Uniswap is a decentralized finance protocol for decentralized cryptocurrencies exchange. It makes automatical exchange viable without third-party interference. It operates as its own market and provides services without any human interference besides coding. It shows that it is possible for cryptocurrencies to completely operate without third parties and they can still function better than third parties involved exchanges.
Here is a 1 min summary of the article if you want to skip the reading.
What is Uniswap
Created on November 2, 2018, Uniswap was created as a noncustodial automated market implemented for the Etthereum Virtual Machine. Uniswap was created to test one of the conceptual ideas on the automated market makers.
Why Choose Uniswap
In the traditional finance market, most markets use a central limit order book style of exchange with buyers and sellers to create orders organized by price level and influence by demands and supplies. The benefit of using a limited order book is that buyers and sellers are safe to trade their assets through third parties verification, however, the market is unfair and manipulated by third parties oversight.
Goals of Uniswap
Uniswap is to provide liquidity to the exchanges. Unlike the traditional market which all transactions are operating within the umbrella organization as accounting transactions and settle later, crypto exchange will require enough crypto assets to settle immediately. Such immediate settlement may require owning large amounts of crypto assets which are infeasible to many projects, to begin with. Therefore, the solution is to have a liquidity provider who funds a liquidity pool with crypto assets while earning passive income on the deposit. The automated market maker can leverage liquidity pools to make sure there are always have enough tokens to pair and allow trades to be executed.
Uniswap Focus on Community
One of the Uniswap strengths is to focus on the community. Its goal is to give more power to the community and to build a better community by giving more tokens to them. It also has great governance with 3 phases to improve the Uniswap protocol.
Phase 1 temperature check is to determine sufficient to make changes to the status quo.
Phase 2 consensus check is to establish formal discussion around a potential proposal.
Phase 3 governance proposal is to change based on community proposal.
Because of those focuses, Uniswap can prevent flash loan attacks and make its ecosystem more transparent and fair.
Holders From Uniswap
Holders are equally distributed amount many users and there are less dominated potential of single holders to over influence the Uniswap ecosystem which makes the Uniswap closer to decentralized.
Check out my another article here: Defi Review #0: Why I Focus on DeFi
Risks With Uniswap
The open audit result of Uniswap is fairly good. As far as its protocol security, Uniswap is sufficient to prevent possible hacking. However, because of its governance setup and community progression, it makes the Uniswap evolve slower when the market rapidly changes and it may seem a bit out of touch on the Defi hype.
I think Uniswap is definitely a breakthrough and disruptive project. Its automated market maker continues improving and the community is dynamic to adapt slowly to the change of the Defi environment.
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Argentine Crypto Exchange Lemon Sheds Roughly 100 Jobs, Citing Challenging Industry Conditions
Lemon had planned to deploy almost the entire amount on its expansion in Brazil. Given the current context, its move into the South American country will be “more strategic and niche,” Cavazzoli said. The exchange put plans to expand into Chile, Colombia, Ecuador, Peru and Uruguay by the end of 2022 on the back burner.
It’s time for crypto fans to stop supporting cults of personality
Many of the centralized cryptocurrency platforms that collapsed this year had something in common: a young, outspoken and cocky leader. Each gained outsized influence not by virtue of outsized intellect or talent but because of their piles of money and large Twitter followings. And each time, misplaced trust in their abilities resulted in disastrous consequences.
If crypto wants to avoid similar catastrophes in the future, it’s time for us to rearrange our leadership priorities. We need to ditch the cults of personality.
The theater of crypto on Twitter
Before FTX collapsed, founder Sam Bankman-Fried (SBF) had garnered a reputation as one of the loudest voices in the industry. He was active in the political world and frequently commented on what was happening in Web3.
But perhaps most notable was his active involvement in a myriad of Twitter feuds and spectacles. SBF first stepped into the spotlight as the successor of SushiSwap after Chef Nomi abruptly abandoned the project — a drama that played out almost entirely on Twitter’s public stage. His ensuing Twitter antics, combined with the image of unstoppable success that FTX was broadcasting far and wide, gained him more than a million followers.
But even as SBF’s influence grew, it seemed he just couldn’t resist shitposting, regularly engaging with other Twitter users who threw stones.
Indeed, SBF’s penchant for Twitter drama played an important role in exposing FTX’s insolvency. It was his recent spat with CZ that ultimately led to the run on FTX’s deposits. His attention-grabbing antics carried on through the current ordeal, culminating in a bizarre series of cryptic tweets.
The loudest voices in the room
While SBF is the latest example of an industry figure whose highly public Twitter presence led to a highly public downfall, he certainly isn’t the first. Do Kwon and Su Zu, who were both at the center of monumental collapses earlier this year, were also notorious trolls. Do Kwon infamously sent an arrogant series of tweets just before Terra’s downfall, while Su Zhu’s infamously elusive comments during the 2021 bull run didn’t age well, either.
At our company offsite this week with all the drama happening. Debating who is the bigger villain in crypto:
a) Do Kwon – $58b loss from UST & LUNA
b) SBF – $10b missing deposits in FTX
c) Su Zhu – $3.5b loss from borrowers
d) Alex Mashinsky – $2.8b missing deposits in Celsius
— Bobby Ong (@bobbyong) November 10, 2022
But, the leaders of failed platforms aren’t the only ones guilty of social media braggadocio. Binance’s CZ, after all, was just as guilty as SBF of engaging in their public Twitter feud earlier this month. Digital Currency Group’s Barry Silbert, who has been at the center of alarm related to the FTX fallout, has also garnered a reputation as a shitposter.
There are many, many more tweeters who have used online spectacle and trolling as a means of controlling the industry conversation. Think Ben Armstrong (aka “Bitboy”) and Jim Cramer, to name just a couple more. There’s a small army of them. And, even though many are purged in each bear market, their successors are increasingly turning into powerhouses too vocal and influential to ignore in the space.
Jim Cramer said that he sold all of his crypto.
Then he blamed @APompliano for “putting him in” BlockFi.
So he… lied?
Now he’s on a crusade to blame anyone he can find for his own bad decisions, even “digital finance people,” which is literally a made up term. https://t.co/NTojFohvFQ
— The Wolf Of All Streets (@scottmelker) November 18, 2022
We need to end the cults of personality
So what’s the solution? How can we better identify this personality type and use this recognition to avoid future pain?
Instead of focusing on building cults of personality, the crypto community needs to focus on platforms and leaders building products that use web3 primitives to solve problems in a manner that’s orders of magnitude better than anything we’ve experienced before. The crypto community needs to stop listening to the loudest voices in the room and start listening to the wiser, more experienced ones — even if they are sometimes quieter. And by the same token, we need builders with experience in creating real value for users to speak up more.
Ultimately, the answer lies with us and with the people that we, as an industry, choose to lionize. We need to learn how to identify and support builders building transparent, secure, high-quality applications and decentralized applications — regardless of how many followers they have.
Corey Wilton is the co-founder and CEO of Mirai Labs, the international gaming studio behind Pegaxy. A renowned speaker and play-to-earn thought leader, he began his first company within crypto in 2018, a customer support service designed to assist cryptocurrency companies with their customer service.
This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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