Binance's chain is a real problem for Uniswap V3

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I think this happens to be the exact reason why Uniswap doesn’t care about BSC.
Uniswap doesn’t worry about the current congestion in the Ethereum network, because it seems extremely likely to be solved within a few months tops.

BSC is a low quality quick fix for a project like Uniswap.
A Chinese-owned centralized chain run by a company that can’t even allow US users is nothing but a quick money grab.

They might bill themselves “blockchain” and “defi”, but without decentralization such projects are nothing but overly complicated databases.

Uniswap on a centralized chain would provide nothing more than Coinbase, Kraken, and Binance already provide.

Uniswap on Ethereum is currently the only way to attain the only thing blockchain is truly about: decentralization.

It seems to me like your values and motivations have separated from Ethereum’s and Uniswap’s.

Decentralization isn’t a “nice to have”.
Decentralization is what it’s all about.

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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.

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Your condescending tone doesn’t deserve an answer.
Good luck with BSC.

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It’s clear that most people here are not developers, It’s like talking in a different language. If you didn’t program software during the last tech boom and bust cycle you really have no grounds to speak on what makes for a good software stack.

That’s all this is, a good software stack. An app (Uniswap) that should be chain agnostic unless it wants to shoot itself in the foot.

But hey, call me a shill, tell me I’m wrong. I’ve been around long enough to know what happens when you’re diehard to one software stack; you end up dying on it.

Let them eat cake!
I’ll sit back and watch what happens while non-experts try to run a system that’s so far above their heads. It will be like real life government!

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38

My tone isn’t condescending, It’s frustrated. Frustrated because I’ve seen this over and over again, and so many people cannot accept the facts. You’ll comment all day on anything I say negative about ETH but why not address all the valid points I brought up?
Is it because I am in fact correct?
Yes! 20 years in the business and you learn a thing or two. The first is that unless you’ve been deep in software design, you have no idea how quickly something like BSC can dominate the market if they want.

If you dislike BSC, even more reason to be on their system. Know how they work, take advice from their protocols, collect data, use it to make Ethereum better. Know your enemy.

If you want to take my experience as condescending, that’s on you, you’ve added nothing to this conversation except for baseless objections. I’m under no obligation to take your capacity for offense into account when I’m simply trying to explain how software stacks and system agnostic vs. dogmatic programs generally turn out.

I’ve spent most of your life doing development and network building, I’ve earned the right to say matter-of-fact things, because I am an expert. If you can’t take an experts advice, at least listen to it and consider it then you’re lost.

I’m explaining how software cycles work. I’m not degrading anyone, not dismissing anything, just telling you how it works time and time again.

You don’t have to like the game, but you 100% have to play it if you’re going to stay around. Once the opportunity presents itself, then you’re spread across multiple chains, you have say all of a sudden in more than once place. How on earth can we compete with PancakeSwap if we’re not even on the same network…

Have you seen the relative dominance increases in ETH vs. BSC?
Have you seen the TLV spreading out to other chains?
USDT is on 5 chains now, do you think one day it’s just going to snap back to Ethereum only? No, that would be insane.

If you stay on Ethereum only, you also get no say or influence in any other chain, quite possibly the most important thing you can have. Don’t like how centralized BSC is? Port Uniswap, split the value between chains, and de-incentivize BSC users, you can’t do anything from the sidelines though. DApps can eclipse you, make new protocols, do whatever they want, and you’ll be none the wiser because you’re so narrow sighted that all you see is ETH Dominance.

I’m sorry, I tried to help. I offered my time to build a bridge just for Uniswap, to port the code to literally any chain and help with the tokenomics as new TLV comes in because I have experience doing so in a safe manner, but don’t mention that when you’re responding.

The UNI airdrop made me rethink how money and value will work, the UNI governance made me realize most people are not ready to govern themselves because they think they know everything.

Learn the hard way, once you see how network effects knock out the least convenient options maybe then you’d like to have a discussion like two adults.

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39

yes yes it is a problem …

BSC is growing fast and covering a lot of market, I don’t think it’s good. Binance is expanding and growing at a very fast rate, centralizing the profit in a few and, obviously, among them are not the users. The question would be, are we different from Binance, Coinbase? …

I think there are no doubts … what do you think?

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I still think that we are early enough in DeFi that there is nothing wrong with centralized exchanges bringing more exposure and users into the space.

Using Trust Wallet and BSC taught a friend of mine so much about DeFi because of the speed and cheap cost of entry, they would not have had the money to do that on ethereum.

