Uniswap, an ethereum based decentralized crypto broker and exchange has handled more in trading volumes than Gemini and Poloniex combined.
The defi dapp handled some $108 million in trading volumes in the past 24 hours, double that of many prominent and long established traditional exchanges.
In contrast Poloniex, which once was the only exchange where you could buy eth, handled just $56 million in trading volumes.
Gemini, despite the rich backing of the long time bitcoin holding twins, handled only $46 million in trading volumes.
While the once up and coming and still fairly prominent exchange, Bittrex, did $71 million during the same 24 hour period.
On the other hand on Uniswap just one trading pair handles more volumes than these exchanges perform for all their trading pairs combined.
Ampleforth (AMPL) has seen a bit of a crash recently, so its trading volumes have jumped with the ETH/AMPL trading pair paying the highest amount of total fees of $165,000 in the past 24 hours.
Unlike Gemini or all these other traditional exchanges, anyone can add any trading pair on Uniswap with no order book here.
Instead the price is set by the distribution of the assets in the pool. So if there is only one eth and 1000 dai in the eth/dai pool, then 1 eth is worth 1000 dollars.
Bots obviously change that distribution based on what the price is on other exchanges, but at the protocol level there is no oracles or feeds, so the bots’ work is more the market doing its job rather than anything to do with the dapp itself.
Therefore we have here an open broker of sorts with YFI listed on it pretty much as soon as it launched because anyone can list assets on Uniswap.
So we get silly things like Tendies (tend), the dummest token ever, with its selling point apparently being that 51% of the supply is burned at 4% a day with 49% of the supply then redistributed to the top token holders until presumably one address has all the tendies, lmao.
And then there’s LID which says: “The Liquidity Dividends Protocol uses new technology that provides solutions for depositing liquidity into Uniswap while also offering a social rewards based staking system.”
We don’t dare go to the second page because who on earth is DMG? Too much new stuff here with them stupid kids and their stupid tokens making grandpas learn silly things, but we assume some of them are good tokens.
Just heed Uniswap’s own warning that: “Anyone can create and name any ERC20 token on Ethereum, including creating fake versions of existing tokens and tokens that claim to represent projects that do not have a token.
Similar to Etherscan, this site automatically tracks analytics for all ERC20 tokens independent of token integrity. Please do your own research before interacting with any ERC20 token.”
In fact there’s so many YFIs here, it’s ridiculous, with suggestions people in China are just creating scam tokens to fool people into thinking it’s the YFI, of which there is only one.
So bear in mind that with openness and with freedom comes responsabilita, and therefore make sure to check and re-check everything.
Otherwise though if you didn’t know about this dapp and had some free time you were looking to spend, then there’s plenty of fun stuff to do as there’s a lot of silly things on there, but also presumably some very good stuff too.