Abdullah Umar 🕸️ @abdullahbumar Twitter profile | Pikagi

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Abdullah Umar 🕸️

@abdullahbumar

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Investor and Head of Governance @aranaventures (UNI, AAVE, ARB, STRK) • Prev @Immutable , @dYdX , @UMichBlockchain

🇺🇸

https://t.co/Fe6kONO39c

Joined October 2018

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Crypto governance is a lot more political than you think Right under our noses, a dramatic battle played out between @wormholecrypto and @LayerZero_Labs last week Where did this take place? On the Uniswap forums Let’s break down the politics behind the recent proposal👇

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@abdullahbumar

Abdullah Umar 🕸️

1 year

It’s time for Uniswap v3 to launch on @avalancheavax After consulting with @avalabsofficial , we @UMichBlockchain have released a proposal on the Uni forums describing why this deployment is important Let’s break down the proposal step by step👇

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Did you know it’s illegal to fork @Uniswap ? That’s right, you’re not allowed to copy and paste Uniswap v3 code That’s been the case for the past 2 years But tomorrow, on April 1st, Uniswap will lose that immunity What does this mean, and how did we get here?👇

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@abdullahbumar

Abdullah Umar 🕸️

2 months

It’s time For Uniswap to launch on a parallelized EVM In collaboration with @wormholecrypto and @okutrade We @AranaVentures are bringing Uniswap to @SeiNetwork Let’s dive into how Sei works and why this deployment is important

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Last August, we saw the first ever “decentralized crowd-looting” Hundreds of wallets drained the Nomad bridge dry of $200M Due to this, Uniswap v3 was never able to deploy on @Polkadot Let’s break down how we @UMichBlockchain are rectifying that issue👇

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@abdullahbumar

Abdullah Umar 🕸️

3 years

This @LazyLionsNFT was my first NFT. It’s a landmark 🦁

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Blockchains like Ethereum are terrible for storing data And no, I’m not referring to basic txn data We’re talking about pdfs, images, & videos This is why @Filecoin exists And recently, Filecoin saw a major upgrade ( @fvmdev ) Say hello to data programmability and compute👇

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@abdullahbumar

Abdullah Umar 🕸️

1 year

The Superchain is coming This development is the next step in blockchain scaling + interoperability And we @UMichBlockchain are collaborating with @she_256 & @labsGFX to make sure Uniswap is at the forefront of this innovation It’s time for @Uniswap to @BuildOnBase 👇

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@abdullahbumar

Abdullah Umar 🕸️

1 year

We are in the midst of a tug-of-war between numerous L2s, each claiming to bring higher degrees of efficiency and lower txn costs So how do these L2s differentiate themselves? By identifying a niche to dominate via unique, tactical methods Today’s L2 of interest: @bobanetwork

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Abdullah Umar 🕸️

1 year

The urgency behind this proposal is due to the impending license expiration After April 1st, anyone can legally fork Uni v3 code and use it for commercial purposes Large chains like Avalanche will see a rapid influx of v3 copycats This will dilute the market on those chains

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@abdullahbumar

Abdullah Umar 🕸️

1 year

One of the reasons for Avalanche’s continual growth is its novel architecture It is broken into three parts: P-Chain, C-Chain, & X-Chain This 3-pronged setup optimizes for scalability and interoperability

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@abdullahbumar

Abdullah Umar 🕸️

1 year

In Q4 2022, Avalanche’s Nakamoto coefficient increased from 30 to 32 This surpass most other L1s Plus, the chain currently touts a whopping 1,226 validators & over 233M AVAX tokens staked These are all signs of a robust L1

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@abdullahbumar

Abdullah Umar 🕸️

1 year

So it’s paramount for Uniswap v3 to get ahead of the competitors by launching on large chains before duplicates arise On Avalanche specifically, we know that duplicate chains will spring quickly because it already has lots of liquidity ($950M TVL) and innovation (281+ protocols)

