alexander

@wagmialexander

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Stas pfp

I think this is great to see uni take a different path, though still towards UX! It's ultimately "the mission" in this industry. So yeah, we could be competing on metrics, but as long as these are somewhat secondary... lfg 🪩

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alexander pfp

@wagmialexander

And here: https://mirror.xyz/0xc3BC039a69A9d732229E810B08a25329e13953d6/bhO807vBHVS5kOtnZE-MCsqZR6zm2wxiZp2OuzvPACk

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alexander pfp

@wagmialexander

If you catching up, read more about the model here: https://mirror.xyz/0xc3BC039a69A9d732229E810B08a25329e13953d6/k-hMFZnW_31VRRagoLiJD_umS2GAioi2Eks_Yi1H7PA

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alexander pfp

@wagmialexander

My impression from many conversations at Token2049 is that the industry is sobering up from the meme and low float/high fdv mania. They're sick of navigating rigged unlocks and IOUs on utility or adoption. And its becoming increasingly clear the MetaDEX model will lead the way.

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alexander pfp

@wagmialexander

It makes clear that tokens like $AERO and $VELO bear more of a resemblance to tokens like $BTC and $ETH than they do $UNI. As Messari point out, they are an essential part of a economic system that balances the needs of all participants. The utility is real.

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alexander pfp

@wagmialexander

This dramatically reframes how MetaDEX emissions are seen. The old way was privatized / permissioned inflation of tokens with no utility. The new way is public permissionless / transparent distribution of tokens with real immutable onchain utility. A strength, not a weakness.

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alexander pfp

@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).

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alexander pfp

@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.

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alexander pfp

@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.

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@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.

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alexander pfp

@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. 🧵

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Part 1: On DEXs A thread on our first installment of our Mirror articles: https://bit.ly/3WDgEaU

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alexander pfp

@wagmialexander

Aerodrome is now delivering... * 5x the volume of UniV3 on @base * 1.9x WETH/USDC volume of UniV3 on Mainnet * 1.25x the ETH volume of Coinbase Exchange * 14x the DEX revenue of Curve A DEX revolution is underway. Read all about it below: https://bit.ly/3WDgEaU

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Velodrome pfp

The MetaDEX and DeFi: Introduction and Overview Introducing a practical series covering the latest developments in the DEX economics design space. The new Mirror account is live so please subscribe. https://mirror.xyz/0xc3BC039a69A9d732229E810B08a25329e13953d6/GMnzycwYXB4npy0GQfY31TB_XHZSTU-Dk4MD1qJnp4w

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Part 1: On DEXs DEX growth, value creation, fee distribution, and an analysis of UNI and CRV. https://mirror.xyz/0xc3BC039a69A9d732229E810B08a25329e13953d6/k-hMFZnW_31VRRagoLiJD_umS2GAioi2Eks_Yi1H7PA

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alexander pfp

@wagmialexander

This is just the introduction, much more is coming that will walk through it all in detail. More on nuances vs Curve here: https://tokenbrice.xyz/crv-vs-velo/

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alexander pfp

@wagmialexander

There is a paradigm shift happening in the DEX and Defi landscape that is not well understood. Without a dime in VC funding, MetaDEXs are flipping the incumbents by combining the best of their models into a streamlined design. This series will explore why and how.

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alexander pfp

@wagmialexander

Their token is distributed, their vesting schedule is nearly up, the fee switch mechanic is immutable, the economic model is set. There is no way for Uni to adopt a ve33 like system at this point in its lifecycle.

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@wagmialexander

I hope more teams are inspired to bet on token utility by forgoing selling tokens via private/permissioned means. Teams should live or die on the utility of the token, not its ability to be dumped on LPs. DeFi is for the commons. https://x.com/aerodromefi/status/1819738592799019504?s=46&t=WOsV2ejrK0vwTtJcl3kMJw

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@wagmialexander

This is a paradigm shift not just because a scrappy upstart has lapped Uniswap on the hottest L2. But Aero did so with a token model that distributes 100% of fees from staked LPs to $veAERO voters each week -- a bet on token utility. While the $UNI fee switch remains an IOU.

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