Original title: The sequelae of the 1 billion UNI airdrop, envy, regret and confusion, how will the madness end?
Editor’s note: After the DEX leader Uniswap issued coins, 110 million UNIs have been airdropped for free, with a maximum value of nearly 1 billion U.S. dollars, which is more than the relief funds of the US government during the new crown epidemic. The whole Amber is caring about this. As the airdrop came to an end, many sequelae appeared after the carnival. Some people were jealous because they were not eligible to receive UNI, some regretted selling it early, and some people were immersed in the confusion of “whether value investment is out of date”, what will happen after the madness end?
After the DEX leader Uniswap issued coins, 110 million UNIs have been airdropped for free, with a maximum value of nearly 1 billion US dollars.
This is probably the largest, most efficient, non-government-led “money-spending behavior” in human history. Many investors exclaimed, “If this is not a blockchain revolution, what is it?”
Indeed, in this round of Uniswap’s massive airdrop, almost all 180,000 addresses that have interacted with Uniswap received 400 UNIs-a big red envelope with a maximum value of $3,560-more than the US government’s relief funds during the new crown epidemic. Even more, the whole Amber is caring about it.
As the airdrop came to an end, many sequelae appeared after the carnival. Some people were jealous because they were not eligible to receive UNI, some regretted selling it early, and some people were immersed in the confusion of “whether value investment is out of date”, what will happen after the madness end?
1. Uniswap, a $1 billion airdrop spree
On September 17, the Uniswap protocol management token, UNI, was officially released on the Ethereum mainnet with the Ethereum address 0x1f9840a85d5af5bf1d1762f925bdaddc4201f984.
After the launch of UNI tokens, OKEx and other top exchanges responded quickly and launched UNI spot trading pairs one after another. OKEx even launched leveraged trading and perpetual contract trading at the same time (both forward and reverse contracts are opened at the same time).
The initial supply of UNI is 1 billion pieces, of which 60% will be allocated to Uniswap community members, 21.51% will be allocated to team members, 17.80% will be allocated to investors, and 0.69% will be allocated to consultants. Initially, UNI can be obtained through 4 liquid mining pools. After the initial 30-day governance grace period, UNI holders can vote to add more pools.
According to Uniswap’s token distribution agreement, as long as the Ethereum address that has interacted with the Uniswap smart contract, after actively applying for it, 400 UNI airdrops can be obtained.
According to DuneAnalytics, as of September 21, 112,703,266 UNIs have been successfully applied for, and 182,931 addresses have successfully received UNI tokens. If calculated at the highest price of US$8.9, the money is close to US$1 billion.
Investors have benefited a lot from this airdrop war and have posted orders.
Etherscan data shows that Uniswap received the highest number of airdrop addresses this time with approximately 1.15 million UNI tokens, with a maximum value of 10.235 million US dollars. The second-ranked address has approximately 910,000 UNI tokens, with a maximum value of US$8.099 million.
As of 16:00 on September 17, Ethereum addresses starting with 0xd03f3e6 have received 1,158,433.53 UNI airdrops at a current price of 3.91 million U.S. dollars. There are also 22 addresses with UNI airdrops of more than 100,000, and addresses with airdrops of more than 10,000. 175, and 6,690 addresses received UNI airdrops within 1,000. If calculated based on the UNI highest price of US$8.9, these airdrops are all valuable.
In the process, the addresses of some project locations also received a large number of airdrops.
For example, Sushiswap officially tweeted, thanking Uniswap for providing 130,000 UNI tokens. According to the current market price, this money can provide the Sushiswap development team with several months of financial support. Thanks to all Sushi fans.
This round of token airdrops triggered at least two results.
First of all, it caused a large number of users to lock the pledge, and the congestion of the transfer on the chain was obvious. The gas fee rose to 500Gwei, and the number of waiting package transactions was nearly 200,000 (usually 150,000).
Secondly, after Uniswap announced the UNI airdrop on September 17, the value of locked assets jumped from US$1 billion to US$2.2 billion. It took the lost ground previously taken by Sushiswap and regained the iron throne of the DeFi project.
Although Uniswap has brought huge profits to nearly 200,000 Amber investors, it also left a sequelae. As the airdrop came to an end, some people were envied because they were not eligible to receive UNI, and some regretted that they sold it early. Others are immersed in the confusion of whether value investing is obsolete.
2. The sequelae of the UNI airdrop: envy, regret and confusion
“Money is not earned, it is made by the wind.” After the UNI airdrop, such voices suddenly increased in Amber.