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@abdullahbumar

Abdullah Umar 🕸️

1 year

The three chains compose a consortium of validators called the Primary Network It is responsible for Avalanche’s security Plus, the security easily compounds because increasing the # of validators does not sacrifice block time This allows for higher decentralization over time

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@abdullahbumar

Abdullah Umar 🕸️

2 years

Superheroes are modern-day mythology. They are archetypes representing human potential, models for us to aspire towards. That’s what makes Batman such a robust character. This is my trifecta of the infamous Todd Batman— @veve_official FA Batman, V1 statue, and 1st print comic #432

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@abdullahbumar

Abdullah Umar 🕸️

1 year

“Crypto is bad for the environment” “Crypto just worsens our greedy, capitalistic world” These are some unfounded retorts made by crypto haters Let’s break down how crypto can be a force for good via #ReFi 🧵

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Abdullah Umar 🕸️

1 year

Avalanche also permits high scalability via its ecosystem of subnets Like Ethereum’s L2s, subnets allow for outsourcing blockspace from the Primary Network to alternative blockchains As congestion increases on the EVM-compatible C-Chain, projects will create their own subnet

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Large protocols that initially relied on the C-Chain are now migrating to their individualized subnets Notable examples of this are @DeFiKingdoms and @StepApp_ And as more subnets join the network, Avalanche’s security simultaneously increases

@DeFiKingdoms

DeFi Kingdoms 🔺🌿

1 year

The Subnet technology backing DFK Chain has allowed our application to scale to meet the high transaction throughput requirements of our players. It’s been a pleasure to build in the Avalanche ecosystem alongside the top-notch engineers at Ava Labs.

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Avalanche also has a strong user base Although daily active users remained relatively steady since Summer 2022, average daily transactions increased from ~1M to ~3M This indicates the emergence of power users

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@abdullahbumar

Abdullah Umar 🕸️

1 year

The beauty of subnets is that they enable launching application-specific blockchains w/t full customizability This grants builders control over their dev stack All subnets can specify their own execution logic, fee regime, state, networking, and security

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@abdullahbumar

Abdullah Umar 🕸️

1 year

However, Uniswap would not be without competition Post deployment, the most fierce competitor on Avalanche for Uni v3 will be Trader Joe In a single day this week, @traderjoe_xyz saw nearly $100M in volume

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Avalanche NFT Progression in 2022: - @opensea launched natively on Avalanche - NFT Minter app (built on Avalanche) integrated with @Shopify - @joepegsnft , an NFT marketplace, launched in Q2 2022 and became the most used NFT market on Avalanche (50+ projects onboarded)

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Apart from DeFi activity, Avalanche has also made strides in sectors like gaming, NFTs, and user adoption Further innovation in each of these categories is enabled by a DEX like Uniswap And in turn, Uniswap stakeholders will attain value from the protocol’s increased usage

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Avalanche User Adoption in 2022: - Ava Labs enacted developments for Avalanche's multichain wallet, @coreapp - Fiat onramps have been added to Core using Coinbase Pay - Core Web and Mobile released, allowing for seamless navigation of Avalanche's ecosystem

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Mission accomplished🫡 Thank you to all of the delegates and token holders that helped this get passed What’s the next chain in the v3 deployment pipeline? Let’s just say it has something to do with @coinbase

@Polkadot

Polkadot

1 year

5/ The initiative to bring Uniswap to Polkadot & Moonbeam, led by @UMichBlockchain , successfully passed Moonbeam’s governance processes today following strong community support. Once live, all parachains will have immediate access to Uniswap.

