The Benefits of Uniswap Sidepairs - Hiturunk

i'm david uh you guys might know me as hiro from the uniswap discord i've been in the space of uniswap for quite a while uh i'm really passionate about it as the people that have seen me probably know uh and i really have the predication that a lot of this is gonna change the world so i'm gonna pull up my slides here really quick and we'll kind of start going through that one moment here all right so penguin party is a meta governance dow that participates as a governance delegate on uniswap and compound protocols uh we operate penguin swap which is an open source community grunt interface for unit swap and pingu analytics which is pretty much just a nice little community run fork of unitswap.info from the v2 days of guinea swap uh penguin party was created with the mission of returning value to the uni holders who delegate to it with our unesco brand request we receive funding to further develop in-app analytics automatic arbitrage uh manual pathing and a network topology visualization so like a visual network graph of uniswap where we want you to be able to see the liquidity pools and the connections between these liquidity equals um and get a more intuitive feel for like what these liquidity pools are doing and how the money is moving around uh so we have three values that i've tried to stick with um throughout my journey in running penguin party and it's really simple we want to return value to the holders of uni we want to incentivize decentralization make sure no one particular group uh has a lot of ownership over uh the dow in any kind of way that would be bad and i was you know around for the dow the original dow which kind of failed and so it's really important that we stay true to these decentralized values and prevent things like that and lastly we want to fund protocol development um and so what that looks a lot like is like uniswap grants program which we've been really passionate about and we think is really allowed a lot of different applications to thrive um so our team is kind of made up of a diverse group of people from all around the world who have all come together to help build the most cutting edge financial applications on open source software we have an ethos of freeing and empowering people from all walks of life we want to democratize access to these products and governance protocols for everybody you know in the third world first world whether you're rich or poor we want you to be a part of this uh revolution in the way that we do things uh so all of us on our team can be found in our discord you can get involved with us directly um we're always available in this screenshot right here is directly from that uh you can see our discord names everybody here is somebody you can pm um and they're all super friendly so you can always be free to say hi to us we're friendly people so what we currently do is develop open source software and public goods to improve the world we're very mission focused on that we want to ensure the composability of protocols we operated and metagovern for the best interests of the little guy we're focused on several products which are in active development and so we talked a little bit about penguin swap and pingu analytics we're also working on something we call ethe.limo so etholimo is an open source ens gateway as an alternative to cloudflare's dot link gateway um and as well we are finishing up in close to deploying an on-chain governance dial we call castle um so it's going to be an open source dow deployment governance token standard and it draws from a lot of different primitives that are kind of currently available um in this space so it draws from everything from the sushi bar to compounds governance standards it's very neat so we have a couple of different tokens that we've launched as part of our ecosystem so we have the fish token and it's the main token of penguin party it represents voting power in the penguin party uh we have tori which is wrapped haiti the tory contract redirects the underlying adi's interest to the penguin party treasure we have crab and it's wrapped comp so the crab contract delegates the underlying comp to penguin party uh we have shrimp which are wrapped uni so the shrimp contract delegates all the uni held in the contract to penguin party so part of the benefit of that is the uk liquidity pool and use your governance power at the same time which is very very cool and lastly we have this upcoming castle token and so that's that's really exciting and we're getting close to launching it so our current roadmap kind of looks a little bit like this we've finished up this castle dao which we've been hard at work on the last couple months and our ethe.limo is kind of entering into a testing base with our partners so we want to provide an ens gateway that is kind of a competitor to cloudflare solution in this space and we're super duper excited about that um and lastly we have the ugp grant stuff that we're working on for penguin swap and we want to kind of commit back improvements to the unit swap interface um and we've been hard at work on that as well and so that kind of has four main deliverables so we want to put analytics directly into the application we believe users should have enough information about the tokens they are swapping and pooling in app to make somewhat informed decisions without leaving the app so if you've used union swap you're probably very familiar with having like multiple windows open uh to try