Morning Surprise - Got Over $1000 Airdrop! 🙂

in HODLlast month

This was a pleasant surprise. Never before I had received such a huge airdrop. And it was all without performing any specific tasks to secure it.

Today morning when I opened Uniswap website, I found a unicorn waiting for me with 400 UNI tokens as a gift.

UNI Airdrop.png

The immediate concern on seeing it was like it will eat my ETH with some high gas fee for claiming it and then another transaction for selling it. So I checked its market price ...and my jaw dropped! It was a whopping $2.75 with a high of $3.33.

So I calculated in fiat currency and it's over 80000 INR in value 😮. But I'm as greedy as most humans are, whenever we receive something desirable, we begin to crave for more. I thought what if I round it up for a neat 100,000 INR. And it would come when it climbs back to its ATH @3.33$.

So would it be sensible to wait?

The prices of most airdrop tokens I received in the past soon dropped owing to the selling pressure. Shouldn't this happen with UNI? So I read a little about it.

UNI is actually a governance token for Uniswap Protocol - the biggest AMM DEX for swapping crypto on Ethereum network. In last couple of weeks we saw over a dozen Uniswap forks mushrooming up to capture the market with different ways to reward the community. Some of these threatened to take away liquidity and volume from Uniswap. Probably this prompted Uniswap to come up with its own reward token and a community participation in Uniswap governance.

And we all know, how these governance tokens take a ride to moon.

So I chose to compare it with its rival SushiSwap. SUSHI prices have dropped a lot in past couple of days even after 14M token buy back from the promoter-returned funds 2 days back. SUSHI's current circulating supply is slightly over 100M mark and with a price of $1.5 its market cap is about $150M only.

In comparison, Uniswap has minted 1 billion UNI out of which only 60% are allocated for community distribution. Remaining 40% tokens goes to team and investors though they will be locked for 4 years. Current circulating supply for UNI is already 170M.

So is UNI worth holding?

Unlike SUSHI, you don't get any direct rewards for holding UNI. But UNI enables your participation in the governance. So may be, community can tweak the protocol swap fee rates to reward UNI holders in the future.

Community will get the hold of Treasury next month w.e.f. 18th October. But what's in the Treasury? 430,000,000 UNI tokens. Of these, 170M tokens will be available to the community governance in the first year. Thus I see it as current market circulation doubling in the first year itself.

I'm still weighing for why these tokens will appreciate.

But before I get that, I actually need to claim them. When I was claiming Gas prices were at 500 Gwei ...I consider that as insane even for claiming free tokens 😅. (I hope it should come down in a few hours when most people go to their bed).

Yes, these tokens are distributed for free to all 49000 Uniswap's historic liquidity providers prior to this month. But I never hold my UNI V2 as I deposited or staked it to other yield farming projects as soon as I got it.

image.png

However, Uniswap is generous enough to airdrop at least 400 tokens to even those users who just tried to call the Uniswap contract but their transaction was failed. Check all the details about this airdrop and UNI here.

So what's your take on UNI and Uniswap in general? Should I hodl UNI or sell them?

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@tipu curate

Upvoted 👌 (Mana: 36/45)

How it is worth 80k ..help me understanding it.

400 x 2.75 = $1100.
$1100 worth ETH can be converted to 1100 USDT. And USDT is worth somewhere between 75 - 80 INR atm.

So 1100 x 75 = 82,500 ...minus transaction charges.

(BTW, prices have jumped to $3.53 now. So its easily 100,000/-)

1100 worth of eth,how that be equall to 1100 USDT....at current market price eth/usdt is approx 375

Sorry, I'm not doing the exact calculation. But you can sell your stuff and see for yourself ...you will get something in this range.

Just to clarify, let's take prices in ETH. Currently, UNI is priced around 0.009 ETH per UNI. So 400 UNI will yield 3.6 ETH. ETH is over 380 now. So that comes down to:

3.6 x 380 = ...wait, I need a calculator.
..it's $1,368

I think I should put at least 300 gwei to claim this gift :)

Now it make sense...🙂 bhai lakhpati ban gye...🤗

Dhanyawaad! Aao ek-lakhpati club ki party karte hain aur plan banate hain ki 10-lakhpati aur fir karodpati kaise bane ;)

Aap toh Raton raat banjatte hai...😉

Aisi subah hum v dekhna pasand karenge...

I also got them and tried to swap a part of it to ETH. Sadly, the transaction didn't go through and I lost those gas fees. Then I tried to send a part of my UNI to Binance and it also didn't go through.

Now I'm just waiting for the fees to drop.

Posted Using LeoFinance

Deposit some eth, withdraw and sell it fast. Uni will dump hard in future. It's my personal opinion

Tried it but the transaction got stuck and now I can't even see it on Etherscan. :(

Always make sure that you're provisioning sufficient gas fee for the transaction. You may take some help from https://ethgasstation.info/

Paying a little higher gas cost is better than losing funds to a failed transaction.

Gas fees are very high at this time. I suggest you to hold at least 50$ plus eth and put standard even more gas fees for fast transaction. You can check gas fees here: https://ethgasstation.info/

I think the best approach is to sell them for a stablecoin right now instead to wait and maybe lose value.

You are absolutely right. It will dump hard.

Would be good to watch where it finds a bottom :)
Honestly, I don't see it dumping too hard but may be it would dump for a short period during the airdrop selling frenzy but should recover soon.

Did you notice it's total supply and Circulating supply? Every projects start journey like hulk while listing on Binance after few months later suffer like zoobies. By the way, it's my personal opinion.

Yeah you are right!
I think I talked about circulating supply and market cap in my post.
But here, this project was listed on Binance, Coinbase, FTX, Huobi etc. with its launch itself. Its huge volume and potential were too compelling for Exchanges to ignore this project. So it was the other way round in this case. Exchanges FOMOed in to list it

But all these doesn't imply that coin is going to boom! But let's see how it goes. (You know, I've nothing to lose even if I choose to hodl it).

Thanks for your recommendation!

Market is too volatile for me to make a swap. So I'm thinking to move them to FTX or Huobi to put a limit order.

Nice gain for you :)

Thanks mate!