DeFi Historical Research The Golden Age of DeFi Initiated by Uniswap
Uniswap Pioneering the Golden Age of DeFi - A Historical InvestigationAuthor: 0xKooKoo, Geek Web3 & MoleDAO Technical Advisor, former Bybit Technical Lead
Note: In the previous article “DeFi Historical Research: Sprouting Products and Key Nodes Before the Uniswap Era”, the author reviewed the development of DeFi from the CounterLianGuairty protocol in the Bitcoin ecosystem to dYdX, dividing the DeFi history into two parts with Uniswap as the dividing line.
In today’s article, the author will systematically outline the development of DeFi after Uniswap and make predictions about the future of the DeFi sector.
- Quick review of the liquidity pledging pattern of the Ethereum ecosystem Decreasing centralization in Lido, increasing protocol diversity
- In the next ten years, there will be no second Binance in Crypto.
- It’s a Wild Ride in the Crypto Regulatory Space
A New Era After Uniswap
Uniswap v1 protocol, which opened a new era of DeFi, was launched in November 2018, and shortly after its launch, TVL reached $20 million.
Compared to the previous Bancor protocol, Uniswap v1 introduced several main innovations:
It used a bidirectional automated market maker (AMM) mechanism instead of Bancor’s proposed unidirectional liquidity pools. This bidirectional market makes trading more flexible, provides greater effective liquidity, and reduces slippage under the same conditions.
It implemented the constant product market maker (CPMM) pricing model. This resulted in better liquidity, automatic balancing of buy and sell orders, and higher transaction success rates.
Additionally, Uniswap provided open-source code and interfaces, making the protocol more auditable and extensible. Compared to Bancor’s prototypical nature, Uniswap v1 achieved a more mature decentralized trading experience.
Overall, the main innovation of Uniswap v1 was the adoption of a superior AMM mechanism, reducing transaction costs, increasing liquidity support capabilities, and bringing important influences to the subsequent development of DeFi.
There’s an interesting story about Hayden Adams, the founder of Uniswap. Before developing Uniswap, Hayden worked as a mechanical engineer at Siemens, but was laid off in June 2017.
He was then recommended by his friend Karl Floersch at the Ethereum Foundation to study smart contracts and began developing Uniswap. This tells us that sometimes being laid off can be a disguised opportunity to start a business. If you have ideas, accumulated knowledge, and a bit of luck, you might succeed. So, don’t worry about being laid off, just worry about losing your spirit.
The synthetic asset protocol, Synthetix, after Uniswap, was launched on December 7, 2018, and its main innovations include:
- Synthetic Assets: Synthetix introduces synthetic assets, also known as Synths. These synthetic assets will anchor and track the value of real-world assets such as currencies, stocks, commodities, etc. Through synthetic assets, users can obtain pricing related to real-world assets on the blockchain.
- Decentralized Collateral: The Synthetix protocol allows users to issue and trade synthetic assets by locking SNX tokens as collateral. This decentralized collateral mechanism enables users to issue and trade synthetic assets without relying on traditional centralized institutions.
- Decentralized Liquidity Providers: Synthetix has created a liquidity pool to support the exchange and trading of synthetic assets by introducing decentralized liquidity providers (LPs). LPs provide funds to the liquidity pool and receive corresponding rewards as incentives.
- Decentralized Governance: Synthetix adopts a decentralized governance model, where protocol development and decision-making are determined by the voting power of SNX token holders. Those who hold SNX tokens can participate in proposals, voting, and governance processes, influencing protocol upgrades and adjustments.
The famous “Stablecoin-focused DEX” protocol, Curve, was launched in September 2019 and at one point in 2021, its TVL ranked first in the DeFi race, reaching $5 billion.
The main innovations of Curve include:
Using the AMM model to provide efficient price execution and low slippage rates. Supporting multiple asset pools to enable cross-asset transactions. Reducing gas consumption through the use of monolithic contracts. Providing hook architecture to support custom pools and application integration.
