Airdrop Launch

A few weeks before uniswap announced the launch of $UNI token, Sushiswap was launched.

TLDR: Sushiswap forked Uniswap, launched $SUSHI token and liquidity mining.

Results:

https://twitter.com/CamiRusso/status/1303866719417626625?s=20&t=4gg1SnKkzX7f4lyyQepguQ

On September 16, 2020, Uniswap announced the launch of $UNI token and distributed 150 Million tokens to past users. Sushiswap also received a decent chunk from this airdrop.

https://twitter.com/SushiSwap/status/1306493893492449281?s=20&t=4gg1SnKkzX7f4lyyQepguQ

Over the past two years though, Uniswap has undoubtedly been the winner with the largest DEX market share amongst the two and the Dex market in general. Innovation keeps winning!

Section 1: Airdrop Recipients $UNI Holdings

https://dune.com/embeds/1064174/1827931/16bce33c-b27d-478c-acef-e6a20ee5898b?display=iframe

https://dune.com/embeds/1064174/1827935/cb95ab2c-bdee-4a49-919c-2f4d2e4c195c?display=iframe

As seen in the query above, ~220k addresses have claimed their $UNI tokens and they have claimed a total of ~136M $UNI tokens. At that time of writing, that $UNI is worth just over $1Billion. That begets the question, what’s the current balance of $UNI tokens held by the $UNI airdrop recipients?

https://dune.com/embeds/1037563/1789711/974d8953-f73e-4b4b-81d0-69050943a0ae?display=iframe

As seen in the chart above, the balance of $UNI held by airdrop recipients has been declining since the airdrop to a current balance of 12.7M $UNI tokens. That is currently only ~8.5% of the $UNI tokens that was claimed.

The highest balance (66.7M $UNI held by $UNI airdrop recipients was on September 27th 2020 (just over a week from when the airdrop was announced).

I thought it would be interesting to dig more into this data, so I created two Pie charts that divided the Airdrop recipients into the following profiles:

Non $UNI Holder - Addresses that no longer hold $UNI  Plankton - Addresses that hold less than 10k $UNI  Shrimp - Addresses that hold more than 10k $UNI  Fish - Addresses that hold more than 100k $UNI

https://dune.com/embeds/1041370/1796243/35ed3031-57b5-466f-b266-e577394ed940?display=iframe

https://dune.com/embeds/1041370/1796284/4d394f53-0792-4c28-ac06-fd56dac100d8?display=iframe

Similar to the balance of $UNI held by airdrop recipients, this pie chart is dominated by addresses that no longer hold $UNI tokens - 89.2%.

Section 2: Top 100 Airdrop Recipients $UNI Holdings

Section 1 analysis would be incomplete if we didn’t look at what the top airdrop recipients were up to. In this query you can find the top 100 airdrop recipients and how much $UNI they received.

The top 100 addresses received 30M $UNI in total and currently hold a balance of ~3.12M $UNI tokens. The ratio of the amount they claimed and current balance is very similar to what we found for all airdrop recipients in Section 1.

https://dune.com/embeds/1037407/1789661/5285a353-148c-4620-aa6a-2604a317a722?display=iframe

I created charts of the daily outflows, inflows and netflows for the Top 100 Airdrop recipients and also all airdrop recipients.

If you want to dig deeper then you can find them here.

Section 3: Airdrop Recipients Governance Participation

https://dune.com/embeds/1053492/1812862/dbb4d3a3-e949-482a-8c94-c3aef88f2a90?display=iframe

https://dune.com/embeds/1053492/1812865/7e4389b5-7413-45f6-98e1-333bb1716979?display=iframe

As seen in the counters above, airdrop recipients have delegated ~19.3M $UNI of the total 220M $UNI ever delegated.