to get graphs and uh look at the performance of different pools and that sort of thing and we want to do our best to simplify that so we've gotten done with graphs for our tokens and swap models we're working on stuff like the apy estimations shown in the pool pages fee earnings and token price changes in the tokenlist component we've finished automatic arbitrage so users should have all the same capabilities as our bots and should be able to route from any token back to that same token and look for opportunities to profit the app should have a feature to report arbitrage opportunities to users in some way uh so penguin swap does that currently you can route any token back to itself say swap usd coin for usd coin or east east and the app will automatically look for arbitrage opportunities so that you can swap one token for more of itself it's very cool we call it roulette as well we want to work on manual pathing which comes with things like use user customizable routing token lists uh user defined max hops ad hoc weights and manual route selection uh which will kind of get combined into the last thing on here which is the more difficult project that we've had on the back burner for a while which is a visual network graph of uniswap's liquidity pool network so that'll be pretty pretty easy to conceptualize if you're familiar with network graphs at all basically it'll be like a map of unit swaps you'll be able to see the liquidity pools see how big they are you'll be able to see the connections between these different tokens and it'll kind of give you really easy instant feedback about which tokens are big which ones are getting a lot of volume and those sort of things um and it i think that that will help people understand the kind of complexity of the connections between these tokens so i practice something i call uniswap as a philosophy so arbitrage creates volume for liquidity pools and it's the core mechanism for price synchronization that's happening on the blockchain it's keeping all of these tokens uh aligned to correct market demand and so arbitrage in and of itself through barter and trade is one of the core economic functions of society and this i believe is going to revolutionize one of these aspects of our society so uniswap represents a fundamental change in the design of markets because it enables a global audience to create new markets in a permissionless way and that's super important uh more profitable trading opportunities arise from highly connected nodes in a network graph and so users need better and more visual data on this network graph which is extremely complex we want to get better analytics data to traders influence using uniswap but this goes further we envision a world where microsoft shares and cans of coca-cola could be directly liquidity pooled without involving a fiat currency where all commodities have fair prices determined by globally accessible markets without exposing every single nation to the risk of any particular nation's sovereign currency and this should be the highest priority goal of our ecosystem of ethereum in general we want to make the old traditional world of banking irrelevant by creating something better we're able to add value to our users trades by providing more intelligence directly in the app our more advanced routing explores more opportunities passing arbitrage profits to front-end users instead of bots we help users feel comfortable with their true trades and stay true to our values and democratizing access to these tools our goal is to make trading and pooling so simple anyone could do it because the future of labor is an ideation and speculation nobody should be excluded from financial or governance systems due to ease of use barriers and that's super important we want to make these things easy so that we can onboard the next million users into d5 and so our monetization strategy is uh really simple and i try and stick with this as a quote in a way that we run penguin party right we make money when you make money we want to keep our incentives aligned with the customers that are using our products um and by adding value to their experience they will add value to our experience and we're cooperative right and that's that kind of comes down to the last point which is that we collaborate with and add value to and love you swap instead of competing with it it's like something like sushi swap would do by being a delegate of new swap with a vested interest and by routing trades through uniswap instead of our own liquidity factory we honor the people who created the open source software we use right and that allows us to be a part of unit swap instead of trying to compete with it we're trying to add value to uniswamp and to the traders and to govern uniswap in a way that returns real value to to the holders of uni and so sometimes that value isn't necessarily uh financial value sometimes that value isn't software and so that is the biggest most important thing that we can do for uniswap and that the uniswamp grants program has achieved is creating software uh that adds to the experience of the traders and liquidity poolers and the holders of guinea and so this is a slide that kind of details um how roulette works and so this is super important for everybody in the system to understand and it's really simple it's called triangle arbitrage so let's say that we have a thousand fish that we can change for 860 of token x so 860 token x is 590 token wise and 590 token wise is a thousand and one