The Uniswap Protocol listed its very own Uniswap token (UNI) on September 16th. On the very first day, 15% of the total supply had already been distributed to past users. Being listed on Uniswap, Binance, and Coinbase, simultaneously – the price of the asset sky-rocketed from the listing price of about $2.97 to the high of $8.40 (September 19th) before it retraced back down to $6.08.
Before I get into the claiming process, let’s learn about the UNI tokenomics and use-cases to learn what makes it so attractive to speculators and investors – aside from the token being free and having enough volume for traders to participate. If you’re in a rush or feeling FOMO, feel free to scroll down towards the middle of the article to get started, now.
What is Uniswap?
Uniswap is a decentralized exchange (DEX) that is known as the hot-spot for newly listed gems on the Ethereum network. The Uniswap DEX allows the swapping of one ERC-20 coin, for another – without the need for a market-maker, or a centralized 3rd-party EVER taking possession of YOUR digital assets. The way it SHOULD be.
DEX’s are considered to be the preferred choice for experienced participants in the crypto space, due to the selection of newly listed tokens, the non-existent need for KYC/AML, along with the security benefits. The only one that can accidentally cost you your own assets, is you. New users that are only used to the likes of a Binance or Coinbase may be intimidated, but the learning curve is very forgiving with a very basic and easy-to-use user-interface (UI).
UNI Token Allocation
The allocation of this genesis supply, (the first of four airdrops scheduled to be dropped in the next 4 years – 15% of the total supply = 1 billion tokens) will be as follows: 60% for those that have used Uniswap prior to September. The team members are allocated 21.51%, investors: 17.8%, & advisers: 0.69%. According to CoinGecko.com, the circulating supply at the time of this writing is 105,366,251 / 1,000,000,000 total tokens. Data on UNI markets, price, and other key metrics can be found by searching CoinGecko, linked below.
UNI Token Use-Cases
The first use-case for the UNI token is for it to be used as a governance token. This allows all UNI holders to vote on key issues that can have a serious impact on the direction Uniswap takes, which ultimately can have a big impact on the price action (PA). Management of the treasury will be done by the community which bodes well for the holders of UNI. This begins on October 17th.
The UNI token will also provide liquidity on Uniswap as liquidity providers (LPs) can provide their UNI alongside an equivalent amount of ETH to take a piece of all the fees paid when a user buys or sells tokens.
A liquidity mining program will begin on September 18th and end on November 17th, with the intent of targeting the ETH/USDT, ETH/USDC/ETH/DAI, and ETH/WBTC pairs. The UNI contract address is linked below.
How To Claim UNI Tokens
Free-claims are available ONLY to those that have at least 1 transaction (tx) in their wallet BEFORE September 1st. If you have a MetaMask or Trust wallet with one interaction to the Uniswap contracts, you are eligible. Even a failed tx counts. Make sure to check ALL your wallets’ activity before moving on to check the next one. Check out the blog linked below for full details on the process of claiming, the token itself, and the statistics
Click the 3 dots on the upper, right-hand side of the drop-down menu, and click “Claim UNI”.
Enter any address that you have previously used to make a transaction (tx) on Uniswap with, which verifies if a certain address is eligible to claim.
If the address you entered shows a “0 UNI” at the top, you didn’t use that address to make a tx before September 1st, try and test your other addresses.
You should see “400 UNI” below “Claim UNI Token”. Click “Claim UNI” located below “Recipient” (where you pasted your address).
Before confirming on default gas/GWEI settings, it is highly recommended to use the highest of the three default gas settings when the network becomes extremely congested.
Paste the UNI token contract address in MetaMask to add the UNI token to your wallet:
- Scroll down and find “Add Token”.
- Click “Add Token”.
- Click “Add Custom Tokens”.
- Click “Custom Token”.
- Paste the UNI contract address under “Token Contract Address”.
- The “Token Symbol” and “Decimals of Precision” fields should populate automatically. Click “Next”.
- If the address you entered shows “0 UNI” (shown in the image above), you never used that specific address to make a tx before September 1st. Try other addresses in that same wallet. Afterward, try your other Metamask wallets and repeat the process, going through each and every address, one-by-one.
