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Golden Observation丨Although UNI has asset value, Uniswap still has a long road to "decentralization"



Golden Finance Blockchain September 30 News Uniswap's fork project "Sushi" Sushiswap recently dispersed community ownership through the governance token SUSHI and caused Uniswap to lose a large part of its liquidity. However, from the current point of view, the liquidity taken away by Sushiswap does not seem to pose a threat to its survival. Uniswap not only survived the storm and recovered, but also released the native protocol token UNI, which took only 18 months It has become the decentralized exchange (DEX) with the largest trading volume in the world. Initially, UNI tokens were issued through community airdrops and liquidity mining, which started on September 18, 2020, and then gradually entered circulation, with a total supply of 1 billion. Among them, 15% of the initial supply of UNI tokens will be distributed to the Uniswap community through community airdrops, 10.06% of the supply will be provided to historical users, 4.92% will be allocated to stock liquidity providers, and stock SOCKS users can claim 0.02%. In addition, Uniswap distributes another 2% of UNI tokens to the community through liquidity mining, and anyone can use one or more of the four pools of USDC / ETH, USDT / ETH, DAI / ETH and WBTC / ETH One provides liquidity to farm UNI tokens (more liquidity pools may be added after 30 days). During the period from September 18 to November 17, 2020, each fund pool will be allocated 5 million UNI, which will be allocated to liquidity providers in proportion to the liquidity provided. Golden hot search-zce list: ONT is at the top of the list: According to the data of the Golden Finance ranking list, in the past 24 hours, ONT's search-zce volume topped the list. The specific top five list is as follows: ONT, QTUM, HPT, ZRX. [2020/8/21] Since Uniswap adopts community airdrops, theoretically, the circulating supply of UNI tokens should start from 150 million. However, because the airdrop tokens have not been fully claimed, the current circulation is only 130 million. In the next four years, these tokens will be gradually released to minimize the possibility of manipulation in the UNI market. It is reported that the governance library will retain 43% of the UNI supply; team members and future employees will receive 21.51% of the UNI supply; Uniswap early venture capitalists will receive 17.80% of the UNI supply; consultants will receive 0.69% of the UNI supply . All told, 60% of UNI's founding supply will go to the community, with the remaining 40% allocated to team members, investors, and advisors. Is the release schedule of UNI tokens not clear enough? However, although Uniswap claims that the tokens allocated to the team and investors will be released within four years, they have not publicly disclosed the exact release timetable. And worryingly, these tokens are not currently locked, but are stored in regular Ethereum addresses (externally owned addresses or EOA), fully in circulation. Conversely, tokens allocated in the governance vault are locked in smart contracts and are expected to be released programmatically over time. But whether or not there are any security-related reasons, or a vague promise to the community not to participate in governance, not locking tokens still raises concerns. Even if there are valid reasons, the Uniswap team should give a detailed and transparent explanation of the structure of this token, the reasons for keeping it unlocked, and the precautions taken to prevent human manipulation. Jinse Finance Market Report 丨 BTC has risen slightly, and the bulls have room to exert force: According to the Huobi market, BTC rose slightly last night, reaching a peak of 9253.25 USDT, and then pulled back and oscillated to hover around the price of 9250 USDT. The daily chart broke through the rising platform yesterday, and stood above the moving average MA10, and the direction of MA5 pointed upward. The 4-hour large cycle forms the prototype of a head-and-shoulders bottom, and the moving averages gather and diverge upward. The 1-hour chart shows an upward pullback, and there may be a second upward attack after gaining momentum, and the bulls still have room to exert their strength. As of 10:00, the specific performance of mainstream currencies is as follows: [2020/7/2] It should be noted here that the Uniswap team seems to use the word "release" very loosely, perhaps their real purpose is to mislead community members and make I feel that the team or investor party representatives need to wait until they are "released" before they can use it. This token storage method essentially gives the Uniswap team and investors access to protocol administrators. In the event of a coordinated attack on Uniswap, these tokens could become an "emergency override". In addition, perhaps to give the community more confidence, Uniswap stated that team members will not directly participate in governance in the foreseeable future. Although they can delegate voting rights to protocol representatives, they will not try to influence their voting decisions. We know that the main function of UNI tokens is to grant holders the right to make decisions about the protocol, including governance of the Uniswap protocol and access to potential revenue shares. There is a "fee switch" in the Uniswap governance contract. If the switch is activated, UNI token holders can get a part of the agreement fee. The "fee switch" sets a 180-day time lock to ensure that investors and liquidity providers ( LP) have half a year to prepare for this new revenue-sharing model. Golden Evening News| List of important events on the evening of May 12: 12:00-21:00 Keywords: Mining shutdown, USDT additional issuance, central bank, Ministry of Transport, China Baowu, JPMorgan Chase 1. Data: Tether has been in waves for a month An additional 926 million USDT was issued on the field chain. 