The biggest giant in the DeFo space surprised users this week with the creation of its own token, UNI, but also with a massive airdrop of the token of a minimum of 400 UNI to everyone who used Uniswap prior to September. This was put in context when it was noted that this was more than the US stimulus cheques, coming in at around $1,500.
More so, this airdrop, which was the minimum that users could claim; even to users who had failed transactions. These users can claim their 400 UNI reward immediately if they were once liquidity providers, users, and SOCKS redeemers/holders, equates to a year’s salary in Pakistan.
In total, 1 billion UNI have been minted at genesis and will become accessible over the course of 4 years. The protocol will make the following supply allocation: 60% will go to members of the Uniswap community, 21.51% to team members and future employees with 4 year vesting, 17.80% to investors with 4 year vesting and 0.69% to protocol advisors with 4 year vesting, as shown in the image below. After 4 years, an annual inflation rate of 2% will begin to encourage participation in Uniswap.
Major money made
The airdrop to any user of 400 UNI is a substantial amount, but only paints a small picture of the power of this airdrop for believers in UniSwap.
according to Uniswap’s estimates, there are about 251,000 users. 1000 UNI are claimable by each address that has either redeemed SOCKS tokens for physical socks or owned at least one SOCKS token at the snapshot date. The Uniswap team further stated:
“With 15 % of tokens already available to be claimed by historical users and liquidity providers, the governance treasury will retain 43% [430,000,000 UNI] of UNI supply to distribute on an ongoing basis through contributor grants, community initiatives, liquidity mining , and other programs.”
For some early adopters and liquidity providers, there was huge money to be taken as an example from Twitter showed.
Picking up the hype
With this influx of UNI across the cryptocurrency community, there has been equal excitement from providers such as Coinbase and Binance. Both of these major exchanges quickly moved to list the new token.
For Coinbase it said it would soon list UNI on its professional trading platform Coinbase Pro. The famed “Coinbase pump” followed shortly after, causing UNI to surge by 22% to $4. Only inbound transfers are currently accepted on Coinbase Pro. Trading will come soon after sufficient “liquidity conditions” are met—to prevent a one-sided market or large UNI holders from manipulating the market.
Binance announced support for UniSwap’s new UNI token around 90 minutes after the DeFi platform’s governance token went live on Ethereum. The official announcement said UNI would ensure Uniswap is community-led and self-sustainable:
“The introduction of UNI (ERC-20) serves this purpose, enabling shared community ownership and a vibrant, diverse, and dedicated governance system, which will actively guide the protocol towards the future.”
A solid bet
Despite this incredible airdrop which has pumped coins to the entire UniSwap market, there has only been positives and no real sign of a dump. Wallet addresses have gone up as people scramble for UNI; the price has risen, and continues to do so not looking to dump, and this is despite the chance to quickly cash in for free.