Uniswap’s ETH pools racked up $ 750 million in a single day.
Gas charges remain very high on Ethereum.
The UNI price stabilized thanks to the sale of aidrops.
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In the 24 hours since Uniswap announced its rewards for token and cash mining, its four pools have racked up more than $ 750 million.
UNI is currently the new darling of Bitcoin News Trader, so much so that the price of gas has skyrocketed resulting in a four-figure Gwei (gas) fee for transactions made during the day of September 17th.
There was a real rush to claim free UNIs for those who provided cash before September 1, as well as a race to deposit cash to earn the token from the four new pools.
From September 17 to 18, these four pools accumulated more than three quarters of a million dollars in liquidity between them. The ETH / WBTC pool was the most popular at the time of this article’s publication, holding just under 50% of the total. The other three pools, ETH / DAI, ETH / USDC, and ETH / USDT, are fairly evenly distributed, averaging around $ 170 million each.
Each pool will receive 583,333 UNI per week, distributed among the liquidity providers. According to the statement, these pools will continue to mine mining tokens until November 17.
With the latest DeFi frenzy only a day old, this might not be the best time to deposit into these pools if you want to avoid painful transaction fees. However, with less than 60 days left to earn UNIs, time is of the essence.
As an experiment, BeInCrypto made a deposit in one of these pools to research the process and gas charges. After connecting Metamask to the Uniswap exchange, users must authorize the use of a stablecoin to use (the USDT
in this example). The gas charges were not excessive, but the transaction took several hours.
When everything is ready, the pair of collateral, or collateral, can be deposited. In this case, it is an ETH / USDT pair, using 10 ETH with a gas charge of 15 dollars. Then a deposit of liquidity provider tokens into the pool resulted in another gas royalty of around $ 15.
Once done, you can start earning UNI. With an amount of 10 ETH / 3,860 USDT, the rate of return was around 28 UNI per week at the time of deposit
UNI’s volume and market share skyrocket
With cash deposits in the thousands over the past 24 hours, the average price of gas has climbed to $ 12, according to BitInfoCharts .
Many of those who received the free aidrops from UNI have probably already sold them, which is why the token price has remained stable after its first wave of mass buying. Uniswap.info reports that the price of UNI was hovering around $ 3.25 as of September 18.
The 24-hour token volume was approximately $ 238 million. According to Coingecko, its market capitalization has reached 225 million dollars.