Tag: Uniswap

Uniswap’s Front-End Fees Surpass $1 Million

by Blockchain News

Uniswap, a leading decentralized exchange (DEX), has reached a significant milestone. The protocol’s front-end fees have accumulated over $1 million, a feat achieved within just 24 days. This article delves into the details of this achievement, its implications, and the context surrounding Uniswap’s revenue model.

Data from Dune Analytics reveals that Uniswap’s front-end fees have exceeded $1 million​​. This rapid accumulation of fees highlights the growing activity and user engagement on the platform. Notably, this milestone was reached in less than a month, indicating a significant surge in transactions processed by Uniswap.

Following this achievement, projections for Uniswap’s annualized revenue are impressive. On-chain data platform Token Terminal estimates the annualized revenue at approximately $15.2 million​​​​. This figure not only underscores the financial success of Uniswap but also reflects the robust nature of its operational model within the DeFi ecosystem.

In the backdrop of this milestone, Uniswap’s daily fee rate has experienced noteworthy fluctuations. There was a remarkable surge of 69.8% in the last seven days, despite a decline of 43.5% in one day​​. These dynamics suggest a volatile yet strong market performance and user engagement on the platform.

The front-end fees contribute a substantial portion to Uniswap’s total revenue. In the last 24 days, these fees accounted for 17.4% of Uniswap’s total fees​​. This proportion highlights the significance of front-end fees in Uniswap’s overall revenue model.

The introduction of front-end fees by Uniswap in October sparked some controversy​​​​. The decision to implement a 0.15% exchange fee was a notable shift in the platform’s approach to revenue generation. This move, while contributing significantly to Uniswap’s income, also brought about discussions and debates within the DeFi community regarding the implications for users and the broader ecosystem.

Uniswap’s surpassing of $1 million in front-end fees in a short span signifies not only its growing prominence in the DeFi space but also the evolving dynamics of revenue generation in decentralized exchanges. As the platform continues to adapt and innovate, it remains a key player in shaping the landscape of decentralized finance.

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Floki Enters the Tokenization Arena with TokenFi Launch

by Blockchain News

Floki has unveiled its new platform, TokenFi, aimed at easing the crypto and asset tokenization process. This revelation comes at a time when the tokenization domain is foreseen to swell to a staggering $16 trillion by 2030. The announcement made on October 26, 2023, underscores Floki’s strategic intent to carve a niche in this trillion-dollar realm, further amplified by the backing of BlackRock, the world’s premier institutional investor overseeing $10 trillion in assets. BlackRock’s endorsement, referring to tokenization as “the next evolution in markets”, adds a layer of institutional credibility to the sector’s prospective expansion.

Scheduled for a comprehensive reveal on October 27, 2023, TokenFi, with its token ticker “TOKEN”, aspires to demystify the tokenization journey, striving to ascend as the apex tokenization platform globally. The platform’s token specifics are as follows:

Token Name: TokenFi

Token Ticker: TOKEN

Total Supply: 10 billion tokens, equally distributed across BSC and ETH chains.

Launch Market Cap: Circulating – $50,000, Diluted – $500,000.

Targeted Industry: Tokenization, Real World Assets, Launchpad.

Initially, a 10% token supply will grace Liquidity Pools on Uniswap and PancakeSwap to foster public liquidity and trading, set to commence at 3 PM UTC on October 27, 2023.

TokenFi has also inked a strategic alliance with DWF Labs, its prime institutional partner and market maker, along with a pivotal partnership with World Table Tennis to broaden its outreach to a colossal audience of 120 million individuals. The meticulous design of TokenFi is not just a flight of fancy; several products are already in the advanced development stage on testnet, poised for a Q4 2023 launch. Besides, a dedicated staking program for FLOKI holders is in the pipeline, set to roll out a few hours post-TokenFi’s launch, thus reinforcing the ecosystem’s stability.

The launch also entails a well-thought-out plan to mitigate sniping activities during the initial trading hours. A 1% wallet cap of the total supply and a 20% buy/sell transaction tax will be enforced in the first hour of trading, transitioning to a 5% tax post the first hour, subject to a subsequent DAO vote.

