Uniswap sends “red envelopes” in groups, can the DEX carnival last?

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Uniswap’s “red envelope” of 10,000 yuan in the sky triggered a carnival in the circle. Players who received UNI airdrops called this day “Chinese New Year”.

HBO and other major institutions are rushing to go online, and investors praised the “pattern” of the Uniswap project, which undoubtedly made Uniswap another glorious one. But behind the excitement, Uniswap and other DEX have already touched the ceiling.

On Uniswap’s airdrop carnival day, the low transaction efficiency of the underlying infrastructure Ethereum and the high gas fee were once again magnified. The upper limit of Ethereum determines the apex of Uniswap.

In addition, Uniswap governance tokens lack more value support than CEX platform tokens. Compared with OKB’s total market value of US$1.8 billion, UNI’s total market value has reached US$3 billion. The industry has pointed out that there is a value bubble. How to give tokens more value support will become a long-term issue.

UNI Airborne Uniswap players happy to mention windfall

On the morning of September 17, news of Uniswap’s issuance spread throughout the currency circle. As the top traffic leader of the DEX in the circle, Uniswap unsurprisingly contracted the hot spots in the circle for a day. What surprised many investors and users was that Uniswap had unprecedentedly distributed large amounts of “red envelopes” to 9 in a sunny way. At least 400 UNI tokens will be airdropped to each address that has used Uniswap before 1st.

According to the information, the total issuance of UNI is 1 billion, of which 15%, or 150 million, are all airdropped to Uniswap users, and 45% are produced in the form of liquid mining. The Uniswap team, early investors and advisors are respectively 21.51% and 17.8. % And 0.69% of tokens will be released linearly in the next 4 years.

This grand airdrop event triggered a collective carnival among Uniswap players, because this “wonderful windfall” is really not small.

At around 10 o’clock in the morning, UNI had a price on Uniswap. 400 UNI can be exchanged for 3 ETH, which is about 7,500 yuan. The crazier thing is still to come. At 10:20, MXC matcha will be listed on UNI. After 10 minutes, OKEx will complete the listing and exempt the transaction fee of UNI. Huobi and Binance will follow suit for UNI, and Huobi will return it. Once you have recharged, you will get the “benefits” of a point card.

The major stock exchanges went online one after another and continued to boost the price of UNI. On OKEx, UNI opened at the price of 1USDT, with a maximum increase of 4.88USDT. Calculated at the price of 4USDT, each user who received the airdrop will receive a large amount of at least 10880 yuan. “Red envelope.”

“New Year’s Day,” investors quickly entered a carnival state, and later realized that users who knew “Heaven’s Pie” were busy receiving airdrops and selling coins, and the enthusiasm of the market reached a high point again.

According to data from Oukeyunchain, as of 4 pm on the 17th, at least 55,739 addresses have received UNI token rewards, and a total of 41.28 million UNIs have been claimed. According to disclosures, a total of 251,754 addresses in this airdrop are eligible to receive UNI token rewards, which means that a large number of airdrops have not entered the circulation market.

One interesting thing is that this airdrop is for Ethereum addresses. Some users have multiple addresses and obtained more tokens. Others claim that hundreds of addresses have been created in Uniswap before. He made a fortune directly.

Airdrops are not uncommon in the currency circle, but in the past, the value of airdropped tokens was either low or the number of people allocated was small. As an exchange, Uniswap set a precedent for every user to airdrop “platform currency”. Investors praised the “pattern” of the project team, saying that they once again felt the charm of decentralization.

Where does Ethereum’s congestion increase in the future for DEX?

Uniswap users happily cashed out airdrops, withdrawing coins, and selling coins. At this time, the Ethereum network unexpectedly fell into a state of extreme congestion.

According to data from Ouke Cloud Chain, 3 hours after Uniswap issued the airdrop, the Ethereum Gas fee increased rapidly, from 280Gwei to a breakthrough of 700Gwei. During this period, UNI related transfers contributed more than US$100,000 in handling fees. At the craziest time, the block reward for miners to pack a block is 2 ETH, and the fee income reaches 8 ETH, which is 4 times the block reward.

Ethereum miners have become the biggest winner in the carnival, but this also reflects the weakness of Ethereum performance and poor operating experience.

“I started the Claim (claim) UNI airdrop at 10 o’clock, and the gas fee was increased to close to 20 US dollars and still couldn’t get the account quickly. The package was not completed until about 3 pm.” A user complained that it was too slow because the network was too congested. He did not catch up with the high point of selling coins and made a lot of money less.

At present, the upper limit of the Ethereum network has become the ceiling of DEX such as Uniswap. When the infrastructure performance is not up to standard, users need to pay high gas fees in addition to transaction fees. Once the liquidity mining boom cools down, DEX loses its money-making effect, and Uniswap may face a decline in traffic.

In this violent “red envelope rain”, a slightly ironic reality is that the first reaction of many users when they get UNI is to mention selling on centralized exchanges, not on Uniswap, the home of UNI. “Because the price of the big office is more advantageous, and there is no gas fee,” a user told reporters.

An industry insider believes that the price discovery mechanism of the current centralized giants still far exceeds that of DEX such as Uniswap. More traffic and better liquidity allow them to still control the pricing power of tokens.

In addition, compared to the three major HBOs that provide various usage scenarios for their respective platform tokens, including transaction fee discounts, new subscriptions, and payments, the governance tokens issued by DEX are still relatively limited at this stage, and the main functions are still It is voting on community proposals, and the actual use value has not yet been revealed.

The above-mentioned industry insiders stated that, judging from the 1 billion issuance, the price of UNI at around US$3 is a bit inflated, bringing its total market value to US$3 billion. For comparison, the total amount of OKB issued on the OKEx platform is 300 million, the currency price is US$6, and the total market value is US$18. Obviously, the volume of Uniswap compared to HBO and other head platforms is still small, and there are many bubbles in the high market value.

For DEX such as Uniswap and SushiSwap, how to capture the value of “platform currency” is still a long-term issue. Limited by the performance of the underlying infrastructure, if governance tokens cannot be fully empowered, today’s carnival is more like a castle in the sky.

Of course, Swaps have taken a big step in this wave. The influx of a lot of funds and traffic has given them a good start. In this DeFi feast, more and more players are aware of decentralization. This is undoubtedly the most anticipated place for DEX.