(The picture comes from the Internet)
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Conference call
At 5 pm UTC on November 12, Monet Supply of the Uniswap community spontaneously convened an unofficial community conference call. This is also the first telephone conference of the Uni community. Monet Supply recorded the entire audio (1 hour 25 minutes in length) and posted it on YouTube: https://www.youtube.com/watch?v=6OXMPX2kbsw
The main background of the conference is that Uniswap's first batch of liquid mining is about to end, and there is no news on how to proceed. So the community spontaneously organized this meeting to discuss some topics that everyone cares about.
Conference participants include Marc Zeller from Aave project, 0xMaki from Sushiswap, etc. Matteo Liebowitz, the strategic director of the Uniswap team, also attended the meeting, but said he could not disclose any information.
Here are some of the topics they discussed in the conference call.
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Liquidity mining
As everyone knows, Uniswap launched the token UNI and opened the first batch of four mining pools (ETH-WBTC, ETH-USDC, ETH-USDT, ETH-DAI) mining is a bit hasty, in order to meet the challenge of sushiswap "vampire attack". The first batch of mining pools lasts for 3 months (9/17-11/16), and it will end in a few days. It is still unclear whether mining will be terminated or will continue, or new mining pools will be added. Many people are also worried that once mining stops, the ETH of several billion dollars locked in the mining pool will flow to the market, which may cause a big impact.
The total amount of funds locked in the current 4 mining pools can be viewed on the mining page (https://app.uniswap.org/#/uni):
ETH-WBTC about US$900 million
ETH-USDC about 587 million U.S. dollars
ETH-USDT approximately US$510 million
ETH-DAI approximately US$380 million
Regarding whether to continue mining in these mining pools, or whether to increase or decrease mining pools.
More opinions are that WBTC mining pools need to continue to attract more BTC cross-chain locks. In the past, people rarely bought and sold BTC at uniswap. Since mining, the depth has been gained, and there have been more transactions in this area.
For other DeFi, especially the platform currency that China’s DeFi project likes to engage in mining in its own mining pool, for Uniswap it is to create a mining pool such as UNI-ETH to mine. This effect is to lock the platform currency UNI. , The favorite control idea of the Chinese currency circle project side, was clearly opposed and criticized at the conference call. Some people expressed their opinions and clearly opposed UNI itself as a mining pool.
Many people regard mining as a means of token distribution. And ask the question, what kind of distribution is the optimal distribution?
Although Matteo Liebowitz, the strategic director of the Uniswap team, only has two remarks: "no comment" and "cannot reveal", he also said that the final decision regarding liquid mining is still the community, not the Uniswap team.
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Governance
Someone suggested that mining will be over in a few days. And if we follow Uniswap's three-step governance procedures, plus the time to write the code, it is estimated that the community will not be able to keep up with what proposals are formed and implemented before the end of mining.
Others say that distributed governance is a very messy and painful thing.
Everyone discussed the Dharma proposal some time ago to reissue UNI airdrops to some of its unidentified users who access Uniswap through a proxy contract. Dharma issued two proposals. One is to lower the standard for passing the proposal. The new standard is just enough for his own votes, and then the second proposal is to issue an airdrop. In order to canvass votes, he also suggested to all users of similar tools to reissue airdrops. The two votes received a lot of support and almost passed.
Participants said that it is good not to reissue, otherwise the value of the tokens in the hands of existing UNI token holders will be diluted.
Monet Supply proposed to see that Compound is working on a multi-signature, so that the pledger can transfer the voting rights of the tokens. Everyone thinks this is not a good thing. Marc Zeller from Aave said that Aave will never follow compound. Many people also said that centralized exchanges often use the tokens of their users to vote, but token holders definitely don't want their tokens to be used for such things.
Everyone praised Aave, indicating that Aave is a good community member of Uniswap.
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value
There are different opinions about the value of UNI.
Some people say that metamask can also send a coin and ftx can also send a coin. What is the unique value of UNI?
But everyone also admitted that UNI mining has attracted BTC cross-chain entry, attracted new users, and established a moat. 0xMaki said that uniswap has the most traders at present, and he did not see the threat of any agreement that could catch up with uniswap through subsidies. Regarding uniswap V3 to be launched next year, he also said that sushiswap will "fork" (plagiarism) as soon as possible.
Everyone also discussed fee switch (fee switch), which is popular in the community. However, no one knows how this will happen. Regarding the 180-day time lock, Monet Supply also said that it was not clear what it meant.
Someone pointed out that the reason why the Uniswap team has not clarified how the fee switch is implemented at this stage is mainly because of concerns about legal compliance. Repurchase and destruction, or what model? If it is identified as a security token by the SEC, it may be suspected of illegal issuance of securities. Therefore, it is necessary to hire professional lawyers, or lawyers who are knowledgeable in the community, to help solve this problem.
PS It is said that Marvin Ammori, the general counsel of Protocol Labs, has joined Uniswap as the chief legal officer. Marvin Ammori is the top lawyer in this field. He has provided legal advice to President Obama on net neutrality and served as legal counsel to the TV show "Silicon Valley".
UNI scheduled investment record (data has been normalized)
(Public account: Liu Jiaolian)