fish so you started with a thousand fish you ended with a thousand and one uh and here is a screenshot on the other side of uh a trade through penguins walk where a user is swapping ten torrey for eleven point two torry so it's ten bucks for eleven bucks not the most profitable trade anyone's ever seen but it is impressive from a technical perspective so you can see that there's uh some interesting look to the route down there so that's because each one of those things on penguin swap is clickable you can go to the unispot.info page for that particular token or by clicking the arrows between to the pair page and that's part of what we're trying to do here about getting people better info uh about these trades and about the us dollar values and things like that and we think that providing the right opportunities to people is super important so i'm going to get more into the philosophical aim of penguins party and what we really care about um because we're a mission uh oriented organization um so this is about the fourth industrial revolution and i am going to kind of humorously call this um universal republica so you can almost imagine like a global governance system so as the 21st century comes in full swing the internet ethereum starlink space colonization and other emerging technologies take hold a new industrial revolution comes into focus a new political philosophy takes shape one centered on transparency openness composability and open source software one centered on the abundance of resources that will be available to mankind its final industrialized phase of society from private space exploration global cooperation and the imminent realization that we must take better care of our earth and its inhabitants something that more equitably distributes value and aligns participants to common goals something between libertarianism and socialism with regard to human rights and the prosperity of entrepreneurs a penguin party if you will a political philosophy of code as law as we move to deploy the castle dow i do so with these ideas that i believe will transform mankind and society in mind and as long-term goals of the dow firstly i want to see a basic income for every person on earth we want to put crypto in the hands of every person on earth and on board the next billion users into the ethereum ecosystem and incentivize them to invest develop and participate we want to create jobs in the web 3.

0 economy we want to see products as tokens we want every commodity on earth to become wrapped tokenized and placed in unit swap liquidity pools that's a pretty hefty goal but as a long-term goal that is what i want to see happen with governance protocols to control the distribution and production of these goods unisox mturk kickstarter and others prove this was not only possible but profitable and the coronavirus has shown us that we must embrace a new normal in the way that we produce and consume goods we want all goods to become public goods uh and what i mean by that is that uh the internet is a public good right it there are corporations that provide various types of infrastructure there's isps there's cable companies there's a lot of different corporations involved and of course those corporations want to make money but the internet is a public good that really benefits everybody in a very equal way it benefits poor people middle class people and rich people and so i refer to that as a common good it's a public good and we also care about quadratic decisions so every economic function should become governable and consumers of products should have more say in the products they consume people are more important than wealth power should be more equitably distributed and quadratic decision making is innovation prevents governance protocols from being strictly plutocratic i think that's super important so fidelic wrote a great paper about quadratic voting and i really recommend everybody it's super great uh and if you're familiar with civil resistance or right id and things like that you should be familiar with concept so on the subject of capsules um as an experienced protocol politician i've been pondering governance as it relates to protocols for some time and i have seen increasingly seeing the promise that what we are building in the ethereum ecosystem is going to transform governments and economies cryptography will be used to secure elections blockchains will be used to record results for auditors to mathematically prove the validity of elections and there will be no need for people to wander to polls or register to vote because participation will be an inherent part of the web 3 economy castle is my vision for how optimum government governance of a community of people should operate through incentive alignment participants are engaged to communicate and develop products together it's modeled after the tried and true republic system castle represents the digitization of the idea of a nation-state it's organized on its base level by holders of the token which we call castle the power of the passive token holders is to delegate votes to candidates or themselves and to vote on proposals periodically a function is available to be called on the contract which enables the top x collection of senators to claim seats senators with valid seats are able to suggest proposals they vote internally on whether to create a proposal that passes to the general public to affect the treasury expend money mend new tokens etc periodically an executive is also elected