Curve also dynamically adjusts the asset price range using internal oracles to reduce impermanent loss for LPs. LPs do not need to actively manage liquidity as it automatically concentrates according to the algorithm, thereby reducing entry barriers.
Introducing the CRV bribery mechanism, ve Tokenomics has changed the game theory model of liquidity mining by providing high annual yield compensation for inflation. Curve has also launched the encrypted stablecoin crvUSD to expand its business and promote ecosystem symbiosis, with supporting projects such as Convex and Conic Finance.
In summary, Curve’s innovations primarily lie in its unique reward mechanism, control of CRV tokens, cost optimization, and the depth provided by Convex and low slippage AMMs.
The famous lending protocol AAVE was launched in October 2019. In 2020, it ranked first in terms of TVL, exceeding $200 million.
The main innovations of AAVE include:
Decentralized lending derived from ETH Lend, but introduced shared liquidity pools instead of ETH Lend’s peer-to-peer model.
Flash Loans: Aave was the first DeFi platform to implement flash loans. Flash loans are loans that don’t require collateral. Borrowers only need to set up the borrowing, profiting, and repayment logic in one transaction to borrow a huge amount of funds at almost no cost. This allows developers to create new financial scenarios with little risk.
Tokenized Bonds (aTokens): When users deposit on the Aave platform, they receive corresponding aTokens that automatically accrue interest. Users can redeem these aTokens at any time to get their principal and interest.
Interest Rate Switching: Aave users can freely switch between stable and variable interest rates, providing greater flexibility.
Cooling-off Period: Aave introduced a “cooling-off period” mechanism in its governance model, which means that all proposals have a waiting period. This prevents malicious governance proposals from being quickly approved, limits “governance attacks,” and gives community members enough time to review the proposals.
Balancer, once hailed as one of the “three horses of the DEX protocol”, was launched in January 2020. In that year, its TVL reached third place at around $250 million.
The main innovations of Balancer are in technical architecture, product design, and ecosystem development, as follows:
Using the Vault architecture, token accounting functionality is separated from the pool logic, improving efficiency. At the same time, it supports various types of pools, such as weighted pools and composable stable pools, increasing asset allocation efficiency. Balancer introduced the Core Pool mechanism, incentivizing flow to governance holders.
Balancer also designed Rate Provider and Core Pool mechanisms, redirecting part of the revenue back into the pool as incentives. Governance token holders can also receive continuous incentives. This protocol is suitable for LSD governance and incentives, becoming an LSD liquidity hub.
Balancer has also established an 80/20 plan to promote the adoption of governance tokens and liquidity, while also supporting Layer2 scalability to improve transaction efficiency. Its flexible governance model also responds to industry changes.
Yearn Finance Yield Farming Protocol was launched in February 2020 and ranked first in the DeFi sector with a total value locked (TVL) of up to $3 billion in the first quarter of 2021.
The main innovations of Yearn can be summarized as follows:
It provides yield aggregation functionality, automating asset allocation to provide users with up to 10 times higher yield. It also supports the emerging DeFi ecosystem based on LSD assets, such as Aura Finance.
Furthermore, Yearn has introduced the veYFI model, which implements a voting lock mechanism to increase governance weight. Yearn also plans to launch a new product, yETH, based on LSD assets, and continuously upgrade and iterate its products, such as the Yearn V3 version with new token mechanisms and strategies.
Yearn has also introduced a treasury manager mechanism to automate the management of various asset allocations. It is also exploring the application of technologies like ZK proof to improve efficiency and decentralization.
Uniswap V2 was launched in May 2020 and was once at the top of the DeFi TVL ranking with a TVL of $10 billion.
The main innovations and problem solutions of Uniswap V2 compared to V1 are:
It supports direct ERC-20 token-to-token swaps without the need for ETH as an intermediary token, saving transaction costs. V2 introduces a price oracle mechanism that reduces the impact of price fluctuations through time-weighted average prices.