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Abdullah Umar 🕸️

1 year

But this level of activity only illustrates Avalanche’s DeFi market size Even though Trader Joe v2 is equipped with a concentrated liquidity mechanism comparable to Uni v3, Uniswap has a stronger, more established brand This allows Uni to attract liquidity from existing DEXs

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@abdullahbumar

Abdullah Umar 🕸️

1 year

A notable anecdote is when Uni v3 launched on @0xPolygon After deployment, Uniswap quickly acquired market share from both @QuickswapDEX and @SushiSwap Although this experiment is yet to be tested on a large alt L1, it is likely that a similar pattern will surface on Avalanche

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Avalanche Gaming Progression in 2022: - Numerous subnets for gaming launched - @DeFiKingdoms subnet generated 1-2M txn/day in Q4 2022 - @swimmer_network subnet integrated @snakecity_io & @PlayCrabada - Japanese media company @GREEgames partnered with Avalanche to build games

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@abdullahbumar

Abdullah Umar 🕸️

2 years

The deed is done. Golden moments secured. Thank you @ComicsandCrypto for the continual confidence in these collectibles! #veve #ECOMIFam

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@abdullahbumar

Abdullah Umar 🕸️

1 year

A handful of Uni delegates and tokenholders have also pioneered a new messaging system Using this setup, cross-chain governance relies not on a single bridge but simultaneously on a handful of bridges

@StanfordCrypto

Stanford Blockchain Club

@StanfordCrypto

1 year

🫡 We need your help 🫡 We believe the future for Uniswap 🦄 cross-chain governance should not be provided by ONE bridge but by multiple. Therefore, we proposed the Multi-Message Aggregation (MMA) design. It is open-source and we would love your help to make it better! 🧵

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@abdullahbumar

Abdullah Umar 🕸️

1 year

For more legendary crypto content and insights, check out these accounts: @DeFiMinty @rektdiomedes @Chinchillah_ @jake_pahor @Slappjakke @thelearningpill @arndxt_xo @0xSalazar @0xFlips @0xsurferboy @Louround_ @_FabianHD @TheDeFISaint @defiprincess_

@abdullahbumar

Abdullah Umar 🕸️

1 year

Crypto governance is a lot more political than you think Right under our noses, a dramatic battle played out between @wormholecrypto and @LayerZero_Labs last week Where did this take place? On the Uniswap forums Let’s break down the politics behind the recent proposal👇

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Although the Uni DAO previously voted to use @wormholecrypto for the BNB Chain deployment We believe that such a decision should not set a precedent for future bridge selection We need to try our hand at testing out different, reliable bridges

@wormhole

Wormhole

1 year

Thank you to everyone who voted on the Uniswap V3 BNB Chain Deployment — we’re honored by the trust the community has put in us and look forward to helping @Uniswap go xChain to @BNBCHAIN with Wormhole.

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Abdullah Umar 🕸️

1 year

Now what about the bridge? How should we address cross-chain messaging? We propose using LayerZero, an omnichain bridging solution, to facilitate cross-chain message passing between Ethereum and Avalanche

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@abdullahbumar

Abdullah Umar 🕸️

1 year

But is LayerZero safe to use? In short, yes. - LZ is supported by thousands of cross-chain builders w/t over 2k contracts deployed on mainnet - Has ~700 unique apps - ~2M total messages - ~$5B txn volume - And billions of dollars in TVL

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@abdullahbumar

Abdullah Umar 🕸️

1 year

The LayerZero-Avalanche relationship is in part why @LayerZero_Labs has volunteered to take care of the technical deployment of v3 on Avalanche Again, our goal is for this process to take the path of least resistance due to the timely nature of the proposal

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@abdullahbumar

Abdullah Umar 🕸️

1 year

The two main components for LZ messaging are the Oracle and the Relayer The Oracle sends block headers from the source chain to the destination chain The Relayer sends txn proofs from the source chain to the destination chain

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Yes, we see the merits of a multi-bridge system But it may take some time for this approach to garner adoption and be fully vetted The Uni DAO can decide to opt into a multi-bridge system in the future But for an agile deployment, we believe that LayerZero is the best solution

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@abdullahbumar

Abdullah Umar 🕸️

1 year

The Oracle and Relayer work together to pass messages between chains But the underlying assumption behind this model is that the two entities don’t collude If they do, then the entire system falls apart So what makes sure that they don’t collude?