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Uniswap V4 Open-Source Directory Sparks Controversy Over New KYC Hook

by Blockchain News

The unveiling of an open-source directory dedicated to Uniswap v4 hooks has recently incited discord within the cryptocurrency realm. At the heart of the contention is a newly introduced hook, now accessible on this directory. This hook facilitates the execution of Know Your Customer (KYC) checks on users prior to engaging in token pool trading activities, thereby intertwining regulatory compliance with decentralized operations, a notion often deemed incongruent in the decentralized finance (DeFi) domain.

In the technical lexicon, a hook is defined as a tool that empowers developers to modify code without altering the core architecture of the software. This capability is often termed as “hookability.” In the forthcoming Uniswap version 4, this particular hook will equip developers with the means to incorporate KYC verification within the decentralized financial protocol, marking a significant stride towards bridging the gap between regulatory mandates and decentralized operations.

Know Your Customer (KYC) is a standard practice among financial institutions aimed at validating the identity of clients and evaluating the associated business risks. Primarily, KYC endeavors to curb money laundering and thwart the financial conduits to terrorist entities. This practice, while common in traditional finance, is viewed with skepticism within the DeFi sector due to its centralized nature and potential infringement on privacy.

A proactive community developer integrated the KYC hook into the Uniswap v4 directory as an opt-in feature, granting users the autonomy to choose its application. However, the prerequisite to complete the KYC verification is the possession of a non-fungible token (NFT), an innovative digital asset verifying the uniqueness of an item or individual in the digital realm.

The introduction of this hook comes at a time when the decentralized finance (DeFi) sector is under amplified governmental scrutiny globally. Regulatory bodies across various jurisdictions are endeavoring to rein in the freewheeling DeFi sector, which often operates outside the conventional financial regulatory framework.

The forthcoming public release of Uniswap v4, slated for early 2024, will delineate access to pre-sanctioned organizations only, as per governance mandates. Additionally, the updated version will feature hooks for aesthetic customization, reflecting a balance between user personalization and regulatory compliance.

The amalgamation of KYC procedures within a prominent DeFi protocol like Uniswap signifies a notable paradigm shift, potentially setting a precedent for other DeFi platforms to follow suit. This juxtaposition of regulatory compliance with decentralized ethos is poised to foster heated debates within the crypto community, as it navigates the complex terrain of global financial regulations.

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Uniswap Expands Mobile Footprint with Android Wallet Launch

by Blockchain News

Uniswap, a leading decentralized crypto exchange, has unveiled a beta version of its mobile wallet for Android devices on October 12, 2023, as announced in a recent blog post. This move follows the successful launch of its iOS mobile app on April 13, 2023. The iOS version swiftly climbed the ranks, becoming a top-three wallet in terms of new downloads within a month. The Android iteration is seen as a strategic extension to cater to a broader user base, offering a simplified and secure on-the-go swapping experience. 

The Uniswap team meticulously fine-tuned the wallet for Android to provide a seamless swapping experience akin to the one millions have come to enjoy on iOS. The wallet has been tailored for ease of discovery of top tokens, automatic switching between Mainnet and Layer 2 networks (L2s), and enabling swift swapping actions. In its bid to perfect the swap process, the Uniswap team has released bi-weekly updates over the past few months to speed up swapping, adding a wider array of tokens and chains to swap on.

With an eye on the next wave of user adoption that is anticipated to occur on chains offering cheaper and faster transactions, Uniswap’s Android wallet has simplified swaps on L2s. Users can swap on Polygon, Arbitrum, Optimism, Base, and BNBChain without the need to manually switch between these chains. The wallet auto-detects the chain and transitions to it based on the selected token, demonstrating Uniswap’s commitment to user-centric design.

To mitigate the risks associated with frontrunning and sandwich attacks which may adversely affect swap prices, Uniswap has integrated swap protection in the mobile wallet. By default, swaps on the mobile wallet are routed through a private transaction pool to shield them from Miner Extractable Value (MEV), ensuring better prices for the users. 

In line with blockchain’s transparency ethos, the Uniswap Android wallet aims to provide clear information on any fees associated with swaps. The wallet identifies and displays tokens with in-built transfer fees, preventing any unpleasant surprises for users during transactions.

The Android wallet’s beta launch has been opened up for community feedback with a signup link for an email waitlist shared for early adopters. In the coming weeks, as part of its security audit with Trail of Bits, Uniswap plans to release the open-source code of the app, reinforcing its transparency and security commitment.