Additionally, V2 supports flash swap functionality, allowing temporary borrowing of tokens from the Uniswap pool for trading, which only needs to be repaid within the same transaction, reducing gas fees.
V2 also supports tokens that do not fully comply with the ERC20 standard and implements the contract in Solidity, which is more efficient compared to Vyper, saving gas consumption.
Uniswap V2 also offers switchable protocol fees of 0.05%, which is not currently enabled and requires governance procedures.
SushiSwap was launched in August 2020 and once ranked first in TVL in January 2021. It was one of the first projects to fork Uniswap and became infamous for its vampire attack.
The innovation of SushiSwap lies in the introduction of the SUSHI token as a reward for liquidity mining. The specific vampire attack process is as follows:
Incentive Phase: SushiSwap rewards users who provide liquidity in specific trading pairs on Uniswap with SUSHI tokens. This is a double reward because these users not only receive trading fees from Uniswap but also receive SUSHI tokens from SushiSwap.
Migration Phase: After the incentive phase ends, SushiSwap conducts an event called the “Great Migration,” where funds providing liquidity on Uniswap are transferred to the SushiSwap platform at once. Due to the SUSHI rewards provided by SushiSwap, many users choose to migrate with SushiSwap.
The founder of SushiSwap, an anonymous developer known as “Chef Nomi,” sparked a major controversy in the early stages of the project. Shortly after SushiSwap’s launch at the end of August 2020, Chef Nomi, without any warning, converted all the SUSHI tokens held by the development team into ETH (approximately 27,000 ETH, worth about $13 million at the time), causing a significant drop in the SUSHI token price.
This action sparked a strong reaction from the community, with many criticizing Chef Nomi’s behavior as equivalent to “running away,” damaging the project’s reputation and community trust. Although Chef Nomi initially argued that he needed the funds to continue developing the project, the community’s anger was not appeased.
Under community pressure, Chef Nomi returned all the funds to the SushiSwap developer fund a few days later and publicly apologized on Twitter, admitting that his actions were wrong. He also announced his withdrawal from the project and transferred control of the project to the SushiSwap community.
Although the incident was eventually resolved, it sparked in-depth discussions on governance and transparency in decentralized finance (DeFi) projects and had a certain impact on the reputation of the SushiSwap project.
LianGuaincakeSwap was launched in September 2020, developed by BakerySwap users. The project is an improvement of UniswapV1 and the first AMM product in the BSC ecosystem. After its launch, it quickly grew, with its TVL reaching $3 billion.
LianGuaincakeSwap uses CAKE as its governance token, which is distributed through liquidity mining and ICO. It takes full advantage of the low gas fees on the BSC chain, lowering the entry barriers for users.
Uniswap V3 was launched on May 5, 2021, with a Total Value Locked (TVL) reaching $5 billion at one point. The main innovations and problem-solving points of V3 compared to V2 are as follows:
Introduction of concentrated liquidity mechanism, allowing liquidity providers (LPs) to concentrate funds within a specified price range, solving the low capital utilization problem of V2.
Introduction of the concept of price range (Tick) to support concentrated liquidity and improve computational and storage efficiency.
Usage of NFTs to represent independent positions, allowing for customized liquidity provision strategies. V3 also introduces three-tier custom fees to attract LPs with different risk preferences. It also adopts an improved price prediction mechanism to reduce query costs.
It also supports range orders, enriches trading types, and upgrades the underlying contracts using Solidity. More derivative applications and ecosystem building may be triggered through aggregation protocols.
The decentralized contract trading platform GMX was launched on September 1, 2021, with the highest TVL reaching $700 million.
The main innovations and problem-solving points of GMX are as follows:
Provision of decentralized leveraged trading. This solves the risks and fund custody issues associated with centralized exchanges.
