6/20/2023 0 Comments Uniswap transaction history![]() ![]() If DeFi teams can learn anything, retroactive incentives to value-added actors is a clear path to decentralization. UNI’s rollout following the vampire mining attack from SushiSwap shows that the most well-respected team in DeFi can pack a punch and that “VC-backed=bad” was a gross oversimplification. In this context, Uniswap was criticized for raising $11M in its latest round from big Silicon Valley funds and SushiSwap leveraged this sentiment to fork the project and try to lure away liquidity providers with its SUSHI token. UNI comes in the wake of a rising narrative which painted VC-backed projects as misaligned with their communities, while fully community-owned projects were hailed as the new gold standard. From children testing Ethereum for the first time to marginalized individuals in third world countries receiving enough token to feed their families for months, this global wealth distribution event is one which shuts down all indicators that DeFi has lost its way. The stories underpinning the airdrop is what makes this launch truly unique. Team, investor and advisor tokens are subject to four-year continuous lockups, meaning their positions become liquid in real-time.Īfter the four-year genesis supply is distributed, a perpetual inflation rate of 2% will start, to incentivize participation in the protocol over passive ownership. The 1 billion UNI supply will be put in circulation over the next four years, with 60% going to users, 21.51% to team members and future employees, 17.80% to investors and. Here’s how the rest of the supply breaks down. Users can provide liquidity and stake their positions via the new UNI mining dashboard to earn a pro-rata claim of the 54 UNI allocated to each pool per block.Ī community treasury will retain 43% of the supply to be allocated for future incentives including contributor grants, community initiatives, and liquidity mining, as seen fit by governance. ![]() Of the 1B total genesis supply, 5M UNI will be allocated to the USDT, USDC, DAI and WBTC pools over the next two months. The UNI airdrop precedes a liquidity mining campaign set to go live Sept. The UNI/ETH pool has already aggregated nearly $500k in trading fees, putting it on par to have the highest 24h volume of any Uniswap pair to date. Both Binance and Coinbase Pro listed UNI in under 4 hours, the fastest listing of any token on Coinbase. UNI is shaping up to be DeFi’s biggest token launch to date, with gas prices soaring to over 500 gwei per transaction, the highest it’s ever been in recorded history. Uniswap Traders – ~251k addresses (10.06%).Historical Liquidity Providers – ~49k addresses (4.92%).Here’s how the tokens are split among three distinct user groups: For the 220 traders holding at least 1 $SOCKS, or community-favorite tokenized Uniswap merch, 1000 UNI was (not so) quietly available for claim yesterday evening. Uniswap made sure to track liquidity from inception, meaning the earliest LPs stood to earn a larger portion of rewards for their early commitments. Each trader who used Uniswap V1 or V2 received 400 UNI, currently valued at around $1,200, regardless of the historical volume transacted.įor historical liquidity providers, that bounty was even sweeter. Uniswap has become a cornerstone of DeFi, the basic building block for other dapps and likely the first DEX most newcomers use, and all of them today are waking up with an extra $1.2k in UNI in their wallets, in a move that feels similar to a DeFi stimulus check or to a universal basic income, at least in this niche within crypto. UNI is now held by more than 50k Ethereum addresses, making it instantly one of the most decentralized tokens in DeFi, only trailing Dai and LEND among the top 10 by market cap, according to Etherscan. Uniswap, the leading DeFi DEX averaging more than $350M in daily volume over the past month, airdropped 15% of the total 1 billion UNI minted at genesis, to anyone who had ever interacted with the protocol since its inception. ![]() Uniswap dropped the mic with the surprise launch of its native governance token – UNI. ![]()
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