Editor's Note: This article comes fromCrypto Valley Live (ID: cryptovalley)Crypto Valley Live (ID: cryptovalley)
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Crypto Valley Live (ID: cryptovalley)
, Author: Lars Hoffmann, translation: Olivia, reproduced by Odaily with permission.
Uniswap launched its highly anticipated governance token UNI on Wednesday.
The Block studied the distribution of tokens to analyze Uniswap's position in the field of decentralized exchanges.
After months of anticipation, Uniswap has finally launched its token, which aims to enable shared community ownership by implementing an on-chain governance system. The governance system will facilitate the development and usage of the protocol, as well as the growth of the broader Uniswap ecosystem."secondary title"。
Why Uniswap is important
Uniswap is the leading decentralized exchange protocol on Ethereum, and one of the few DeFi projects that have found a clear product-market fit. it strives to create
In recent weeks, Uniswap’s daily trading volume has begun to rival that of centralized exchanges, suggesting considerable demand for permissionless financial services. In the last week, Uniswap generated $3.02 billion in trading volume, of which about $9 million went to liquidity providers (LPs).
In comparison, Coinbase, one of the largest centralized exchanges, had a trading volume of just $2.51 billion during the same time period.
Since its inception, over 250,000 different addresses have interacted with the protocol. Nearly 50,000 different addresses served as LPs and made $56 million in the process.
secondary title"How Uniswap works"Constant Product Market Maker Model
Source: Uniswap
(CPMM), which allows anyone to provide liquidity easily and quickly in exchange for a 0.3% fee per trade.
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Uniswap initially received a $100,000 grant from the Ethereum Foundation in November 2018. Its first version, Uniswap v1, was released at DevCon 4 in November 2018. In April 2019, Uniswap raised $1.82 million in seed funding from Paradigm at a pre-valuation of $5 million. Its second version, Uniswap v2, was launched in May 2020.
Uniswap v1 only accepts pools of ERC20 and ETH - which leads to dependence on Ethereum price, while Uniswap v2 enables cross-exchange, for example, for ERC20 stablecoins such as DAI and USDT. This improves price execution by lowering gas fees and reducing slippage. Additionally, Uniswap v2 introduces new price oracles and flash swaps.
In June, Uniswap raised $11 million in a Series A funding round at an upfront valuation of $39 million to fund its next iteration of the protocol, with Uniswap v3 expected to launch in late 2020. The round was led by Andreessen Horowitz along with Union Square Ventures, Version One, Parafi Capital, Variant, SV Angel and A.Capital. And Paradigm also participated in the A round of financing.
Uniswap's market position
Source: Dune Analytics
So far, Uniswap has taken the lead in terms of trading volume and liquidity, and its monthly trading volume has exceeded 10 billion US dollars. September-to-date, trading volume is $9.9 billion, accounting for 66% of all DEX trading volume (excluding SushiSwap and Swerve).
Source: The Block Research, Dune Analytics
The success of Uniswap is mainly based on the convenience provided by liquidity. Since the beginning of the year, its liquidity has risen steadily, and recently due to liquidity mining events of competing forks such as SushiSwap, its liquidity has surged sharply.
Source: Dune Analytics
Meanwhile, Uniswap’s user base has grown in tandem with this year’s DeFi boom. This phenomenon is traceable: because Uniswap is a basic part of the entire DeFi infrastructure, it integrates hundreds of DApps.
Source: The Block Research, Dune Analytics
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Source: The Block Research, Dune Analytics
Furthermore, despite the en masse migration of LPs to SushiSwap during its highly incentivized liquidity mining event, Uniswap is still the most liquid DEX — not considering stablecoin-only DEXs like Curve and Swerve.
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The final flow of UNI token
At the time of writing, less than 24 hours after launch, the UNI token has become the second most widely distributed DeFi token with over 67,000 unique token holder addresses and counting. That’s more than three times the size of its community fork, SushiSwap. In addition, approximately 125,000 different addresses have claimed approximately 76.8 million tokens, accounting for 51.2% of the 150 million UNI tokens that can be claimed so far.
Source: Etherscan
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Source: Dune Analytics
With many community members claiming their own UNI tokens, the gas fee of Ethereum in units of Gwei soared sharply, making Ethereum congested and almost unusable again.
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21.5% to team members and future employees, released linearly over 4 years - 215,101,000 UNI
17.8% to investors, 4-year linear release--178,000,000 UNI
0.07% to advisors, released linearly over 4 years - 6,899,000 UNI
Source: Uniswap
0.07% to advisors, released linearly over 4 years - 6,899,000 UNI
Source: Uniswap
Since historical users and liquidity providers have claimed 15% of the tokens, the governance library will retain 43% of the UNI supply - 430,000,000 UNI. UNI token will continue to release tokens linearly according to the following schedule. The UNI allocation for the team, investors, and advisors will unlock tokens on the same schedule.
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UNI tokens will be continuously distributed through funder grants, community initiatives, liquidity mining, and other programs.
In order to incentivize and guide the flow of everyone to provide liquidity, mining UNI will initially be provided through four liquidity pools - starting October 18, UNI holders can vote to add more liquidity pools.
inflation
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inflation
After 4 years of linear release, there will be a permanent inflation rate of 2% per annum. This is to ensure continued community participation and contribution to Uniswap at the expense of liquid UNI holders. It is unclear whether governance will be able to change this policy.
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Today's UNI token"The main function of the UNI token is to manage the Uniswap protocol."Governance will be live from day one, however, there is a 30-day grace period for entry into Treasury to ensure wide distribution of tokens and to provide enough time for community members to familiarize themselves with the governance system. As such, the protocol's governance system will begin accessing UNI in Treasury starting October 18, 2020 at 12:00AM UTC."After the 30-day grace period, UNI token holders will have direct access to the Treasury through the governance system. According to Uniswap, this opens"
A world of infinite possibilities
. the team hopes
See various experiments, including ecosystem grants and public interest funding, both of which can lead to additional growth in the Uniswap ecosystem.
Crucially, there is a 180-day time lock for control of Uniswap fee conversions."The initial governance plan of Uniswap is as follows, and there may be governance changes in the future:"Account for 1% of the total UNI supply (delegation) to submit governance proposals.
Quorum requires 4% of UNI supply to vote
in favor of
7 days to vote
There is a 2 day delay lock time when executing
Uniswap emphasizes the responsibility of UNI holders to ensure that governance decisions comply with applicable laws and regulations, and guarantees that team members will not be directly involved in governance in the foreseeable future.
As of now, Uniswap does not directly take a certain percentage of transactions as its own fees. However, in the future, it is very likely that the community will implement a transaction fee governance solution to benefit from the extremely high transaction volume - as long as the 180-day transaction fee conversion time lock expires.
the list
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Source: Twitter
