2nd UNISWAP ($UNI) Airdrop with V3 Launch!? When!?

Eggg yolk, what’s cracking with the new
week, those who have fallen in line, the Chico army. If you're just a viewer of the tube & new
around these parts, my name is Tyler, the host of the crypto channel, who feels sometimes,
like I can never satisfy you guys with enough niblets of content. Please, Sir I Wan’t Some More…It’s time
for Chico Crypto! Uniswap, it’s the one protocol which has
caught the attention of everybody. Total value locked up in it’s liquidity
pools, is pushing 2 billion dollars, surviving and recovering from the sushi vampire attack
earlier this month, which crashed it’s locked value.

We all know what saved them from the attack….they
pulled out of left field, what the vampire’s were doing to take liquidity from them, and
incentives their LPs, liquidity providers with a governance token….$UNI. And this attack, the Sushi one, was predicted
by Anton Bukov in July of this year, 2 months before it went down in early September. He said “I wonder if someone would copy-paste
UniswapProtocol and introduce farming of its own token to pump ROI/APR. Could this project possibly overtake UniswapProtocol
TVL (total value locked)? So Sushi did exactly that, and almost beat
Uniswap, but we know the swap pulled out the ace up their sleeve with their governance
token. Squashing Sushi’s attempt. Now Hayden Adams, founder of Uniswap, replied
to Anton in July, let’s see what he had to say “Forking V2 is also a wasted effort since
we're full steam ahead on V3, which is going to eat V2's lunch….and someone replies,
what improvements will v3 have. Hayden says “Would you believe me if I said
it fixes *everything*? Not ready to be much less vague than that,
hoping to make the design public by the end of summer” Unswap v3? What? How? When? Hayden said this in July, it’s the end of
summer, we are in Fall right freaking now.

So the design of it should be ready to go
right? Well you are correct, late last week, the
Uniswap interface got an update release in github to version 3.0.0…and as we can see,
there are some URLs to it… So is this version 3? Well let’s go to a URL and use it…looks
exactly the same as we are used too, swapping…but once we get to the gas fee. Still as high as can be, .0153 of an ETH or
about 5.32 cents for a trade.

So, no, this isn’t using what the backend
of v3 will be built on, optimistic rollups and the OVM for scaling. If it was, the gas fees, would be much, much
lower. So besides just an interface v3, update, when
is actual v3 of Uniswap dropping? One that utilizes Optimism? Well all the way back, almost 1 year ago today,
Uniswap announced something, Unipig, a scalable, instant swapping demo of Uniswap, which was
built in collaboration with @plasma Groups Optimistic Rollup.

Plasma group is now called optmimismPBC by
the way So as we can see it’s a layer 2 solution
for the exchange, which is running on the Ropsten testnet, and was capable of 250 TPS,
and they believed with optimizations, they could get it to 2500 TPS. So going to the Demo..we can see, looks similar
to Uniswap…nice UI…but going to the FAQ, and the question what’s missing from the
demo? They say “Layer 2 deposits and withdrawls. Instead, we airdrop testnet tokens to your
wallet” So, the demo, nice to show speed, had very…very
limited functionality. It was barebones to say the least. Not, that that’s a bad thing, it’s just
the reality, as Optimism was in its initial form. So where are we at with this today? It’s one year later? Optimism has to be getting ready right? Well ole nicky mert, tweeted at Uniswap and
Hayden in August of this year.

He said “Quick question hayden. Is there any timeline for a "Uniswap V3" with
optimistic rollups? Ever since I saw the UnipigExchange demo,
I feel in love and it's needed now more than ever. And hayden replied “We're not building our
own rollup chain” Hoping a general purpose smart contract rollup project like optimismPBC
(the group we collaborated w on Unipig) is able to deploy mainnet by end of year. Unipig was meant to speed up L2 development
by bringing rollups into the public spotlight and showing the UX advantages.

But was custom built for Uniswap. In my opinion, we need a general purpose rollups
w/ Solidity support. Then everything can be deployed to L2, not
just Uniswap. Soo, scaling their exchange isn’t really
up to them, it’s up to Optmisim PBC, who is working on the rollup chain. Well isn’t this just convenient, they gave
an update on this, their rollup chain and mainnet release, on the 24th, last thursday… Under the Testnet rollout plan they said this
“Due to overwhelming demand, we have opted for a gradual release process where we will
be integrating a small cohort of early adopters one at a time, in order to provide the best
possible support to each pioneering project.

Synthetix has bravely volunteered to be the
first! They will be incentivizing testnet usage (and
breakage) with 200,000 SNX in rewards to their users for participating. The testnet is currently open for public use,
but not yet for public contract deployment. In order to best isolate bugs as they arise,
the first phase of testnet will be limited to a subset of the full featureset. As we gain confidence in the stability of
the testnet, we will progress through each phase until the full Optimistic Ethereum system
is up and running. And they give the phases for the Synthetix
deployment, phase A-C, with a security drill but no timeline for each.