by general vote who can create proposals without having imminent senators uh the senators and the executive both have the power to veto each other's proposals prevent bad actors from gaming the system this should sound very familiar to you if you live in a western country uh most of our countries are structured as republics and i think that that is the best way to prevent uh takeovers or incidents like the gao uh from happening and so castle is kind of built on the compound governance system it basically uses multi-level deployment of governance tokens to achieve what is more hierarchical and similar to a republic uh so you have something more like an executive at the top and that would be me as the founder and leader um and eventually i would be you know replaced by a vote then we have a group of senators who are kind of elected by the common people and the power of the doubt is coming through uh the bottom here you can see that we have various tokens like shrimp and crab that are kind of giving us governance power on other protocols and so we want to focus on creating a lot of those kinds of rap tokens and accruing power in a variety of places and then making sure that we distribute that power equitably through fish so castle as i mentioned just a moment ago is a meta deployment and slight modification of compounds governance system uh which uniswap shares this makes it compatible and composable with many of the applications that currently integrate access to governance as well we plan to publish the contracts employment instructions for castle as open source code so that anyone can build their own castle it's of course built out of a lot of open source primitives uh republic it has a republic-like structure that we believe will prevent incidents like the dow from recurring while enabling fluid democracy the dow for penguin party will control all of the gaps that we have created uh through ens directly um it has the power to mint fish control the transaction taxes on penguin swap shrimp crab and tory to do buybacks to liquidity equal assets into metagovern other protocols such as you know placing votes or voting yes or no on my newslaw proposal um so that's that's kind of the idea of castle and that gets into how fish our current token kind of escalates into a routing token and it goes through something i humorously refer to as the fish type and so basically fish is planned to begin a minting phase after the dow becomes functional and online by voting on minting a fish holders of castle are able to inflate fish within certain limitations it's range restricted to a percentage the percentage is somewhere between zero and four percent uh it's the most that it's allowed to inflate per year and the reason that the dow has this power much like a nation state is to fund internal projects and make strategic investments in other projects uh i humorously refer to it as the fish cycle like i said and it's pretty simple so fish are minted by the dow and used to reward participants in the ecosystem that might look like a variety of things such as a basic income pilot program that we're kind of working on as well as things like paying out bounties to open source developers that jump in and start working with us and the idea is that eventually those guys that are receiving those rewards are going to expend them they're going to pull them or they'll wrap them in the castle to increase their governance power and kingdom party and as that happens we're kind of continuously through smart contracts uh going to be buying back the fish with product revenues much like sushi swap and sending them to the castle wrapped in unwrapped contract which again operates very similar to the sushi swap sushi bar and kind of functions as a way to reward participants in the staking the governor's staking contract and that kind of fulfills a natural cycle of these fish entering and exiting circulation and i believe that kind of having that be a continuous process is really important basically it keeps things level and make sure that it's not just a token you know it's more of an ecosystem and it's more of a functional economy right uh so this is kind of a slide about e thought limo which is something we haven't talked too much uh to the general public about uh so i'm gonna kind of briefly explain what it is and why you should care um ethe.limo is meant to solve a problem and that problem is that names are not being resolved very well by cloudflare who is currently running the dot ethe.link service and if you go to a variety of ethot links you'll see that they don't resolve super well and so we embarked on a mission to try and solve that and offer an alternative so we offer a decentralized alternative to existing centralized solutions for accessing ens ipfs content uh currently the ability to publicly resolve and interact with ens resources is contingent upon the crisis of big tech we're not big fans of that stylish and performant variety to web 3 we use inner regional infrastructure to ensure the best name resolution we have a lot of meme potential you know everybody loves writing in a limo we have a security first design so there's a lot of strong domain isolation we have great encryption we're trying to give back so the text app is being developed with open source and self-hosting interests in mind we aim to provide an out-of-the-box cloud-native solution for building public self-healing web 2.0 what to web 3.0 gateway infrastructure so we have complete feature parity with dot e.

