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The Uniswap native token (UNI) destabilised the whole crypto-market!
September 2020 was the month of the biggest airdrop I ever, when Uniswap distributed at least 400 Uni tokens to everyone who's done at least one transaction through, even failed ones.
In the last week, over 70% of the promotional UNI tokens were claimed, approximately 110,890,207 tokens have been claimed by 180,807 users. This is the reason behind the enormous ETH gas fees over the weekend. To stake $88 worth of Matic, I was requested to pay $91 gas fees, which is ludacris.
The market was volatile before the Uniswap airdrop, and looks like this event generated an avalanche of transactions which congested a market already saturated by new and strange DeFi projects. And soon the Bitcoin price went downhill, and Ethereum followed quickly. The fall was even sharper in the last day as a result of value decline of global equities.
This market correction affected altcoins and DeFi projects as well, and the fall may continue after the U.S. stock market hit a 2 months low and the world is preparing for the second wave of the Covid-19 pandemic. I wanted to take advantage of the initial depreciation and bought Tezos (XTZ) at $,190 but another 24 hours wait would give a better value for money as the price dropped to $1.60.
The Bitcoin fall was not as bad as the one at the start of September, however created a Tsunami wave that affected all other altcoins. As a result, my portfolio is currently 30% down.
Ethereum down 7% in a week is the result of the high amount of transactions, mainly from the Uniswap airdrop. The Eth drop in value affected the DeFi sector, as the majority are built on the Ethereum block-chain.
And as usual, this happens after I decide to invest in new assets. Once I press that buy button, I am ready for a major global catastrophe, an earthquake, alien invasion or just the Apocalypse. Happy investing my friends!