Decentralized exchange Uniswap tops $2T in all-time trading volume(techmeme.com)
techmeme.com
Decentralized exchange Uniswap tops $2T in all-time trading volume
https://www.techmeme.com/m/240407/p1#a240407p1
8 comments
Fixed link: https://www.techmeme.com/240407/p1#a240407p1
This is hosted on Ethereum which got rid of Proof-of-Work. Now it’s just a slow shared database controlled by a clique.
It’s pretty easy to generate trillions of trading volume on a database when there’s no penalties for wash trading. All it takes is a for loop.
It’s pretty easy to generate trillions of trading volume on a database when there’s no penalties for wash trading. All it takes is a for loop.
Transaction fees prevent this sort of behavior. Better to learn than to bash...
Not only network transaction fees but slippage, front-running, LP fees. I'm not saying that wash trading doesn't occur in DeFi, but Uniswap would be one of the more inefficient places to do it.
So which is more likely?
1. Uniswap Labs, a Delaware C Corp based in NYC, is risking everything to burn millions or billions of dollars in order to place fake trades and bolster volume numbers.
2. Uniswap, the top on-chain exchange on Ethereum (a network where the primary use-case is creating and trading assets, and which has an ecosystem market cap of something like $800B) has over the course of over 5.5 years, done $2T in all-time volume (~1 billion / day on average)?
Occam's razor says 2.
So which is more likely?
1. Uniswap Labs, a Delaware C Corp based in NYC, is risking everything to burn millions or billions of dollars in order to place fake trades and bolster volume numbers.
2. Uniswap, the top on-chain exchange on Ethereum (a network where the primary use-case is creating and trading assets, and which has an ecosystem market cap of something like $800B) has over the course of over 5.5 years, done $2T in all-time volume (~1 billion / day on average)?
Occam's razor says 2.
And who collects the transaction fees? The same people who benefit from the illusion of trading volume.
It’s a rigged game around the world’s worst stored procedure database presented as some sort of magical truth machine.
It’s a rigged game around the world’s worst stored procedure database presented as some sort of magical truth machine.
You’re awfully convinced about something you can provide 0 evidence for.
This is my first time seeing the claim that the miners run the decentralized and centralized exchanges across all blockchains...
Also shameless plug see $netw AI character token on uniswap :D