At 8 a.m. on September 17, Uniswap tweeted that its protocol governance token UNI has been released on the Ethereum mainnet, and will start initial liquidity mining at 12:00 UTC on September 18.
The original number of UNI is 1 billion, 60% is allocated to Uniswap community members, and the rest is allocated to the team, investors and advisors. Of the part allocated to community members, a quarter (15% of the total supply, a total of 150 million pieces) has been allocated to past users, and the rest will be released through liquidity mining.
As soon as the news came out, users in the Uniswap community were excited, claiming, withdrawing, and trading one after another, and the Gas fee of Ethereum once soared to 770Gwei. Centralized exchanges also quickly followed up. Starting at 10:30, OKEx, Huobi and Binance launched UNI in turn.
For a while, the second largest DEX platform currency that appeared at the end of the DeFi market attracted everyone's attention.
According to the official announcement, the specific distribution rules of UNI are as follows:
60% to Uniswap community members, that is 600 million UNI. Among them, 15% of the total amount of UNI was provided to early Uniswap LPs, users, SOCKS redemption and holding users based on the snapshot on September 1. Among the 15%, 4.92% of the total amount is allocated to 49,192 early LPs, and the other 10.06% UNI is allocated to 250,000 early users. According to the official statement, every address that has ever called a Uniswap v1 or v2 contract can apply for 400 UNI , which also includes 12,000 addresses that have been called but failed.
For a while, Uniswap community users turned into wool party members, claiming the UNI in their accounts and transferring them to the exchange for sale. In addition, the 4 new liquidity pool mining rewards on Uniswap also attracted a large number of users to lock up pledges. The congestion of transfers on the chain was obvious. 2-3 times the normal level.
During the same period, the transfer of the Uniswap protocol token UNI contributed 276.01 ETH (approximately US$104,800) in handling fees in the past 3 hours, accounting for 6.3% of the handling fees of the entire Ethereum network in the past 3 hours.
No matter how expensive the gas fee is, it can’t compare to the soaring price of UNI. On major platforms, the price of UNI has gradually soared 10 times from US$0.3 to US$3. It once reached $15, and based on the smallest quotation of 4.88, the increase reached 1526% in 2 hours. But just like other DeFi tokens are running fast, the high point did not last long and then fell back, and the price was cut in half.
Time is money, both for wool parties and trading platforms. After the rapid listing of the three major currencies, OKEx, FTX, etc. also quickly opened UNI contract trading pairs.
Behind every soaring coin is a group of rich people. For this wave of UNI airdrops, the most profitable players are those players who are deeply involved in Uniswap. For example, the "scientist" in the picture below who revealed that he once issued counterfeit currency on Uniswap created hundreds of wallets in one go, which means that his income will reach hundreds of times that of ordinary users.
Of course, there are also players who don’t drive in the morning and are one step away from getting rich, such as Pai Pai below.
Of course, there are also many airdropped users who have not yet sold, because the trading volume of this two-month-old has surpassed that of Coinbase, and the second-largest DEX is just about to launch "liquidity mining", a DEX with a lock-up volume of nearly 1 billion US dollars. The current total circulation value of tokens is only 375 million US dollars (based on the current price of UNI of 2.5 US dollars), and the future is still promising.
Starting at 12:00 am UTC on October 18th, Uniswap’s Governance Treasury will unlock the remaining 45% of community tokens in batches over 4 years. The distribution plan includes contributor donations, community initiatives, and liquidity mining and other plans. UNI distribution for teams, investors and advisors will be on the same schedule.
Among them, the initial liquidity mining plan, which will start tomorrow, will last for one month and will last until 12:00 am UTC on November 17, 2020; the total prize pool is 20 million UNI, which will be divided equally among the four liquidity mining pools : ETH/USDT, ETH/USDC, ETH/DAI, and ETH/WBTC. This means that each pool rewards 83,000 UNI per day, each pool rewards 54 UNI per block, and there is no lock-up period for these UNIs.
One month later, Genesis Mining ends, and Uniswap holders will control the UNI belonging to the Uniswap Treasury Department, which means that how to use the remaining UNI will depend on the holders.
As of press time, the total value of Uniswap locked positions is 932 million U.S. dollars, second only to Curve with 1.054 billion U.S. dollars, and UNI quotes 2.5 U.S. dollars.
