Uniswap's $UNI Token is OUT - $1,200 AIRDROPPED TO YOU, UNISWAP FARMING BEGINS

Transcript

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will give you a comprehensive report of your entire d5 portfolio not only that but you can you can even make transactions through zapper that allow you to invest in various defy protocols like balancer or unit swapper curve check them out at zapper.fi all right guys welcome everyone this is a new segment that we're doing on bankless i think it's it's needed it's called alpha leak so here we're talking about something big that's just happened usually a a product launch or a token launch or something we think the nation needs to know about immediately david what's our alpha leak today the uniswap token is out una swap the beloved protocol of everyone super dense in the protocol sync toke sync thesis

just distributed their uni token and it has one of the most insane distribution events i think ever i i think it's just going to sweep the floor with this one it's it's pretty cool wow okay well we're going to talk about that so here's the format we're going to try to keep these relatively short but first we're going to tell you what it is then we're going to tell you how to use it how to get it what that looks like then we've got some um you know i guess some conversation that the community has been having around this token and then we'll close it up so david i'm going to share my screen uh and let's talk about the the unit swap launch first so where did this come from like what time was it actually launched yeah this was launched around dinner time my time so like 7 00 p.m 8

p.m uh we saw the the uh somebody leaked the token minting event and like 15 minutes later uh ever one moment and like 15 minutes later uh everyone had found out that like the uniswap token was here and that that is it's something that you can go and claim so they they had this like planned and ready to go um and and that was pretty cool uh and so uh they it came out really fast they had this thing uh just pre-planned a brand new website brand new analytics infrastructure uh so pretty pretty sweeping solid launch by the uni swap team yeah they did it in uh under the cover of night and so it was like 8 p.m at least uh on the east coast

and that's where i think many of the uniswap team are located in new york city so this is it right so this is the introducing uni token uh post and um i guess let's dig into the details so what are we looking at here um of course you know they first they're talking about their stats uh unit swap we bankless listeners don't need to be reminded that unit swap does a ton of value um a ton of volume in fact recently they've been beating coinbase right in terms of uh total volume nice nice little cat on the back from unit swap here right before they start talking about the value of their token yeah exactly all right so let's get into the goods this is the allocation so first we've

got 60 going to you know swap community members that's primarily the liquidity providers and and users of the unit swap um platforms we'll talk about that and then we've got 21 to team members and future employees right we've got 17 percent two investors there was a recent round like two months ago some accredited investors vc firms uh got in so not not completely fair launch although i suppose 60 of this maybe is fair launch with some reserved for the team as well what's your take on this distribution in general david would like how would you rate it yeah so i've heard people with some grumblings about the a decently high waiting towards

investors in vc firms and then also towards the team so you add those together you roughly get 40 percent towards uh the team members uh and and investors that have invested in the protocol yeah and like sure that that could be a little bit high on the high end of things um but at the same time the the awesome distribution that happened with the 60 on the on the other side of things more than makes up for it and also again like we need to remind ourselves that like vcs aren't bad like vcs did the job of bootstrapping unit swap into being what it is right they they deserve it like i know where they see yield farming phenomenon is trying to be like this anti-vc phenomenon but i think we all like saw what happens with like sushi swap and also yams where like

yams contract blew up and that sucked and sushi swapped the the anonymous founders they absconded with the funds that sucked right and that doesn't happen with vcs and so 40 to vcs who had the skin in the game before uniswap could even figure out that they were going to tokenize i'm i'm okay with it yeah yeah it is 20 to the vcs and 20 to the team so the team is getting a good cut of this for building a fantastic uh product and that is vested as well so they don't get it right away it comes over time now there's kind of a a four year vesting period here but when you sort of run the math it looks a bit more like two years which we can get into but let's talk about i think the most exciting part and that's uh that 60

the community drops so who's that going to maybe let's let's break that down the thing i am most excited about is probably this one right here david can you talk about what they're doing with uh the 400 uni per address yeah so if you have ever used the uniswap protocol even once before september 1st you received 400 you are able to claim 400 uni tokens from that wallet right okay wait so that is worth repeating so guys if you have used uniswap if you've ever done a trade one on uniswap right from an ethereum address from an ethereum wallet if you did one of our tactics that we published in december telling you to go try out uniswap for instance you did that before september 1st you

