Uniswap issuance of coins: those who issued counterfeit coins became rich, and the Ethereum gas fee soared to the sky

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At 8 o’clock in the morning on September 17, Uniswap announced on Twitter that its protocol governance token UNI has been released on the Ethereum mainnet and will start initial liquidity mining at 12:00 AM on September 18th.

The founding number of UNI is 1 billion, 60% is allocated to Uniswap community members, and the rest is allocated to the team, investors and consultants. Of the part allocated to community members, a quarter (accounting for 15% of the total supply, 150 million in total) has been allocated to past users, and the rest is released through liquidity mining.

As soon as the news came out, users in the Uniswap community boiled over, claiming, withdrawing coins, and trading. The Ethereum Gas fee once soared to 770Gwei. Centralized exchanges also followed up quickly, starting at 10:30, OKEx, Huobi and Binance launched UNI in turn.

For a time, the second largest DEX platform currency that appeared at the end of the DeFi market attracted everyone’s attention.

According to the official announcement, the specific distribution rules of UNI are as follows:

60% to Uniswap community members, that is, 600 million UNIs. Among them, 15% of the total UNI is based on the snapshot on September 1 and is provided to early Uniswap LP, users, and SOCKS redemption and holding users. Of this 15%, 4.92% of the total amount is allocated to 49192 early LPs, and the other 10.06% UNI is allocated to 250,000 early users. The official said that every address that has called Uniswap v1 or v2 contracts can apply for 400 UNIs. , Which also includes 12,000 addresses that have been called but failed.

For a time, Uniswap’s community users became the wool party, and they applied for the UNI in their accounts and transferred them to the exchange for sale. In addition, the four new mobile pool mining rewards on Uniswap also attracted a large number of users to lock the pledge. The congestion of the transfer on the chain is obvious. The gas fee of Ethereum has also risen to 500Gwei, and the real-time price even reaches 700Gwei. 2-3 times the normal level.

During the same period, the transfer of Uniswap protocol token UNI contributed 276.01 ETH (approximately US$104,800) in handling fees in the past 3 hours, which accounted for 6.3% of the Ethereum network handling fees in the past 3 hours.

No matter how expensive the gas fee is, it can’t match the soaring price of UNI. On major platforms, the price of UNI has gradually soared 10 times from $0.3 to $3, OKEx’s high is reported at $4.88, Huobi’s high at $5.5, and Binance’s highest At one point, it hit $15, and based on the smallest price of 4.88, the two-hour increase reached 1526%. But just like other DeFi tokens are playing and running fast, the highs did not last long before they fell, and the price was once cut.

Time is money, both for the wool party and the trading platform. After the three fast listings, OKEx, FTX, etc. also quickly opened UNI contract trading pairs.

Behind every skyrocketing coin is a group of rich people. For this wave of UNI airdrops, the most profitable ones are those players who are deeply involved in Uniswap. For example, in the picture below, the “scientist” who claimed to have issued counterfeit coins on Uniswap created hundreds of wallets in one go, which means that his income will be hundreds of times that of ordinary users.

Of course, there are also players who do not drive in the morning and are one step away from getting rich.

Of course, there are also many users who have been airdropped that have not yet been sold, because the trading volume of this two-month online surpasses Coinbase. The second-largest DEX has just prepared to launch “liquid mining”, a DEX with a lock-up volume of nearly 1 billion US dollars. The current total value of tokens in circulation is only US$375 million (based on the current price of UNI US$2.5), and the future is still promising.

Starting from 12:00 AM on October 18th, Uniswap’s governance Treasury will unlock the remaining 45% of the community tokens in batches in 4 years. The distribution plan includes donations from contributors, community initiatives, and liquidity mining. And other plans. The UNI allocation of the team, investors and advisors will be carried out on the same schedule.

Among them, the initial liquidity mining plan to be launched tomorrow will last for one month and will last until 12:00 AM on November 17, 2020; the total prize pool is 5 million UNI, and the four liquidity mining pools are : ETH/USDT, ETH/USDC, ETH/DAI and ETH/WBTC. This means that each pool rewards 83,000 UNIs per day, and each block rewards 54 UNIs, and there is no lock-up period for these UNIs.

One month later, the genesis mining ends, and Uniswap holders will control the UNI belonging to the Uniswap Ministry of Finance, which means that the remaining UNI will be used by the holders.