You still don’t get the picture. Ethereum will not be the only smart chain, nor do we want that.
No quotes needed, it’s a blockchain by definition, and DeFi (also by definition). A distributed computational network is hardly just an overly complicated database.
So short sighted.
Ethereum is not the most decentralized chain. It’s just the largest by market cap. What do you think happens when ETH2 rolls out and they’re using validator nodes with a high cost of entry? Is that distributed enough for you when your average person can’t go out and run a full node and take all advantage of the full network features?
You can be a validator and get the base transactional layer for a cool, easy $50,000. At least Binance and Algorand tells you up front how much everything costs and have detailed EULAs.
You’re painting a black and white picture when in reality, as things come to fruition, there will be many shades of grey, with varying amounts of decentralization. You can say:
But guess what, this is brand new. There’s no data to back that up, and no way you could make a judgement call on my values, I’m a FOSS blockchain developer, If I cared about centralization I’d save myself the headache and take an executive job with AWS but I love what a decentralized future holds. But, I’m not so naive to think that everything in the future will be decentralized or that Ethereum will rule DeFi.
Also, don’t confuse decentralized with distributed. Sure, ETH is more distributed, I guess… it depends on what metric. Sparkpool controls 25% of the hashpower of Ethereum. Is that decentralized? Well, It’s half way to a 51% attack so I’ll let you decide for yourself if the glass is really half full or half empty; Two pools coordinate, and a single entity with enough capital comes into Sparkpool and the fact that they already have the numbers means trouble.
It’s less decentralized than < 25 validator nodes with a max 4% network each? Not even that. Does it have nodes spread out globally. Sure, BSC is run by CZ and his “cronies”, ETH is run by a handful of dev groups, The Foundation, and their “cronies”, just like all the other chains are run by the creators and their cronies.
Don’t let the open governance of DApps and DAOs confuse you into thinking that the underlying chain is a utopia, ETH still has controlling interests who maintain a good portion of the network.
I love Ethereum, but seriously look at the big picture. If UNI pretends like Ethereum is the end-all for DeFi, we’ve got another thing coming, because that is 100% not going to be the case. We can cater to what could possibly be a niche chain (I know it’s blasphamous to say, but it’s 100% possible given historical software development… 1st doesn’t always mean best.)
I’m assuring you with 20+ years of seeing companies come and go, of developing network protocols, apps, and everything in between. If Uniswap doesn’t accept and take advantage of the fact that the future will be people switching between chains based on their needs, they’re giving up the position of “Value Store” and “Utility Distributor” to another project that I guarantee will be compatible on all smart-contract enabled chains.
I’m not suggesting splitting UNI 50/50 between Ethereum and BSC, but in the decade we’ll likely have 3-4 main, stable, saleable computational blockchains that people switch between based on what each one offers. Competition isn’t going anywhere, it’s getting bigger and it’s going from DApps to entire chains.
Except BSC is playing the long game that Uniswap is unwilling to play, they’re enticing people by launching ready to go with a suite of DApps that can milk from Ethereum as long as they can. You want us to keep getting our TLV on Ethereum sucked up by other chains or would you rather do something about it and hedge against that by beating them at their own game.
They can’t run Uniswap out of business if Uniswap is on every smart chain because that is true decentralization; not how many nodes one chain has vs another or whether they use PoS or PoA. If you can’t see where this whole space is going after everything we’ve talked about I’m sorry, and very grateful that you don’t have a controlling vote in UNI Gov.