What is Uniswap?

Uniswap captures 60 to 70 percent of EVM stablecoin swaps and 40 to 50 percent of all stablecoin swaps including non-EVM chains.

“You yeah it's it's something it's something like 60 to 70% now of EVM I think it might even be 70 and then it's something like 40 to 50 of like all stable swaps across non EVM as well is just unis swap protocol.”

Uniswap V4 'Dual Pool' hook, built with Spark, lets liquidity sitting passively in a Uniswap pool simultaneously earn lending yield, directly reducing the opportunity cost of AMM market-making.

“We built this like hook that we're calling dual pool with spark team collaborated with spark team on it where you know you can have assets that are in passively sitting in unisoft liquidity pools also earning yield on a lending protocol.”

Uniswap's annualized UNI token burn has risen to approximately $100 million post-V4 and post-Robinhood chain launch, up from a longer-term average of $50 to $60 million.

“The more recent post V4 post Robin Hood chain numbers, they annualized to more like 100 million in uni per year on the burn.”

Robinhood Chain generated over $500 million in Uniswap volume, ranking second only to Ethereum mainnet across all chains.

“There's been over 500 million in volume on Uniswap on the Robin Hood chain. That's more than any other chain other than Ethereum mainet. Robin Hood chain is now doing more volume on Uniswap than any other chain in the world.”

Robinhood building its own chain is partly regulatory arbitrage: listing a new asset on the exchange requires navigating a compliance team, but any asset on Uniswap or Jupiter can be made available on-chain instantly with no internal approval.

“The other thing here is like there is regulatory reasons to like if Robin Hood wants to go list an asset on the exchange, it's probably a total pain in the ass. like I don't really fully know but like it's you know it's it's a pain in the ass or actually I do know it is a pain in the ass. There's a listings team and a compliance team and they are at odds with each other and you know not just at Robin Hood at every exchange there's a listing team that wants to grow the P&L by listing more assets and there's a compliance team that says no you can't list that asset. So the second you move things on chain, well you can actually just list any asset that's on unis swap.”

ETH/USDC is Uniswap's largest and most efficient market not because of its own pair demand alone, but because almost all other swap routes flow through it as a bridge pair.

“Ethusc has been the biggest market on unis swap for a really long time and it's actually a really healthy reallyffic efficient market and the reason for that is because everything else flows through it as a bridge.”

Retail LPs can undercut professional market makers on AMMs because their lower operational overhead and lower cost of capital offset less-efficient strategies.

“You have retail undercutting the more sophisticated actors by having a lower a lower operational overhead and a lower cost of capital.”

Hayden Adams on the 'DEX' label working against Uniswap's positioning.

“The word decentralized exchange has actually sometimes like almost done us harm.”

Uniswap's CCA (Continuous Capital Auction) launch mechanism, used by Aztec to raise capital and seed a deep on-chain liquidity pool at token launch.

“Projects like Aztec you know the privacy chain right they launched their token directly using unis swap CCA they raised a whole bunch of money and now there's like a very deep liquidity pool that is in unis swap.”

Uniswap's trading volumes on the Robinhood chain are now the highest of any chain it operates on.

“The volumes there are pretty much our highest volumes anywhere now.”