In the past year: 1. Uniswap V2 released introduced new primitives and improved efficiency; 2. Transaction volume surged to new heights; 3. Transaction volume surged to new heights; 4. Users gradually tended to decentralize Trading…
“The decentralized exchange Uniswap recently released the “2020 Year in Review”.
In addition, Uniswap also released a roadmap for 2021: 1. Improve automatic market-making capabilities: The team continues to develop AMM technology, Significant progress has been made on v3. 2. Exploring extended solutions: to reduce delayed transactions, speed up settlement, and reduce transaction costs. 3. Strengthen governance: Uniswap core team members plan to participate in governance more directly as individuals in 2021, including disclosure Support or oppose the proposal. The core team can delegate voting to others or themselves, and governance will continue to be led by the community.”
2020 is a year of breakthroughs in the Uniswap agreement. We would like to review some of the key achievements of the past 12 months and share some insights on the 2021 roadmap.
The release of Uniswap V2 introduces new primitives and improves efficiency:
- Uniswap v2 was launched in May 2020. It supports any ERC20/ERC20 trading pair, a powerful time-weighted average price oracle, fast exchange and significant structural improvements.
- Since May, fast exchange transactions have completed a transaction volume of US$4.8 billion and incurred a liquidity provider fee of US$14.4 million.
- Uniswap’s TWAP implementation is still used as the main oracle infrastructure, integrating more than 50 protocols, including Compound, Augur v2 and Empty Set Dollar, second only to Chainlink.
- Although ETH is still the most important currency pair, Uniswap v2 supports more than 4,400 non-ETH pairs, including 7 of the 25 most active currency pairs at the time of writing.
Transaction volume has surged to new heights:
- By 2020, the transaction volume supported by the Uniswap agreement will exceed 58 billion U.S. dollars, an increase of 15,000% from the 390 million U.S. dollars in 2019.
- In September, the weekly transaction volume of the agreement briefly exceeded Coinbase. Today, Uniswap has become the fifth largest crypto spot trading venue in the world.
- Since January, the agreement has accounted for an average of more than 54% of the market share in the transaction agreement.
Uniswap’s liquidity is comparable to centralized opponents:
- The Uniswap agreement currently has more than US$2 billion in working capital, an increase of 17,000% from the US$12 million at the beginning of the year.
- Currently, more than 68,000 unique addresses provide liquidity for 27,000 unique transaction pairs.
Users gradually tend to decentralized transactions:
- Since the launch of v2, the MAU data of the protocol has increased month by month, with more than 290,000 unique addresses in December.
- Uniswap transactions usually account for 25% of Ethereum network transactions.
- At the same time, the median transaction size of the agreement in 2020 is only $634.
Uniswap as a neutral and strong exchange infrastructure:
- Now, Uniswap has performed more than 200 integrations in terms of protocols, data analysis services, advanced interfaces, wallets, etc.
- Highlights include Uniswap LP’s share as MakerDAO’s collateral; Uniswap lightning loans are used for execution in Aave v2 mortgage swaps; Fireblock integrated Uniswap into its institution-centric DeFi API.
UNI token gift package:
- As part of the Uniswap governance token release, 150 million UNIs (accounting for 15% of the supply and currently valued at approximately US$630 million) have been allocated to historical users and liquidity providers.
- Between September 16 and November 16, another 20 million UNI was allocated to liquidity providers.
- There are currently more than 110,000 UNI addresses, making UNI one of the most widely distributed tokens on Ethereum.
Uniswap’s governance brings the agreement closer to achieving self-sustainability:
- Uniswap governance currently has approximately 5,000 unique representatives and 6,000 unique representatives, including the active participation of many key leaders in the cryptocurrency community.
- The Uniswap Community Treasury currently has more than 47 million UNIs, which can be freely distributed by token holders through voting.
- The first successful governance proposal was implemented on December 27 and aimed to establish a grant program to invest in the future of the ecosystem.
Uniswap’s token list function improves the discoverability of ERC20 tokens:
- In August, the Uniswap team launched the token list, which is the community standard used to create the ERC20 token list.
- The token list improves the discoverability and trust of ERC20 in an inclusive, transparent and decentralized manner.
- The token list has become the industry standard for off-chain token discovery, and has been supported by industry-leading companies such as Coingecko, Coinmarketcap Messari, Set Protocol, Kleros, and Wrapped.com, and has been integrated into projects such as Matcha.
The Sybil tool makes voting delegation easy:
- In December, the Uniswap team launched Sybil, a cross-platform tool to improve the discoverability of governance representatives.
- Sybil use third-party authentication platform (Twitter, GitHub, etc.) and digital signature Ethernet Square mapped to address digital identity.
- Sybil-verified identities work across platforms: Sybil supports Compound governance out of the box.
Roadmap for 2021
Improve automatic market making:
- The Uniswap team continues to research and develop market-leading AMM technology, and has made considerable progress in v3.
- The design of V3 is based on the desire to significantly improve the AMM experience of traders and LPs, improve capital efficiency and flexibility, and introduce superior execution.
Explore scaling solutions:
- The extended solution provides a way to reduce delayed transactions, speed up settlement, and reduce transaction costs.
- Uniswap’s long-term success is closely related to the ability to attract the best community talent and participate in effective long-term, decentralized decision-making.
- Expanding the scope of governance requires both improved tools (see Sybil) and key measures like the Uniswap Grants program for governance.
- With thousands of representatives actively participating in governance, the Uniswap core team plans to participate more directly in governance as individuals during 2021: this includes publicly approving or opposing proposals.
- In addition, the core team can delegate voting rights to others or themselves, and they will vote with no more than 10% of their UNI votes. Governance will continue to be led by the community.
Source: Golden Finance