get 400 right uni tokens all you have to do is claim them yep yeah and and it's per wallet right and so i personally have a couple wallets and so i get to claim them from both wallets right that's separate and so that's pretty cool it's 400 per wallet if i if i uh had my way i would have kind of like rated it awaited it towards people that were heavy unit swap traders versus light unit swap traders there are a lot of new entrants into the d5 world that just made their first transaction on ethereum like a couple weeks ago and they got 400 and other people who have been trading on unit swap once per day for the past two years also got 400. i wish they kind of weighted it for the amount of trades but again i'm not gonna complain 400 uni tokens which are

trading at three dollars right now that's twelve hundred dollars to anyone that's ever used the union swap protocol ever right so yeah it's it's it's airdrop money right this is the stimulus this is the the uniswap stimulus package you if you just all you had to do is use unit swap early it's like imagine if you uh were one of the first users of facebook and they awarded you retrospectively you created a facebook profile back in like 2000 you know three or whatever and they rewarded you facebook stock for that that's what's just happened all you had to do was be a user be early be on the bankless journey essentially and front run the opportunity you get twelve hundred dollars not bad per wallet so on on coin

coin gecko on d5 market cap on defy pulse now uniswap has like this two billion dollar valuation which we're going to talk about whether that valuation is justified or not 2 billion valuation that is now in the hands of like 48 000 like people like over the unit swap token isn't even a day old it's like 12 hours old and 48 000 people have made transactions on ethereum claiming their uniswap tokens so the equity of unit swap the the governance token of uniswap is so incredibly distributed so quickly to a sizeable chunk of people with a sizable chunk of value it's it's one of the coolest distribution events of all time you should compare that to another really cool distribution event which was the

wifey token wi-fi which we've talked about so how many um wi-fi token holders do we have versus uniswap yeah wi-fi token holders it's roughly like 11 000 right 11 000 people have either farmed or purchased wifey from from the union swap or from from the the wifey farming way back when uh and and now it's basically only from uniswap or from some centralized exchange uh uniswap again is like at five times that distribution and that what's so great about it is because they have the two years of history of people using it and people organically shilling unisa uniswap for being this protocol that's deep inside the protocol sync thesis so getting the community support and so as a product it has been used by so many and so as a team trying

to distribute and decentralize ownership of the protocol it went from centralized to maximally decentralized the most decentralized thing on top of ethereum like that basically anything you do on the bankless journey once you get to level one and you start getting your coins off of an exchange into an ether dress and you get to kind of level two it begins with uniswap right like that's one of the first things that uh someone who's new to d5 and new to bankless uh actually does is trade something on uniswap so what that means is the distribution is basically everybody in d5 everybody in d5 pretty much got something from this event got at least twelve hundred dollars if you had multiple accounts then you got more than that so that's crazy right but they also

did something cool with um so they didn't reward for trading volume but they did reward heavily liquidity providers can you talk about that yeah liquidity providers got paid and so they ten percent of all unit swap tokens went to people that traded five percent went to liquidity providers and so like that's half the total amount of unit swap went to liquidity providers but the number of liquidity providers versus the number of traders is like 1 100 right because yeah and so it's actually very much more concentrated and so if you have been i know an individual who calls himself a uniswap maximalist and he loves just providing liquidity and he's been providing liquidity since like day one

right and he got paid with unit swap right he he he because it weight it and especially it waited early liquidity providers it weighted them stronger than later liquidity providers so if you have been a steward of the protocol if you have been providing your value to unit swap for a long time you got more unit swap tokens right which is good that's what we want like if you've used the service a lot and you are incentivized to take care of the protocol you deserve more tokens right and and so lps people that provided uh liquidity to uni swap have gotten a bunch of unit swap tokens and these lps um the the the few i know that are in kind of the top ten list these are not um hedge funds these are not bankers these are not

exchanges these are um people who have a decent amount of capital but are on the bankless journey on the d5 journey these are like d5 ogs right these are people that are being their own bank exactly exactly so that's super exciting all right so um also stockholders got a little something should have bought some socks david sucks so i think the sock token price uh went through the moon as well because people wanted it wanted to redeem socks for your swap tokens yeah this socks was just their nft game right right they were kind of playing around with um but it's kind of like our you know baps idea which is it's redeemable for um physical socks anyway they got a little something from this um all right so let's talk about the community

