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Comment by chrisco255 | Hacker News Reader

We already have functional, audited, open source DEXes and have had them for years now.

Uniswap was the first well-done AMM (automated market maker) design. It's on version 3 now, and has traded more than $1.2 trillion in volume: https://uniswap.org/

The smart contracts are posted here: https://github.com/Uniswap/v3-core and can be viewed directly onchain as well: https://etherscan.io/address/0x68b3465833fb72a70ecdf485e0e4c...

FTX was primarily used for perpetuals trading, which is a type of leveraged derivative product. Popular decentralized perp products include: GMX: https://gmx.io/#/ and Dydx: https://dydx.exchange/

Vitalik is certainly influential, and he did conceive of and invent the first smart contract blockchain, but he doesn't call the shots any more than Tim Berners-Lee controls the web.

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I love uniswap as a concept. Whatever my reservations are about crypto, there are some projects I think are good, uniswap being one of them. Staying true to the decentralized aspects and all that. What I dont understand is, if we have uniswap, why are there other exchanges coming in and establishing a big market. Is it a UX thing? Or is the crypto ecosystem addicted to leveraged trading? If I was a crypto person I would definitely be in favor of more uniswap and less coinbase and binance.

It's partly a UX thing, uniswap can be expensive at certain times. This is beind worked on actively with rollups. But there is still more work to do.

It's partly also because you have to bridge from traditional finance to cryptocurrency somehow. Many of these centralized exchanges are allowing that bridging. Usually that would involve meeting strict banking and KYC regulations. FTX decided that was too much of a hassle and incorporated in Bahamas to avoid it.

I feel like the whole KYC and liquidation to fiat should be handled by token issuers and not exchanges. USDT should be responsible to give me cash USD, not binance or coinbase.

Partly UX, partly marketing, partly L1 fees and speed. Partly that a lot of people don’t know what Uniswap is. It gets a passing mention in the news if lucky, or more likely no mention, even though it’s the second largest crypto exchange on some days. Most crypto CEX investors are either unaware or too lazy to care.

A lot of crypto people do use Uniswap. The tone of Vitalik’s post is: what if we took some of the non custodial, on-chain, cryptographic proof things that work well in a DEX, and inject them into more CEXes so that even lazy users end up with better security guarantees.

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