link gateway services users will be able to request valid sub-domain certificates uh like ssl certificates for their ens projects which is something if you've been hosting a dot ether link you're probably familiar with as well that we're looking for seamless migrations for existing ethotlink projects uh it's super simple all you have to do is update your links to dot e dot limo instead of dot e link and you'll resolve through us uh once it's finished up employed so it's not dependent upon infera in in the later stages we will be using our own uh ethereum client and rpc endpoint infrastructure to provide this service we want to provide public ens resolution over dns dns over tls and dns over https uh and we want to be the champions of ens we really strongly believe in building a more decentralized world and we think that providing.e.lemo is public service uh helps facilitate the transition to a web 3.0 world and allows these dows and smart contracts to trustlessly update uh ipfs content in a very secure way uh in a very public and auditable way so it aligns with all of our goals it's it's a nice nice bit of tech that uh i think people have been sleeping on so um i've promised a tale of penguins and who we are and how we got here uh and it's a lot like a bedtime story or a really good dream uh so once upon a time there was a uniswap airdrop it was a pretty legendary event i'm sure a lot of you remember it uh it did an amazing thing it redistributed wealth and it changed the lives of everyone who had been involved with uniswamp and version one some bought new ps5s some bought new gpus some saved their uni but all were touched by the magic of the unicorn there were many people from across the world who gathered together in celebration this most magical event and they congregated in a most magical place uh as unicorns are known to do the unismok discord a penguin named david received this airdrop at a time his life really mattered and this is his story uh when i received the airdrop i was just a regular guy working in a call center at a credit bureau i've been buying me since it crashed in early 2018. um i've been in bitcoin since 2012 i really saw the promise that ethereum held i taught myself solidity in 2017 i worked on some pet projects but i never really had time what i wanted to do which was web development and that's what i studied for in college as a full-time focus it was near the time of the airdrop when the lockdowns first started i'm sure everyone's intimately familiar with them and i'm sure you remember exactly what you were doing when it happened um for me i lost my job i lived off my savings and i wondered how i would fit into a new normal um i was scared just like everyone was right i was really interested in d5 but never really actively involved from time to time i'd pop into compound.

finances discord i'd bother robert lesner with some questions about implementation um who turned out to be a huge inspiration to me so thank you robert lesner i love the way that he deals with the public if if any of you have ever been in his discord i'm sure you know exactly what i'm talking about silently i began making small investments i learned solidity uh more fully it wasn't until the unit swap airdrop and the lockdown started i decided i wanted to make a move uh when uni launched i joined the discord i got involved um a particular guy that you all might be familiar with uh known as borfor or borah uh in the united swamp discord really picked really quickly picked me out uh gave me the friendly uniswap title i started answering people's questions about the airdrop it was really a busy time when governance began i decided to throw in my hat before i knew it i had a million or so union votes it was like in incredible there's a little news story over here on the side about it um that's when i realized that we needed a way to decentralize delegates and in one party was born uh we embarked on a mission to change the world from that point on i created a multi-sig for gnosis to get people to delegate the votes to instead of me i created the penguin party fish i threw them out to everybody that was voting for me i set up a snapshot that page to pass proposals through um we continued to expand uh not long after creating fish a group of magical friends came into swap discord they told us they had a problem they're one of our partners now ethos or previously known as fifo hub um they had the idea they could create liquidity pools such as biddle arte art unify etc only there was one problem uniswap's interface was only programmed to use specific routing tokens uh it's called preferred routing token list kind of big problem uh and so after a lot of debate i realized hey i can create penguin swap this will fix this problem for this customer i'll add biddle as a preferred token um and that worked it really solved that problem for them um so then i learned react native and got penguin swap kind of production ready and we went from there and i think i'm coming towards the end of my a lot of time so i'll try and brush through just get the last beats here and drop right out i apologize for running over a little bit uh but basically from there on we created all these tokens um and then we supported the uniswap grants program uh and we really strongly believe that uniswamp is going to change the world right and we've been really involved in it from the beginning our team has expanded from just being me to like 10 people are working here now i went from being really poor to being you know pretty middle class and well taken care of by the community and uniswamp team and it really changed my life i think that for all you developers out there uh things like these grants programs can really change your life and so if you just get involved you're in participating in these hackathons those sort of things um there's a lot of valuable stuff happening at this ecosystem that actually is meaningfully changing the world and it's not just buzzwords and things like that um so i'd like to take a moment just to thank all the voters who supported me um who helped nudge me in the right direction people like borah and the unit swap grants program in general um it's been an absolute honor to be here for it um i wish i could have gotten more into the tale of penguins but i don't want to go over my time too much so um thank you were there any questions or anything like that david thank you so much for uh for that amazing talk and uh for uh going over how you got into this space this was super inspiring and it's been an awesome reception on on the audience front