Uniswap Protocol Governance Token (UNI) Is Live!

The Uniswap Protocol token, UNI, is now live on Ethereum, and the news has taken Twitter by storm. The news is even more exciting for existing Uniswap users as there is free UNI worth $1,408 (1 UNI = $3.52) waiting for them on Uniswap. On a lighter note, this amount is more than the $1,200 coronavirus stimulus check that millions of Americans received in 2020.

According to the official blog post, 400 UNI are claimable by each address, this even includes Uniswap addresses that have submitted only failed transactions to date. There are close to 120,000 such addresses.

At the time of press, close to 226,881 addresses hold UNI tokens and, every second, almost 12 addresses are claiming their free UNI. However, there exists an address that received more than 130k UNI. We will talk about that later in this article.

Easy to claim UNI!

As a Uniswap user, all you need to do is log in to your profile and claim the UNI tokens. Here is a 2-step guide to claim the tokens:

  • As soon as you login, you will see a notification on the right-hand side of the screen- β€œUNI has arrived.” Click on β€œClaim your UNI tokens.”
    Claim Free UNI
  • On the next screen, it once again asks you to click on β€œClaim UNI.”
    Claim Free UNI 2
  • Wait for the 400 UNI to reflect in your wallet balance. Be patient with this. It will take a while as the Ethereum network is once again congested.
    Free 400 UNI

In case you are facing issues claiming your UNI, Uniswap suggests this could be due to caching in the Cloudflare IPFS gateway. Furthermore, it suggests users use an alternate link.

TrustSwap founder Jeff Kirdeikis claimed and immediately sold the UNI for ETH. You may choose to hold the UNI as the ERC20 token is up by 100.3% in the last 24 hours.

What does UNI mean for Uniswap?

Uniswap has proved to be a perfect product for the decentralized finance market. Now, the time is ripe to move towards community ownership by introducing UNI – the protocol governance tool. According to a tweet by Robert Leshner, the founder of Compound Finance, Uniswap will use Compound Governance system contracts for governance management.

Right from its inception, Uniswap envisioned the development of a neutral and trust-minimized ecosystem. For the very purpose, it has designed the governance framework with limited capacity. Precisely, the governance framework can participate only in:

  • Protocol development.
  • Development of the Uniswap ecosystem.

At the time of genesis, Uniswap minted 1 billion UNI. Over the course of four years, 60% of these will be distributed to the Uniswap community members. However, 15% of these 60,000,000 UNI has already been distributed to past users. The tokens issued to the team, investors, and advisors will have a four-year vesting period.

After 30 days, governance will reach its vesting cliff. Following this, Uniswap governance will be in complete control of the UNI vested to the Uniswap treasury.

The Sushi twist!

Chef Nomi, the former head chef of SushiSwap, confirmed that he received 138,269 UNI in the airdrop. It was first noticed by Twitter user @bcmakes.

Chef Nomi immediately confirmed the same by sharing the transaction details.

Currently, Uniswap and SushiSwap stand as strong rivals in the space. How does Chef Nomi plan to use over 130k UNI? Will he contribute towards protocol governance or will he use them to dump UNI?

Do let us know your opinion in the comment section below.

Meanwhile, on our Altcoin Buzz YouTube channel, we are talking about whether the altcoin season for 2020 is over yet.

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