The liquidity mining reward program for decentralized exchange Uniswap has come to an end.
Uniswap had originally said in September — when its UNI token first launched — that its liquidity program would last through November 17 at 12am UTC. A full breakdown of the token’s elements can be found here.
“After 30 days, governance will reach its vesting cliff and Uniswap governance will control all UNI vested to the Uniswap treasury,” the blog post explained at the time. “At this point, governance can vote to allocate UNI towards grants, strategic partnerships, governance initiatives, additional liquidity mining pools, and other programs.”
As explained at the time, four pools were initially seeded: ETH/USDT, ETH/USDC, ETH/DAI, and ETH/WBTC. Some 20 million UNI was allocated to the pools, with each receiving 5 million tokens apiece.
All told, there is roughly $2 billion in digital assets deployed to farming the four pools. A lingering open question is whether some of these funds will migrate out of Uniswap once the liquidity program ends in search of other sources of yield farming. According to DeFi Pulse, the total locked value in Uniswap has fallen by more than 3% in USD terms.
As for what comes next, discussions at the community level have been put forward to extend the duration of the liquidity program. But as of the time of writing, nothing has moved beyond the discussion phase.