Things I like about Uniswap that I didn’t appreciate in 2021

- Design discipline

If you look at v2 you’d see a highly integrated design. You cannot find a misplaced byte or opcode. The mechanism for fee accumulation is legendary
- Removing features not adding them

Iterative design, v1, v2, and v3 were all complimentary designs that focused on expanding capability gradually

If you remember v1 the Vyper contract set is ETH pairs only. Then v2 adds tokens and TWAP. Then v3 enhances all of those concepts.
- Safety first, taking on the arduous process of auditing and validating design valuing safety over speed
- Small effective teams until you reach product market fit
- v3 is the absolute end state of AMM design in my opinion

At first I thought the design was not derivative enough. I failed to recognize the power of the design, in essentially having a v2 pool in between ticks.
The unavoidable knock on of this design is ERC721 positions with no fee accumulation

Additionally, JIT liquidity essentially turns v3 into a hybrid CLOB where the orderbook is in mempool *chef’s kiss*
The only improvement that I see being made to this design is the addition on BentoBox like features that enhance the idle LP.

But that does come with some amount of counterparty risk.
Rigor and discipline overtime wins over party tricks and token shell games
Also sorry for all the shit I gave them. I wish them success with v4 and want to model the Astaria design from their stellar example.

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Great thread on Uniswap from a former competitor