treasury there's also for the four first four years it it seemed like the um the supply was uh something total supply of like three one billion i believe um but after those four years there's an ongoing inflation is that correct like a two percent inflation percent what i recall which is great because that disincentivizes passive uni token holders right and so yes with with your money and with your value the bitcoiner narrative is like like the inflation just devalues people's savings right and and that's bad for money but with governance tokens what it does is it devalues passive people that aren't partaking in governance right and so if you don't have a say in uniswap then you get diluted

versus people that have been actually actively maintaining the protocol so in this particular instance i'm a big fan of it and it's only two percent a year and it's actually like hard-coded two percent a year it's not the federal reserve's two percent wink wink a year when it's actually like ten percent a year it's hard-coded two percent a year okay all right so some people have already gotten their unit unit tokens for things they've done in the past retrospectively just being users of the protocol you get 400 tokens or if you're a liquidity provider you get more and that's time weighted but there's also another opportunity that goes live today so i believe that's today at least it's it's um september 18th utc time so depending on your time zone it could be today or tomorrow but there's

the opportunity to do some liquidity mining and pick up some more uni tokens and hear the pools that they have opted um eth usdt eth usdc ethe die eth wbtc boyd that's a lot of ethernet there's a lot of eth you love so much because the universe protocol is an ethnoxy clearly yeah well i mean they are trying to be the most decentralized um trading protocol and for that you need the most decentralized credibly neutral uh form of money so that is eth but so what happens um when this opens up i guess we can we can kind of show there's a countdown right i think we're like nine or eight uh hours away better yeah seven hours 42

minutes from the time of recording uh so yeah so yeah so uh liquidity mining unit swap is going to start in seven hours right and according to the post the these first four pools are the pools that you can liquidate mine in and so you know relatively limited relatively small and that is going to be the way it is for 30 days and then after 30 days the uniswap token is the then the governance tool to vote in further pools to liquidity mine with right and so uh i i think that the most obvious next one is the uniswap the uni token eth pair right eth uni and because people want to provide liquidity to uniswap because they're bowls on unit swap right on the uni token and so i think that's going to be the next one that comes and

that one that's going to just bootstrap the the liquidity of the uni token further pulling away the uni token away from centralized exchanges into the unit swap protocol which we know and love uh and and then it just kind of goes from there but yeah uniswap uniswap yield farming is here all right so if i want a yield farm in seven hours or so then i have to of course deposit in here and when you're depositing unit swap you have to provide both sides of the pair so for this die pair i have to have fifty percent eat fifty percent die i deposit deposited in there there are some other things there that we we don't have time to get into right now such as impermanent loss you have to be aware of um but that's how you do it and there's a certain rate of uni tokens that you'll

receive we'll get into more of that later david is there anything high level else we should talk about um you touched on governance of course anything else we should talk about here yeah i think since we just talked about yield farming and how to do it you should be aware that like the gas prices on ethereum are the highest they've ever been because you know 50 000 people are trying to claim their uniswap tokens and and remember uniswap tokens the the minimum you got was 1200 ish worth of una swap tokens so it's rationally uh it makes sense it's rational to pay a lot of money to claim that twelve hundred dollars and so a lot of people are doing that right and so gas prices right now are just through the roof so make sure you pay attention to that if you try and

do this i like by the way uh i like this gas now dot yeah it seems to be um updated a bit better than the east gas station website which i also use so you can see i mean this is the highest gas prices you know i've seen since yesterday but i mean it's still pretty it's still pretty high so uh be cautious of that be careful of that but a lot of this is from the uniswap activity while we just say that should we go ahead and claim our unit swap tokens run that's what i was hoping man so okay so i'm gonna tee this up for you david so basically if you've ever used uniswap as we were saying if you've ever done a trade with uniswap in any way connected an ethereum wallet to uniswap in any way shape or

form you have the ability to go claim 400 uni tokens more if you provided liquidity as well and david you've got an address you're going to show us how to do that right yep absolutely okay i'm going to take back screen sharing from you ryan and then so we have provided liquidity for the bap token right bankless has and and then we also while i was trying to do that we made some trades uh to in order to have the right amount of eth to supply that and so we have 400 eth plus it looks like we got 333 more eth or more uni excuse me to uh from supplying those bap tokens and so i'm on the the uh uniswap site we'll have that link in the show notes um i think there might be this looks like a special eunice website