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@abdullahbumar

Abdullah Umar 🕸️

2 years

@veve_official And to think this is just sitting there in my pocket

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Another reason for using LayerZero is their existing relationship with Avalanche The first use case of Omnichain Fungible Token (OFT) transfer has been active for nearly 4 months on Avalanche, enabling a composable, unified liquidity system for BTC

@LayerZero_Labs

LayerZero Labs

@LayerZero_Labs

2 years

As of today BTC.b is seamlessly transferrable everywhere via

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@abdullahbumar

Abdullah Umar 🕸️

1 year

LZ code is also set in stone The smart contracts are not upgradable This is a big deal since most exploits occur due to bugs in code–not due to malicious actors colluding And the easiest way to introduce new bugs is to upgrade the baseline code

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@abdullahbumar

Abdullah Umar 🕸️

2 months

There are three primary aspects of Sei that we considered for this deployment 1) EVM-Compatibility (no Uniswap code changes) 2) High Throughput via Optimistic Parallelization 3) SeiDB (an optimized database) We’ll go through these one by one

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Yesterday, @Uniswap integrated BNB Chain into its front end Today, after a month’s worth of collaborations with @luigidemeo , @PrimordialAA , @devinawalsh , and others, we @UMichBlockchain are excited to see Uniswap v3 deploy on Avalanche Thank you to all the UNI voters!

@luigidemeo

Luigi D'Onorio DeMeo 🔺

1 year

Uniswap v3 proposal is at a quorum with 94% YES / 6% NO The vote has passed and we look forward to welcoming @Uniswap to #Avalanche

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Uni v3 has copyright protection over its code due to a license But why does Uni have a license? Well, it’s kinda @SushiSwap 's fault In 2020, during the midst of DeFi Summer, an anon called Chef Nomi copied and pasted Uniswap’s AMM contracts, rebranding the fork as “Sushi Swap”

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@abdullahbumar

Abdullah Umar 🕸️

1 year

It’s therefore important for the current code to be pristine How do we judge code to be bug free? Audits. LZ has been audited over 35 times AND reviewed numerous times internally by the @LayerZero_Labs team

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@abdullahbumar

Abdullah Umar 🕸️

1 year

With a default configuration, LZ runs the Relayer And Chainlink runs the Oracle The Chainlink DON would have to actively collude with the LayerZero Labs Relayer at the same time to enable passing of a malicious message

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@abdullahbumar

Abdullah Umar 🕸️

1 year

If LZ and Chainlink collude, then both will take an enormous hit to their reputations This makes the incentive of collusion minimal Plus, if Uniswap does not want LZ or Chainlink to run either one or both of the Relayer or Oracle, Uniswap can do so itself

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@abdullahbumar

Abdullah Umar 🕸️

2 months

First is EVM-Compatibility Currently, development on Sei is done using Cosmwasm But with the introduction of Sei v2’s EVM-based execution environment Many developers can default back to Solidity

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Unlike other bridges, LZ doesn’t pose an economic stake or bond to punish malicious actors via a slashing mechanism Instead, if the default oracle-relayer configuration is compromised, then there is a reputational backlash for those running the Oracle and Relayer

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Now, Sushi could incentivize liquidity providers with APRs MUCH higher than the ones present on Uniswap by emitting $SUSHI to LPs In 2 weeks, Sushi siphoned ~$2 billion dollars of liquidity from other DeFi protocols, including Uniswap Today, we call this a “vampire attack”

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Very quickly, the debate ballooned to over 80 comments To put that differently, the entire BNB deployment forum spans the length of an ~85 page PDF That’s the most active proposal discussion I’ve seen For perspective, the last Uniswap deployment proposal spanned only 11 pages

