Uniswap, with mixed reviews, is it really the Tencent of the cryptocurrency industry?

Yesterday at the ETH CC conference, amidst the hustle and bustle, a statement caught everyone's attention with its stunning power - Hayden Adams, the founder of decentralized trading platform Uniswap, announced the upcoming launch of a non-custodial, Dutch auction-based protocol: UniswapX. This declaration was like the dawn breaking, illuminating a new world in the DeFi space.

UniswapX aims to create a new trading experience in the coming months: it will aggregate liquidity sources to enhance trading value, effectively prevent maximum extractable value (MEV), provide gasless transactions, allow failed transactions to incur no cost, and further expand to support cross-chain gasless transactions. All of this is to make the user's trading experience better and more efficient.

UniswapX 有何特别之处

What makes UniswapX special?

The innovation of UniswapX lies in outsourcing the complexity of routing to third-party fillers on an open network to aggregate liquidity and provide more favorable prices. Traders using UniswapX do not need to worry about price issues, as the trading process is transparent, the trading results are public, and settlement is always on-chain. All orders are supported by the Uniswap smart order router, forcing fillers to compete with Uniswap v1, v2, v3, and future v4.

UniswapX has also demonstrated its thoughtful strategy in the implementation of gas-free transactions. The unique off-chain orders signed by traders will be submitted to the chain by fillers who pay the gas on behalf of the traders. As traders do not need to pay for gas, they do not have to bear any costs when trading, even when dealing with failed transactions.

As for preventing MEV, UniswapX has shown strong determination. Any MEV captured by arbitrage trades will be returned to the trader by increasing the price. Furthermore, UniswapX helps users avoid more obvious forms of MEV extraction, where orders executed in the filler inventory cannot be inserted, and fillers are incentivized to use private transaction relays to route orders to on-chain liquidity venues.

When we talk about gasless cross-chain transactions, the scroll that UniswapX is about to achieve is unfolding before our eyes. It seamlessly integrates exchange and bridging into one operation, allowing traders to exchange between chains in just a few seconds. They can even choose the assets they receive on the target chain independently, rather than being restricted to specific bridge tokens.

Bao Bian Xiang Ban, Uniswap X = CoWSwap + 1inch?

In the eyes of many community members and KOLs, UniswapX is praised as an innovator and has high expectations. KOL Patrimonio.Defi (@I_am_patrimonio) praised the launch of this cross-AMM aggregation protocol UniswapX: "Uniswap is like Apple... a new version can be released every five working days."

Paradigm researcher Dan Robinson (@danrobinson) highly praised the changes made by UniswapX on social media, stating that "I think UniswapX has changed the game rules for decentralized exchanges, MEV, and interoperability," and detailed five reasons for this.

However, new light often brings challenges with existing shadows, and UniswapX is no exception.

Under Dan Robinson's tweet, the official Curve Finance account made a different evaluation, and their opinion had a unique flavor: "Dan, forgive me for being blunt. The rules of the game changed a long time ago: when 1inch first conducted high-quality aggregation, when CoWSwap created the solver model. UniswapX is good, but it is not the first, or even the second."

Curve Finance's official account commented on UniswapX in this way, expressing dissatisfaction with the product. Such comments undoubtedly cast a complex shadow on the brilliance of UniswapX.

Some community members also raised questions: "What is the difference between UniswapX and CoWSwap?" "Isn't this basically CoWSwap?" "UniswapX should thank the open source spirit of the cryptocurrency industry." "Uniswap v4 is Crocswap; UniswapX is Cowswap." "Will UniswapX make a mooohh cow call like CoWSwap?"

CoWSwap has also released several tweets with meme images full of sarcasm, welcoming Uniswap to further validate their trading design, seemingly mocking Uniswap's imitation of them. All of this constitutes a comprehensive voice on UniswapX - the shadow behind the light, with both praise and criticism.

Uniswap is Tencent in the cryptocurrency industry?

In the sea of innovation, Uniswap is like a huge ship, leading the way for decentralized trading platforms with its immense influence and innovative capabilities. The recent launch of UniswapX has sparked a heated discussion and also made us think: will the ship's journey create waves that make it difficult for small boats to move forward?

Regarding the positioning of Uniswap, people cannot help but compare it to the concept of "Tencent in the cryptocurrency industry".

The launch of UniswapX undoubtedly dealt a heavy blow to many decentralized trading platforms. As a new product of Uniswap, UniswapX combines aggregation, non-custodial, and Dutch auction-based models to prevent maximum extractable value (MEV), provide gas-free transactions, and even extend to support cross-chain gas-free transactions.

For Uniswap, this is a natural extension of their product line. However, it may also result in other decentralized trading platforms such as CoWSwap and 1inch losing some of their future market share.

Furthermore, many projects on the path of innovation may find it more beneficial to become a part of the Uni ecosystem rather than compete with Uniswap. In the field of decentralized exchange platforms, Uniswap's innovative position is almost unshakable. Like a leading giant ship, Uniswap's influence sweeps across the board. Coupled with its unique legitimacy in the cryptocurrency industry, Uniswap holds a pivotal position within the entire industry.

In other words, only when the innovative feature is launched on Uniswap, can it be considered truly orthodox. Conversely, projects that focus on a particular innovative feature will lose their unique selling points and positioning, just like CoWSwap and 1inch currently.

KOL DeFi Cheetah (@DeFi_Cheetah), who has worked in VC and hedge funds, hopes to promote the names of CoWSwap and 1inch: For those who are excited about the UniswapX update, have you heard of CoWSwap and 1inch? I really think these teams are also working hard to innovate, just like Uni v4.

It is not difficult to see that the powerful influence of Uniswap is bringing vitality to the industry's development, but it may also create a kind of suppression that makes it difficult for more innovative projects to emerge.

Indeed, in the blockchain industry, some powerful players are leading the market development, just like Tencent's influence in the Internet field. With its strong influence and innovation ability, Tencent has formed a certain market monopoly while promoting industry development, making it difficult for more small innovative projects to survive.

Like Uniswap, Binance is also regarded by many as the "Tencent" of the cryptocurrency industry due to its widely recognized influence and diversified product line. Binance is not only the world's largest cryptocurrency trading platform, but has also developed the BSC chain and opBNB chain. After ETH, Binance hopes to develop a chain with greater capacity and speed than ETH, and has launched the BSC chain. After entering the L2 era, Binance has also developed the opBNB chain based on the OP Stack.

Binance has a large user base, meeting the needs of a wide range of users and attracting more users and developers to join. However, Binance's strength has also put pressure on other trading platforms. Just like Uniswap, other trading platforms may find it difficult to gain market recognition for their innovations before Binance releases similar features. And once Binance adopts these innovations, these platforms may lose their uniqueness.

Overall, it is not entirely unreasonable to say that Uniswap and Binance are the Tencent of the cryptocurrency industry. They both have strong influence and innovation capabilities in their respective fields, while also bringing some market competition pressure. However, this does not mean that small innovative projects have no room for survival. In this rapidly changing and innovative industry, whether it is Binance, Uniswap, or other projects, they all have their own value and significance.

In the challenging and opportunistic cryptocurrency industry, we look forward to seeing more innovation and development, driving the industry forward together.

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