Uniswap COINS: the fake COINS became so rich that Ethereum Gas flew into the sky
Original title: "Uniswap COINS: Fake Money Gets Rich, Ethereum Gas Flies into The Sky"
By Xue Jiao Huang, Planet Daily
Will UNI accelerate DeFi Foam?
At 8am on September 17, Uniswap tweeted that its agreed governance token, the UNI, had been released on ethereum's main website and would be announced in UTC September.At 12:00 on the morning of 18th, the initial flow mining was started.
UNI initiates 1 billion, with 60% allocated to Uniswap community members and the rest to teams, investors and advisers. A quarter (15 per cent of the total supply, a total of 150m pieces) allocated to community members has been allocated to former users, with the rest released through mobile mining.
As soon as the news came out, Uniswap community users were boiling, claiming, withdrawing currency, trading, ethereum Gas fees shot up to 770Gwei. The central Exchange also quickly followed, starting from 10:30, OKEx, Huobi and COinan were launched into UNI in turn.
For a moment, the second largest Taiwan dollar in the DEX at the end of the DeFi rally caught everyone's eye.
According to the official announcement, the specific distribution rules of UNI are as follows:
60% to members of the Uniswap community, 600 million UNI. Of this total, 15% UNI is available to early Uniswap LP, users, SOCKS redemption and holding users based on snapshots taken on September 1. Of this 15%, 4.92% of the total is allocated to 49,192 early LPS and 10.06% of the UNI is allocated to 250,000 early users, each of whom has called Uniswap The addresses of V1 or V2 contracts can be applied for 400 UNI, which also includes 12,000 addresses that have been invoked but failed.
All of a sudden, community users of Uniswap, as wool Party, claimed UNI in their accounts and sold it on the exchange. In addition, the four new mobile pool mining rewards on Uniswap also attract a large number of users to lock the pledge. The congestion of transfer on the chain is obvious, and the ethereum Gas fee also rises to 500Gwei, and the real-time price even reaches 700Gwei, which is 2 to 3 times the normal level.
Over the same period, transfers of Uniswap promised-currency UNI contributed 276.01 ETH ($104,800) in nearly three hours, or 6.3 per cent of ethereum's total online fees.
No matter how expensive the Gas fee is, it can't compare with the soaring price of UNI. On all platforms, the price of UNI gradually soared 10-fold from $0.30 to $3, the high of OKEx was quoted at $4.88, the high of Huocoin was quoted at $5.50, and the high of COinan touched $15 at one time. The price of COinan reached 1526% in 2 hours based on the lowest quotation of 4.88. But like other DeFi tokens playing fast and loose, the high didn't last long and the price halved.
Time is money, both for the Wool Party and the trading platform. OKEx, FTX and so on also launched the UNI contract trading pair immediately after the three rapid currency exchange.
Behind every skyrocketing coin is a group of moneymakers, and for this wave of UNI airdrops, the most profitable ones are the players who are deeply involved in Uniswap. For example, this "scientist", who claims to have faked money on Uniswap, has created hundreds of wallets at a time, which means he will earn hundreds of times more than the average user.
Of course, there are also players who don't have a morning car and are one step away from getting rich, such as Pipi below.
, of course, there are also many are dropped the user has not yet been sold, two months because of the online trading is super Coinbase, the second most popular DEX just preparing to launch a "liquidity dig", a lock up nearly $1 billion of DEX, the current generation of currency circulation gross but $375 million (in UNI present price 2.5 dollars), still can issue in the future.
Starting at 12:00 a.m. on Oct. 18, UTC, Uniswap's Governance Treasury will unlock the remaining 45% of community tokens in installments over four years, with a distribution plan that includes contributor donations, community initiatives, liquidity mining and other programs. UNI distribution of teams, investors and advisers will be conducted on the same timetable.
Among other things, the initial liquidity mining programme, which will commence tomorrow, will last for one month until 12:00 am, 17 November 2020, UTC; The total prize pool is 20 million UNI, divided equally among four mobile mining pools: ETH/USDT, ETH/USDC, ETH/DAI and ETH/WBTC. That means 83,000 UNI per pool per day, 54UNI per pool per block, and no lock-in period.
After one month, the Creation mine will be finished, and the owners of Uniswap will control the UNI, which belongs to the Uniswap Ministry of Finance. This means that the use of the remaining UNI will be up to the owners.
As of press time, the Uniswap lock is worth $932 million, second only to the Curve, UNI's $2.50 price tag of $1.054 billion.
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