Optimistic Rollups like @arbitrum and @optimismPBC have been been battle tested for months, it's time to accelerate, it's time for a mass migration to L2.
I have published a proposal for @Uniswap to start a liquidity mining program on Ethereum L2's to kickstart adoption 👇🧵
I have published a proposal for @Uniswap to start a liquidity mining program on Ethereum L2's to kickstart adoption 👇🧵
he's right why are there no megastar apps on ORUs yet?
in my opinion it comes to down to 3 things..
in my opinion it comes to down to 3 things..
https://twitter.com/ukolodny/status/1456196768425811969?s=20
1) missing incentives
Networks like Avalanche, Celo and Near are spending hundreds of millions of dollars to attract developers and users.
ORU's can't do the same but DeFi protocols sit on *massive* treasuries and could do it instead.
coindesk.com/tech/2021/11/0…
Networks like Avalanche, Celo and Near are spending hundreds of millions of dollars to attract developers and users.
ORU's can't do the same but DeFi protocols sit on *massive* treasuries and could do it instead.
coindesk.com/tech/2021/11/0…
2) Missing fiat on-ramps
Without direct on-ramps onto L2 networks users face high barriers before they can enjoy the benefits of these networks.
A user starts with $200, withdraws from CEX to L1, sends from L1 to L2 and has lost half its portfolio by the time they reach L2.
Without direct on-ramps onto L2 networks users face high barriers before they can enjoy the benefits of these networks.
A user starts with $200, withdraws from CEX to L1, sends from L1 to L2 and has lost half its portfolio by the time they reach L2.
I talk to users like this every single day.
Every tx, every approval on L1 hurts for them.
As a result, many of the crypto newcomers trying DeFi for the first time are not being on-boarded on Ethereum atm but on EVM chains like Fantom Avalanche or other L1’s such as Solana.
Every tx, every approval on L1 hurts for them.
As a result, many of the crypto newcomers trying DeFi for the first time are not being on-boarded on Ethereum atm but on EVM chains like Fantom Avalanche or other L1’s such as Solana.
3) Slow application migration to Layer-2’s
Devs seem to take time to deploy to L2. Some are waiting for other protocols to deploy first as they are building on top (e.g @DeFiSaver -> @AaveAave) but many are simply waiting until the user stats (volumes, tvl) justify the effort.
Devs seem to take time to deploy to L2. Some are waiting for other protocols to deploy first as they are building on top (e.g @DeFiSaver -> @AaveAave) but many are simply waiting until the user stats (volumes, tvl) justify the effort.
This is a typical chicken-egg problem.
Every party involved stands still until the other moves.
Users are waiting for subsidies and more applications to use, CEX's and application developers on the other hand are waiting to see user adoption first to justify the integration.
Every party involved stands still until the other moves.
Users are waiting for subsidies and more applications to use, CEX's and application developers on the other hand are waiting to see user adoption first to justify the integration.
@Uniswap is in a unique position to break this cycle.
- It sits on $11 billion dollar treasury that is currently underutilized.
- As Ethereum's largest protocol the move would have huge signaling power to the rest of the ecosystem.
source: openorgs.info
- It sits on $11 billion dollar treasury that is currently underutilized.
- As Ethereum's largest protocol the move would have huge signaling power to the rest of the ecosystem.
source: openorgs.info
- Third, the resulting liquidity and yields would set into motion a large-scale migration of users which in return has spillover effects on other factors (CEX on-ramps, devs deploying etc.) .
Seems like a no-brainer to me 🤷♂️
So how do we achieve this?
Seems like a no-brainer to me 🤷♂️
So how do we achieve this?
Uni governance works in 3 phases:
1) Temperature check
If it gets min. 25k votes of which the majority is in support it moves to next phase
2) Consensus check
This is where discussion begins, amounts of the liquidity mining, which pairs etc.
Needs 50k yes-votes for Phase 3
1) Temperature check
If it gets min. 25k votes of which the majority is in support it moves to next phase
2) Consensus check
This is where discussion begins, amounts of the liquidity mining, which pairs etc.
Needs 50k yes-votes for Phase 3
3) Governance proposal
This is the final step of the governance process
- Proposal needs to be code-ready
- Proposer needs 10 million $UNI
- If it passes proposal gets executed ✅
Let's make it happen. One step at a time 🚀
gov.uniswap.org/t/temperature-…
This is the final step of the governance process
- Proposal needs to be code-ready
- Proposer needs 10 million $UNI
- If it passes proposal gets executed ✅
Let's make it happen. One step at a time 🚀
gov.uniswap.org/t/temperature-…
• • •
Missing some Tweet in this thread? You can try to
force a refresh
