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Strongly recommending wallets and front-end fees, Uniswap will fight with MetaMask to the end?

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Recently, Uniswap’s wallet products and V4 Hook functions have caused a lot of controversy in the community. On the other hand, self-hosted wallets represented by MetaMask have benefited greatly in the past few months. The Uniswap team has also started ec

Table of Contents:

· Front-end fees, Hook introduces KYC, Uniswap recent controversies frequent.

· 推动移动端钱包产品，「对刚」MetaMask

· After launching V4, did the team run out of money while building the ecosystem?

BlockBeats News, on October 17th, according to an official announcement, Uniswap will start charging a 0.15% exchange fee for certain tokens in its web application and wallet, including ETH, USDC, WETH, USDT, DAI, and more than ten other tokens. These tokens will only be charged when traded on the mainnet and L2 through the Uniswap Labs interface to sustain the operation of Uniswap.

Front-end fees, Hook introduces KYC, Uniswap recent controversies

In the announcement, the Uniswap team also stated that fees are only charged in exchange transactions where both the sold and purchased tokens are subject to fees. Exchanges between stablecoins are not included in this fee. Wrapped ETH (WETH) transactions between ETH and WETH are also not included in this fee.

Additionally, the aforementioned fees are separate from the Uniswap protocol fee switch, which is determined by Uniswap governance voting. Uniswap Labs is committed to providing a simple and transparent pricing strategy.

Recently, Uniswap's wallet product and V4 Hook feature have sparked controversy within its community.

On October 16th, according to a report by Cointelegraph, a new hook called the "KYC hook" provided in the open source directory of Uniswap V4 hook has sparked controversy within the cryptocurrency community. This hook allows users to undergo KYC checks before entering the trading pool. A user on platform X criticized this hook, pointing out that it opens up the possibility of DeFi protocols being whitelisted by regulatory agencies.

Related reading: "Will the community's introduction of KYC Hook to Uniswap threaten the decentralization of DeFi?"

"If you create tools for permissioned systems, you are providing regulators with a reason to push for their use, even in unnecessary contexts."

For example, if Uniswap can be forced to review the assets on the front end, this is legally ambiguous, but they do so without hesitation when legislators demand it.

"If you want to build permissioned systems on top of permissionless protocols, you must ensure that: they are different from permissionless tools; they are necessary and not better for databases; you do not open up permissionless layers to additional attacks by state actors."

Advocating for mobile wallet products, "Towards Just" MetaMask

Except for V4 and UniswapX, the Uniswap team's other main product this year is its mobile To C wallet, Uniswap Wallet.

BlockBeats News, on March 4th of this year, Uniswap announced the launch of an open-source, self-hosted mobile wallet test version. The team stated that the wallet app has been submitting applications for listing on Apple since a few months ago. Although it meets all the requirements, Apple has not yet approved it, so currently only 10,000 users can receive TestFlight testing qualifications.

On April 13th, Uniswap announced that its mobile wallet has been listed on the App Store in most countries/regions. The wallet supports trading on Ethereum mainnet, Polygon, Arbitrum, and Optimism, with a transaction fee of 2.55%. Other features include connecting with WalletConnect, viewing NFTs, and receiving push notifications.

On September 22nd, Uniswap announced that Uniswap Wallet has launched Swap Protection feature, which can prevent front-running and sandwich attacks. The announcement can be found at https://www.theblockbeats.info/flash/179004?search=1.

On October 13th, Uniswap announced the launch of its Android test version mobile wallet application. As previously reported by BlockBeats, on April 13th, Uniswap announced that its mobile wallet had been launched on the App Store in most countries/regions. The wallet supports trading on Ethereum mainnet, Polygon, Arbitrum, and Optimism, with a transaction fee of 2.55%. Other features include connecting with WalletConnect, viewing NFTs, and receiving push notifications.

Please note that "wallet business" is becoming a midstream industry in the Web3 world, and self-custody wallets represented by MetaMask have benefited greatly in the past few months.

BlockBeats News, on October 13th, according to Scopescan monitoring, Symbolic Capital conducted 2 transactions through Metamask in the past 2 hours, with a total amount of 4.15 million US dollars, contributing 34,000 US dollars in transaction fee income to Metamask (fee rate 0.875%). In the past month, Metamask has earned 1.23 million US dollars in transaction fee income, of which about 740,000 US dollars (about 60%) came from Symbolic Capital.

However, with the abstraction of accounts and the entry of CEX platforms, the increasing number of wallet products has also made MetaMask's dominance less stable. Its backer, Consensys, has recently come up with a "new trick".

BlockBeats reported on September 12th that Consensys announced the first version of MetaMask Snaps to the public. The product aims to completely change the way users interact with MetaMask and provide users with stronger operation and customization functions. In the initial release, MetaMask Snaps will provide 34 snaps, including transaction insights (which can identify potential security risks), interoperability with non-EVM blockchains such as Bitcoin, and practical functions such as Web3 notifications.

34 Snaps have passed security review and have been manually added to the whitelist by the MetaMask team. More Snaps will be reviewed and added in the future. Consensys will collect user feedback on the usage of MetaMask Snaps and continue to develop towards the ultimate vision of MetaMask Snaps.

Interestingly, while Uniswap Wallet has consecutively launched on Apple Store and Android, MetaMask's mobile product has suffered from an "unexplained delisting" event. According to BlockBeats report on October 14th, sources from multiple parties have shown that the MetaMask App in certain regions has been delisted from the Apple App Store.

MetaMask officials stated that "We know that MetaMask is currently unavailable for download on the App Store. This has nothing to do with any malicious behavior, and our team is working hard to resolve it as soon as possible. It is expected that MetaMask will soon reappear on the App Store, and we apologize for any inconvenience caused. MetaMask is still available on Google Play." A few hours later, the application was relisted.

After launching V4 and building the ecosystem, is the team running out of money?

BlockBeats News, on June 13th, Uniswap announced the release of the Uniswap v4 code draft, so that v4 can be publicly built. The vision of Uniswap v4 is to allow anyone to make these trade-offs by introducing "hooks". On September 2nd, Uniswap Labs officially announced on social media that Uniswap V4 will be launched after the Dencun upgrade.

Since the release of version V4, the Uniswap team has also vigorously carried out ecological construction work.

On September 20th, the Uniswap Foundation announced that since taking over the Uniswap incentive program a year ago, the program has achieved significant results. To date, the foundation has issued 72 grants, of which 40 have been completed. Nine grants have exceeded $100,000, with a total funding commitment of approximately $4.5 million.