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@abdullahbumar

Abdullah Umar 🕸️

1 year

When the forums aren’t enough to persuade delegates, conversations commence on Telegram and private calls Since our governance team @UMichBlockchain has 3.5M Uni votes, we were contacted by Jump, LayerZero, and a host of other stakeholders It quickly became a lobbying effort

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Least to say, these debates will bring many questions for the future of cross-chain messaging and DAO political structures

@devinawalsh

Devin Walsh

1 year

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@abdullahbumar

Abdullah Umar 🕸️

1 month

Crypto prices have been all over the place lately But if you can keep your head during choppy waters, you’ll be rewarded Here are @AranaVentures ' reflections on crypto drawdowns, risk, and volatility In the face of increased economic uncertainty and geopolitical turmoil, it’s

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Over the past two months, the Polkadot and Uniswap communities began expressing interest in picking this proposal back up So, our team began corresponding with key members in the Moonbeam community to revitalize this proposal

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Before we continue, I must clarify where on Polkadot Uniswap is looking to deploy Since Polkadot itself is build using the Substrate framework, it’s not inherently EVM-compatible So, the deployment will occur on @MoonbeamNetwork , the EVM-compatible part of Polkadot

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Needless to say, Sushi’s vampire attack worked The platform took off So, Uniswap had to fire back The obvious move was to launch a token themselves And so, the $UNI token was created, with 15% of tokens distributed to historical users of the platform

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@abdullahbumar

Abdullah Umar 🕸️

1 year

What Chef Nomi did differently is attach a token to the forked AMM called $SUSHI At this point, Uniswap didn’t have a token Plus, Uniswap was primarily in the hands of large VCs who had equity in Uniswap Chef Nomi turned this model on its head by adding a token

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@abdullahbumar

Abdullah Umar 🕸️

1 year

LayerZero promised that their architecture was a lot more decentralized and gave Uniswap the autonomy to control the infrastructure behind message transmission between chains Since Wormhole relies on a set of 19 validators, this point is mostly true

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@abdullahbumar

Abdullah Umar 🕸️

1 year

What is the Uniswap license? In short, Uniswap put in place a Business Source License in 2021 to prevent others from forking their source code The license expires this April After April, anyone can copy and paste Uni v3 code onto BNB Chain (or any other chain) and make $$$

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@abdullahbumar

Abdullah Umar 🕸️

1 year

But the vote isn’t over. There are 5 days remaining for the tides to turn So where do we @UMichBlockchain stand? Even though we voted for LayerZero, we will be voting FOR the on-chain proposal in the best interest of the Uniswap protocol

@0xPlasma

0xPlasma Labs: DeFi & NFT Metaverse 🦇 🔊

1 year

🦄 Are you ready for the biggest week for @Uniswap and @BNBCHAIN We've launched the final on-chain Governance Proposal "Deploy Uniswap V3 on BNB Chain": #UNI $UNI #BNB $BNB @cz_binance @binance @0xPlasma $PPAY @0xQuadrat

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Some people saw Sushi’s move as a positive for the community because distribution of $SUSHI tokens amongst various parties decentralized the protocol Others saw this as a transitory method for Sushi to popularize its DEX since exorbitant token emissions only work for so long

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@abdullahbumar

Abdullah Umar 🕸️

1 year

LZ is backed by the likes of @a16z and @sequoia Wormhole is practically owned+created by @jump_ –and is associated with other crypto VCs like @paraficapital This is in part why the other bridges, @CelerNetwork and @deBridgeFinance , became overlooked during the voting period

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@abdullahbumar

Abdullah Umar 🕸️

1 year

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

@Dogetoshi

Steven

1 year

From what I can tell this is the first time a16z voted against an Uniswap proposal and the first time the unloaded the entire 15M UNI vote clip.

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@abdullahbumar

Abdullah Umar 🕸️

1 year

This is where things get messy Of course, each protocol wanted to have the privilege of being implemented by Uniswap So they all posed their arguments in the forums, explaining why their solution was better than the others…just a bit of healthy debate

@arjunnchand

Arjun | LI.FI

1 year

The real bridge wars are being fought on Uniswap's forum. iykyk.

