jakiro
Author: ARNDXT, Threading on the Edge; Translation: Bit Chain Vision Xiaozou
Birth of Unichain
Unichain may marked the beginning of Ethereum’s decline, because mainstream protocols like Uniswap attract value and activities, turning Ethereum into a pure settlement layer.
The impact of Uniswap is undeniable.
As the largest DEX, Uniswap has millions of users, and Ethereum has a large part of the liquidity flowing through the Uniswap protocol.
Finally, Uniswap announced the launch of its own blockchainUnichainEssenceThis may marked the strategic transformation of the blockchain style -from the traditional oneFat protocol thesis(Fat Agreement) To the upcomingFAT Application thesis(Fat application theory).
Because the goal of Uniswap is to consolidate its dominant position, this move has triggered key issues on the future of Ethereum, ETH asset value, and potential DEFI liquidity re -configuration and user experience.
In this article, I will give me some ideas and discoveries.
This articlePointThe
TowardsFat ApplicationThe strategic transformation of the discussion
UNISWAP obtains control over its blockchain through Unichain, and obtains more value from trading costs and infrastructure.
useFlash BlocksandTEESSolve the problem of scalability
Fast transactions (200-250 milliseconds) and lower GAS fees have improved user experience and network performance.
MEVMinimize
Reduce MEV vulnerabilities through fair GAS auctions, saving users up to $ 1 billion per year.
Liquidity integration
Unichain’s centralized liquidity center relieves fragmented problems and improves the price efficiency of L2.
EthereumstatusInfluence
Support Ethereum’s centered on Rollup, strengthen ETH as the status of a safe settlement layer.(Disputes)
passUnichain Verification ServiceVerification service enhance security
By participating in transaction verification by allowing UNI token holders, network integrity and decentralized characteristics have been improved.
DefiNew competition pattern
Start your own chain for other DEFI applications to promote vertical integration and infrastructure control.
1As well asUniswapofDefiDominant position
Uniswap has always been a key force in the DEFI field, occupying a considerable market share.
market share: According to Dune Analytics data, Uniswap is about the total transaction volume of Ethereum DEX46%Essence
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Cumulative transaction volume: Since its establishment in 2018, the cumulative transaction volume of Uniswap has exceeded1.7Trillion dollarsEssence
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User foundation and adoption
The only address trader:There are more than 71,500 traders who interact with Uniswap’s smart contracts.
Daily active users:UNISWAP currently has 1.2 million daily live users, highlighting its widely used adoption.
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TVL(Total lock value)): The total lock value of Uniswap is about $ 6 billion, making it one of the most liquid Defi protocols.
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2As well asUniswaproll outUnichainReason
Pass throughL2Solution to solve scalability problems.
The scalability of Ethereum is a topic that people have been talking about.
High GAS fees and slow trading time affect the user experience, and limited the ability of network response to grow up.
EthereumbyrollupCentered route mapThe purpose is to alleviate these problems by transferring most transactions from the Ethereum L1 to the L2 solution. The L2 solution can deal with transactions more efficiently.
Unichain is constructed using OP Stack. OP Stack is an open source framework developed by Optimism. It aims to run on this superchain (shared the same standard -operating blockchain network).
By using this technology, Unichain aims to solve the following problems:
(1) Scalability and performance issues
Ethereum’s network congestion and high GAS fees have always been difficult to overcome.The purpose of Uniswap to launch Unichain is:
Increase trading speed: The target block time is 200-250 milliseconds, which is obviously faster than the average of 12-15 seconds of Ethereum.
Reduce transaction costs: The lower cost makes DEFI easier to gain a wider range of user base.
(2) The control and customization of infrastructure
Running on your own blockchain can make Uniswap:
Implement agreement -level optimization:Custom blockchain to meet the specific needs of Uniswap, such as custom transactions.
Introduce advanced functions:Realize innovation, such asFlash BlocksAnd MEV minimize strategy.
(3) The problem of liquidity fragmentation
By creating a centralized liquidity center, UNISWAP users will benefit from:
Unified liquid pool: Unichain aims to gather liquidity currently distributed in multiple L2 solutions and side chains.
Optimize pricing and slippery points: Deeper liquidity brings better pricing and lower slide points for traders.
3,fromFat protocolDiscussFat applicationChange of the discussion
Fat protocolTheIt is pointed out that in the blockchain ecosystem, the protocol layer (such as Ethereum) has gained the greatest value because it provides support for all applications.
Fat ApplicationTheApplications that are dominant can obtain more value by having a larger scope technology stack.
(1.Fat protocolFat Agreement
The theory was first proposed by Joel Monegro in 2016.It believes that in the blockchain ecosystem, most of the values are accumulated at the protocol layer rather than the application layer.This is in stark contrast to the traditional Internet model. In the traditional Internet model, the application layer (such as Facebook, Google) has captured most of the values, and the underlying protocol (such as TCP/IP, HTTP) is relatively “weak” in terms of value acquisition.Essence
The main content of the fat agreement theory is as follows:
Value -added: Agreement tokens (such as Ethereum ETH) value value -added, because they are an indispensable part of network operations. Their scarcity and network effects are combined to promote demand.
Network effect: As there are more and more applications and users in the agreement, the agreement itself has become more valuable and consolidates its dominant position.
Combined: The application is built on these protocols, which benefit from their security and decentralization characteristics, but the value of a single application is less value.
(2.Fat ApplicationFat application theory
The theory of fat application has challenged the fat agreement theory that applications that dominate the position can obtain important value by having a larger scope of technology stack, thereby effectively “moving down” stacks.The idea based on this theory is that applications can distinguish themselves and bids and create moats through proprietary characteristics, enhancement of user experience, and control of infrastructure.
