If you have been a Uniswap user for the past few years, you may be wondering how to claim a UNI token. In this article, we provide you with a step-by-step guide to help you claim your UNI tokens. But first, let's see what UNISWAP is and why these crypto tokens are so special.
What is Uniswap, and how can you claim UNI tokens?
Uniswap airdrops are one of the best you will find in the cryptocurrency market. Uniswap DEX is one of the most popular decentralized exchanges developed using the Ethereum blockchain.
For several years, many decentralized cryptocurrency exchanges have tried to establish themselves in the ecosystem here and there. However, none were able to survive and impose real leadership before 2020.
Uniswap is the core of decentralized exchanges and has allowed other DEXs, such as PancakeSwap or SushiSwap, to become among the most widely used exchanges.
Despite its well-established reputation, Uniswap is not an exchange in the strict sense of the word. It is a decentralized liquidity protocol.
Today, Uniswap accounts for over $500 billion in exchange volume since launch, 79 million verified swaps, as well as 300 integrations on the most popular apps on the market.
In September 2020, they conducted an airdrop and distributed 400 governance tokens to users. The only requirement was for users to interact with the Uniswap DEX platform before September 1, 2020. If you meet this condition, you will need to follow these steps to get your tokens.
How to Claim Your UNI Tokens Step by Step Guide
- Visit the official Uniswap platform. As always, be sure to check if the website URL is correct. This will save you the ordeal of stumbling upon scammers.
- Connect your web3 wallet if you haven't already. If your wallet address is eligible, go to the next step.
- In the top right corner of the interface, you will see a button to claim your tokens. Click on it.
- Wait for your transaction to be confirmed on the Ethereum network. Once confirmed, the tokens will appear in your wallet.
Things to consider while claiming your UNI tokens
While claiming your codes, there is something important you should keep in mind. In order to speed up the mining process, you will have to set higher gas fees.
Executing any operation on Ethereum requires gas consumption, and gas space is limited per block. As a reminder, gas fees are the fees you have to pay so that an Ethereum transaction can take place on its blockchain.
Furthermore, it is important to understand that opportunities like Uniswap UNI airdrop come with time restrictions.
Taking quick action to claim these airdrops is essential to take full advantage of these opportunities. Moreover, it is necessary to be vigilant against fraudulent schemes.
Scammers may try to trick you into handing over sensitive information such as your private keys or personal details.
To protect yourself from these deceptive tactics, it is advisable to carefully verify the legality of the airdrop. Make sure you use verified platforms or rely on official ads when claiming your tokens to avoid falling prey to scams.
UNI Governance Token Launch – What it's all about
Decentralized exchange Uniswap has launched its own governance token, UNI. The popular decentralized exchange unveiled its governance token, UNI, which was already listed on Binance and Coinbase Pro at the time. This ERC-20 token was trading at around $4, and all users of the platform before September 1 received 400 UNI.
As the heart of decentralized finance (DeFi), Uniswap was uniquely positioned to achieve community-led growth, development, and independence.
With this in mind, the team decided to introduce UNI, an ERC20 token that allows users to influence the future of the protocol.
Therefore, UNI token holders were invited to participate in Uniswap's governance proposals. It has been noted that Uniswap team members will not be directly involved in governance, although they may delegate votes.
Although the developers did not mention it, the arrival of the UNI token was a direct response to its clone, SushiSwap and its SUSHI token. A war began between the two protocols to see who would attract the most liquidity, and SushiSwap managed to seize more than $830 million that was previously locked on Uniswap.
What are governance codes?
Governance tokens are the primary way to achieve decentralized governance in decentralized autonomous organization (DAO) projects, in DeFi and decentralized applications (DApps).
Token holders vote on key issues to ensure the development of projects and protocols. Typically, voting is done via smart contracts, in which case decisions are implemented based on the results. Unfortunately, to this day, there are few projects that merge developments automatically after a referee vote.
Besides Uniswap, there are many examples of governance tokens, such as MKR for MakerDAO, AAVE for the DeFi protocol, AAVE, and DYDX for the decentralized exchange dYdX. Active users can receive these tokens for their loyalty and contributions to the community, and a token is generally equivalent to one vote.
Users can also delegate their tokens to other people to vote on their behalf, in the same way as in applying liquid democracy or proxy voting in the real world.