Internalized liquidity. GMX achieves internalized liquidity by allowing users to trade against the GLP pool. GLP holders can earn trading fees by providing liquidity. This mechanism avoids reliance on external market makers.
Trader profit and loss sharing mechanism. GMX enables profit and loss sharing between traders and liquidity providers. Trader profits and losses are accounted for in the price of GLP, thus sharing the risks. GMX V2 introduces a funding rate mechanism to reduce the risks faced by liquidity providers and prevent arbitrage.
Composability and ecosystem building. GMX has strong composability, supporting the construction of Layer 2 applications. There are already up to 30 projects built on the GMX ecosystem. Future versions of GMX will support the trading of more synthetic assets, including stocks and forex, among other asset classes.
GMX itself can provide frictionless trading. GMX achieves frictionless trading execution through a quoting mechanism.
Common Features of Current Mainstream DeFi Protocols
Now, let’s summarize some of the current well-known or commonly used DeFi protocols, and identify some common features from their current state and upgrade roadmap.
Uniswap: Uniswap is one of the earliest and largest decentralized exchange platforms, introducing the automated market maker (AMM) model. The advantage of Uniswap is its simplicity and transparency, along with its huge network effect within the Ethereum ecosystem. However, it also has some drawbacks, such as potential temporary imbalances and higher slippage.
1inch: 1inch is a decentralized trading aggregator that can find the best trading routes and prices across multiple DEXs. The advantage of 1inch is that it helps users obtain the best trading prices, but its drawback is higher complexity and computational requirements compared to a single DEX.
Balancer: Balancer is a general AMM that allows users to create liquidity pools containing multiple tokens and freely set the weights for each token. Balancer’s advantage is its flexibility and customizability, but this also makes it more difficult to use and understand.
Curve: Curve is a decentralized trading platform focusing on stablecoin trading, using special algorithms to reduce slippage and provide efficient trading experience. Curve’s advantage is its high capital efficiency and user-friendliness, positioning it as a leader in stablecoin trading in the DeFi market. However, it also has some drawbacks, such as potential liquidity risks and market risks.
dYdX: dYdX is a decentralized derivatives trading platform that offers futures and margin trading. The advantage of dYdX is that it provides complex financial instruments, but its drawback is higher complexity and risk in terms of usage and understanding.
0x: 0x is a decentralized trading protocol that offers an open and scalable infrastructure for other developers to build their own decentralized applications on top of it. The advantage of 0x is its flexibility and scalability, but its drawback is that it requires other developers to build user interfaces and applications.
Bancor: Bancor is a decentralized trading platform that introduces a new liquidity mechanism to address significant losses that may occur in traditional AMMs. Bancor’s advantage is its innovativeness, but its drawback is its complexity and difficulty of understanding.
DODO: DODO is a decentralized trading platform based on the Proactive Market Maker (PMM) model. The advantage of DODO is that it can provide better prices and lower slippage, but its drawback is that it has relatively smaller market share and recognition.
SushiSwap: SushiSwap is a decentralized trading platform based on Uniswap, introducing a community-driven development and governance model. The advantage of SushiSwap is its community involvement, but its drawback is the controversies and trust issues it faced in the early stages.
LianGuaincakeSwap: LianGuaincakeSwap is a decentralized trading platform on the Binance Smart Chain, introducing new features such as lotteries and NFTs. The advantage of LianGuaincakeSwap is its low transaction fees and innovativeness, but its drawback is its reliance on the Binance Smart Chain, which may raise some centralization concerns.
Aave and Compound: These are both decentralized lending platforms that allow users to borrow and lend cryptocurrencies. The strengths of Aave and Compound are their robustness and user-friendliness, as well as their strong network effects within the Ethereum DeFi ecosystem. However, they also have some drawbacks, such as potential liquidity and market risks.
