🦄 The Dex King: UniSwap V4
PLUS Fidelity GBTC rumours LEAKED!
Bitcoin gave Blackrock a thumbs up as it pumped back up towards $27,000 as Ethereum chops in this awkward $1,700 range.
J Powell is set to speak Wednesday and Thursday covering the “Semi-Annual Monetary Policy Report” whilst we, as degens, patiently wait for the pro traders holidaying in the Hamptons to return, bringing their liquidity back with them.
In the meantime, let’s take a look at how UniSwap V4 might just be your unfair advantage over the rest of the market.
PS… don’t be late, anon… just 7 days left to complete Quest for Larp badge 1.
Need to know.
If you’ve only got 2 minutes.
The big story.
🦄 The Dex King: UniSwap V4
🖼 WenLlamas sneak peek into the LlamaQuest Llamaverse
📅 Frax finance founder supports aggressive buybacks
GM degen podcast: BTC pumps & UK becomes the HUB of Crypto Europe.
In the news.
🐮 Fidelity takes on Blackrock ft. GrayScale
🐻 IMF’s master plan: The CBDC Blueprint
👨🏻💼 What the FED?! A look at the 7 stocks propping the markets up
🔥 The big story.
To make you think.
🦄 Welcome back King
The big daddy of dexes is en route to V4 (no… not CZ’s 4)!
Last week UniSwap announced that V4 is coming by sharing its vision with the world.
1/ Today, we’re announcing our vision for Uniswap v4 🦄
We see Uniswap as core financial infrastructure & think it should be built in public with space for community feedback and contribution.
An early implementation of the code can be found here:
— Uniswap Labs 🦄 (@Uniswap)
Jun 13, 2023
And after letting the dust settle, and reading countless threadoooors… here’s our take on it and what it means for DeFi.
To sum UniSwap up, it's the King of the dexes as it consistently sees the highest daily trading volumes.
It’s also the first dex most of us reading this probably used for our first rug pull when entering the world of DeFi and on-chain trading.
So let’s recap the story so far:
Uni V1 was just the beginning, enabling ETH-ERC20 swaps
Uni V2 fixed some V1 bugs and activated ERC20-ERC20 swaps
Uni V3 gave LPs control, introduced concentrated liquidity and range orders
Uni V4 is creating composability and gas efficiency (TY!)
What’s new in V4?
Hooks, Singleton and a challenger to cexes & dexes.
Hooks are the flagship feature of V4. They're expressive customisations (code) you can choose from to add to your pool.
Want dynamic swap fees? There's a hook for that.
How about limit orders? Yup, there's a hook for that too.
Fancy something more complex? Yup, there's a hook that’ll let you TWAP (Time-weighted average price) it.
Singleton, it’s a single contract that contains all the Uni V4 pools whereas V3 had a single contract for a single pool. It’s set to improve gas efficiency by up to 99%, reduce the need for multiple routes on a swap and utilise a “flash accounting system” (no need to transfer assets in and out of pools after each swap).
However, if all pools are held in 1 contract… what happens if Singleton is breached? Will on-chain DeFi come crumbing down in 1 fell swoop? Does this then become a hacker's final boss to invade?
I want armed internet guards surrounding the Singleton at all times.
Cexes and dexes get challenged, we’ll get on this later.
In short, UniSwap V4 will become the go-to dex for devs to build on top of. Because if you can’t beat them… build on them.
What does this mean for DeFi?
Innovation is happening.
And from what I can gather, Hayden Adams, Founder of UniSwap, wants to retain his title as the largest go-to trading dex across all chains, recapture the volume flowing through aggregators and become the hub of on-chain cex-style trading.
With customisation (Hooks) and gas efficiency (Singleton) at the forefront of Uni V4, DeFi is set to benefit greatly.
Implementing a seamless “limit order” hook could be one of those “zero to one functionalities” that gives traders, degens and normies the reason to make UniSwap their default trading hub.
No more needless trust given to the exchanges when leaving stink bid limit orders overnight and no more worries about getting rekt by on-chain gas fee spikes.
If you can think it and code it, you can probably hook it.
With that in mind, Uni V4 might prove troublesome for on-chain trading perps platforms
One thought to consider is if and/or how Uni V4 will stop or absorb the flow of magical internet money flowing to on-chain perps dexes. Will crypto gamblers speculators who enjoy a simple, easy and cheaper experience want to play around with leverage trading, liquidations and often shoddy UI?
Composability creates innovation and innovation is coming (maybe just slowly).
Outsourcing the public.
V4 is being built in the public view and outsourcing devs letting them tinker, share their feedback and begin building bad azz hook designs & integrations so that… wen launch happens, pool creators will have a list of customisations they probably never thought they could have.
Thus making DeFi fun (and hopefully profitable) again.
As the saying goes, work smarter, not harder.
