The Hyperliquid playbook:
Launch chain ✅
Build product ✅
Reach PMF ✅
Launch token ✅
Result: 14th biggest chain by market cap.
Makes you wonder what Aave, Uniswap or Jupiter would be worth if they launched their own chains instead of staying as protocols.
Right now their tokens are honestly undervalued compared to what they could've been.
6.43K
12
bobdbldr | IVX
Cycle level products:
- @Tether_to
- @chainlink
- @Uniswap
- @HyperliquidX
aim to build stuff as big and as impactful as those apps
34.37K
3
Panoptic
We don't try to reinvent the wheel we are just adding the missing chapter to the sacred text: perpetual options on @Uniswap.
Austin Adams
whenever anyone asks me if I want to write a new concentrated liquidity AMM, I saw they are out of their mind
uni v3 is the scared texts. don’t tempt fate and rewrite it
4.48K
7
otter (🍊,💊)
Last night, I analyzed the problematic code in Cetus. The first major concern was the `get_delta_b` function, which converts `u256` to `u64`, leading to precision truncation issues. After consulting AI, it seems likely that Cetus migrated the entire Uniswap V3 formula, and since Uniswap uses fixed-point numbers, the conversion to floating-point numbers was not carefully considered for safety, resulting in this issue. This type of algorithm-level business logic is difficult to detect during code audits unless the auditing team includes researchers familiar with both algorithms and code. Below is AI's analysis of the logic behind this code implementation:
Based on my analysis of the codebase, I can now explain why the author chose to implement the `get_delta_b` function in this way and the possible reasons:
### Why the author implemented `get_delta_b` this way:
1. **Performance Optimization:** Directly handling `u256` types with bit masking is likely aimed at improving performance and reducing computational overhead. In DeFi applications, especially in high-frequency trading scenarios, performance is critical.
2. **Gas Fee Savings:** Operations on the Sui blockchain require paying Gas fees, and more complex operations consume more Gas. Simplifying mathematical calculations can reduce transaction costs, particularly for core AMM functions that are frequently executed.
3. **Reducing Dependencies:** The current implementation reduces calls to external module functions, possibly to minimize reliance on external libraries or avoid issues with certain external functions.
4. **Migration from Solidity to Move:** Judging by the code style, this might be a migration from Ethereum's Solidity code to Sui's Move language. The use of bit operations and masking is common in Solidity, especially in AMM implementations like Uniswap V3.
5. **Handling Fixed-Point Math:** The 256-bit result needs to be correctly processed, and right-shifting by 64 bits is a common method to obtain the correct decimal point position. Fixed-point math is frequently used in AMMs to handle fractional values.
### Potential Issues:
1. **Poor Code Readability:** Hardcoded masks and bit-shifting operations make the code difficult to understand and audit.
2. **Lack of Comprehensive Boundary Checks:** Bit operations and type conversions lack thorough boundary checks, which may lead to unexpected behavior in extreme cases.
3. **Coexistence of Commented and Implemented Code:** Retaining old commented-out code suggests the code might be in a transitional state or insufficiently tested, which is risky for critical financial asset-handling code.
4. **Integer Overflow Risk:** When handling large values, bit operations and conversions may lead to integer overflow, and the simplified implementation might lack adequate protection mechanisms.
### Conclusion:
The primary reasons for implementing this code are likely performance optimization and Gas cost reduction, while handling fixed-point math calculations in AMMs. However, these optimizations come at the expense of code security and readability, potentially creating exploitable vulnerabilities, as evidenced by the Cetus theft incident you mentioned.
In DeFi projects, security should always take precedence over performance optimization, especially for core functions that handle user assets. A better approach would be to use verified library functions, add comprehensive boundary checks, and conduct thorough security audits.
The current price of Uniswap is ₺239.92. Over the last 24 hours, Uniswap has decreased by -6.49%. It currently has a circulating supply of 600,483,074 UNI and a maximum supply of 1,000,000,000 UNI, giving it a fully diluted market cap of ₺144.24B. At present, the Uniswap coin holds the 28 position in market cap rankings. The Uniswap/TRY price is updated in real-time.
The rating provided is an aggregated rating collected by OKX TR from the sources provided and is for informational purpose only. OKX TR does not guarantee the quality or accuracy of the ratings. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. The price and performance of the digital assets are not guaranteed and may change without notice. Your digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX TR does not guarantee any return, repayment of principal or interest. OKX TR does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.