MakerDAO: MakerDAO is a decentralized stablecoin project built on Ethereum that allows users to collateralize cryptocurrencies to generate DAI, a stablecoin pegged to the US dollar. The strengths of MakerDAO are its robustness and user-friendliness, as well as its strong network effects within the Ethereum DeFi ecosystem. However, it also has some drawbacks, such as potential liquidity and market risks.
KyberDMM: KyberDMM (Dynamic Market Maker) is a new product from KyberNetwork that optimizes the automated market maker model to provide lower slippage and higher capital efficiency. The strengths of KyberDMM are its innovation and user-friendliness, but its drawbacks are its relatively smaller market share and visibility.
Synthetix: Synthetix is a decentralized platform for synthetic assets, allowing users to create and trade various synthetic assets such as stocks, forex, commodities, and more. The strengths of Synthetix are its flexibility and innovation, but its drawback is the higher complexity and difficulty in understanding.
Nexus Mutual: Nexus Mutual is a decentralized insurance platform that allows users to purchase and provide various types of insurance. The strengths of Nexus Mutual are its solution to an important demand in the DeFi market, which is risk management. However, it also has some drawbacks, such as potential liquidity and market risks.
Frax: Frax is a decentralized stablecoin project that introduces a new algorithmic stablecoin mechanism. The strength of Frax is its innovation, but its drawback is the complexity and difficulty in understanding.
Ribbon Finance: Ribbon Finance is a decentralized structured product platform that offers various options strategies. The strengths of Ribbon Finance are its solution to an important demand in the DeFi market, which is structured products. However, it also has some drawbacks, such as potential liquidity and market risks.
Opyn: Opyn is a decentralized options trading platform that allows users to buy and sell various types of options. The strengths of Opyn are its flexibility and user-friendliness, but its drawback is the higher complexity and difficulty in understanding.
Gnosis Protocol: Gnosis Protocol is a decentralized prediction market platform that allows users to create and trade various prediction markets. The strengths of Gnosis Protocol are its flexibility and innovation, but its drawback is the higher complexity and difficulty in understanding.
TraderJoe: TraderJoe is a decentralized trading platform on the Avalanche network that provides services such as liquidity provision, lending, and trading. The strengths of TraderJoe are its user-friendliness and early advantage on the Avalanche network, but its drawbacks are its relatively smaller market share and visibility, as well as potential liquidity and market risks.
A rough analysis of the overall situation:
From the perspective of DeFi services, they can be divided into spot trading, options trading, futures trading, synthetic assets, insurance, structured finance, lending, ETFs, lotteries, prediction markets, Yu’ebao (fixed interest), dollar-cost averaging robots, grid robots, and so on.
In terms of DeFi’s performance, there are basic AMM types, variant AMM models, order book models, and RFQ models.
The advantage of AMM is that it is simple and easy to use, without the need for professional market makers or order books. The disadvantage is that prices deviate from the actual market prices, there is slippage, low capital utilization, forced exposure to multiple currencies, and impermanent loss.
The advantage of the order book model is that it is more well-known, prices are closer to market prices, and slippage is smaller. The disadvantage is that it requires sufficient liquidity and market makers to maintain the order book.
The advantage of the RFQ model is that it does not require deposits or liquidity, and transactions are executed directly between buyers and sellers. The disadvantage is the lack of transparency, as the request for quotation and the final execution price may be uncertain, as the decision to accept it is made only when the seller receives the quote.
In terms of the entire DeFi ecosystem, some peripheral service providers have also begun to flourish, such as oracles, data aggregators, payment systems, dashboards, cross-chain bridges, etc.
About the future competition/optimization direction of the DeFi track:
Some protocols mainly compete in terms of trading volume and liquidity (such as Uniswap and SushiSwap); some protocols focus more on competing in terms of technology and features (such as dYdX and 0x); some protocols compete in terms of users and assets (such as Aave and Compound).
From the upgrade perspective, Uniswap is more like challenging itself and has strong research and innovation capabilities. Each upgrade is a targeted optimization for existing challenges.
