Decentralized exchange Uniswap tops $2T in all-time trading volume

https://www.techmeme.com/m/240407/p1#a240407p1

by techmeme-23 • 2 years ago

14 8 2 years ago

pavlov2• 2 years ago

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.

uLogMicheal2• 2 years ago

Transaction fees prevent this sort of behavior. Better to learn than to bash...

pavlov2• 2 years ago

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.

bryceneal• 2 years ago

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.

leeeeeepw• 2 years ago

Also shameless plug see $netw AI character token on uniswap :D

techmeme-23• 2 years ago

Fixed link: https://www.techmeme.com/240407/p1#a240407p1

Decentralized exchange Uniswap tops $2T in all-time trading volume

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