Of course it will begin with phase A, which
is No deposits or withdrawals. Airdrop tokens into L2 Goerli and allow participants
to mint & burn sUSD, and claim staking rewards. Then they move to the more complex stuff,
phase b, security drill, and c. Deposits, and the ability for actors to try
and commit fraud, and withdrawals. This takes time, and a good amount. So, they even put out a roadmap, to public
release, of course with no dates, but it gives you an idea of when it could go live…They
are at the beginning of the limited testnet, with integrate synthetix, that little piece
of the roadmap, has it’s own roadmap, those phases, we just spoke of a,b, security drill,
and c. Then, they integrate another dapp on the limited
testnet, then a third, and now they are in full testnet, which begins to integrate other
projects..after this, Synthetix, and the 2 others who trialed 1st, will go live on the
mainnet, which is the pseudo mainnet, and finally it goes fully live. So, I will tell you right now, we are a ways
out from this going live with even synthetix or the 2 other trailers, Who are the 2 others
though?? Well you can see the early adopters below,
synthetix, uniswap, and Chainlink.

Now, I wanna go back to that Tweet, in August…just
last month, someone asked hayden “Can we get an optimism chaos net where we expect
to lose everything & deposits are capped?” Hayden replied “Thoughts on a test in production
chaos net? And Vitalik decided to chime in saying “There
is value in launching on mainnet quickly but with no support for deposit/withdrawals at
first (so internal assets only). The idea would be to target applications that
are non-financial (eg. POAP moving to opti-roll in this kind of setup
seems optimal). Then when the thing has been running safely
for some time turn deposits/withdrawals on. @poapxyz. Thoughts on being a very early user of optimistic
roll ups today? This is proof of attendence protocol, and
as we can see they replied we are game. Ready to start today. So 1 month ago, Vitalik was weary of financial
protocols going on Optimism, and suggested a non financial application, be the test for
mainnet before a financial application, like the proof of attendance protocol, POAP and
their event attendance NFTs What I find interesting regarding POAP, vitalik’s
suggestion just a month ago, who said they are ready to start building with the Optimisim
is this…They posted in the ETHstaker subreddit, about claiming your NFT award for participating
in the eth2 medalla testnet.

POAP said this “The claim period isn't open
yet, but when it does open, winners will be able to claim POAPs at poap.delivery or wait
a few weeks for the L2 solution and much cheaper delivery. Layer 2? Is this optimism on the mainnet? Vitailik’s suggestion?? Nope. As we can see down in the comments a pxqy
asks “Quick question, what is the L2 implementation? I'm just beginning to get acquainted with
this stuff” The poster superphiz replies “I'm sorry, I can't share many details,
user worthalter is working hard on the L2 scaling solution.

I'm not sure what he considers public and
what is considered private information. What I CAN say is that POAP is very close
to being delivered on an L2 scaling solution that will make acquiring them free or nearly
free. Well user worth alter replied, who is working
on it and says “It's the xdai network. Find more info at https://medium.com/@poap
or ask in our discord”. They were suggested Optimism, by Vitalik and
said yes, lets do it… but they are going with xdai?? So guys, this is proof optimism, isn’t ready
for mainnet, there is going to be a large gap, in my opinion, until a fully optimized
uniswap goes live, end of the year would be unlikely in my opinion, q1 2021 possible,
q2 2021 sounds more like it, but there is still a chance its not even out on the mainnet
by q3 or q4 or next year.

So what are user’s supposed to do in the
meantime about gas fees? For the next at least 3 months to a max of
1 year plus? Be at the whim their wild swings, and unsustainable
costs which in the past month have ranged on average from 2 dollars to upwards of 15? Well, I don’t think so & that is why I’ve
been showing off Honeyswap recently. It’s ready 2 go, mainnet compatible, and
solves a major issue for retail traders not putting in massive positions. Makes trades cheaper, even with the bridge
crossing costs, back and forth if the swap pool has enough liquidity, which I foresee
coming, and coming quick. So, here is what I see, coming exactly. Being an LP, liquidity provider is a very
profitable thing for whales…they are the ones who received the fees on the trades, Per example, on Uniswap I am pooling my Lukso,
I found Lukso early, a new Uniswap pool, with low liquidity, which would get attention. I put in a total of 7236 in liquidity, and
since August 19th to today, just over a month, I have earned 1360 in fees from trades.

That’s a nearly 20 percent return in just
1 month or a 225 percent APY. So, getting in early with these pools, could
be very profitable, thus I forsee, LP bridges being built, by LPs where they take care of
all the fees for you, you don’t have to pay a dime to transfer dai to xdai. Why would they do this?…it’ will be worth
it for them, if you go trade with their pools on HoneySwap….. So competition, it’s not a bad thing whatsoever…I’m
sure the Uniswap team saw Honeyswap, and what it can do and now their arses are kicked into
highgear, to get optimism ready and v3 going.

This is a good thing my friends. Cheers I’ll see you next time!.

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