Uniswap’s entry into the Android space is part of a broader trend where decentralized exchanges are expanding their mobile ecosystem. In 2021, 1inch had also launched mobile wallets for iOS and Android, highlighting the growing importance of mobile platforms in the decentralized finance (DeFi) landscape.

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Uniswap Launches on Moonbeam Network, Extending to Polkadot

by Blockchain News

Uniswap’s V3 contracts have found a new home on the Moonbeam Network, a leading destination for multi-chain applications on Polkadot. With over $3 billion in Total Value Locked (TVL), Uniswap is a giant in the decentralized exchange (DEX) sphere. This integration, a first of its kind, extends Uniswap’s availability to users on the Polkadot network, opening up new avenues through an Oku front-end and Wormhole cross-chain messages.

Moonbeam: A Bridge to Polkadot

The Moonbeam network has positioned itself as a vital cog in the Polkadot ecosystem, especially ahead of a significant unlock of nearly 100 million DOT tokens later this October. This unlock event stems from the initial crowdloans conducted in December 2021. As these tokens become transferable, users are likely to explore alternative channels to leverage their DOT tokens across Polkadot and its parachains. Moonbeam, by hosting Uniswap, presents one such avenue.

Community-driven Integration

The integration journey began with a proposal from Michigan Blockchain which received a nod from the Uniswap community in May. Uniswap’s DAO selected Wormhole as the cross-chain protocol, paving the way for deployments on Moonbeam, Celo, BNB, and Gnosis. The Wormhole protocol stood out in the Uniswap Bridge Assessment Committee’s security analysis, marking a significant stride towards a secure cross-chain communication.

Expanding Multi-chain Horizons

Moonbeam’s role in Uniswap’s multi-chain strategy cannot be overstated. By supporting Uniswap v3 contracts, Moonbeam joins the ranks of Ethereum, Polygon, Avalanche, and BNB Chain, all of which have Uniswap v3 deployments. The fast finality and unique connected contracts approach of Moonbeam underline its appeal for cross-chain integration applications.

Oku: A New Interface for Uniswap Traders

A significant part of this integration is the Oku interface, designed to provide an advanced trading experience for Uniswap v3 on Moonbeam. Funded by a $1.6 million grant from the Uniswap Foundation, the GFX Labs team developed Oku to emulate a centralized trading experience akin to platforms like Binance. Oku introduces features like order books, price charts, live trading history, limit orders, and a seamless view of all available and new pools on Uniswap v3.

A Win for Liquidity Providers

Uniswap’s latest version introduces multiple fee options, enhancing flexibility and efficiency for liquidity providers. The upgrade aids in low-slippage trades, ultimately offering better prices. Additionally, liquidity providers can set specific price ranges, while the oracles in v3 are more accessible and cost-effective, marking a clear value addition for Moonbeam users.

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Uniswap Foundation Seeks $62.37M in Second Funding Tranche

by Blockchain News

The Uniswap Foundation has formally requested a second tranche of $62.37M in funding, according to a proposal posted on the Uniswap Governance Forum on September 27, 2023. This request is part of a two-tranche funding strategy that was approved last year, initially securing $74M for the foundation. The latest proposal aims to fuel the foundation’s ongoing efforts in ecosystem development, governance, and innovation.

Financial Overview

The foundation disclosed that it had awarded $4.8M in grants across five categories over the past year. Operational expenses amounted to $3.15M, largely in line with initial projections. The foundation also revealed that it holds 452,534 UNI tokens for employee vesting, valued at approximately $1.9M at current prices. The proposal includes a detailed financial breakdown, including a forecast that anticipates operational capital lasting until Q4 2024.

Achievements and Future Plans

The Uniswap Foundation highlighted its role in launching Oku Trade, a pro-trader interface, and Oku API, which provides comprehensive real-time historical data across pools, swaps, and positions. The foundation also mentioned its partnership with Gauntlet, focused on R&D to optimize incentive programs and fee design.

In addition to these initiatives, the foundation has been actively involved in research and development activities. They have sponsored hackathons, partnered with academic institutions, and funded research projects aimed at enhancing the Uniswap protocol. These efforts are part of a broader strategy to make Uniswap the default platform for decentralized finance (DeFi) activities.

