Ethereum’s Pending Transactions Surged After Uniswap Launches Governance token – CryptoGlobe

The number of pending transactions per minute on the Ethereum network jumped shortly after leading decentralized exchange Uniswap announced the launch of its UNI token, coupled with a 400 token airdropped to those who have used the protocol.

The decentralized exchange’s announcement revealed it launched the UNI governance token, with a total of one billion coins set to be distributed over the next four years. Liquidity mining for the governance token is set to only start on Friday, but historical users of the protocol and its liquidity providers can now claim 400 UNI tokens per each address used.

Theannouncement reads:

·       15% of UNI [150,000,000 UNI] can immediately be claimed by historical liquidity providers, users, and SOCKS redeemers/holders based on a snapshot ending Sept. 1, 2020, at 12:00 am UTC.

As users started interacting with the UNI smart contract address to claim their tokens, the number of pending transactions on the Etheruem network per minute jumped from around 160,000 to over 210,000, according toEtherscan data

Per CoinDesk, merely three hours after the token claims started, over 18,000 transactions were sent to the smart contract address of the UNI governance token. This surging number of transactions to the smart contract address led to an increase in ether gas fees, with thecurrent average gas fee being at 700 gwei ($5.56).

Etherscan data shows, in fact, that the UNI token distribution address has seen users pay $1.4 million in ETH as gas fees when transacting to it, accounting for over 8% of the gas