Uniswap surprised users with an airdrop of their token UNI, which happened to also go live today on Coinbase. As the free tokens were being sent out, the coin was rising in value. The new coin is now sitting at $6.50 at the time of submitting this article to my editors.
Anyone who ever used the exchange received 400 tokens - that's $2600 people were allowed to sell immediately if they so wish. Requiring only 1 transaction ever to qualify, with those who contributed more receiving even more, i'll include the exact details below.
The most surprising part - the price never tanked.
Honestly, never seen this many tokens given away in a day and had it end in 500% gains.
In short - a lot of people are having a really good day.
Currently valued at $97,000,000, this is easily the biggest crypto giveaway ever (not counting Bitcoin that was given away when it was worth pennies as these were worth $97 million on the day people revived them).
Here's how the distribution was split:
"4.92% pro-rata to all 49,192 historical LPs
49 million UNI are claimable by historical liquidity providers. The formula accounts for LP liquidity on a per-second basis since the deployment of Uniswap v1, ensuring that rewards are weighted towards LPs that provided liquidity when total liquidity was low.
10.06% split evenly across all 251,534 historical user addresses
400 UNI are claimable by each address that has ever called the Uniswap v1 or v2 contracts. This includes ~12,000 addresses that have only ever submitted failed transactions — love you guys.
0.02% to 220 SOCKS holders/redeemers
1000 UNI are claimable by each address that has either redeemed SOCKS tokens for physical socks or owned at least one SOCKS token at the snapshot date "
The 15 million UNI tokens represent a 15% of the total supply, a total of 60% is reserved for users.
The uniswap team set aside a slightly excessive 21.51% for their team, which will total 215 million UNI in the long run.
Used Uniswap but didn't get your UNI tokens?
Seen about a doze people on telegram today say this, so heads up - you need to login to Uniswap and claim your tokens!
People hear 'airdrop' and think it'll be sitting in your wallet, but this is more of a 'giveaway'.
Off to a strong start...
The next interesting development to watch with UNI will be the results of a publicly controlled treasury. This means token holders voting on and controlling major factors such as fees, any grants or charity, and even remaining legally compliant.
All the concerns a company founder has will be shared among the users, which could turn out interesting.
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Author: Matt Miller
London Newsroom