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@abdullahbumar

Abdullah Umar 🕸️

1 year

For more alpha, follow these chads: @0xSalazar @Slappjakke @kindahangry @rektdiomedes @jake_pahor @ShivanshuMadan @_FabianHD @crypto_linn @Chinchillah_ @TheDeFISaint @Slappjakke @thelearningpill @0xFlips @DeFiMinty @0xsurferboy @arndxt_xo @Louround_

@abdullahbumar

Abdullah Umar 🕸️

1 year

Last August, we saw the first ever “decentralized crowd-looting” Hundreds of wallets drained the Nomad bridge dry of $200M Due to this, Uniswap v3 was never able to deploy on @Polkadot Let’s break down how we @UMichBlockchain are rectifying that issue👇

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@abdullahbumar

Abdullah Umar 🕸️

1 month

We @AranaVentures are delighted to partake in the latest round of @gitcoin grants as a signal booster. Our $1000 lot went evenly to 8 teams: Porters ( @RaidGuild ) Flexible Voting ( @ScopeLift ) @l2beat @NFTdotStorage @lex_DAO Tally Zero ( @tallyxyz ) GAP ( @karmahq_ ) @smoldapp

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@abdullahbumar

Abdullah Umar 🕸️

1 year

It’s been 8 hours since my initial tweet Status update: 50-50 All tied up

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@abdullahbumar

Abdullah Umar 🕸️

1 year

This could have broader repercussions because Uniswap may fail to launch on BNB Chain prior to the license expiration So, largely due to politics, Uniswap may suffer from attaining its first mover advantage on BNB Chain…a wasted opportunity, indeed

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Everything was going well with the BNB proposal until voters ran into one major issue: What bridge should the protocol use to enable cross-chain Uniswap governance messaging between Ethereum and BNB Chain? The presented options were Wormhole, LayerZero, Celer, and deBridge

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Before we continue, I must clarify that all major alterations and expansions related to the Uniswap protocol are dictated by the Uniswap DAO Uniswap has one of the most robust governance setups, with ~370k token holders and 28k unique historical voters

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@abdullahbumar

Abdullah Umar 🕸️

1 year

These back and forth arguments continued in the forums & in private rooms Some even began beef on Twitter One of the more amusing posts was by Nomad’s founder…yes, that’s the bridge that was drained for $190M by 1,175 degens because of a bug in the code

@_prestwich

James Prestwich

1 year

Hello, today we are disclosing two critical trusted-party vulnerabilities in the LayerZero smart contracts. These issues allow the LayerZero team to completely bypass the Oracle and Relayer for most applications (including stargate).

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@abdullahbumar

Abdullah Umar 🕸️

1 year

LayerZero argued that its code is set in stone. Entirely immutable In contrast, Wormhole’s code is upgradeable Why is upgradability dangerous? Because the introduction of an update to a set of smart contracts may bring with it a bug That bug can be exploited by hackers

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@abdullahbumar

Abdullah Umar 🕸️

1 year

A16z has 15M UNI tokens! Why didn’t they vote? Shouldn't they support LayerZero? Yes…but they couldn’t vote because they’ve custodied their UNI tokens with @FireblocksHQ This prevents them from voting on off-chain proposals But they CAN vote on on-chain proposals

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@abdullahbumar

Abdullah Umar 🕸️

1 year

But there is also a downside to LayerZero’s immutability If a bug is found in its code later on, the protocol is done for Ideally, the current code is so secure that it’ll never be hacked How can they back this statement? Well, LayerZero has been audited over 35 times

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@abdullahbumar

Abdullah Umar 🕸️

2 months

The parallelized EVM environment is now introducing an opportunity for Uniswap Sei’s backward compatibility enables Uni to explore a “different” VM without rewriting the v3 contracts