From the outside in, it looks as if UniSwap is fully positioning itself for the next bull run and doing everything in its power to solidify its position in the markets as the King Pin and maintain its stoppable god-tier trading volume positioning.
Is it a Balancer fork? While there might be similarities, UniSwap is still King with bear market weekly volume numbers that speak for themselves.
On paper, V4 has a lot of potential in becoming your unfair advantage against the rest of the market. It will play its part in levelling up DeFi along with the other King of DeFi, Trader Joe.
👀 DeFi insights.
Project updates, governance reports and industry secrets.
The World of DeFi.
Aevo - reached $7.5m option open interest & $6.5m 24h volume. (Twitter)
Binance - LSD-Fi research report. (Twitter)
BNB Chain - Launch EVM-compatible L2, opBNB on testnet. (Twitter)
J Page - The official Rumas NFTs have been revealed (Twitter)
Maia DAO - 3 weeks left of one of the BIGGEST code4renas with $300k up for grabs. (Twitter)
ParallelTCG - Release “Colour Research Update IV” plus Galaxy Key holders received an airdrop. (Twitter)
Solana Monkey Business - Gen 3 mint begins June 27th. (Twitter)
Unlocks coming - Euler $EUL & Space ID $ID by June 22nd with Acala $ACALA by June 26th. (Token Unlocks)
YoloNolo - Discord trading bot, powered by HXRO Network, will be launching perps very soon. (Twitter)
AAVE - Community rejected the recent proposal to freeze $CRV tokens on V2 (The Block)
Curve Finance - Proposal opened to accept wETH as collateral to mint up to 200 million $crvUSD stablecoin. (Curve)
dYdX - Voted to pass the proposal for sub-DAO V2 launch and $6.6 million funding request. (dYdX Gov)
Frax Finance - Frax finance founder supports Ouroboros Capital's proposal for aggressive by-backs. (Frax Gov)
The latest GM degen podcast.
The boys are back as Bitcoin bumps to 50% dominance and the UK is set to become the crypto hub of Europe.
🗞 In the news.
The important bits.
Alibabas crypto-friendly new Chairman. Founder Joseph Tsai, known for his love of Web3 will be stepping into position in September. (Coindesk)
Binance begins Bitcoin Lightning Network node integration, joining Kraken and Bitfinex. (The Block)
ETH validator requirement increases as devs consider increasing the requirement from 32 to 2,048 ETH. (The Block)
Fidelity to rival Blackrock with a BTC ETF as rumours spread. Sources speculate a purchase of GrayScale. (Twitter)
The IMF reveals global CBDC plan for cross-border payments by enhancing the global payments infrastructure. (Coindesk)
👨🏻💼 What the FED?!
AI was mentioned 110 times during the recent earnings season. This is a narrative that might be worth keeping an eye on leading into the next earnings season.
The S&P 7, also known as $NVDA $AAPL $TSLA $MSFT $GOOGL $META and $AMZN, is now up roughly 60% YTD.
Meanwhile, the remaining 493 companies in the S&P 500 are now up just 3% YTD.
All together, the S&P 500 is up 15% YTD.
These 7 tech stocks now represent ~30% of the entire S&P… https://t.co/GRPtwitter.com/i/web/status/1…
— The Kobeissi Letter (@KobeissiLetter)
Jun 17, 2023
🐥 Twitter reads.
In case you missed it.
A storm is brewing in the LlamaVerse.... a brand new immersive way to interact with your @WenLlama herd.
It is my great pleasure to introduce you to LlamaQuest! 🦙🍺👑
— thepaypay.eth 🦇🔊🦙 (@thepaypaydoteth)
Jun 19, 2023
@wacy_time1 has updated his one-stop-shop, step-by-step research guide.
Want to make a 6-figures on crypto?
No need to spend hundreds of hours for researching projects.
I've prepared a FREE & INTERACTIVE DASHBOARD for you with a step-by-step guide and valuable resources.
Now, you are completely covered. Link below ⬇️ http
— AlΞx Wacy 🌐 (@wacy_time1)
Jun 9, 2023
@DegenSpartan, speculators be speculating… a look into the Fidelity and GrayScale rumours.
rumors be rumoring
gbtc has been the #1 widowmaker for the past few years since it slid into discount once people realized the mechanics of it
i would be ultra sceptical of any gbtc related news
btw buyout offers do not have to be at NAV
— 찌 G 跻 じ MBA, CFA, FRM, CFP, NGMI, HFSP, HENTAI 🛡️ (@DegenSpartan)
Jun 20, 2023
And on that note, thanks for reading, catcha apes in the next edition!
🤝 A final word.
A quick word from our super awesome sponsors who help us make this all possible...
Discover how your skills could power the next generation of web3 and blockchain technology. Your next career move could be one you never imagined. Start your search today at Web3nomads.jobs.