If you have been a user of the Uniswap platform for the past few years, you may 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 look at 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 tried 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 be among the most used exchanges.
Despite its established reputation, Uniswap is not an exchange in the strict sense of the term. Rather, it is a decentralized liquidity protocol.
Today, Uniswap represents over $500 billion in exchange volume since launch, 79 million validated swaps, as well as 300 integrations into the most popular apps on the market.
In September 2020, they airdropped and distributed 400 uni governance tokens to users. The only condition was that users interact with the Uniswap DEX platform before September 1, 2020. If you meet this requirement, you must follow these steps to obtain 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 adversity of running into scammers.
- Connect your web3 wallet if you haven't already. If your wallet address is eligible, go to the next step.
- In the upper right corner of the interface, you will see the button to claim your tokens. Click on it.
- Wait for confirmation of your transaction on the ethereum network. Once confirmed, the tokens will appear in your wallet.
Things to consider when claiming your UNI tokens
When claiming your tokens, there is one important thing you need to keep in mind. To speed up the mining process, you will need to set a higher gas rate.
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 must pay in order to make an ethereum transaction on your blockchain.
Additionally, it is critical to understand that opportunities like the Uniswap UNI airdrop have time constraints.
It is essential to take immediate steps to reclaim these airdrops to fully take advantage of those opportunities. Additionally, it is imperative to exercise vigilance against fraudulent schemes.
Scammers may try to trick you into providing sensitive information, such as your private keys or personal data.
To protect yourself from these deceptive tactics, it is advisable to thoroughly verify the legitimacy of the airdrop. Make sure you use verified platforms or trust official advertisements when claiming your tokens to avoid falling victim to scams.
UNI Governance Token Launch – What is it about?
Decentralized exchange Uniswap had launched its governance token, UNI. The famous decentralized exchange had introduced its governance token, UNI, which was already listed on Binance and Coinbase Pro at the time. This ERC-20 token had been trading around $4 and all users of the platform before September 1st 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 future of the protocol.
UNI token holders were therefore invited to participate in the governance proposals for Uniswap. It was noted that Uniswap team members would not directly participate in governance, although they could 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 begun between the two protocols to see who would attract more liquidity, and SushiSwap had managed to drain more than $830 million previously locked in Uniswap.
What are governance tokens?
Governance tokens are the basic method to achieve decentralized governance in decentralized autonomous organization (DAO) projects, in DeFi and decentralized applications (DApps).
Token holders vote on important issues to ensure the development of projects and protocols. Typically, voting is done using smart contracts, in which case decisions are implemented based on the results. Unfortunately, to this day, few projects automatically integrate developments after the governance vote.
In addition to Uniswap, there are several examples of governance tokens, such as MKR for MakerDAO, AAVE for the DeFi protocol, AAVE and DYDX for the dYdX decentralized exchange platform. Active users can receive these tokens for their loyalty and contributions to the community, and one token is usually equal to one vote.
Users can also delegate their tokens to others to vote on their behalf, in the same way that governance applies liquid democracy or proxy voting in the real world.
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