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Gu Yanxi: Looking at the future digital asset exchange from Uniswap



The stock exchange model is constantly evolving. The application of technology is constantly changing the operation mode of exchanges. Over the past few decades, the business model of exchanges has evolved from face-to-face trading in the trading pool to fully electronic trading. During this transformation process, some early exchanges were eliminated from the competition because they failed to make timely adjustments. However, some exchanges based on brand-new electronic transactions have developed rapidly because they conformed to the development trend of technology applications. In the US stock exchange market, the rise of Nasdaq is a very representative case. The rise of the International Securities Exchange (ISE) in the options trading market in the United States is another example.

Gu Yanxi: Bank of America's custody of encrypted digital currency can help the market achieve more growth: On August 7, Gu Yanxi, a researcher of blockchain and encrypted digital assets, published an article "The Significance of Bank of America's Beginning to Manage Encrypted Digital Currency" , U.S. regulation began to allow U.S. banks to host encrypted digital currencies, which has a far-reaching impact on the encrypted digital currency and encrypted digital asset industry. The main impacts are as follows: 1. There are more choices for the encrypted digital currency custody business; 2. The encrypted digital currency market realizes more increments; 3. The market providing encrypted digital currency custody services will change; 4. The encrypted digital currency in the United States The asset market infrastructure has been further strengthened; 5. Custody business is the beginning of the US banking industry's entry into the digital financial business. [2020/8/8]

After the emergence of blockchain technology and encrypted digital assets, the securities trading industry is facing a new revolution. In the future digital financial ecology, its underlying technology foundation must be distributed accounting technology. It must be to use digital currency to trade digital assets. The transaction method will also be a peer-to-peer transaction method and a centralized matching transaction method. The method of transaction settlement must be the method of transaction and settlement, rather than the current mode of clearing, bookkeeping and settlement. Therefore, the efficiency of the stock exchange market will be greatly improved. In addition to these improvements brought about by distributed ledger technology and encrypted digital currencies and digital assets. The application of DeFi will also bring about huge changes to exchanges. Among the various current DeFi technologies, Uniswap will have the most direct and greatest impact on exchanges.

Voice | Gu Yanxi: In the future, it is very likely that there will be a digital asset exchange jointly established by global compliance brokers: July 22, today, Gu Yanxi, dean of the CBX Research Institute, wrote in "Libra, a side attack on the securities industry" The article stated that a digital asset exchange that is very likely to appear in the future is an exchange jointly established by global compliance brokers. This exchange adopts the mode of centralized matching and distributed clearing to operate, so such an exchange can support more digital assets to be listed and traded here and serve a wider range of trading users, so such an exchange can It has the advantages of current encrypted digital currency exchanges operating on a global scale, and at the same time uses technical means to ensure the security of users' assets. [2019/7/22]

Uniswap is a distributed financial model on Ethereum. Anyone can use this model to establish a trading pair and an initial trading pool between two trading products on Ethereum. After the establishment of this trading pool, anyone can provide more liquidity to this trading pool. Any trading user can trade against this trading pool. Three thousandths of each transaction is contributed to the transaction pool as a commission. The accumulated transaction commission income generated by the transaction will be distributed to the liquidity provider. Such a process runs completely automatically on Ethereum, without any individual or institutional operation and maintenance. Since Uniswap can benefit liquidity providers, this application has been very warmly welcomed in the market. The number of assets provided in Uniswap can be seen from the figure below. Since June, the funds in the pool have grown rapidly. For users who trade on Ethereum, there is sufficient liquidity to trade any product on Ethereum.

Voice | Gu Yanxi: The investigation of Bitfinex is very beneficial to the healthy and long-term development of the industry: The Office of the Attorney General of New York accused the Bitfinex cryptocurrency exchange of losing 850 million US dollars, and then used the funds of the associated stable currency operator Tether to secretly fill the gap. In this regard, Gu Yanxi, chairman of the DAEX Foundation, said that the relationship between Bitfinex and Tether has always been questioned by the industry. Now the New York Attorney General's Office is investigating. I believe the truth will be revealed to the public. This is very beneficial to the healthy and long-term development of the industry, and is very good news for other projects that discover stablecoins in strict accordance with regulatory rules. [2019/4/26]

Uniswap will have the most direct and greatest impact on future digital asset exchanges. Future digital asset exchanges can apply this model based on some basic improvements. These improvements include the adoption of permissioned chains, the identity authentication of trading users, the use of compliant digital currency and the generation process of tradable digital asset products, etc. These improvements and the application of the Uniswap model will further increase the advantages of digital asset exchanges over existing stock exchanges. First, the listing of trading products will be free. Secondly, since there is no need to use the transaction order mode, and liquidity does not need to be provided by a dedicated market maker, the cost of the current market maker in the securities market can be eliminated. Since anyone can participate in providing liquidity and profit from it, exchanges can provide sufficient trading liquidity. The operation of the exchange is completely based on the needs of the market. Manual operation and maintenance costs are greatly reduced. Since more users can participate in more businesses in the exchange ecosystem, this essentially further realizes inclusive finance.


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