The only way you might not be aware of what happened today is that you are lost on a desert island. Whoever else has an internet connection and access to social networks, instead, already now that Uniswap, leader in DEX business, decided to reward its loyal users with a phenomenal airdrop of the brand new $UNI token.
Eligible addresses for this airdrop are all the addresses from where liquidity has been provided and all the addresses involved in a swap under the condition that this happened before last September 1st.
Liquidity providers received a total of 49 million $UNI and all the addresses used for a swap 400 $UNI each, including the ones used for failed transactions.
As far as I remember, this is the biggest airdrop ever considering that early claimers have been able to swap their 400 $UNI for a bit more than 4 $ETH.
This event caused a storm in the $ETH environment and who managed to claim their share of the airdrop has seen gas fees skyrocketing well above 700 gwei.
Considering that the claim process is made of three steps (Claim, Approve and Swap) and that each of them required a gas fee, the overall cost of completing it has been, at least for me, around 60 EUR.
Honestly, I have never been happier in my life to have paid such a fee because at the end I got 3.7 $ETH in my wallet and a kind of silly smile on my face.
You can check if you are eligible, if you still did not, by connecting to Uniswap app. If you are you will see a nice banner on the right end side of your screen inviting you to claim your reward. Consider that the airdrop is linked to addresses so better to check all the addresses you might have used to avoid missing something.
This further check can be performed by calling the menu on the right (three dots) and click on the purple button “Claim UNI”. Insert in the field now available the address and cross your fingers.
WHAT IS UNI FOR
The Uniswap blog explains everything, so I will not copy paste what you can read easily here. In short, is a smart competitive move made by Uniswap to stay on the trend as “governance tokens” today are the pretty hyped. There is obviously a use for them and $UNI could become a good tool for those willing to participate to feel to be part of the project. Personally, I have a lot of doubts about governance tokens, but maybe I will use another post to explain what to me is not convincing.
It stays that, if you want to have a word – how strong depends on how much you hold – you must be a $UNI hodler and this means that, after this initial chaotic phase, it will be much more clear how high will be the actual demand for these tokens and, as a consequence, what one could expect for the future about its price.
For now, I have decided to swap them to $ETH and to set aside this unexpected gift.
WHAT IS NEXT
Difficult to say. For sure this move will spread awareness about decentralized exchanges. They are proving to be a serious competitor for the big, centralized players and will probably force them to follow the example. Some of them are already trying something, but it seems to me that they are having problems in re-defining their business model and their value proposition.
Big players have always on their side the advantage of inertia, meaning that their clients are “used” to their services and could be a bit resilient to change, but if the gap in value proposition will widen, they could start to lose clients.
In this sense, Uniswap governance token could be a nice tool to attract traders from elsewhere, especially from those exchanges where the support is not efficient and/or the management deaf to users’ requests.
It is an interesting time to be alive as the crypto industry is opening a huge number of possibilities not only by offering innovative services, but also challenging the very roots of consolidated business management systems.