like uh ipfs yeah this is the type of username because yeah yesterday the site went down because you know 50 000 people tried to claim the unit swap token so this is the website i've been using i think the other one is back up let me let me check let me check and it's just a user interface right yeah but the ipfs link is super cool because that's um actually not using centralized servers yes exactly yeah okay but the the other website is backup um uh okay so claim uni oh i'm in the wrong okay so i have the wallet loaded up here so i'm just going to use this one but that other website also works okay so here's my 733 uni that the uh website knows that i uh that i have and so i got 333 for providing

liquidity and 400 for for trading once good for you david yeah nice job good job man nice job worked hard for this i'm going to uh boost this gas fight gas fee because we're on a youtube video wow you are generous to the miners friend yeah mm-hmm indeed that's painful yeah but i mean that's only how much that's like uh 25 bucks 25 to to claim what are we getting we're getting like two thousand dollars worth of unit swap tokens to the to the bankless treasury there you go and that's treasury we'll go watch this transaction our stimulus our stimulus fund from unit swap yeah fashion congress there it is we just claimed 733 unit swap tokens crazy dude all right

well yeah nice job we earned it all right so uh let's talk about what like what people should do with that of course none of this is um none of this is financial advice right so but i think there's um a legitimate question as to whether the token is um overvalued or undervalued or highly valued that's for sure yeah so how you even uh value this thing you're gonna have to give me a screen share back david i think just set something up but okay so i thought andrew kang had a good take here and it's something basically that um you know evaluation method that we've been using on bank list as well which is sort of a price to sales or price to earnings

valuation method so first of all um uniswap has has really popped like it's gone up um i mean i think it was like 50 cents when it first launched right the price was so incredibly volatile it went up to dollars and then down to fifty cents and then okay now it's been hovering around three dollars and then ryan press command plus like one or two times okay so to get the the fully diluted market cap of that right so that means after four years when that one billion is all released what you do is you take that one billion fully diluted market cap and you multiply that by by the price nice easy round numbers so if it's trading at one dollar that means the fully diluted market cap of uni tokens is one billion dollars right um

it's trading at what right now david about two dollars three two and a half to three dollars is where it's been fluctuating okay so um uniswap's been existence for a while getting more volume than coinbase right now and it's being valued at three billion dollars the question is is that expensive is that cheap what should the price of the uni token be again this is not financial advice but what we want to do is provide you frameworks for how to look at this and one framework we think is super valuable is the price to earnings ratio of the uni token so andrew king makes the point uh you got to know when to sell your crop and when to hold or buy more and he makes the point that he thinks uni tokens are actually

valued fairly undervalued a p e ratio of 41 it's a price earnings ratio right so netflix is 80. price to earnings ratio of netflix stock is 80 right now or so price earnings ratio of of amazon stocks like 160 right now um do you think uni will grow faster than amazon and netflix well it certainly has in the last two years the trajectory is in its favor yep so okay so price earnings ratio you can also take a look on token terminal which is one of my favorite websites for seeing this kind of thing and they they call it price to sales ratio which is a bit more accurate but if i sort by price to sales ratio i can see

the evaluation of unit swap right here um they used to do they used kind of um i think a 30-day type metric so it's a little bit different than the number andrew came up with we're running unlimited data here but yeah running on limited data but the point is when you you use kind of a similar apples to apples uh metric it is the lowest second lowest um price to earnings ratio capital asset out there i think when people see the three billion dollar valuation from the uniswap token they get a little sticker shock because nothing in defy is that like highly evaluated right like right one one to one and 1.5 billions for like the aaa protocols that we all know and love but exactly people have to remember this is

uniswap this is uniswap this is like the beloved d5 protocol but and look at this look and look at the analyze volume is doing in more volume than coinbase like what do you think coinbase's valuation is coinbase's valuation is at least larger than 10 billion i think it's between 15 and 25 billion dollars yes and coinbase is beating them on volume and it's a protocol right and coinbase has uh 1200 employees uniswap has 11 employees right it seems like there might be some efficiency delta there too one of those one of those is more efficient than the other that's exactly right and another way to look at it is this this is uh something we've shown before but this is um crypto fees that various protocols generate it has more fees than bitcoin

