In a move that is sure to solidify its place as the leading decentralized exchange, Uniswap Labs has announced the acquisition of Genie, the first NFT market aggregator.
With a current market share of over 80%, this move will only serve to increase Uniswap’s dominance in the space. Founded by Hayden Adams, Uniswap has been at the forefront of the industry since its launch in 2018. Today’s announcement is yet another example of its commitment to innovation and providing users with the best possible experience.
Table of Contents
What is Uniswap and How Does It Work?
Uniswap is powered by a constant product formula and implemented in a system of non-upgradeable smart contracts, making it highly secure. With decentralization and censorship resistance as key priorities, Uniswap is changing the way we trade.
The Uniswap Protocol is the largest decentralized trading protocol that enables users to trade tokens directly with each other without needing a centralized exchange. The protocol is based on the Ethereum blockchain and utilizes smart contracts to facilitate trades.
Uniswap Labs was a major contributor to the development of the Uniswap Protocol and now focuses on building a suite of products to support the Uniswap ecosystem.
Genie
Genie is one of the leading NFT marketplace aggregators offering users the ability to trade NFTs across multiple platforms such as Opensea, LooksRare, Foundation, and X2Y2
What Makes Genie Attractive?
Genie created a user-friendly platform that allowed users to identify undervalued NFTs, batch transactions, and easily access analytics while protecting against fraud.
Expanding the UNI-verse
In the world of cryptocurrency, there are two main types of assets: ERC-20 tokens and NFTs. While they are often seen as two separate ecosystems, Uniswap developer Hayden Adams sees both as a representation of digital ownership.
For Adams, both ERC-20 tokens and NFTs are part of the same landscape. He believes that both tokens can be used to represent a way for people to own digital assets and are equally important in the world of cryptocurrency.
NFTs and ERC20 tokens each play an important role in the cryptocurrency space. By understanding the differences between them, we can better see how they fit together to create a market for ownership. NFTs are valuable in their own right, but the different architecture of ERC20 tokens allows for a more liquid market.
Allowing the two assets to work together in establishing ownership simply made sense as the next step for Uniswap.
Purpose of acquisition
Uniswap Labs acquired Genie to help lower barriers of entry to the creation of wealth by providing a more universal form of ownership and exchange. This will improve economic opportunities for all participants in the ecosystem.
NFTs are a big part of digital ownership, and unifying the two spaces can improve the experience for token holders. For example, the Uniswap web app provides more unified access to liquidity pools and token trading. By bringing these two platforms together, they can create a better overall experience for all involved.
Uniswap NFT will become a one-stop shop for all digital value, not just ERC-20 tokens. This democratization of access to ownership will provide greater opportunities for access to ownership.
With the updated Uniswap web app, users will be able to swap tokens and NFTs in one place.
Coming Soon
Updated Navigation
NFT traders will be able to enjoy liquidity on the Uniswap platform with the launch of new NFT-related tabs. With the NFT marketplace, users will be able to buy, sell and manage both NFTs and tokens simply by logging into their Uniswap account.
Airdrops
To show appreciation, Uniswap is rewarding historical Genie users with an Airdrop in USDC. The airdrop will be for users who have used Genie more than once and NFT traders will receive additional USDC. This Airdrop will not be publicized and is exclusive to the community.
Making history, this will be the 1st airdrop of a stable coin. Users can cash out to their bank, purchase tokens, or gas for transactions. The idea is to give recipients control over-usage.
Conclusion
The Uniswap web app is constantly evolving to meet the needs of users, both new and old. With a focus on simplicity and accessibility, Uniswap has become a go-to destination for those looking to trade cryptocurrencies. However, there is more on the horizon for Uniswap users as the platform looks to expand its offerings.
In the future, users can expect even better support, an expanded range of features, and a more streamlined experience. So whether you’re a seasoned trader or just getting started in the world of crypto, keep an eye on Uniswap – it’s sure to have something for everyone.