Now that they have a base of knowledge I can show them decentralized Solutions, as I said in a previous post, it’s important for teams to bootstrap programs, it’s important for communities to push the needle towards decentralization. BSC dominance has been on the rise for what, a month, and people are acting like they’re going to lock all the value in DeFi on their chain and never let anyone take it off.

There’s so many better, truly decentralized smart chains emerging right now.

The only threat to Uniswap is not keeping up with the switch from separate chains to a network of blockchains.

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Yes, it is true that many chains are emerging, but they have not proven to be better. For the moment we must continue testing. Trust is not given, it is earned and for this you have to work hard …
ETH is making a great effort to update it. I am confident that it will continue to lead the smart contract industry …
time will tell, but in leadership, experience, and market confidence, nobody beats them, at least for the moment

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42

Agreed that ETH has the edge, especially in that they’ve earned trust which as you said does not come easy.

Emerging chains will have to gain trust, but if there’s no interaction between Uniswap and the other chains there’s no foundation to build that trust. This is what testnets are for.

I’m not advocating for us to store some of Uniswap’s TLV across chains immediately, but having source code ready to run on these chains and getting testnet Uniswap apps running on other chains is a cheap insurance policy to future-proof Uniswap’s relative dominance in the DeFi sphere.

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I agree with the proposed idea. it is always better to keep alternatives, either in Defi or in other platforms.

What worries me is the centralization that BSC is generating. Binance is leading and betting very hard on all aspects of the crypto market. This reminds me of what we currently have with certain companies that practically have a monopoly in their sector within the Web.

Our project is different and we must attract more users to our environment. That benefits us all. I do not like that after the airdrop, many users have gone to the competition in search of supposed greater benefits. I think it is good to have memory and follow our roadmap and, of course, bet on our project

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44

Underrated post here

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It’s clear to me you have a BSC agenda.

Or you’re currently unemployed since you appear to have a lot of free time you spent here trying to persuade people to move to BSC.

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46

The problem is that BSC is literally the antagonist of what Uniswap is trying to be…so, would you rather join the dark side rather than beating it?

The truth is BSC is a REAL tangible problem for Uniswap and Ethereum as a whole, but the reality is that its only a temporary one - Optimism rollup will be here in a couple of months and BSC…which is basically a SWIFT system ran by CZ cronies will fade into oblivion.

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47

Sorry I’m a little new. How can the BSC increase gas fees on ETH?

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48

Can large pool investing like yearn mitigate a lot of those gas fees and provide the liquidity in eth.

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I think that response wins :wink:

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No need to sorry, I’m with you :100:

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51

Just wanted to let you know I appreciate the points you bring to the discussion. Sucks to see people get so defensive.

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Hello UNI Community!
Let’s discuss the new proposal for Uniswap v3 and BNB Chain:

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Uniswap debate over whether or not to expand to BNB Chain

Wormhole wins the election to serve as Uniswap’s chosen bridge to the BNB chain. In the voting, LayerZero came in second place after receiving recent criticism for security issues that went unnoticed.

To become the official governance bridge for Uniswap, the largest decentralised exchange platform by trading volume, when its version 3 platform launches on Binance’s BNB Chain, Wormhole, the cryptocurrency bridge platform, won a community vote on Tuesday.

The win grants Wormhole valuable new turf in an ongoing battle between bridge platforms – vital pieces of crypto infrastructure that allow users to pass assets and other data between blockchains.

So what happened today as the on-chain vote went live?

A16z immediately rejected the entire Uni to BNB Chain deployment proposal simply because their bridge of choice, LayerZero, lost to Wormhole.

The deployment of the cross-chain bridge, which is the source of the conflict. The proposed interoperability protocol is LayerZero, while a16z supports the use of the Wormhole bridge.

Eddy Lazzarin, head of engineering at a16z, commented in the proposal discussion on Jan. 31:

“To be totally unambiguous, we at a16z would have voted 15m tokens toward LayerZero if we were technically able to. And we will be able in future Snapshot votes. So, for the purposes of a “temperature check”, please count us this way.”

What next?

The vote is still ongoing. The tides must turn during the next 5 days. These discussions will raise a lot of questions about the future of DAO political structures and cross-chain messaging, to say the least.

If all these debates settles and votes are favorable to launch its third iteration of its decentralised exchange on BNB Chain than the Uniswap price might brush its potential high of $13.69 as per coinpedia.

Let me know is there anything I missed ? Please add your comments to discuss this.