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@abdullahbumar

Abdullah Umar 🕸️

1 year

A Uni v3 proposal for deployment onto Polkadot passed with near unanimous approval in May 2022 The DAO was all for it Polkadot users were finally getting access to Uniswap This deployment was set to strengthen Polkadot’s DeFi ecosystem

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@abdullahbumar

Abdullah Umar 🕸️

2 months

Uniswap has previously discussed potential deployments on alternative VMs However, these conversations have so far fizzled out due to the complexity of rewriting the existing Uniswap contracts

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@abdullahbumar

Abdullah Umar 🕸️

1 year

The $UNI token was used to initially incentivize liquidity and now primarily serves as a governance token This token launch returned Uniswap into the limelight But Uniswap had to put in measures to prevent a similar vampire attack from occurring in the future

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@abdullahbumar

Abdullah Umar 🕸️

3 months

Stop complaining about crypto VCs You, a degen, have it better than them No mandates, lock ups, negotiations, or obligations You just sift through the public markets & snipe the best deals And if done right, you can outperform all of them We @AranaVentures adopted this

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@abdullahbumar

Abdullah Umar 🕸️

1 year

If you’re interested in diving into more threads, check out these chads: @TheDeFISaint @rektdiomedes @Chinchillah_ @jake_pahor @crypto_linn @thelearningpill @DeFiMinty @arndxt_xo @0xSalazar @0xFlips @0xsurferboy @0xCrypto_doctor @_FabianHD @Slappjakke

@abdullahbumar

Abdullah Umar 🕸️

1 year

It’s time for Uniswap v3 to launch on @avalancheavax After consulting with @avalabsofficial , we @UMichBlockchain have released a proposal on the Uni forums describing why this deployment is important Let’s break down the proposal step by step👇

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@abdullahbumar

Abdullah Umar 🕸️

1 year

After such a severe attack, most bridges collapse But Wormhole survived Why? Because @jump_ swooped in to cover the $300M hole Since then, Wormhole has not only recovered but expanded, now touting integrations with 22+ chains

@wormhole

Wormhole

2 years

Jump Crypto recapitalized the contract with 120k ETH to ensure that all Wormhole-wrapped Ether on every chain is fully backed. 4/

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@abdullahbumar

Abdullah Umar 🕸️

2 months

For instance, a proposal was created to deploy Uniswap on StarkNet But to carry this through, the Uniswap code would need to be transpiled from Solidity to Cairo Such a move is subject to security issues, which the DAO has currently elected not to contend with

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@abdullahbumar

Abdullah Umar 🕸️

2 months

Next week, the Uniswap DAO will also be voting on whether we should deploy incentives on Sei

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@abdullahbumar

Abdullah Umar 🕸️

1 year

So, because of Avalanche’s continual expansion and growing DeFi ecosystem, along with LZ’s robust cross-chain messaging architecture, we believe that it’s finally time for @Uniswap to deploy on Avalanche

@UMichBlockchain

Michigan Blockchain

@UMichBlockchain

1 year

We’ve written a proposal to deploy Uniswap v3 on Avalanche Because of Avalanche’s expanding ecosystem, we believe that it’s in Uniswap’s best interest to deploy as soon as possible, prior to the BSL expiration See full proposal:

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@abdullahbumar

Abdullah Umar 🕸️

2 months

What’s more is that tooling for EVM-based dapps will also remain familiar This requires no/limited changes to RPC, wallet, and dev tooling setups

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@abdullahbumar

Abdullah Umar 🕸️

1 year

For more insightful threads, follow these legends: @arndxt_xo @jake_pahor @ardizor @0xSalazar @Slappjakke @kindahangry @rektdiomedes @ShivanshuMadan @_FabianHD @crypto_linn @chilla_ct @wacy_time1 @TheDeFISaint @0xFinish @DeFiMinty @0xsurferboy @Louround_

