Ethereum Fees Spike as Uniswap Launches Token

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Today, the Ethereum (ETH) network got busier than usual as thousands of the Uniswap decentralized exchange users rushed to claim their share the DeFi protocol’s new governance token UNI.

As announced on Uniswap’s blog, the UNI token went live yesterday, with 1 billion tokens minted at genesis. Out of these, 60% of tokens are allocated to Uniswap community members, while the remaining tokens are allocated to team members, investors, and advisors, all with a 4-year vesting period.

And according to the announcement, 15% of the total supply – or 400 UNI tokens per address – can now be claimed by all Uniswap users who have “ever called the Uniswap v1 or v2 contracts.” Further, the post said that this “includes ~12,000 addresses that have only ever submitted failed transactions.”

The rush by Uniswap users to claim their tokens caused transaction fees on the Ethereum network to jump from a median fee of over USD 2.1 yesterday, to USD 3.6 as of press time on today (07:42 UTC), according to data from BitInfoCharts.

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