UNISWAP: The Mother of all Airdrops!

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Written by

Crypto Enthusiast

3 years ago

In community: Crypto Mindset(9c1c)

In this article I will be talking about the UNISWAP airdrop of 400 UNI tokens which took place on 17th Sep 2020, and how this is a complete game changer in the crypto space.

Before proceeding with the post ask yourself have you used Uniswap before 1st Sep 2020 and if indeed you have did you claim the 400 UNI on their site. If not drop everything and run to their site to claim the airdrop and then come back here. I will be waiting here without any issues as the airdrop is way important than any article you are going to read today or this year in fact.

What was the UNISWAP airdrop?

On 16th Sep Uniswap announced on it’s official blog that they have launched their native governance token called UNI. They shared a lot of details how this token will be rewarded to users who are providing liquidity to the platform and how holding this will give them governance rights as well. They laid out a 5 year plan on how the tokens will be distributed with the biggest 40% chunk being distributed in the 1st year itself. If you want to read the full official blog you can access it here - https://uniswap.org/blog/uni/

The very next day on 17th Sep it was announced on Twitter that they are airdropping 400 UNI to everyone who has used Uniswap before 1st Sep 2020. This list would include even those who attempted a transaction and it failed. Additional tokens will be paid out to users who were providing liquidity to the platformed and the extra tokens they will get will be linked to the amount of liquidity they provided. As per Uniswap’s estimate there are more than 250,000 accounts eligible for this airdrop. Which means more than 400,000,000 token will be distributed and at the launch rate of about $3 per token it makes the airdrop worth more than $1 billion. Currently the market cap of UNI is under a billion as many of the users have still not claimed their tokens.

Why this Airdrop is a Game changer?

If you have been around in the crypto space for some time you are well aware that airdrops happen almost everyday. Most of them are worth $1 to $10 for trying out a new platform which is basically a marketing strategy to attract more new users. Many new exchanges and wallets give out $20 - $50 joining bonus with some conditions related to holding a minimum balance or buying a fixed amount of their native tokens. Bounties are also quite common with projects rewarding $20 - $100 to high quality posts or videos made about their project.

As an average it is normal to get $5 - $10 for trying out a new project and $20 - $100 when you invest time in making a quality post or video for a bounty or contest linked to a new project. This was a norm and everyone around was quite used to this. How Uniswap shaked the whole market was that this airdrop at the time of launch was worth $1,200 with the token worth $3 and the next day the token climbed over $8 for a while making the airdrop worth $3,200. Such a reward for just using a platform was unheard of before.

I personally considered it a scam as it was unimaginable to me that a site would pay it’s users more than $1,200 for just being it’s users and not doing anything extra. When I saw the same being posted by some friends who I know don’t post fake or fraud news I finally went to the site and claimed my UNI. I saw that $17 in ETH was required as processing fee to claim this UNI but now as I knew this was not a scam I went ahead and paid the $17 fee. I soon noticed that ETH fees just went to crazy all time high levels as more and more people started claiming their UNI.

HODL, SELL or BUY?

Once I received the 400 UNI in my Metamask I was faced with the big dilemma what to do with my tokens- HODL, SELL or perhaps even buy more.

I was aware there was going to be a sell pressure as many people would sell their tokens to book a profit which might plunge the price. Then I thought there is value in HODLing as these tokens will have long term governance power on Unisawp platform. I even thought about buying some more as news of Coinbase listing came and I know there is a big pump once a coin gets listed on Coinbase.

I was very confused and I finally decided to make 3 groups of my UNI tokens. Sold one set for ETH, converted another set to DAI so even if the market crashes in the near future a part of my reward will be locked safe. I am still holding a third set of UNI on the platform for long term.

What this Airdrop means to me?

I would like to end the post by mentioning what an impact this airdrop has had on my long term conviction and faith in crypto. Whatever earnings I got from Publish0x, Uptrennd, ReadCash I would reinvest in trying out new things in cryoto whether a new coin, exchange, wallet, staking, DeFI, CeFI etc. Thanks to the high ETH fees I would lose a considerable part of the tokens I earned on just playing around with these new crypto projects. At times I would think if this crypto obsession was just a pointless hobby and would never amount to anything serious.

This airdrop of $1,200 has changed everything. It has more than compensated for the ETH is lost in fees for trying out all the projects and has given me the confidence to try out each and every crypto platform that exists. I always avoided SUSHI platform due to the mixed reviews I got and the high ETH fee involved but I guess I am going to try even that out now.

Cheers,

SamBTC

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