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Uniswap is a decentralized exchange, commonly called a DEX, developed on the Ethereum blockchain. Traders use Uniswap to instantly swap ERC-20 tokens without requiring a liquid market of buyers, sellers, or intermediaries. The network prioritizes censorship resistance, security, and self-custody without needing third-party intermediaries.
Contrary to a centralized exchange that processes trade orders internally via an Order Book, a decentralized exchange operates an automated market maker (AMM), which functions as a constant, permissionless liquidity pool that traders can interact directly on-chain. UNI is the native token of the Uniswap protocol and is available to be traded in various markets on OKX TR. UNI is required to vote on proposals that govern the development of the Uniswap platform. You can also use UNI to create liquidity pairs and earn crypto rewards.
The Uniswap ecosystem consists of the following features:
Uniswap Labs: The company that developed the Uniswap protocol.
The Uniswap Protocol: A decentralized crypto exchange on the Ethereum blockchain.
The Uniswap Interface: A web interface that enables users to interact with the protocol.
Uniswap Governance: A governance system that uses the UNI token to govern the Uniswap protocol.
While initially developed for the Ethereum network, Uniswap is now operational on the Polygon, Arbitrum, and Optimism blockchains. This cross-chain flexibility is one of the things that decentralized finance users love about Uniswap.
How does Uniswap work?
Uniswap is a decentralized exchange platform that facilitates the creation of an enormous variety of liquidity pools that traders can use to swap tokens. Any compatible token can be added to a DEX and traded without a centralized entity or business being required to host the exchange.
To enable this, Uniswap uses smart contracts, a critical utility in decentralized finance, to allow traders to exchange tokens through an automated market maker. An automated market maker, like Uniswap, is a medium of exchange that will enable traders to swap cryptocurrency in liquidity pools on the blockchain through the Uniswap web app. When using Uniswap, users are not restricted by external factors like market opening times and the need for other traders to place corresponding orders.
To create a liquidity pool, a liquidity provider must supply two different tokens that can become a shared pot of tokens that Uniswap users can trade with. The price of the tokens in a specific liquidity pool is regulated by a mathematical formula that dictates the tokens value. Trading with a liquidity pool changes the ratio of tokens within the pool, causing changes in the price of each token.
Transaction fees incentivize liquidity providers to supply tokens to a Uniswap liquidity pool. They receive a percentage of every trade that exchanges tokens with the pool. The Uniswap decentralized application (DApp) facilitates the creation of an enormous variety of liquidity pools traders can use to swap tokens. Any compatible token can be added to Uniswap and traded without a centralized entity or business being required to host the market.
UNI price and tokenomics
UNI is an ERC-20 token with a circulating supply of roughly 734,000,000 and a genesis maximum supply of 1,000,000,000 tokens. These tokens will be distributed as follows over four years:
Uniswap community members: 60.00% (600,000,000 UNI).
Current and future employees: 21.266% (212,660,000 UNI).
Investors: 18.044% (180,440,000 UNI).
Advisors: 0.69% (6,900,000 UNI).
15% of the total UNI supply was immediately made available to "historical users and liquidity providers." This was done to reward early community members for their faith in the network and liquidity. Additionally, 43% of the UNI tokens will be held by the Uniswap governance treasury. These 430,000,000 tokens will be distributed through contributor grants, community initiatives, liquidity mining, and other programs.
The UNI supply is inflationary, following a rate of 2%, starting four years after the token mint. This inflationary model ensures continued participation and contribution to the Uniswap network. Uniswap's emission structure indicates that the maximum total supply will be reached in September 2024.
About the founder
Development of the Uniswap protocol began in 2017 when founder Hayden Adams was dismissed from his position as a mechanical engineer at Siemens. Adams contacted his close friend Karl Floersch for advice, who suggested he learn more about Ethereum and smart contracts. To develop his coding skills and learn more about blockchain technology, Adams started working on a project that Vitalik Buterin, the founder of Ethereum, had described on Reddit, a popular online forum.
Adams was completely captivated by the beliefs that drove the Ethereum project. The missions of decentralization and permission protocols drove him to continue developing the Uniswap platform, despite being unemployed at the time. A key breakthrough occurred in April 2018, when Adams was introduced to Vitalik Buterin at the Deconomy conference in Seoul. Buterin read over Adam’s source code and advised him to apply for a grant from the Ethereum Foundation and continue developing Uniswap in Vyper, a different coding language.