The main content of fat application theory is as follows:
The value acquisition of the application layer:Applications can obtain more value through vertical integration. Not only have interfaces, but also some underlying infrastructure.
Differential:By controlling a larger range of stacks, applications can provide unique functions and optimizations that competitors cannot get.
User experience: Focusing on seamless, efficient and user -friendly experiences can promote the use rate and loyalty, thereby further increasing the value of the application.
(3.UniswapStrategic transformation
By launching unichain, Uniswap:
Downwritten stack: Control the underlying protocol to get more value.
Enhanced value capture: Potentially increase income through transaction fees and other mechanisms.
Strengthen ecosystem control: Guide development and innovation in the ecosystem.
4What role will the transition of fat application theory?
(1) Competition between applications intensify
As Uniswap launched Unichain, the transformation to fat application theory will greatly reshape the blockchain ecosystem.This move may cause:
The competition between applications has intensified, and other successful DEFI platforms will follow Uniswap’s footsteps to launch their own chain.
This vertical integration allows applications to obtain control of its infrastructure, in addition to improving the user interface, it also enhances performance.
This may form a new competitive pattern. Under such a pattern, the application not only through the function, but also the scalability and efficiency of the underlying infrastructure to achieve its own differentiation.
(2) Ecological fragmentation and integration
However, this transformation brings risks and opportunities in ecological fragmentation and integration.
On the one hand, more and more specific application chains may cause fragmented problems, make interoperability more challenging, and may destroy the vital user experience for large -scale adoption.
On the other hand, the dominant application may attract less projects to build in its ecosystem, thereby forming a new activity center, and may form an integration of resources and user groups.
This evolution may affect the value dynamics between the protocol layer and the application layer.If the application starts to get more value, the dominant position of the underlying protocol may be relatively decreased. As users and liquidity focus on the ecology of these applications, the network effect will turn to these applications ecology.
(3) Impact on the value of the agreement layer
The transformation of fat application theory has challenged the traditional protocol layer.
With applications like Uniswap launched their own blockchain, they begin to get more value -no longer rely so on the underlying protocol to obtain transaction costs.
This may lead to a transformation of network effects, because users and liquidity are concentrated on these specific applications, rather than a wider range of protocol layers.
Therefore, protocols like Ethereum may face the problem of relatively decline in value acquisition, and applications that dominate will become a new activity and influence center in the blockchain ecosystem.
5, To EthereumEthInfluence of asset status
The launch of Unichain has aroused arguments about the future role of Ethereum main network and the value of ETH as the value of assets.I can say that migrating the DEFI activity to the L2 solution may reduce the importance of the main network and have a negative impact on the value of ETH.
Another angle to be considered here is:
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However, supporters believe that this evolution is in line with Ethereum’s long -term vision.By being a safe decentralized settlement layer, Ethereum main network can focus on providing data availability and final determinability, while L2 solutions handle scalability and applications for users.In fact, this symbiotic relationship can enhance the value of ETH, because it is the basic asset that supports huge L2 networks.
My idea is:
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(1)rightEthPotential negative effects
EthDemand decrease: If Unichain uses different native token to pay GAS fees, ETH demand may be reduced.
The transaction fee of Ethereum is reduced: Moving the activity to Unichain may cause the Ethereum verifier’s fee reduction.
Liquidity loss: The liquidity integration on the Unichain may reduce the liquidity on the main network and other L2 main network and other L2.
Wajahat Mughal also shared his discovery/thought:
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(2) To the potential benefits of Ethereum
EthereumrollupThe centered route chart is consistent: Unichain still relies on Ethereum’s security and data usability.
EthAs a settlement layer: Ethereum can strengthen its status as a basic settlement layer of multiple L2.
Potential growth of Ethereum utilization rate: Enhanced scalability may attract more users to Ethereum ecology.
6As well asUnichainTechnical innovation
Unichain has launched a set of technological innovation, hoping to increase transaction speed and security for users.
These innovations areFlash BlocksTRusted Execution Environments(TEES: Trusty execution environment), The function is as follows:
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Support the final certainty of the Asian second -level transaction.
Reduce the risk of manipulation and ensure that users conduct faster and safer transactions.
Another important innovation is unichain’sMEV(Maximum extraction value) minimizemethod.
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Through a fair priority GAS auction system, Unichain ensures a transparent and fair transaction order and reduces harmful MEV vulnerabilities such as sandwiches.
The system is expected to attack vulnerabilities that often lead to higher transaction costs,each yearSave Gundam for users10DollarsEssence
In order to further strengthen security and decentralization, Unichain integrated aVerification service (Verification Service.The activity of the sorting of transactions is continuously verified by the authenticator network.
This additional security layer not only ensures the integrity of the network, but also invites the community to participate in it, allowingUNIToken holderParticipate in network verification and create a more decentralized and more powerful ecosystem.
7,in conclusion
Unichain is the bold measure of Uniswap, which consolidates the status of its DEFI leading sheep and redefines the way of running for decentralized applications.By directly solving scalability problems, minimizing MEV losses, and centralized liquidity, UNISWAP is controlling your future in a way that few people dare to do.This strategic transformation challenges the traditional role of Ethereum, but it is seamlessly fit with Ethereum with Rollup.
I see it as a critical moment of DEFI.UNISWAP decides to control a larger range of technology stack, which feels like we have been waiting for the change in the field.I hope that other DEFI projects can also be followed, re -envisioned the creation and acquisition of value.Unichain represents the next wave of DEFI, and we are witnessing Defi starting sailing.
