In recent days, users received the equivalent of USD 1,400 worth of the UNI token. All Ethereum addresses that have interacted with Uniswap received the token.
On September 16th, Uniswap announced the launch of the UNI governance token and distributed it among the Ethereum addresses that belong to the users of this DeFi platform.
Due to the migration of the SUSHI token to the SushiSwap protocol, Uniswap lost 80% of its liquidity. That situation led it to stop being the main decentralized exchange website on September 11th.
Through a 4-year plan, it aims to distribute 1 billion UNI tokens among its users to retake its place. The community members reported on their blog that they will get 60% of the total issuance, while the team’s members and future employees will receive 21.51%, investors 17.8%, and external consultants 0.69%.
Volume of Demand for the UNI Token Increase Ethereum Fees
The announcement that Uniswap released on September 16th caused the cost of Ethereum fees to skyrocket. Many users complained about the congestion that the volume of transactions to demand the UNI token caused.
After the announcement, the price of Ethereum fees rose from 90 gwei to 272 gwei, according to data from the EthereumPrice.org portal. On September 17th, the fees had an average of 150 gwei, according to the same portal. However, some users claim to have paid up to 600 gwei to demand their UNI tokens.
Uniswap has distributed 400 UNI among all the addresses that have interacted with the contract for this platform, which includes “around 12,000 addresses that have only submitted failed transactions.”
This amount (400 UNI) is equivalent to USD 1,400, which became a more than pleasant surprise for many users since it is a considerable amount of money anywhere in the world.
According to data from the Dune Analytics portal, users have demanded more than 60 million UNI tokens. Until now, about 93,821 of them have received their share.
The distribution of these governance tokens seems to seek the involvement of the community of users in protocol decisions. This is also an incentive as it provides liquidity, which seems to follow the path of other protocols such as SushiSwap and Yearn.Finance, which have also issued their governance tokens.
According to data from the DeFiPulse portal, both protocols are among the top liquidity providers in DeFi. SushiSwap ranks fifth with USD 679 million locked on its platform, while Uniswap ranks fourth with USD 787 million.
At the time of writing this article, the community expects Uniswap to launch a farming program with Ethereum and USDT, USDC, DAI, and wBTC, until November 17th, 2020.
Binance, Poloniex, and Coinbase Pro, among other exchanges, have already listed UNI on their exchanges. This increases the enthusiasm of investors who want to take advantage of the opportunities that this popular DeFi platform offers them. The price of the token is USD 2.71, according to data from CoinGecko.
By Willmen Blanco