2. Data: After the halving, more than 50% of the mining machines have been shut down or are on the verge of shutting down. 3. Central Bank Shanghai Headquarters: Be wary of financial scams under the guise of "virtual currency" and "blockchain". 4. Ministry of Transport: Promote the application of blockchain technology in highway engineering information management, etc. 5. The Wall Street Journal: JPMorgan Chase is providing services to the first batch of encrypted exchange customers 6. China Baowu and the world's three major iron ore suppliers The merchant realizes the blockchain cross-border settlement. 7. Twitter CEO admits still buying at least $10,000 in BTC per month. 8. TheBlock Research Director: In the short period of time since halving to the present, the speed of block generation is actually increasing. 9. V God wrote an article against the proposal of the price oracle machine at the base layer, saying that the functions of the ETHL1 layer should be clearly restricted. [2020/5/12] It is worth mentioning that the governance function of the token actually took effect on the first day of the release of the UNI token, but the treasury needs to be unlocked after 30 days. After unlocking, the holder of the UNI token to decide what to do with the funds in the vault. However, not all funds in the treasury can be used immediately, and the tokens in the smart contract governing the treasury will be gradually reduced and released in the next four years. Uniswap can use these tokens for community programs, liquidity mining, contributor donations, and other projects to further develop the Uniswap protocol and ecosystem. While governance vaults are ostensibly a good approach to decentralized protocol ownership, the community has expressed concerns about Uniswap’s specific governance model and level of decentralization and flexibility. Because first, if community members want to submit governance proposals, the minimum threshold is to hold 1% of the total supply of UNI tokens. Second, a minimum quorum is required to pass the proposal, but this would require 4% of the total supply of UNI tokens (40 million), which is almost 31% of the current total circulation. So, even if you meet the threshold of holding 1% of the total token supply, it is very difficult for the proposal to pass. Therefore, although the UNI token has been listed for more than a week, the community has not put forward any governance proposals, which is in stark contrast to other vibrant and active-zce DeFi communities. Golden Evening News | List of important events on the evening of January 16: 12:00-21:00 Keywords: Anti-money laundering, Australia, National Mining Pool, Grin, Guangzhou Public Law Chain The leader of the expert group of the drafting group of "Application of Anti-Money Laundering Standards in Industry". 2. The Reserve Bank of Australia conducts a simulation test of running a CBDC on the Ethereum network payment system. 3. Uzbekistan announced the establishment of a "national mining pool" and will launch the first approved cryptocurrency exchange. 4. Grin reached block 524,160 to complete the hard fork upgrade. 5. The "Guangzhou Public Law Chain" has been established and applied. Electronic judicial appraisal opinions are the first to be launched. 6. Xu Qin, Governor of Hebei Province: Promote the deep integration of the energy industry and blockchain and other digital technologies. 7. Deng Jianpeng: Pay attention to the guidance and promotion of scientific legislation on blockchain supervision and governance. 8. Thailand’s Special Case Investigation Office will investigate cryptocurrency pyramid schemes. 9. A South Korean crypto exchange is preparing to renew its banking deal with a domestic bank. 10. Bitcoin fluctuated within the day, with the highest rising to 8876USDT and the lowest falling to 8591USDT. [2020/1/16] Judging from the governance model of UNI, it seems that Uniswap has set a very high threshold. Some people even think that Uniswap is deliberately designed in this way, the purpose is to prevent people from collecting 10 million votes and making suggestions. But in fact, their real purpose is to avoid major changes to the protocol in the early stages, and then smoothly transition to decentralized governance when the protocol is stable. Uniswap team and investors have greater voting rights? In addition, there is another problem with the UNI governance model, that is, even if the Uniswap team and investors will not use the unreleased tokens, they also have disproportionate power to the community in the early stages of governance. They can even vote on how the treasury funds