After several months of continued development, the Uniswap decentralized exchange was finally deployed on the Ethereum mainnet in November 2018. However, the team didn’t stop there and, to this day, continues improving the platform with frequent updates. One such example of this is optional transaction fee tiers in Uniswap V3. This allows liquidity providers to choose how much traders need to pay in transaction fees while trading. Today, Uniswap holds the highest total value locked (TVL) of any decentralized exchange on Ethereum — the largest Layer 1 smart contract blockchain in the cryptocurrency industry.
As a pioneer in the field, Uniswap drew significant interest from several well-known institutional investors. Heavyweight investors like Delphi Digital, Pantera Capital, a16z Crypto, and Blockchain Capital supported and funded Uniswap. These experienced funds aided in the development of Uniswap and are a significant contributor to its current success.
Uniswap highlights
NFTs on Uniswap
One of the most exciting and discussed developments coming to Uniswap is integrating a non-fungible token (NFT) aggregator into the platform. In June 2022, Uniswaps Labs announced that they had successfully acquired Genie and would implement it into the Uniswap site.
Genie is an NFT aggregator. This means that prospective NFT buyers can use Genie to collate and purchase NFTs listed on any marketplace all in one place. This simplifies the NFT collection process and removes the need to check many different marketplaces for the best deals. This is a massive step in the project's development, resulting in DeFi users and NFT collectors being very excited about Uniswap.
The Swap Widget
In April 2022, the Uniswap development unveiled and deployed the Swap Widget, a simple swap function that developers could easily integrate into their applications. The Swap Widget allows users to trade tokens from a third-party site instead of navigating to the Uniswap web app. The Swap Widget can be added to a compatible dApp through just one line of code and is already being used by popular sites like OpenSea.
Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 3.8K new posts about Uniswap, driven by 2.8K contributors, and total online engagement reached 1.6M social interactions. The sentiment score for Uniswap currently stands at 88%. Compared to all cryptocurrencies, post volume for Uniswap currently ranks at 1509. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of Uniswap.
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Posts
3,841
Contributors
2,844
Interactions
1,578,093
Sentiment
88%
Volume rank
#1509
X
Posts
2,692
Interactions
1,532,208
Sentiment
89%
Uniswap FAQ
What is Uniswap?
Uniswap is a decentralized exchange that was initially developed on the Ethereum blockchain. If sufficient liquidity exists, users can connect to the Uniswap web app and freely trade any ERC-20 token. Uniswap is now available on the Optimism, Arbitrum, and the Polygon Layer-2 blockchain.
How can I use my UNI tokens?
You can use your UNI tokens to set up liquidity pools, collect transaction fees, and earn rewards from traders using the Uniswap web app. Holding Uniswap tokens also gives you the right to vote in governance proposals that shape the future development of the Uniswap platform.
Where can I buy UNI?
Easily buy UNI tokens on the OKX TR cryptocurrency platform. Available trading pairs in the OKX TR spot trading terminal include UNI/USDT, UNI/USDC, and UNI/BTC.
To view the estimated real-time conversion prices between fiat currencies, such as the USD, EUR, GBP, and others, into UNI, visit the OKX TR Crypto Converter Calculator. OKX TR's high-liquidity crypto exchange ensures the best prices for your crypto purchases.
How much is 1 Uniswap worth today?
Currently, one Uniswap is worth ₺239.92. For answers and insight into Uniswap's price action, you're in the right place. Explore the latest Uniswap charts and trade responsibly with OKX TR.
What is cryptocurrency?
Cryptocurrencies, such as Uniswap, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX TR and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as Uniswap have been created as well.
Watch this video to learn about what happens when you move your money to a crypto exchange.
Disclaimer
The social content on this page ("Content"), including but not limited to tweets and statistics provided by LunarCrush, is sourced from third parties and provided "as is" for informational purposes only. OKX TR does not guarantee the quality or accuracy of the Content, and the Content does not represent the views of OKX TR. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly. The price and performance of the digital assets are not guaranteed and may change without notice. OKX TR does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. For further details, please refer to our Terms of Use and Risk Warning. By using the third-party website ("TPW"), you accept that any use of the TPW will be subject to and governed by the terms of the TPW. Unless expressly stated in writing, OKX TR and its affiliates (“OKX TR”) are not in any way associated with the owner or operator of the TPW. You agree that OKX TR is not responsible or liable for any loss, damage and any other consequences arising from your use of the TPW. Please be aware that using a TPW may result in a loss or diminution of your assets. Product may not be available in all jurisdictions.
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