Cryptocurrencies

Massive Airdrop of 500,000,000 Dollars! Behind the Scenes of a Unicorn Heist Uniswap (UNI)! – Cryptocurrencies

Uniswap (UNI) is organizing a massive airdrop of its new token

If you missed this news, then it is because you are neither on social networks nor actively engaged in DeFi and in particular on the Uniswap (UNI) platform. And in those cases, I can understand why this title makes you… weird! But don’t panic, we’ll take it apart together. We’ll start by recapping the events, the UNI token launch and its airdrop (and see if you’re eligible!). Then we will discuss the strategy behind the launch of this governance token: the war against Sushiswap (SUSHI). Finally, we’ll open the discussion on the other protocol change, and the interest in its shadow investors …


The launch of the UNI token

Uniswap is the pioneering platform that enabled the launch of DeFi, its explosion, by offering a Functional and efficient DEX thanks to a very interesting idea: the liquidity pool (or pools of liquidity in French, but if you don’t mind I’ll stick to the English version).

So far, the platform did not have a governance token, and did not particularly want to have any. Indeed, this absence of token gave confidence in the platform. And then, it was not necessary.

Uniswap was therefore directly rewarded for the efforts made to develop the platform., make it stable, and that didn’t leave the fear of a massive dump of the governance token overnight.

And then … one fine day … Uniswap announces the launch of UNI and an airdrop of 400 UNI to any user who will have used Uniswap at least once before September 1st! 400 UNI, at the time of the airdrop it was worth about $ 1200.

Yes yes, you read that right, $ 1200 ! A minimum wage, an American stimulus check, you see it as you wish.

As an anecdote, I only used Uniswap once: August 31st for a transaction that didn’t go through (or at least that I didn’t understand). What a pleasure to touch these 400 UNI, so hard deserved! (or not…)

In any case, if you have already dealt with Uniswap, go and check your eligibility, you may have a nice surprise !

But… Why did you launch this token when everything was going so well?

The war between Uniswap and Sushiswap

Well… Sushiwap arrived ! To put it simply, Sushiswap is a copy and paste of Uniswap, with a governance token over: the SUSHI. Ah, the joys of open-source projects!

Sushiwap had a rather simple and effective strategy : do the same as at Uniswap here, but in addition to your usual actions, you will gain SUSHI as a bonus!

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Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

Quickly, Uniswap’s cash flow therefore went to Sushiswap, in order to take advantage of this bonus token. At the same time, you would have had to be crazy to refuse to have the same service, with the added bonus of a bonus!

And so, in just a few days, Sushiswap sucked most volumes from Uniswap. Now, if you remember my little talk at the beginning of this article, where does Uniswap get its money from? Of its cash!

Ouch, not good for the business that… And the answer was not long in coming.

How do we say ? Respond to fire with fire? Uniswap then simply aligned with Sushiswap’s strategy, by in turn offering its governance token: the UNI.

In addition, intelligently, the platform has chosen to distribute it to all its loyal users … An effective way to flatter and bring back to them the missing cash … But also a great way to get people talking!

Indeed, since this airdrop, the cryptocurrency community is in turmoil! And the Uniswap topic is on everyone’s lipsA marketing coup of genius. Moreover, Sushiswap pays the costs directly with a fall in the value of SUSHI and liquidity which massively returns to their first love: Uniswap.

Who are the real winners?

At first glance, the winners seem obvious:

  • The users who received 400 UNI;
  • Uniswap which has re-attracted liquidity to its platform.

But in fact, there is also (and above all) another category of big winners … Uniswap investors ! So finally… the holders of the UNI token. And I’m talking about those who have bags much larger than 400 units.

Indeed, the Uniswap protocol embeds a feature ready to be activated by vote which would allow share part of the transition costs… among the holders of the governance token!

This is also the reason why the token is progressing so much at the moment in terms of value. Indeed, people who see a long term future in Uniswap also sees an increase in volumes on the platform … This will lead to an increase in costs and therefore rewards for UNI holders!

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Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.

Uniswap caught everyone off guard with the launch of its UNI token. In addition, the airdrop that followed is one of the biggest ever in the community, and has been talked about a lot. In fact, the Ethereum network suffered tremendously on the day of the airdrop, with transactions piling up and network fees increasing. One thing is certain, Uniswap won its bet, and hit the table hard to regain its leadership position, ahead of Sushiswap. Now, it will be interesting to see the responses to come from the various DeFi players, following this movement from Uniswap. In addition, it may be relevant to ask the question of the origin of all this money distributed … A $ 1200 airdrop to his beginning, it’s unheard of. In any case, on a personal basis, it only reinforces my idea that DeFi is a world to be understood, and where many experiments are underway!

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