UNI Token Fully Unlocked: A Look at On-Chain Supply

ChainCatcher reports that analyst Ember has shared an analysis of the UNI token on platform X, stating that all UNI tokens are now fully unlocked and circulating.

UNI was initially launched in September 2020, with a total of 83% (830 million UNI) allocated to the team, investors, advisors, and the community treasury. These tokens had a four-year vesting period, which has now concluded.

Here's a breakdown of the initial UNI distribution:

• Liquidity Provider (LP) staking rewards: 2% (distributed through liquidity mining from September to November 2020).
• Early user airdrop: 15%.
• Community treasury: 43% (unlocked over 4 years).
• Team/Investors/Advisors: 40% (unlocked over 4 years).

The 17% distributed through LP mining and the airdrop became fully circulating at launch. Therefore, the focus is on the community treasury and team/investors/advisors' holdings.

• Community Treasury (43%): The treasury received 430 million UNI, now fully unlocked. The treasury currently holds 399,789,850 UNI. This indicates 30,210,150 UNI have been sold over the past four years.
• Team/Investors/Advisors (40%): They received 400 million UNI, also fully unlocked. 58,164,177 UNI have been sold. However, the top six addresses (including a16z) holding these tokens have largely retained their holdings, indicating a low selling rate.

Summary:

With the completion of the vesting period, UNI now has a 100% circulation rate (1 billion tokens). Despite the complete unlock, only a limited number of tokens have been sold by the community treasury and team/investors/advisors (88.37 million). This means the majority of unlocked tokens remain unsold. Therefore, the actual circulating supply of UNI is estimated to be around 258.3 million (25.83% of the total supply).