Content
@
0 reply
0 recast
0 reaction
alexander
@wagmialexander
My biggest take away from Token2049 for me is that it is starting to sink in that the MetaDEX model has won. It offers the single best answer to the DEX trilema, aligning the incentives of traders, LPs, and holders, and the results speak for themselves. A short thread. 🧵
2 replies
11 recasts
51 reactions
alexander
@wagmialexander
It is clear that Uniswap is in decline as per @theblock its market share has dropped significantly since 2023. Curve meanwhile appears to largely be pivoting to focusing on $crvUSD and related products. Balancer is seemingly chilling and PancakeSwap relegated to BNB.
1 reply
0 recast
0 reaction
alexander
@wagmialexander
This could not be coming at a worse time for Uniswap as the token vests they've used to subsidize their costs and yields are ending. They are faced with having to cut LP yields via the "Fee Switch" to sustain themselves at a moment where they are already struggling to compete.
1 reply
0 recast
0 reaction
alexander
@wagmialexander
Meanwhile, the zeitgeist is realizing that public emissions need to evaluated on an even playing field with privatized models. Privatized emissions, via token sales and vesting unlocks, inflate supplies and subsidize protocols, just less transparently.
1 reply
0 recast
0 reaction
alexander
@wagmialexander
And too often privatized emissions are inflating tokens whose only tangible utility is to be sold and create exit events. They capture no economic value and even their "governance" capacity can be rendered a meme via backroom deals (see fee switch vote).
1 reply
0 recast
0 reaction
