It is now over eight days since the decentralized finance project, Uniswap announced a distribution of at least 400 UNI tokens to each Ethereum address that interacted with the protocol before Sept 1.
Coinfomania reported that over 40% of the total 150,000,000 UNI available to historical users were claimed under 14 hours. At the time of writing, the entire claim stands at 78%, meaning that 190,511 addresses have received their UNI token airdrops.
However, insight from our data partner, IntoTheBlock, reveals that a significant number of recipients expectedly sold their UNI tokens immediately, while some likely moved their gift to a different address. Out of the 178,330 addresses that were active on the day of the release, only a little under 80,000 addresses still hold a UNI balance at this time.
As the charts above further highlight, the number of active addresses spiked en route to the new token hitting its current all-time high of just under $8 within the next 48 hours.
However, while many UNI token holders sold their stack almost immediately, a significant number of addresses are still holding the token, perhaps showing confidence that their gifts could be worth a lot more in the long-term.
The prospect of using UNI as a governance token on the fast-growing Uniswap protocol also means most of its holders are not speculating on its price, at least in the meantime. Data from DeFiPulse puts the total USD value of assets locked in Uniswap at $1.79 billion, with the platform recently recording a higher daily trading volume than San Francisco-based Coinbase.
With a market cap of $624.8 million, the price of UNI has rebounded to $4.84, with a mild 4.5% gain in the last 24 hours. UNI is now the second most held DeFi token, next behind Aave (LEND) in order of DeFi projects that excludes stablecoins and oracles.
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