How to claim UNI token?
How to claim a UNI token?
If you have been a user of the Uniswap platform during the last few years, you might be wondering how to claim a UNI token. In this article, we offer you 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 do you claim UNI tokens?
Uniswap airdrops are one of the best you will find in the cryptocurrency market. And Uniswap DEX is one of the most popular decentralized exchanges developed using the Ethereum blockchain.
For several years, many decentralized cryptocurrency exchange platforms have attempted to establish themselves in the ecosystem here and there. However, none really managed to survive and impose real leadership before 2020.
Uniswap is the very essence of decentralized exchanges and has allowed other DEXs, such as PancakeSwap or SushiSwap, to become among the most used exchanges.
Despite its well-established reputation, Uniswap is not an exchange in the strict sense of the term. Rather, it is a decentralized liquidity protocol.
Today, Uniswap represents an exchange volume of more than $500 billion since its launch, 79 million validated swaps, as well as 300 integrations on the most popular apps on the market.
In September 2020, they conducted the airdrop and distributed 400 uni governance tokens to the users. The only condition was that users interacted with the Uniswap DEX platform before September 1 2020. If you meet this requirement, then you 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 spare you the adversity of stumbling upon scammers.
- Connect your web3 wallet if you haven’t already. If your wallet address is eligible, go to the next step.
- On the top right corner of the interface, you will see the button for claiming your tokens. Click on it.
- Wait for the confirmation of your transaction on the Ethereum network. Once confirmed, the tokens will appear in your wallet.
Things to consider while claiming your UNI tokens
While claiming your tokens, there is one important thing to bear in mind. In order to speed up the mining process, you will have to set a higher gas fee.
Performing any operation on Ethereum requires consuming gas, and gas space is limited per block. As a reminder, the gas fee is the fee you need to pay so that an Ethereum transaction can be made on its blockchain.
Furthermore, it’s crucial to understand that opportunities such as the Uniswap UNI airdrop come with a time constraint.
Prompt action in claiming these airdrops is essential to capitalize on such chances fully. Moreover, it’s imperative to exercise vigilance against fraudulent schemes.
Scammers might attempt to trick you into surrendering sensitive information like your private keys or personal details.
To safeguard yourself from these deceptive tactics, it’s advisable to verify the legitimacy of the airdrop thoroughly. Ensure you’re using verified platforms or relying on official announcements when claiming your tokens to avoid falling prey to scams.
Launch of UNI governance token – what was it all about
The decentralized exchange Uniswap had launched its governance token, UNI. The famous decentralized exchange had unveiled its governance token, UNI, which was already listed on Binance and Coinbase Pro then. This ERC-20 token had been trading around $4, and all platform users before September 1 had received 400 UNI.
As the heart of decentralized finance (DeFi), Uniswap was uniquely positioned for community-led growth, development, and autonomy.
With this in mind, the team decided to introduce UNI, an ERC20 token that allows users to influence the protocol’s future.
Therefore, UNI token holders were invited to participate in the governance proposals for Uniswap. It was noted that Uniswap team members would not directly participate in governance, although they might delegate votes.
Although the developers did not mention it, the arrival of the UNI token had been a direct response to its clone, SushiSwap and its SUSHI token. A war had started between the two protocols to see who would attract the most liquidity, and SushiSwap had managed to vampirize more than 830 million dollars formerly locked on Uniswap.
What are governance tokens ?
Governance tokens are the basic method for achieving decentralized governance in decentralized autonomous organizations (DAO) projects, in DeFi and decentralized applications (DApps).
Token holders vote on major issues to ensure the development of projects and protocols. Typically, voting takes place via smart contracts, in which case decisions from the results are implemented. Unfortunately, to this day, few projects automatically integrate developments following the governance vote.
Besides Uniswap, there are several examples of governance tokens, such as MKR for MakerDAO, AAVE for the DeFi protocol, AAVE, and DYDX for the decentralized exchange platform dYdX. Active users can receive these tokens for their loyalty and contributions to the community, and one 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 governance applying liquid democracy or proxy voting in the real world.