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Pioneering a subsect of the Decentralized Finance (DeFi) ecosystem is not a guarantee to be tagged a decentralized entity, a subject Ripple’s vocal CTO David Schwartz just commented on with respect to Uniswap (UNI).
Ripple CTO Thoughts on Uniswap
According to the Ripple CTO, Uniswap is not decentralized, a statement that many commenters believe is derisive to the decentralized exchange (DEX) protocol. The conversation bordering on the decentralization of the platform sprang up as a debate on Twitter where there is an ongoing argument bordering on whether or not open source protocols are decentralized or not.
Referring to his earlier arguments on the subject, the Ripple CTO argued that a decentralized exchange whose underpinning technology is not open source cannot necessarily be deemed as decentralized.
Uniswap is not decentralized either https://t.co/Ze2RvJ3Pl0 https://t.co/FtlEXj8P5S
— David "JoelKatz" Schwartz (@JoelKatz) June 14, 2023
Broadening his stance, Schwartz believes Uniswap Labs chose not to make its V3 engine open source because the governance model that its V1 and V2 offshoots comes with gave it less influence overall.
The ongoing crackdowns on crypto platforms by the US Securities and Exchange Commission (SEC) has sparked a renewed awakening among outfits serving users who can be considered a common entity through whose actions users are expected to reap profits. While the determination of the common interest under the Howey Test remains broadly up for different interpretations, crypto firms and their communities are largely aiming at staying on the right side of the law.
Proposed Uniswap V4 Engine
While according to the Ripple CTO, the Uniswap V3 engine is not as decentralized as many might think, the teased V4 engine is bound to improve on the lapses of earlier versions. Among the features the Uniswap V4 engine will brandish is the ability to build in public and get feedback that can drive the enhancements of the protocol pre-launch.
The evolution of Uniswap has been very rapid and besides serving as the pioneer of the Automated Market Maker (AMM) engine most DEXes use, the protocol maintains the largest trading volumes of all the related outfits in the industry today.
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