Curve has achieved a multi-party game situation through cleverly designed economic models, which promotes mutual promotion among various parties and ultimately forms a positive feedback loop.
The future trends of the DeFi world
Better product experiences
From the historical development of DeFi, we can observe that people want to have control over their assets, so they want to escape centralized exchanges. However, because the performance of public chains was not good at that time and could not meet the requirements of order book models, people came up with the AMM model as a compromise.
However, EtherDelta, IDEX, dYdX, and other products have been continuously trying to provide users with a more familiar and intuitive order book experience. However, when EtherDelta and IDEX were developed, the overall technical environment was not yet ready, and the user and asset scale of decentralized finance were still small. On the other hand, dYdX relied on StarkWare’s ZKRollup technology to finally find its place in the market.
In the future, DEX will bring users a simpler and more intuitive interface operation, such as an app built for mobile devices, pursuing a user experience that is no different from a first-tier Web2app in terms of interaction design. The product will consider more detailed details, such as order book interface design, order placement process optimization, transaction prompts, and so on.
Greater liquidity
Since DeFi Summer, tens of thousands of users have been drawn into this decentralized trading feast. In just 2 short years, funds have poured into DeFi a hundredfold. Now many traditional financial institutions have also seen the potential of this market. Many institutions are also applying for BTC spot ETFs. It can be foreseen that in the near future, the liquidity on the chain will increase even more.
In addition to the increase in institutional inflows in the future, we can also expect the emergence of some liquidity tool products, such as VAULT, veTOKEN, which generate integrated liquidity. At the same time, with the interaction of multi-chain ecosystem and liquidity sharing, cross-chain DEX will further increase capital utilization.
Higher efficiency
With the further maturity of Layer2 and ZK technologies, as well as the efforts made by other public chains in high performance, the model of post-centralized trading on the chain will bring higher efficiency to users. DEX will also achieve low-latency instant transactions like conventional trading platforms. Not only will the transaction speed increase, but the transaction throughput can also be greatly improved.
Higher security
Innovations always come with more or less bugs. When people see that certain products have been verified for several years and are safer, their code will become a template in the industry, gradually forming the modularity of the DeFi industry.
Vertical and horizontal layering of UX
The feature of the front end is simplicity and aesthetics, not exposing too many details, only enhancing the user’s interactive experience, or having only a ChatGPT input box, the so-called Intent;
The feature of the back end is security and customizability, supporting multiple granular parameter configurations, strong liquidity, and high aggregation.
Horizontally, modules are separated, funds are separated in pools, preventive measures are taken in advance, and fund isolation is done well. Emergency plans are also introduced. After the bug types in the industry are almost sorted out, the emergency plans can be prepared before the upgrade. Maybe 5 years from now, when you are in charge of upgrading a DeFi product, you will have a 10-page emergency manual in your hands;
Downgrading accidents, when accidents occur, reduce the impact of accidents;
Accident review, when the entire industry is contributing to a set of templates, the DeFi version of the order flow service, and the overall trading code framework will all be improved.
More application scenarios
Gradually, everyone will find that, just like small NFT images, once the technology matures and the benefits it brings become smaller and smaller, the technologies used by different products will tend to homogeneity. For example, using on-chain data to achieve transparency, using off-chain transactions to improve efficiency, using AMM or market makers to provide early liquidity.
At this time, the competition between different products may be the differentiation between services, such as different incentive methods, such as different main services. Even many traditional financial products will be made into on-chain versions, such as unified margin accounts, Yu’E Bao, wealth management platforms, limit orders, and inheritance trusts.
At the same time, with the popularity of Web3 applications, there will be comprehensive DeFi entry platforms similar to Binance, integrating various DeFi products, such as a combination of lending and insurance.
Summary
In summary, with so many amazing builders doing their work, as an ordinary user, as long as you believe that crypto trading volume will increase, DEX trading volume will surpass CEX, there will be more choices in DEX, and the user experience will improve. The future is all yours!
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