A major crypto whale has been making significant moves in the DeFi space, accumulating various tokens.
Recently, this whale withdrew 299,133 $UNI (worth $2.39 million) from Gate.io. Additionally, between August 13 and September 12, the whale withdrew 19,373 $AAVE (valued at $2.95 million) and 596 $MKR (worth $805,000) from Binance.
A whale is accumulating #Defi tokens!
This whale withdrew 299,133 $UNI($2.39M) from #Gateio 4 hours ago.
The whale also withdrew 19,373 $AAVE($2.95M) and 596 $MKR($805K) from #Binance between Aug 13 and Sept 12.https://t.co/vCOjsFeI4A pic.twitter.com/fWdNyVjYJb
— Lookonchain (@lookonchain) October 13, 2024
The timing of these withdrawals is notable as Uniswap, once the largest decentralized exchange on the Ethereum network, prepares to launch its own blockchain, Unichain. This development could significantly disrupt Ethereum’s tokenomics, particularly for $ETH, as Uniswap transitions to a new fee structure tied to its native protocol.
Uniswap $UNI, once the largest #EVM ecosystem decentralized exchange, announced the upcoming release of its network, Unichain.
This step will heavily affect the tokenomic processes for $ETH and put its value in danger since @Uniswap will use a different fee mechanism once it… pic.twitter.com/BHl1HtHJh6
— Kinetic Kollective (@Kinetic_Koll) October 14, 2024
Michael Nadeau, the founder of DeFi Report, highlighted the potential implications of Unichain’s launch. According to Nadeau, the $368 million in fees that went to Ethereum validators last year could now be redirected to Uniswap Labs and $UNI token holders. Furthermore, Uniswap Labs would control all validators on Unichain, enabling it to capture maximum extractable value (MEV). MEV alone accounted for around 10% of the total fees generated by Uniswap last year, approximately $100 million. Nadeau also mentioned that Uniswap could choose to share some of this MEV with token holders.
💬 DeFi Report创始人：Uniswap Labs及UNI持有者每年或可从Unichain中赚取4.68亿美元
DeFi Report 创始人 Michael Nadeau 近日发文表示，#Unichain 的推出将使去年支付给以太坊验证器的 3.68 亿美元直接落入 Uniswap Labs @Uniswap 乃至 $UNI 代币持有者手中。他补充说， Uniswap Labs Labs…
— Odaily@ChinaCryptoNews (@OdailyChina) October 14, 2024
Liquidity providers are also set to benefit from Unichain, with opportunities to participate in settlement processes and MEV capture through staking. However, Ethereum validators and $ETH holders stand to lose the most, as reduced network fees and less ETH burning will negatively impact their earnings after the launch of Unichain.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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