The below charts show the total delegated uni vs airdrop recipients delegated uni over time and the number of uni delegators vs airdrop recipients delegators.

https://dune.com/embeds/1053454/1812756/5b3e304c-473e-44fc-a70a-b4eae423938e?display=iframe

https://dune.com/embeds/1053062/1812725/ccc9e1af-6634-44a3-b744-a5b8dabd267f?display=iframe

N.B this doesn’t filter for addresses that do not hold $UNI anymore. I’ve created counters to get the number of delegators that still hold $UNI.

https://dune.com/embeds/1053963/1829103/cb487cb9-8e33-47e5-b1f3-2ce7be670d1f?display=iframe

https://dune.com/embeds/1053995/1829108/d9fed0a9-0bd3-42c5-8f4d-cb9bf549f356?display=iframe

Section 4: Airdrop Recipients Protocol Usage

In this section, we’ll be looking at our airdrop recipients and their interaction with Uniswap. The first charts we’ll look at is a profile of airdrop recipients defined by the number of trades they’ve made on Uniswap.

Here are the profiles:

Airdrop Seller - Recipients that made only one transaction  Frequent trader - Recipients that made more than one transaction  Active trader - Recipients that made more than 100 transactions  Baby Dolphin Trader - Recipients that made more than 1000 transactions  Dolphin Trader - Recipients that made more than 10k transactions Whale Trader - Recipients that made more than 100k transactions

https://dune.com/embeds/1045343/1803079/245298e7-fd05-43d7-8707-f7d6d575d5cc?display=iframe

https://dune.com/embeds/1045343/1803181/14fcb2bd-f36d-43c1-80f2-62ed9811b1dc?display=iframe

As seen in the chart above, the airdrop recipients traded majorly on V2 with ~180k traders, compared to V3’s ~60k traders. There were also in total ~40k recipients that traded only once.

Pie Charts do more justice to this data, so here’s some:

https://dune.com/embeds/1046113/1803419/4b825fc9-0b9c-4964-b162-913be22397e2?display=iframe

https://dune.com/embeds/1046113/1803427/478bccba-ec0b-4e06-b646-76fdbf2714a1?display=iframe

https://dune.com/embeds/1046113/1803574/cb878621-6852-4433-81bb-f1194e5d1272?display=iframe

Interesting to note that even though there were ~11m more transactions on V2 than there was on V3, the volume traded on V3 was much higher with a difference of roughly $100bn.

There was in total ~$244bn traded on Uniswap by Airdrop Recipients. That is amazing!

What were the most traded pairs?

In this query you’ll find the top 100 most traded pairs.

WETH/USDC (V3) was the largest traded pair with over $100bn in volume and a whooping 465k trades.

From the query linked above, all top 10 most traded pairs had at least one of WETH or a Stablecoin (USDC, DAI & USDT).

Total liquidity deposited on Uniswap?

Liquidity provision is very important to Uniswap Protocol, so it’s important to also look at the sum of assets deposited in liquidity pools by airdrop recipients.

https://dune.com/embeds/1052639/1811756/3399333e-2032-4dbf-aad0-8735e34851e6?display=iframe

https://dune.com/embeds/1046816/1811718/66a503fc-ede6-4c76-b70d-715b9066d018?display=iframe

~$247bn was deposited by airdrop recipients, that is a lot! There’s also no surprise that the two most deposited assets were WETH & USDC. Both account for ~$211bn of the total value deposited.

Section 5: Airdrop Recipients that Received Other Airdrops

In this section we look at some of the most popular airdrops in the Defi space since the launch of Uniswap’s airdrop and see which of the Uniswap airdrop recipients received these airdrops.

ENS Airdrop

Airdrop Info Date: November, 8th, 2021.

https://dune.com/embeds/1064587/1828837/b23af0dd-f2e9-4521-94e0-c97116dc3012?display=iframe

https://dune.com/embeds/1064587/1828839/56a720b6-e5c6-40d2-8263-84c1b0ca79d4?display=iframe

https://dune.com/embeds/1064587/1828841/d3dc22d4-8407-433d-9d7b-fd6bfff583b6?display=iframe

https://dune.com/embeds/1064587/1828845/3172aed2-3a8e-44ed-a83e-cd60a19c974c?display=iframe

https://dune.com/embeds/1064587/1828851/fb1f9217-dd2d-48d1-a265-def9a6ae4b1e?display=iframe

Full dashboard here.