Decentralizing Twitter and Uniswaps new chain

Author

Logan Cloak
April 29, 2022

GM, and welcome to RollCall by Rollfi! 

The top stories from the week in 10 minutes or less.  Here's what we have on deck for today:

  • 🐤 What decentralized Twitter could look like

  • 🦄 Uniswap v3 deploying on Celo

Decentralizing Twitter

In case you haven't heard, apparently, some car company guy is trying to buy Twitter...

In all seriousness, Elon's successful bid to buy Twitter has been a signal to many in the world of crypto that decentralization is coming to the platform.

This is not the first time this has come up either. Jack Dorsey, Founder and former CEO of Twitter, helped launch Bluesky, which aims to "drive the adoption of technologies for open and decentralized public conversation" in 2019.  Now, Dorsey is fully endorsing Elon as the right person to accomplish this goal.

Others have weighed in on what the future of Twitter could look like under Elon's lead. Sam Bankman-Fried, Founder and CEO of FTX wrote this thread on a possible scenario for a decentralized Twitter:

While SBF's thoughts were interesting, at $0.01 per Tweet, we know some people who'd need a loan. 

Balaji Srinivasan wrote this article on how Elon could drum up support for his deal to cross the finish line by creating a Twitter coin that every user could have to vote on governance issues with.

While no one is sure what the future of Twitter will look like right now (not even its CEO), it will be interesting to see what forms of decentralization may come to the platform. After all, Twitter has been central to the crypto community, so decentralizing it only seems right.

Uniswap v3 to deploy on Celo

A few days ago, Packy McCormick wrote a beautiful deep dive on this Layer 1 called Celo. Celo is a carbon-negative blockchain built to run on smartphones, existing at the center of the Regenerative Finanace (ReFi) ecosystem.  They are incentivizing new carbon offset projects by backing their native stablecoins with natural capital-backed assets.

Well, a few days before that piece was published, a student group called Blockchain at Michigan wrote a formal governance proposal to deploy Uniswap v3 on the Celo blockchain and as of this morning, the proposal has officially passed and the voting wasn't close.

If you're unfamiliar with Uniswap, they are the largest decentralized exchange by volume and the leading automated market maker.  Li Jin put in perspective just how big Uniswap is here:

And since Uniswap is governed by the holders of its native token, UNI, proposals can be voted on by the community of user-owners. In this case, quorum on the vote was 40 million UNI and as you can see above the quorum was reached and the vote passed by a huge margin.

Interestingly, the largest voter was the wallet of Andreessen Horowitz, which holds 13.5 million UNI.  And it should be noted that Andreessen Horowitz has been the lead investor in 2 rounds to Celo (here and here), totaling $45M. 

The Celo Foundation has committed $10M in financial incentives to Uniswap users on the Celo blockchain.  Uniswap v3 is set to deploy on May 5th on the Ethereum Mainnet, and shortly after on the layer 2, Optimism.

Glossary

We're confused too. We're here to help decrypt the crazy world of crypto.

  • Regenerative Finance (ReFi) - as Packy M puts it in his piece - a financial system that accounts for the needs of all stakeholders by charging those who create negative externalities and rewarding those who create positive externalities.

  • decentralized exchange - a peer-to-peer marketplace where transactions occur directly between crypto traders (Coinbase)

  • automated market maker - autonomous trading mechanisms that eliminate the need for centralized exchanges and related market-making technique (CoinDesk)

  • layer 1 - refers to a base network, such as Bitcoin, BNB Chain, or Ethereum, and its underlying infrastructure (Binance)

  • layer 2 - secondary framework or protocol that is built on top of an existing blockchain system (Binance)

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