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About Uniswap
niswap is a decentralized trading protocol that has gained immense popularity in recent times, due to its role in the DeFi space. It is an AMM, meaning it automates the trading of DeFi tokens, and was launched in November 2018.Uniswap stands out in the trading world as it aims to improve the efficiency of token trading while keeping it fully automated and accessible to anyone who holds tokens. It overcomes the liquidity issues that were prevalent in early decentralized exchanges by using automated solutions.In September 2020, Uniswap introduced its own governance token, UNI, which added an extra layer of profitability for users, as well as giving them a say in the protocol’s future. This is a common characteristic of decentralized entities and has made Uniswap an even more attractive platform for trading.
Uniswap was created with the mission of making Automated Market Makers (AMMs) accessible to a larger audience. Its founder, Hayden Adams, is an Ethereum developer who drew inspiration from Ethereum creator Vitalik Buterin. Adams’ work was heavily influenced by Buterin’s own thoughts and ideas, and it was even Buterin who named the protocol, formerly known as Unipeg.Hayden Adams had worked on various projects before bringing Uniswap to life, and his experience in the Ethereum community played a significant role in the development of the platform. The idea for Uniswap came to Adams after a friend introduced him to Ethereum and he began researching the protocol in 2017. This eventually led to Adams taking inspiration from one of Buterin’s blog posts, which laid the foundation for the creation of Uniswap.
Uniswap DAO is governed by its over 310,000 members who hold UNI governance tokens, giving them the ability to vote on the DEX’s $1.6B treasury, governance, and roadmap. To have a proposal adopted, it must undergo several voting phases. Firstly, it must receive at least 25,000 yes-votes from UNI holders to be eligible for further deliberation. Next, the proposer must gather 50,000 yes-votes during the consensus check by highlighting the core changes. Finally, the proposal must secure 40M yes-votes during the governance phase.
In 2021, Uniswap was the most dominant DEX in terms of trading volume and held the top rank in terms of treasury size among DAOs. However, it is now second, overtaken by BitDAO – a DAO that focuses on funding and investing in promising crypto projects. For a comprehensive understanding of Uniswap DAO and other top DAOs, their governance systems, and how they work, check out our deep dive.