@abdullahbumar

Abdullah Umar 🕸️

1 year

The Superchain is coming This development is the next step in blockchain scaling + interoperability And we @UMichBlockchain are collaborating with @she_256 & @labsGFX to make sure Uniswap is at the forefront of this innovation It’s time for @Uniswap to @BuildOnBase 👇

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@abdullahbumar

Abdullah Umar 🕸️

2 months

Next is the concept of optimistic parallelization By enabling txns to be processed in parallel rather than sequentially Sei v2 enables significantly increased throughput and reduced txn fees

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@abdullahbumar

Abdullah Umar 🕸️

2 months

This architecture diverges from traditional, sequential processing seen with the EVM A sequential system leads to bottlenecks as the network’s usage grows These anti-networks effects and growing pains are alleviated with parallelization

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@abdullahbumar

Abdullah Umar 🕸️

1 year

This Orwellian nightmare is just another issue immutable ledgers could solve

@pmarca

Marc Andreessen 🇺🇸

1 year

Buy paper copies of all books you plan to ever read. Do it now.

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Special thanks to @luigidemeo from Ava Labs & @IreneWu27 from LayerZero Labs for their aid in this proposal

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@abdullahbumar

Abdullah Umar 🕸️

2 months

Plus, already existing dapps can fork their smart contracts into the Sei ecosystem without hassle This is what we are proposing Uniswap does The EVM and Cosmwasm contracts will be composable, able to communicate with one another This prevents liquidity and user fragmentation

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Today, Uniswap is on multiple L1s and L2s L1 List: Ethereum, BNB Chain, Celo, Avalanche (under way) Eth L2 List: Arbitrum, Optimism, Polygon (don’t @ me), Boba (not integrated into front end), zkSync (under way)

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@abdullahbumar

Abdullah Umar 🕸️

1 year

But nothing is that simple Protocols like LayerZero and Wormhole don’t become crypto behemoths without massive backing Numerous stakeholders are involved in uplifting and developing these platforms

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@abdullahbumar

Abdullah Umar 🕸️

2 months

This is the deployment timeline: March 27- April 3: RFC April 3 - April 7: Onboarding Package Temp Check April 7 - April 13: Onchain vote to approve onboarding package Before End of Q2: Sei v2 mainnet will launch and the Uni v3 contracts will be deployed

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@abdullahbumar

Abdullah Umar 🕸️

1 year

Plus, LZ’s current track record is very clean They’re the only major cross-chain messaging protocol with billions in TVL to not be exploited And as a further safeguard, LZ has the largest live bug bounty program in the industry ($15M)

@PrimordialAA

Bryan Pellegrino (臭企鹅)

2 years

First off, let's start with the bug bounty. We're officially announcing bug bounties for both LayerZero and Stargate at up to $15m each -- the largest ever offered. We'll be working with @immunefi in the coming weeks to formalize the terms, but consider these active as of now

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@abdullahbumar

Abdullah Umar 🕸️

1 year

So what were these forum discussions about and who was expressing their opinions? Notable voices included -Delegates/token holders -Bridge providers (Wormhole, LZ, Celer, deBridge) -VCs like a16z -Other curious parties

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@abdullahbumar

Abdullah Umar 🕸️

1 year

But here’s the catch: A registered BSL is meant to last for a temporary period before it is made FULLY open source, now falling under a different licensing structure called General Public License (GPL) For Uni v3, the license change from BSL to GPL happens on April 1, 2023

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@abdullahbumar

Abdullah Umar 🕸️

1 year

To make borrowing even more attractive, undercollateralized loans can be enabled If an SP has built a track record of reliable data storage with no slashing history, they can be issued an NFT by the lending protocol that gives the SP access to undercollateralized $FIL loans

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@abdullahbumar

Abdullah Umar 🕸️

1 year

The most persuasive stakeholders are the investors because they have the most to lose Since neither LZ nor Wormhole offer public tokens, their investors are currently in the private market

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