Wu said that @EmberCN released an analysis of the UNI on-chain chips that have entered full circulation. Uniswap's governance token UNI has been fully unlocked, but the actual circulation is only 25.83% of the total. UNI was issued and listed in September 2020, of which 83% of the tokens (830 million) were allocated to the team, investors, consultants and community treasury, with a 4-year unlocking period. According to analysis, of the 430 million UNI obtained by the community treasury, only 30.21 million flowed into the market. Of the 400 million UNI obtained by the team, investors and consultants, 58.16 million flowed into the market. The total amount of UNI flowing into the market from these two parts is about 88.37 million. The distribution of UNI tokens is as follows: LP staking rewards account for 2%, early user airdrops account for 15%, community treasury accounts for 43%, and team, investors and consultants account for 40%. Among them, the LP mining and airdrop parts (17%) were all circulated at the beginning of the launch. It is worth noting that the top six addresses (such as a16z, etc.) have basically not sold their UNI holdings, which has led to a low overall sales ratio. At present, the actual circulation of UNI is about 258.3 million, accounting for 25.83% of the total.