yes like like a decent amount more yeah you know uh seven day average fees over 200k more than bitcoin yeah right um that's pretty crazy i i i again not financial advice but i think that i'm personally going to be sitting on my hands uh not not really looking at that cell button is that what did we just make a decision with the bankless treasury i vote to not sell the token i i concur okay so we're keeping 733 uni tokens for a while anyway for a while all right sounds good okay so um what else should we talk about here let can we talk about the weather does it make sen another question i think people probably have is

does it make sense to actually liquidity mine um so that that that's basically the four initial pools that come out in seven hours we were talking about if thai eve usdc uh usdt uh wrapped bitcoin right so other other monies on top of ethereum so um coingecko she's been doing just a just a bang-up job on d5 stuff lately they released a yield farming um dashboard which i think is pretty good and what you can do is you can switch to d-gen mode check this out david have you seen this oh my god yes why is that not default yeah it's not default you have to like

opt into degen mode all right so um i haven't fully explored what the difference is by the way but i think it's just a font okay so um what we have here is basically when you're in d-gen mode um some returns calculation um i haven't fully investigated the returns calculation kind of what all the variable parameters are but you can kind of get a flavor of the various estimates for unit swap right with usdt or etherct ethiosdc ethdai right and kind of calculate the returns based on the current price of unit swap this way so that's certainly one way to look at it another way that i like to look at it is because um we have

this this issue when you deposit two sides to the liquidity pool of impermanent loss david you have like a quick explanation of what in permanent loss is yeah sure so when you deposit eat and die to the same pool what you're allowing people to do is you're giving them the freedom to purchase one of your bags to sell them your other bag right and so you're if you deposit both you're claiming that you're okay with owning any balance of both of these things and as one or the other appreciates and depreciates you should be okay with that that adjustment right and so the question as to whether you should provide liquidity or not is kind of a function of how okay are you with both assets right and so i think that's why the first pool in uniswap that really got a ton of

liquidity was the ether mkr pool and it's because those two tokens kind of tracked each other in u.s dollar price right and so there wasn't much impermanent loss to be had there the the what would make me nervous about the eath die pair is that like if ether doubles in price you will be owning less ether than if you had just hold it and you'll be owning a lot more dye and so you will be making money but you'll be making less money than if you had just been holding ether right and yeah so if you're taking if you're an eth bull you kind of don't want to do the eve die pair because um if eath goes up in price you end up losing some of the dye that you've contributed and exchanging that and selling it early for the die that's essentially what the liquidity pool does

is it kind of exchanges that eath for die under under the covers right yeah exactly and so that's why out of these four pools the east wbtc pool might be better if you're if you think that prices are going to go up then the east wbtc pool might be for you because btc and ether are much more correlated with each other than ether is to us dollars right and so if you are really looking to farm this uni token and you don't know and but you also are bullish on ether and probably therefore also bitcoin the eth wbtc uh pool might make the most sense and i'm going to be willing to bet that that is the pool that uh experiences the largest increase in liquidity because of that logic okay and then the other i guess variable to

consider when you're thinking about yield farming something like this is um you get more if you know the the fewer people who contribute to the to the pool uh essentially the better for you right so what you just said is if you think a lot of liquidity is going to come to the eth wbtc pool then that could also dilute right the amount that you receive exactly so you have to monitor that too right um and ultimately it could start it could start super high right here like like you see these yearly numbers that's not going to last because as liquidity gets injected in those amounts per share of the liquidity pool uh will decrease

there's not more uniswap that's issued it's the same amount of uniswap tokens that are issued spread across larger and larger people exactly all right so one thing that um jacob a friend of ours coinmetrix said is uh he actually argued that like hey this is awesome but there's also a bit of a dark side to the uni airdrop he said that whale's hugely profited um he said that some scams who are lp'ing their own coin you know like maybe a hex comes to mind yeah uh hugely profited and then he said look the four year vesting schedule for sort of the the team and the insiders it's more like a two-year investing schedule right um and then he said claim