“Some people sell it as soon as they receive the airdrop, and they don’t care if it will rise in the future. I’ll talk about it after getting the money. It’s not wrong to drop the bag for safety. Xiao Xiaoming, a senior player in the DeFi veteran circle, said so.
However, when he saw that the highest point of UNI had doubled the next morning, Xiao Ming regretted it, “The 400 UNI airdropped can only be sold for more than 8,000 yuan at the beginning, and now it is more than 14,000 yuan. Who can do this? I got it.”
What’s more, when seeing Uniswap as a way of making money, some investors’ beliefs began to waver, thinking that “you can only make a few money by holding Bitcoin.”
“You can earn a few dollars by holding bitcoins. You can earn a few bitcoins a day by holding bitcoins. I have held bitcoins for a few months, and none of the airdrops are worth any money. Some projects are not as good as others. The market value of an airdrop. Value investment is now a joke for Amber.”
Amber investor Xia Yang said after the UNI airdrop.
Of course, investors like Xiao Xiaoming and Xia Yang are very lucky. They at least make money.
Tian Xinping, another DeFi investor, fell into the trap of “finding the next wool”.
Tian Xinping said, “I missed the Uniswap airdrop. It’s a shame, so I started looting wool in various DeFi projects.” However, opportunities are always limited. Tian Xinping consumed a lot of procedures in repeated operations later. fee.
“Operation on Ethereum 5 times, 500 USD is gone. Seeing the release of the top mine, it’s like rushing in, one and two operations, 10,000 yuan handling fee is gone, but only 3,000 yuan is dug.” Tian Xinping Said.
The wool did not arrive, but lost a lot of handling fees, and Tian Xinping was lost.
Tian Xinping’s experience is as summarized by the Weibo blogger “Super Bitcoin”, “When I am excited to hit the coin to the contract address, USDT may be okay, but many friends hit ETH in the past; dizzy, originally added Liquidity, but repeated exchanges, wasting 5000USDT in handling fees”.
What does DeFi bring to us? airdrop? Liquid mining? Get rich? The top ten DEX by market value that airborne? Or is Tian Xinping confused? Maybe not, all of this may be appearance. What really deserves our attention may be the changes that DEX has brought to the entire industry and the combination with CEX.
3. After the madness, where to go?
On a statistical chart given by Dune Analytics, we found an extremely surprising fact, that is, compared with the same period in 2019, the monthly volume of DEX has increased by 100 times.
Let’s take the data in September 2019 as an example. The DEX transaction volume of the entire network was US$281 million. As of September 20, 2020, this data was US$17.982 billion. It is estimated that the transaction volume in September will reach about US$28 billion. , Is 100 times of 281 million.
In addition, in the DEX category, there are 13 hottest projects, namely Uniswap, Curve, Balancer, 0x, Kyber, dYdX, Synthetix, IDEX, Bancor Network, Oasis, Loopring, DDEX, Gnosis Protocol.
The turnover of these DEXs in the past 24H was US$763 million, the turnover of the past 7 days was US$6.083 billion, and the turnover of the past 30 days was US$22.910 billion. In contrast, one year ago today, the entire network DEX had monthly transactions. The amount will only be maintained at around 200 million US dollars.
Among them, Uniswap trading volume accounted for more than 50%.
On the evening of August 30, when Uniswap’s trading volume surpassed the top exchanges for the first time, founder Hayden Adams said on Twitter, “Uniswap 24-hour trading volume is higher than Coinbase for the first time in history. Uniswap 24-hour trading volume exceeded $426 million. The 24-hour trading volume of Coinbase Pro exceeds 348 million U.S. dollars. It’s hard to describe how crazy this is.”
Does it mean that CEX has since been eliminated!
Of course not, at least for now, DEX still has a series of problems such as “lack of ease of use, low user support, lack of professional transactions, excessive fees, and low liquidity and adoption rates of most DEX”.
Taking Uniswap’s own token UNI as an example, the trading volume on Uniswap on September 20 was US$85.77 million, while the trading volume on CEX was US$1.549 billion. In other words, most users and families still happen on decentralized exchanges.
As the founder of Lebit Mining Pool, Jiang Zhuoer, thinks on Weibo, “If CEX (centralized exchange) is not completely banned, DEX can only be a supplement to CEX, and DEX decentralization will bring two or three An order of magnitude drop in efficiency cannot be tolerated by finance.”
In all these cases, although DEX like Uniswap is gaining momentum, it will inevitably not be able to expand indefinitely if it cannot comply with the rules of a centralized world. After a wave of $10 airdrop, after the madness, it still has to return to calm.
