Editor's Note: This article comes fromVernacular Blockchain (ID: hellobtc), Author: Five Fireball Leader, reprinted by Odaily with authorization.

Editor's Note: This article comes from

Vernacular Blockchain (ID: hellobtc)

Vernacular Blockchain (ID: hellobtc)

, Author: Five Fireball Leader, reprinted by Odaily with authorization.

A big event happened yesterday, Uniswap issued Token.

Originally, everyone thought that the most sensational event this year was the launch of Polkadot. Unexpectedly, more than two months later, even more sensational news came.

The reason for using "more sensational" is because Uni's treatment is something that even Polkadot can't do—have you ever seen any project where all three major trading platforms + Coinbase Pro went online within one day?

I don't know if there will be no one in the future, but I am very sure that there will be no "coin" before!

This pattern, this courage, this method...

Tut tut, I really don't know what to say.

Regarding the details of the token distribution this time, the upcoming liquidity mining, etc., I believe that the media has already swiped the screen overwhelmingly yesterday, so I won’t be cumbersome here. Let’s talk about something else, let’s talk about your reaction to this event, because this is most likely to be closely related to how much money you earn in this wave of Defi, your knowledge of this market, and the level of investment (chao bi).

Of course, the following content is basically only for retail investors like you and me. If you only play BTC, and you also have hundreds or even thousands of BTC in your hand, or you have a small goal, then these are not applicable to you, just take it for fun.

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Very unqualified: indifferent to this matter, have not even heard of Uniswap

Uniswap is that pig, but it is a golden pig.

This wave of DeFi boom, roughly calculated, has been at least four months. In 2019, it is normal to have never heard of Uniswap. In September of 2020, if you hear the news of Uniswap, you will be stunned—"Ah? Uniswap, what is this, is it a trading platform? How to download it?" App?"

I regret to tell you that you are really out of touch with the circle.

Then there is a high probability that the structural bull market so far has no chance for you.

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Failed: Heard of Uniswap, but never used it

You must have heard the myth in various groups that so-and-so Uniswap 1 ETH goes in and 500 come out.Of course, there is a high probability that hundreds of ETHs go in, three or five come out, and even the negative teaching materials are directly swept away by scammer projects.So you may hesitate, hesitate, and worry that if you go in, you will be cut to pieces. So, you choose to be a spectator.

That's right, Uniswap is such a big jam, and some people call him a meat grinder. There is no review here, and the currency is listed casually, and there is a mixture of fish and dragons. It is a wild place in the industry, but at the same time it is very lively.

Ten thousand times YFI in two months

, or a follow-up series of "uncle" imitation disks. Some time ago, the second and third tier CEXs included the three major new DeFi currencies that were crazy about chasing new DeFi currencies. Their starting places, almost without exception, were all in Uniswap.

Even some time ago, the top three became a negative price for many currencies. The price discovery has been fully completed in Uniswap, and the top three has become the best place for many early users to "ship".

Coming to the industry is a brave step in itself. Why not continue to move forward, and continue to be braver, and come to this DEX that can better reflect the spirit of "blockchain" and give it a try?

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pass! 250,000 people reached the standard, congratulations

That's right, 250,000 addresses have interacted with Uniswap and received a gift package of 10,000 yuan.

To be honest, this number looks like a lot, but it is actually not much.

We must know that there are more than 40 million Bitcoin addresses, more than 100 million Ethereum addresses, and more than 500,000 active addresses among global investment players in the industry.

This ratio is really small compared to the overall number of people in the industry.

This is also the iron law of the 2/8 law in the investment world. Although many people in Uniswap have been cut bloody, I believe that you have heard of those whose assets have doubled by 5-10 times or more in the past few months. Most of the players come from these hundreds of thousands of addresses.

To buy coins on Uniswap, the threshold is much higher than that of CEX. You have to know how to use a wallet, know how to adjust GAS, know the algorithm of Uniswap AMM formula, know how to use the contract address to identify the authenticity of coins, and even go to see some big names in the circle. V's Twitter or join the Telegram discussion group...you have to have the courage to rush in and blog for real money.

These thresholds and courage are also the reasons for getting rich rewards. Otherwise, opportunities are always reserved for those who are prepared or those who are courageous, willing to study, and the first to eat crabs?

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Excellent: Cognitive gap

After the release of UNI, you can take a look at a picture of the trading platform.

Many retail investors who got the gift package of 10,000 yuan sold their chips happily, thinking that they can change their mobile phones again at the Iphone conference next month!