on fees unclear though expected i don't know what that means but what do you think of some of these some of these takes david about kind of the dark side of it yeah yeah so i i i want to commend uniswa for trying to have like a very uh anti-political uh attempt at distributing and so like if we wanted to kind of fix some of these problems um that jacob outlined like wales got a lot of uh tokens and uh you know some pools probably shouldn't have gotten tokens that starts to you you we start to make you making decisions as to like who deserves what right like and these are subjective decisions right these are political choices and so like well maybe you say like you know whales got too

much but they're the ones that provided the value right and then if we also say like you know hex shouldn't have gotten it well then you're making a decision that hex is a scam which i don't really think too many people are going to fight you on but it's still a like a decision at the end of the day and so to some degree like just doing what they did and just like blanket blanket air dropping unit swap like equally and relatively rel trying to have a politically reduced distribution i think makes sense yeah i i agree you know like it's it's tough to kind of rate these different distributions but if you think about um bitcoin had kind of an immaculate conception right i you know uh on the spectrum i'd probably rate that in a relative to all other

distributions in crypto um eth had a pretty decent one as kind of an immaculate ico where you could anyone could enter totally permissionless not vc funded no accredited investor rules right so maybe that's an a2 maybe it's a b plus something like that um yam had a decent one to be honest um that was the first kind of like vegetable style i wouldn't give it an a but i would give it a b plus i i feel like it's you know at least a b maybe and then uh wifey had a fantastic distribution too in rewarding some of their early users you know maybe that's a a minus a b as well this ranks right up there like this up there not perfect right you know but i

don't think it's a c i just i feel like you know the some of the redeeming qualities of it are 60 does go to the community right and a whole bunch of lps who were early adopters of this did really well on it and basically everyone who was using defy prior to september 1st 2020 got something from it right and a lot of those folks are going to hold right like not bad i i can't think of another protocol that's done that right and and the best thing about this is the retroactive distribution is one of the last remaining bastions of fair launching right because like it turns out that we've been farming uniswap since 2018 and we didn't even know it right like it turns out we've

been yield farming for years according to you well it turns out there's no such thing as impermanent loss yeah yeah because like you know if you deposited into the pool and you're a big liquidity provider you were making money every month and didn't know it it was just paid in the future to you yeah if you supplied ether die liquidity when ether was 80 and then ether mooned and you lost a bunch of ether you just made a bunch of uni-swap to make up for that right yeah and so like some whales took a hit and they are being compensated for that and you know and at the end of the day like it's one person that made you know ten thousand trades on uniswap versus one person that made one trade on you swap getting the same amount of uniswap tokens is kind of

like maybe that doesn't feel right but also distribution distribution districts yes so the new thing was the new thing i felt like was um two-year retroactive distribution right but you can already see that people are thinking about that and already starting to front run it so um sue from three arrows capital tweeted something out like what's the what's the last defy darling exchange not to issue a token dydx right right and they haven't issued a token yet but it's similar style to uniswap you know it's got some vcs involved so hmm should we front run that should we start trading dydx right now just in case supply liquidity leverage long ether 4x up 4x down at the same time like let's just go to dydx

right that's why like as soon as a new distribution comes out like you get to use it once that's like it's important in the chamber exactly and then it starts to get gamed and it starts to degrade over time uh which is why we're starting to see all the you know all the all the crappy farms that we've been seeing lately but david um anything else we should say on this alpha leak edition the uniswap edition uh anything else we we need to tell listeners i i don't know i think that was it i think we covered everything i'm sure there was something that we could talk about but we'll probably talk about it again on the state of the nation right and so uh if what whatever happens between now and next tuesday with uniswap because this ju this is is isn't even 24 hours news it's a 12-hour old

news so we're going to watch this and then we will update everyone on this state of the nation on tuesday all right we will include some links to resources as usual action items for you guys today you can of course go claim your uniswap tokens if there's an etherdress where you've interacted with uniswap make sure you go do that you can also think about whether it makes sense to start providing liquidity to unit swap of course none of this is risk-free all of it has in permanent loss risk which you should understand as well as smart contract risks so keep that in mind this has been the alpha leak edition a new show that david and i are creating when exciting news comes out and it's available to you on youtube so make sure you hit that subscribe button

as well that's it for me cool and we're down here