors suggesting that they wanted to ban Bitcoin mining. However, the same authorities reviewed the same matter, but this time said that they wanted Bitcoin miners out ASAP.

The decision was informed by the thinking that Bitcoin and the digital Yuan would not thrive in a common environment. Government authorities believed that when put in the same ecosystem, Bitcoin would outshine the digital Yuan and possibly hinder its growth.

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Patrick is an accounting & economics graduate, a Cryptocurrency enthusiast, and a Blockchain technology fanatic. When not crafting informative pieces on any of the above subjects, he will be researching on how the Blockchain technology can transform the world, particularly the financial space.



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Chinese Electric Car Maker Xpeng to Raise $2B, to List on Hong Kong Exchange

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The increasing level of tension between authorities in China and the United States is forcing the hands of many US-listed Chinese companies to list on the Hong Kong stock exchange as a way of protecting themselves against both governments.

Per a report from CNBC, Guangzhou-based electric car maker Xpeng is on the verge of raising almost $2 billion via its listing on the Hong Kong stock exchange.

According to the report, Tesla‘s rival had said it would be issuing 85 million Class A ordinary shares at a price of 180 Hong Kong dollars ($23.19) each. It was also revealed that the final offer price will then be set on or before the end of June.

Going by this, it means Xpeng would be able to raise 15.3 billion Hong Kong dollars at the maximum offer price, which roughly translates to $1.97 billion, before related costs, such as underwriting fees are removed.

Interestingly, this affirms a previous report where it was indicated that the electric carmaker could be looking to raise new funds for its operations.

Xpeng’s new listing is quite unusual as it is another primary listing. While companies like Alibaba and JD.com have employed secondary listing tactics, as they have a main listing location such as the United States, and they are also selling their shares on another exchange. The carmaker is not towing the same path.

The CNBC report revealed that Xpeng’s new listing in Hong Kong would lead to a “dual-primary listing. That means it will be subject to the rules and oversight of both US and Hong Kong regulators.”

Another interesting aspect of this new listing is that Xpeng could still make more than the projected $2 billion if demand for its stock is high which would lead to the firm and its underwriters issuing more shares that would inadvertently lead to an increase in what the company would get from its listing.

The proceeds of the listing will be channeled towards the development and expansion of the product, “Xpeng said it would use the proceeds from the Hong Kong listing to expand its products and develop more advanced technologies, as well as marketing and expanded manufacturing.”

In recent times, the electric car market in China is growing as startups like Nio, Li Auto, Tesla and a host of others are competing for a share of the market.

Tensions between US and Beijing Pushing the Need for Xpeng Listing in Hong Kong

The increasing level of tension between authorities in China and the United States is forcing the hands of many US-listed Chinese companies to list on the Hong Kong stock exchange as a way of protecting themselves against both governments.

The Securities and Exchange Commission (SEC) has imposed stricter auditing requirements on foreign companies listed in the country. Failure to comply with this policy by these companies could lead to delisting.

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Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.



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VC Giant Andreessen Horowitz Announces Its Third $2.2.B Crypto Fund

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With this massive move a16z aims to bring crypto to the mainstream. To expand its operations, a16z is hiring some of the top officials who have worked in the financial regulatory and tech space.

On Thursday, June 24, venture capital giant Andreessen Horowitz (a16z) announced raising a massive $2.2 billion for its Crypto Fund III. The recent commitment from Andreessen comes at a time when the crypto market is relatively undoing massive correction.

GPs Chris Dixon and Katie Haun will be running the Crypto Fund III. Besides, the venture capital firm is also looking to expand its management team that looks after the crypto vertical. In its official press release, the company mentions:

“The largest crypto fund ever raised to date, Crypto Fund III is a validating moment for the ecosystem and another sign that crypto becoming an ever more mainstream part of our financial infrastructure”.

Andreessen Horowitz has been among one of the most active investors in the crypto space. The venture capital giant has also been an early investor in Coinbase Global Inc (NASDAQ: COIN). A16z netted $450 million from selling its Coinbase holdings immediately post its holdings.

Andressen Horowitz and Its Crypto Funds

Back in 2018, Andreessen Horowitz announced its first crypto fund raking $300 million of LP commitments. Its second fundraise came last year in April 2020 as the company clocked $550 million. The venture capital has now four times suggesting its aggressive penetration in the market.

The recent fundraising is a clear testament to the fact that institutional participation and interest in crypto continue to grow. Moreover, this move also helps Andreessen Horowitz to cement its market positions and compete with giants like Tiger Global. With the latest announcement, Andreessen’s total assets under management have moved past $18.8 billion.

A few days back, news publication Newcomer has already predicted that a16z has been working on a $2 billion crypto fund. Besides, the publication also noted that Andreessen already offloaded its crypto holdings before the recent price crash occurred.

Along with the fundraise, a16z also made some important announcements. The Silicon Valley giant is hiring some of the top players from the legal and financial markets.

Bill Hinman, the former official of the US SEC, joins a16z as an advisory partner. Hinman has been one of those SEC executives who has been instrumental in classifying Ether (ETH) as a “commodity”. Besides, a16z also hired several other top honchos from the crypto from the tech and the financial sector. The venture capital firm noted:

“As with any new computing movement, crypto has endured a variety of challenges and misconceptions. That’s why we are also bringing together heavy-hitters across several functions to help translate crypto to the mainstream.”

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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