Do you have UNI, hold it or throw it away?


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Uniswap announced the issuance of coins, the entire currency circle went crazy.

Uniswap officials said emotionally in the announcement that the success of Uniswap is attributed to thousands of community members and they should be rewarded. Before September 1, all 251,534 Ethereum addresses that have called Uniswap v1 and v2 contracts can receive 400 UNIs, including 12,000 addresses that attempted transactions but failed. Uniswap’s early LP, with a total of 49,192 addresses, can receive a total of 49 million UNIs.

Uniswap founder Hayden Adams, today’s most handsome man, is equivalent to sending an iPhone 12 to every user.

User airdrop, universal celebration

As soon as the news came out, users in the Uniswap community boiled over, applying for, withdrawing coins, and trading. Centralized exchanges also quickly followed up. Binance, OKEx, Huobi, and Coinbase launched UNI in turn. For a time, when most people thought that the DeFi liquidity mining fever was about to come to an end, Uniswap forcibly brought the second round of climax.

On all major platforms, the price of UNI soared 10 times from 0.3 U.S. dollars to 3 U.S. dollars, OKEx reported high at 4.88 U.S. dollars, Huobi high at 5.5 U.S. dollars, Binance once reached 15 U.S. dollars, and the lowest was 4.88 U.S. dollars. The hourly increase reached 1526%. As of the time of writing, the UNI price is still stable at around $3.

Moments, Weibo, Twitter and other social media are filled with joy of leeks and words of praise for Uniswap. Blockchain William wrote on Weibo, “I don’t know how revolutionary Uniswap is, but sending money to leeks is definitely revolutionary in the exchange industry.” Super Jun called the airdrop on Weibo. “Account Equality”.

Many industry practitioners told reporters that they have received many UNIs. According to the block rhythm report, as of 16:00 today, the players who have received the most UNI airdrops have received more than 1.15 million UNIs, which is approximately 3.91 million US dollars. , And there are 22 addresses with more than 100,000 UNI airdrops.

UNI effect, Ethereum Gas skyrocketed

Every carnival of DApp on Ethereum means the congestion of the Ethereum network, this time is no exception, and this time it can be said that the congestion problem of the Ethereum network has been exposed more thoroughly.

Etherscan CEO Matthew Tan said on Twitter: The last time we saw the peak of Etherscan website traffic reached the current level was the 1CO frenzy from 2017 to 2018.

How congested is the Ethereum network? According to the information of the browser from 14:00 to 16:00, the number of pending transactions on the Ethereum network has always been maintained between 140,000 and 160,000, and a large number of transactions are in the “Pending” state. According to observations, during peak periods, an average of every 5 seconds , There will be about 20 new transactions on the Ethereum chain.

To quickly confirm transactions, users need to increase miner rewards. Increasing transaction fees is a familiar operation, but the transaction fees this time discouraged many people. As of 15:40 this afternoon, in the Ethereum network, the average Gas fee has reached 770Gwei, and if the transaction confirmation is to be completed within 30 seconds, Etherscan’s recommended Gas fee is 1000Gwei.

Through the operation, it is learned that if you choose the fee of 550Gwei, you probably need to pay 0.12 ETH, which is equivalent to RMB 330. If you need to confirm the transaction within 30 seconds, the miner’s fee is as high as RMB 520.

People in the currency circle have complained about the high fees on Ethereum today. The transaction fee reported by Ziyu in Moments is as high as $2,000. Nervos co-founder Lu Guoning sighed on Weibo: “If the GasPrice is full to 800, the transaction still cannot be successful, and it is too south…”

Selling, mining, governance, who is the best strategy?

In the face of unexpected joy, each user reacted differently. Some wanted to cash out but were constantly blocked by high fees; some expressed that they would use 400 UNIs for free to participate in community governance; some planned to join The mining team reuses idle funds; some bluntly have already bought coins in the secondary market…So which strategy is the best strategy?

When the future trend of the currency price and the mining revenue are still unknown, it may not be possible to judge which is the best strategy. Even after all this is clear, the best strategy is different for different participants.

The first is liquidity mining. According to the information of Super King and Shenyu, this liquidity mining seems not to be popular. According to the coin price at the time of writing 3 USD/piece and the amount of pledged funds in each pool at the time of writing, the static income of the 4 pools is calculated as follows: (Note, each pool produces an average of 83333 UNI per day)

According to the current amount of funds in each pool of Ethereum, if users invest all 400 UNIs in liquid mining (without considering the loss of transaction fees), and each 400 UNIs are invested, the daily rate of return of 4 pools is 1.8 % Is about 652%.

However, it is worth noting that the above calculation process does not consider the transaction fee discount, and as the amount of pledged funds in the pool grows, each UNI mining income will obviously be diluted. Shenyu wrote on Weibo, “It will be excavated tomorrow, and the liquidity will increase several times, and it feels bad.” And Super Jun also told reporters that according to the current pool, the annualization of 50% is already a luxury. ”

However, some interviewees expressed optimism about UNI.

Peng Song said in the circle of friends that he “will hold for a long time and gradually increase the position of the two major DEX platform coins in the future, UNI and SUSHI”; He Taiji told reporters that he holds a long-term attitude towards high-quality targets like UNI, Consider changing hands when there is a clear downtrend.

Lin Xihong said that he went to the secondary market to buy coins and increased his holdings of UNI. In his opinion, the value of UNI comes from governance. In the future, Uniswap platform fee income may be distributed to UNI holders through governance proposals.

Uniswap brings a new DeFi highlight. This time, how long can UNI with platform currency + liquidity mining blessing be popular?

Note: The above content is not considered as investment advice.