However, a small number of big players, in addition to taking the free chips in their hands, accumulated money crazily during the few hours around $2.50.

This is not to give you investment advice or buying and selling points, but this behavior is worth thinking about why someone is willing to "take" a lot of seemingly expensive free chips after you throw them out.

In fact, it is very simple. Compare the second and third children who already have Token in the Dex, and look at the valuation, and you will get a general idea.

If you look at the current market value in circulation, if Uniswap’s 250,000 addresses have all received rewards, the market value should be 375 million U.S. dollars, the current market value of BAL is 170 million, and CRV is 65 million.

In terms of full circulation, Uni is 2.5 billion, BAL is 2.1 billion, and CRV is 4 billion.

This is the trading volume and number of users of Dex the day before Uni was released:

See, the number of users of Uni is 10 times that of Balancer and 60 times that of Curve.

Therefore, no matter comparing the current market value in circulation or the market value in full circulation, the relative price deviation of the three currency prices/fundamentals is a bit large.

So there are two possibilities here, either the current prices of BAL and CRV are seriously overvalued, or Uni is seriously undervalued. Based on this, you can choose to short BAL or CRV, or buy Uni long-term, there is nothing wrong with it.

However, as of the time of writing, of the 250,000 user addresses, only less than 100,000 have received the 10,000-yuan gift package, and 150,000 people have not received it. In addition to the start of liquidity mining, the selling pressure of the Uni token market in the short term is still strong. Small. So whether or not to accept the order, and when to accept it, is a matter of opinion, and there is no so-called correct answer.

But what is certain is that Uni is one of the few big white horses in the Defi world, and DEX is undoubtedly the leader. Even if you don’t plan to take over the market in the near future, you should continue to pay attention to Uni’s performance.

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Seeing such three types of people today is really outstanding (or shit luck).

1. When UNi was first released in the morning, there was actually a Uni-ETH pool. At that time, the price was around $1.20, but if you bought a few ETHs, the slippage would be 5%-10%. It's already 2 knives away. However, there are a group of friends around me who have high slippage, and Uni, who has collected dozens of ETH within $2, is the winner of knowledge + courage.

There are also friends in the circle, because of the relationship between wallets, it is said that they have a lot of addresses that have interacted with Uni in their hands, and they are soft when they say Claim, and everyone complains that they will soon be rich and free by sending coins.

3. I also heard that some people also became scammers during the period of "local dog rampage" on Uni. A lot of addresses that have interacted with Uni received a lot of Uni tokens instead.

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The shock caused by Uni

Finally, let’s talk about the possible impact of Uni’s incident on the circle, especially the trading platform.

Take Sushiswap as an example. At that time, many people ignored one point, that is, even if you removed more than 50% of Uniswap’s liquidity, it was still an old currency. All new coins are issued on Uni, and new mining projects are basically mined with Uni’s LP Token. Even without this incident, Uni is still the first choice for all new projects. This consensus is currently a bit deep-rooted. You think, who will change if there is no big problem, how many times can you trade in a day? You send a new currency and say that I am the first to launch Sushiswap or other DEXs (except balancer), and no one likes to talk to you.

Therefore, if you simply want to defeat Uni by Fork + issuing Token + moving liquidity, in fact, it feels a bit like a mantis arm. You have to have a qualitative improvement compared to Uni, and dimensionality reduction can make a difference. After all, this industry depends on major innovations, contributions, and orthodoxy. status.

This is still the case of Uniswap without Token, and now with UNI, the situation is even more so.

Tomorrow, the first batch of liquidity mining will basically be trading pairs of ETH, BTC and stable coins. One month later, the community will vote to determine the liquidity pool, and the real fun will begin.

You think, some mainstream trading pairs are voted out and listed in the liquidity pool, and the liquidity of large and small households all go to Uni. At this time, there is no need or reason for ordinary users to go to other DEX transactions, including all second- and third-tier CEXs. , the depth of Uniswap will inevitably kill everything in seconds, and only the three major and Coinbase can barely parry.

At this time, other DEXs are also very embarrassed. Some mainstream trading pairs that previously supported the business are now deeply crushed by Uni, and they can only avoid trading pairs that have mining on Uni. However, most of the small coins and new coins, they still start It is in Uniswap, so it is still very embarrassing... The life of other DEXs and second- and third-tier CEXs may become more and more difficult.

You may say that there are not many other DEXs that have various improvements, such as the introduction of external oracles, borrowing, which can provide better depth, lower slippage, and smaller free losses than Uniswap.