Uniswap gives away free tokens, Tether rallies on scandals
The decentralized platform Uniswap, which operates on the basis of Ethereum, launched its own UNI tokens and gave 400 coins to everyone who connected to the platform before September 1. This message appeared on the official protocol’s page on Twitter. As a result, miners earned about $1 million per hour. At the same time, users paid $50 per operation to get the reward as soon as possible, which led to a sharp increase in fees.
A few minutes after the announcement, Uniswap exchange received over 13,000 requests to purchase free tokens. Although some experts believe that such a rush will have a positive impact on the price of ETH, no significant changes have been observed yet, however the rapid increase in fees can seriously slow down the DeFi development.
While the Ethereum network was seized by a gold UNI-rush, the capitalization of USDT (Tether) surpassed the $15 billion mark. The main factors behind the asset’s strong rally were its integration with Aave, Compound, and Solana protocols. In addition, interest in Tether was fueled by the company’s controversial activities.
First, stablecoin is closely linked to the infamous Bitfinex exchange, which in April 2019 was charged with concealing the loss of users’ funds worth $850 million. In September 2020, the New York State Attorney General returned to the case and called the company to account.
Secondly, in early September, an incident occured: a user accidentally sent 1 million USDT to the wrong address, however Tether returned the entire amount to him. Hence, the company is able to manage DeFi operations, which means that technically it can control stablecoin at the request of law enforcement agencies. This event raised doubts about the ‘decentralization’ of USDT.
However, the coin continues to go north, so it seems that black PR has done it good, and a couple of good scandals have only increased its popularity.