🔰This week: rETH added on Maker as new collateral, Ropsten to be shut down, and Opensea launches on BNB
Protocol of the week: Uniswap 🦄
Welcome to the #37th edition of DeFi Fridays!
Access all the previous editions here.
101 today:
Protocol of the week: Uniswap 🦄
Major happenings in the ecosystem. 🔰⚠️
An Update on Brew Money 🎄
Protocol Of The Week: Uniswap
What is Uniswap?
Uniswap is a decentralized exchange used to provide liquidity and facilitate the exchange of ERC-20 tokens on the Ethereum blockchain. It eliminates the need for intermediaries, offering self-custody and lowered transaction fees. Read more about DEXes here.
What are they doing?
The protocol allows people to swap tokens, provide liquidity (and earn rewards).
For example, if you own some MATIC, and you want some ETH, you can exchange your MATIC token for some ETH with the help of liquidity pools on the protocol, which is operated on AMMs (Automated Market Makers).
Liquidity pools are collections of cryptocurrencies that are bound in smart contracts.
AMM is a type of DEX protocol that relies on mathematical formulas to price assets.
Should we create a detailed explainer on AMMs & Liquidity Pools? Let us know 👇
How are they doing it?
Uniswap V1: Launched on the Ethereum Mainnet on Nov 2, 2018, Uniswap V1 was one of the very first implementations of the x*y=k market maker. Users could swap ERC-20 tokens. Check the early version here.
Uniswap V2: Launched in May 2020. Uniswap V1 had eth bridging issues that resulted in high costs and slippage to swap ERC20 tokens. Uniswap V2 solved this & introduced a better UX.
Uniswap V3: Launched in May 2021. Uniswap V3 introduced features such as Concentrated liquidity, multiple fee tiers, etc., making the DEX high in capital efficiency and low in slippage.
Try out Uniswap:
Get a sense of the Uniswap community:
We explain one DeFi Protocol every Friday:
Major News in the Ecosystem:
🔰Ropsten Testnet to be shut down
Ropsten, the first public testnet to support Ethereum’s transition to a PoS system will be shut down this month. The next testnet to be shut down will be Rinkeby. Ethereum is slowly decommissioning the testnets post-merge.
Ropsten’s remaining validator nodes will stop running between Dec. 15 and Dec. 30. Check out the official announcement here.
🔰OpenSea Launches On BNB Chain
Users will now be able to trade BNB-native NFTs on OpenSea.
🔰Maker adds rETH as new collateral
Users will now be able to generate DAI from rETH.
On Brew Money💜
We are super excited to announce that Brew Money is launching on Product Hunt this December!🎄🎄
Product Hunt is a forum to discover cool products from around the world. It's a place for product-loving enthusiasts to share and geek out about the latest tech creations.
Subscribe to Brew Money on Product Hunt for more updates.💜👇
An Interesting Bit of Crypto History
Did you Know?
The Bitcoin Whitepaper was released on October 31st, 2008.
Bitcoin Open Source Code was released in January 2009.
Satoshi mined the first block - called Genesis Block - on the 3rd of January, 2009.
That’s it for today, folks. See ya next Friday. 🧢
Disclaimer: Nothing included in DeFi Fridays should be taken as financial advice.