- It is highly recommended to always check the gas recommendations on ETHGasStation BEFORE making a tx and spending your ETH. In many cases, submitting an insufficient amount of gas will end up just being wasted as tx’s frequently get dropped or get stuck when there are other tx’s pending from other claimers that have spent more ETH to push their claim ahead faster, before yours.
- After entering the address, wait at least a few minutes before giving up, it can take a minute or longer to verify if the ETH network is congested. Upon switching back to and from another browser, after a few minutes of looking at charts and switching back to the Uniswap browser tab, the amount magically changed from “0 UNI” claimable to “400 UNI”.
- If the tx is stuck or is pending after an hour, try speeding up the tx by adding more gas. Hit the “speed up” button. Go to Metamask, click “activity”, click the pending tx, and a pop-up will show details on the tx. You should see a “Speed Up” button.
- If your Metamask is backed up with one or more pending tx’s and you can’t cancel the pending tx(s), you may need to reset your Metamask. ANYTIME there is a pending or stalling issue with a tx, refer to these links. However, keep in mind that resetting your Metamask wallet will cause your tx history to get wiped clean from your wallet. You may still retrieve that data from the block explorer, more on that later.
Check out our tutorial to reset your Metamask here.
- Also, realize that canceling a pending tx can cause you to lose out on the gas fees initially paid. If gas fees are really high, this might not be the best option depending on a multitude of factors. Sometimes, being patient for at least an hour or two is the prudent thing to do.
- After you claim and the tx is pending, refresh the tx ID on the Etherscan Block Explorer by doing the same as above (#4) – but instead of clicking “Speed Up”, click the little blue arrow at the upper part of the tx pop-up (next to the blue button that copies the address), instead. This opens up the explorer where you can check to see if the claim was dropped, pending, or not yet viewable, due to an insufficient amount of gas fees being submitted with the tx claim.
- Alternatively, you can also just copy and paste the address of the wallet you claimed from, by going directly to Etherscan. Just enter your address and hit the search button. Refreshing often helps because the faster you know the status is not pending, the faster you can make adjustments.
- If you have one stuck tx in a certain wallet that you are trying to claim from, and you keep on trying anyway, it is possible to back up your Metamask with a bunch of pending tx’s which can make things even worse. My suggestion is to try and keep only one tx pending, at any given time. Forcing more tx’s can make things worse, resolve or wait for the first one to clear or get canceled before you attempt any more claims.
- Sometimes, the Uniswap UI will look like it’s pending, but after a refresh, you may come to find that the tx was actually dropped. Have the explorer open in another tab of your browser so you can instantly hop back and forth to verify both Uniswap and Etherscan are on the same page. Avoiding this can prolong your claiming process for a very long time.
- If the tx is dropped, start over, but use more gas. Use EthGasStation for an idea of how congested the ETH network is and what the suggested amount is.
- If the tx is stuck pending, keep refreshing about every 30 minutes to an hour (depending on how overloaded the network is). Cancel it to start over with a lot more gas, or increase the gas via the “speed up” button.
- If the tx is not yet viewable and cannot be found, refresh after a few minutes. If it stays the same after an hour or two, increase the gas – or cancel it and start over. In some cases, canceling/speeding up the tx will do nothing but cost you more ETH. Scroll up to refer to #4 in these cases.
- I personally have had success using a VPN to claim from a wallet that wouldn’t initially let me claim from most of those addresses. If you have multiple wallets, try claiming from one WITHOUT a VPN, first. Afterward, when attempting to claim from the other wallet(s), turn on the VPN, refresh the page, BEFORE you attempt to claim from ANY of them.
You did it! Cashing in on one of the biggest and most lucrative airdrops of all-time is a very gratifying feeling. Now, get out there and help others to cash in, or keep claiming from your other wallets – if you have some others.
I hope this has helped you in your quest to acquire your free UNI tokens. There is no better feeling in the crypto-sphere than cashing in on some free crypto… except for the feeling of helping others do the same. Hopefully, you have learned some new tips that have not only helped you claim these UNI tokens but will also help you master MetaMask for the future.
Remember to visit Swapfolio Wiki to check out more articles to help you “stack sats” (satoshis). Articles are frequently added as we build up the knowledge-base with valuable resources to help you make profits, and also to help you keep them. Stay tuned for updates on our Alpha release of the Swapolio app, coming in early October.