Editor's Note: This article comes fromHoneycomb Finance News (ID: fengchao-caijing), Author: Kyle, reproduced by Odaily with authorization.
Editor's Note: This article comes from
Honeycomb Finance News (ID: fengchao-caijing)
Honeycomb Finance News (ID: fengchao-caijing)
Uniswap's 10,000 yuan "red envelope" sparked a carnival in the circle. Players who received the UNI airdrop called this day "Chinese New Year".
Big firms such as HBO rushed to go online, and investors praised the Uniswap project for its "pattern", which undoubtedly gave Uniswap another look. But behind the excitement, DEXs such as Uniswap have already touched the ceiling.
On the Uniswap airdrop carnival day, the defects of the underlying facility Ethereum, such as low transaction efficiency and high gas fees, were once again magnified. The upper limit of Ethereum determines the apex of Uniswap.
In addition, Uniswap governance tokens lack more value support than CEX platform tokens. Compared with the total market capitalization of OKB of USD 1.8 billion, the total market capitalization of UNI has reached USD 3 billion, and industry insiders pointed out that there is a value bubble. How to give tokens more value support will become a long-term issue.
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UNI airborne Uniswap players like to raise windfall
Information shows that the total amount of UNI issued is 1 billion, of which 15% or 150 million are all airdropped to Uniswap users, and 45% are produced in the form of liquidity mining. The Uniswap team, early investors and consultants are divided into 21.51%, 17.8% % and 0.69% of tokens will be released linearly in the next 4 years.
This grand airdrop event triggered a collective carnival among Uniswap players, because this "windfall from heaven" is really not a small amount.
At around 10 a.m. that day, UNI had a price on Uniswap. 400 UNI can be exchanged for 3 ETH, or about 7,500 yuan. What’s even crazier is yet to come. At 10:20, MXC Matcha launched UNI, and 10 minutes later OKEx completed the listing and exempted the handling fee for UNI trading pairs; Huobi and Binance followed closely to compete for UNI, and Huobi returned The "benefit" of giving a point card after recharging.
Big exchanges have launched one after another, continuing to boost the price of UNI. On OKEx, UNI opened at a price of 1USDT, and the highest price rose to 4.88USDT. Calculated at a price of 4USDT, each user who receives an airdrop will receive a large amount of at least 10,880 yuan "Red envelope".
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"New Year's Eve," investors quickly entered a state of carnival, and users who realized "pie from heaven" were busy collecting airdrops and selling coins, and the enthusiasm of the market reached a peak again.
According to the data of Okey Cloud Chain, as of 4 pm on the 17th, at least 55,739 addresses have received UNI token rewards, and a total of over 41.28 million UNIs have been claimed. According to the disclosure, a total of 251,754 addresses in this airdrop are eligible to receive UNI token rewards, which means that there are still a large number of airdrops that have not entered the circulation market.
An interesting thing is that this airdrop is for Ethereum addresses. Some users have multiple addresses and get more tokens; He made a fortune straight away.
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Where will DEX go in the future as Ethereum congestion intensifies?
Airdrops, coin withdrawals, and coin selling, Uniswap users were happily cashing out crazily. At this time, the Ethereum network unexpectedly fell into a state of extreme congestion.
According to data from Okey Cloud Chain, three hours after Uniswap issued the airdrop, the gas fee of Ethereum rose rapidly, from 280Gwei to 700Gwei at one point. During this period, UNI-related transfers contributed more than $100,000 in fees. At the craziest time, the block reward for miners packaging a block is 2ETH, and the fee income reaches 8ETH, which is 4 times the block reward.
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Ethereum transaction fees soar
Ethereum miners have become the biggest winners in the carnival, but this also reflects the poor performance and poor operating experience of Ethereum.
"I started claiming the UNI airdrop at 10:00, and the gas fee was close to 20 dollars, but I still couldn't get it quickly, and the transaction was not packaged until around 3:00 pm." A user complained to Honeycomb Finance, it was too slow, because the network Too busy, he missed the high point to sell coins, and made a lot of money.
At present, the upper limit of the Ethereum network has become the ceiling of DEX such as Uniswap. When the infrastructure performance is not up to standard, users need to pay high gas fees in addition to transaction fees. Once the liquidity mining boom cools down and DEX loses its profit-making effect, Uniswap may face a flow ebb.
In this violent "red envelope rain", a slightly ironic reality is that the first reaction of many users to get UNI is to mention selling it on a centralized exchange, rather than Uniswap, UNI's home court. "Because the price of the big firm is more advantageous, and there is no gas fee," a user told Honeycomb Finance.
An industry insider believes that the current price discovery mechanism of large centralized exchanges is still far superior to DEXs such as Uniswap. More traffic and better liquidity allow them to still control the pricing power of tokens.