Governance and Regulatory Compliance

The Uniswap Foundation has also been proactive in governance and regulatory matters. It submitted a comment letter to the SEC’s proposed amendments and has been working on aligning the long-term interests of stakeholders with the protocol. The foundation aims to be transparent and compliant with regulatory requirements to ensure the sustainability of the Uniswap ecosystem.

Community Response and Outlook

A community member, identified as zilayo, questioned the necessity of a $62.37M fund allocation, suggesting that the amount might be excessive for a single year. The member also inquired about the tangible benefits of the grants awarded so far, particularly beyond Oku Trade.

The foundation is expected to address these concerns in an upcoming Twitter Spaces session scheduled for October 2, 2023. This session will provide an opportunity for the community to engage directly with the foundation and seek clarifications on the proposal.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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Uniswap Labs Announces Bug Bounty Program with Rewards Up to 2.25 Million USDC

by Blockchain News

Uniswap ($UNI) Labs has officially launched a Bug Bounty Program (“the Program”). The initiative aims to encourage ethical hackers and security researchers to identify and report vulnerabilities in Uniswap’s deployed contracts. Rewards for successful bug disclosures can reach up to 2,250,000 USDC, depending on the severity of the issue.

Scope of the Program

The Program specifically targets vulnerabilities in Uniswap’s deployed contracts, including but not limited to:

Universal Router Contract Code

Permit2 Contract Code

V3 Contract Code

UniswapX Contract Code

However, if a bug is discovered in a Uniswap smart contract outside of these repositories and poses a risk to user funds, it will be considered in-scope for the Program.

Exclusions

The Program does not cover:

  1. Third-party contracts not under Uniswap’s direct control

  2. Issues already listed in audits for the above contracts

  3. Bugs in third-party contracts or applications that use Uniswap contracts

  4. The Uniswap DAPP, web interface, or other non-contract related materials

Reward Structure

Uniswap Labs has categorized the severity of potential issues into four levels:

  1. Critical Issues: Impacting numerous users and posing serious reputational, legal, or financial risks.

  2. High Issues: Affecting individual users and posing moderate financial risk.

  3. Medium Issues: Posing relatively small risks and not threatening user funds.

  4. Low/Informational Issues: Relevant to security best practices but not posing an immediate risk.

The rewards will be allocated based on this severity scale and the likelihood of the bug being exploited, as determined solely by Uniswap Labs.

Disclosure Protocol

All vulnerabilities must be reported to Uniswap Labs via the designated email: security+bugbounty@uniswap.org. Public disclosure of the vulnerability is prohibited until Uniswap Labs has resolved the issue and granted permission for public disclosure.

Eligibility Criteria

To be eligible for a reward, the reporter must:

  1. Discover a unique, previously-unreported vulnerability within the scope of the Program.

  2. Be the first to disclose the vulnerability to Uniswap Labs.

  3. Provide sufficient information for the vulnerability to be reproduced and fixed.

  4. Comply with all other terms and conditions of the Program.

Final Remarks

Uniswap Labs retains the sole discretion to alter the terms and conditions of the Program at any time. By participating in the Program, you grant Uniswap Labs the rights needed to validate, mitigate, and disclose the vulnerability.

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盗取Uniswap创始人Twitter账号的黑客最近几个月获利360万美元

by Blockchain News

在最近的一次网络安全事件中，Uniswap创始人Hayden Adams（@haydenzadams）的Twitter账户被自2023年4月以来一直活跃的骗子黑客攻击。这些犯罪分子在过去的几个月里创建了超过23个网络钓鱼网站，导致大约358名受害者损失了大约360万美元。

其中最重大的一起案件发生在2023年5月1日，当时一名用户由于ERC20许可钓鱼攻击，损失了价值228万美元的USDC。

Uniswap的官方Twitter账户几小时前发出了警告，声明，“@haydenzadams的Twitter账户已经被黑客攻击。请不要点击任何链接。没有任何赠品，空投，或赏金。该协议没有被黑客攻击或利用。”

Hayden Adams后来重新控制了他的Twitter账户，并对在事件期间提供帮助的人表示感谢。他发推文说，“我再次控制了我的Twitter。感谢今晚帮助的每一个人，以及人们为协助拆除，警告等所付出的努力。”

这次事件提醒我们，加密空间中的网络安全威胁始终存在。建议用户在点击链接时要谨慎，尤其是那些承诺赠品，空投或赏金的链接。始终从官方来源验证信息，并使用安全可信的平台进行加密交易。

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