are distributed to further increase UNI token holdings, thus giving themselves greater voting power. Of course, the Uniswap team and investors may be relatively more constrained. However, there are "giant whales" in some other DeFi protocols released on the market recently. "Giant Whales" are a group of anonymous income-farmers holding a lot of money. The difference between them and ordinary investors is that they may be concerned about reputation issues due to their high attention. In addition, they regard making money as their sole purpose and do not care about the future of the project at all. Golden Noon News| List of important developments at noon on December 13: 7:00-12:00 Keywords: Central Bank, Lightning Network, ETC Hard Fork, Justin Sun, Tezos 1. Haibei Prefecture Branch of the Central Bank: Investors need to guard against virtual currency fraud Routine. 2. Vice Governor of Shandong Province: To upgrade the traditional manufacturing industry with technologies such as blockchain. 3. The Basel Banking Regulatory Commission solicits opinions on the prudential regulation of encrypted assets. 4. The lightning network has completed the multi-path payment interoperability test and supports larger bitcoin transactions. 5. ETC Core held a developer meeting to determine the height of the Agharta hard fork. 6. Shenzhen Qianhai Taxation Bureau: will continue to promote blockchain electronic invoices. 7. Sun Yuchen’s new Weibo account “Mr. Sun Yuchen” was banned. 8. People familiar with the matter: Ping An OneConnect’s IPO price is at the high end of the guidance range, raising US$312 million. 9. The market value of Tezos is 1.125 billion US dollars, returning to the tenth place, and it is currently reported at 1.7 US dollars. [2019/12/13] Only 15 addresses are currently known to control 10 million (or more) UNI tokens, but analysis shows that when it comes to the possibility of creating governance proposals, only one address has sufficient UNI token liquidity to submit governance proposals, this address is owned by Binance, in which there are 26 million UNI tokens in existence. In other words, only Binance has the right to decide how to use these funds during the period when the governance vault can only be unlocked after one month. However, it is important to know that Binance is actually a centralized exchange that forms a direct competition with Uniswap, so it is almost impossible to make a proposal that is beneficial to Uniswap. While Binance may not be able to control enough UNI tokens to satisfy a quorum of 4% right now, it is possible to combine multiple centralized exchanges (CEXs) for a coordinated attack. First of all, Binance itself has 26 million UNI, plus currency has 9.4 million UNI, and OKEx has 1.5 million UNI. The 40 million UNI tokens that want to reach the proposal quorum are very close. Compared with the Uniswap team and investors, independent UNI token holders not only have less voting rights, but also community governance becomes more difficult due to low voter turnout. Therefore, in the end, many UNI holders will just sit on the token and expect appreciation instead of participating in governance. Although it is very difficult to mobilize the community to "gather enough" votes, Uniswap has prepared for this possibility. Although the token release time is arranged, it is still necessary to ensure that there is enough liquidity to maintain the team or is the distribution of investor tokens. At the same time, in order to prevent centralized exchange attacks, they chose to make these tokens fully "accessible" before being released. This means that even if the community can gather enough UNI tokens, the Uniswap team, investors and advisors still have a majority of voting rights, which ensures that centralized exchanges cannot be attacked, but at the same time, for a period of time, Uniswap also cannot be governed by the community. At present, the community is full of concerns about whether the community governance decisions made by Uniswap are fair, but in fact, the Uniswap team still has absolute control over the unreleased tokens. First of all, this is because the Uniswap team is trusted and respected in the community. Unlike "Sushi" Sushiswap founder Chef Nomi, the Uniswap team, as well as investors and advisors, are unlikely to sell tokens at high prices. While the supposedly locked UNI tokens are currently in a liquid state, the chances of these tokens being misused are very low. But while the Uniswap team and investors and advisors are trustworthy, the core of the decentralized protocol is to make the community not have to rely on this "trust". Second, gradual decentralization and eventually full decentralization is usually the safest and most practical approach for early-stage projects. Although Uniswap is not an early project, they are indeed trying a decentralized governance model for the first time, so it is too early to transition to a "fully decentralized" node at this stage. The Uniswap team is also working on a "launch" and wants the community to take over governance, but it's still early days, so the founding team decided to maintain control. Finally, while there are other security solutions, these take time to implement and require testing and auditing.


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