Uniswap’s governance token, UNI, is now live. As a reward for loyal users of the Uniswap decentralized exchange, 400 UNI is being airdropped to any user who has interacted with the Uniswap smart contract before September 1st. As of writing, 400 UNI is equal to $1200 USD.
The Governance Token
One billion UNI tokens will be issued in the next four years, with 15 percent accessible for historical network users to assert today. In particular, 60% will go to company stakeholders, while the remaining 40% will go to the Uniswap team for a vesting term of up to 4 years. After four years, the token will have a 2% annual inflation rate. Within 12 hours, UNI was listed on a multitude of exchanges, including Uniswap, Coinbase Pro, Binance, and Huobi.
The goal of UNI is to ensure that Uniswap is community-led, self-sustaining, and completely decentralized:
“The introduction of UNI (ERC-20) serves this purpose, enabling shared community ownership and a vibrant, diverse, and dedicated governance system, which will actively guide the protocol towards the future.”
How to UNI
To claim your 400 UNI, you must:
- Be a participant in the snapshot, which took place on September 1st, 2020. To participate, you must have interacted with the Uniswap smart contract through making at least one transaction before September 1st, 2020.
- Log on to Uniswap with your account and click the “Claim UNI” banner to collect your 400 ETH
- As ETH gas prices are at an all-time high, you might have to add extra gwei to speed up your transaction