Uniswap – the leading DEX – has introduced Token Lists to counteract fake tokens on their permissionless exchange.
🦄We are excited to announce Token Lists, a new standard for creating lists of ERC20 tokens. This is a community initiative to improve discoverability and trust in ERC20 token lists in a manner that is inclusive, transparent, and decentralized.
Read more:https://t.co/iwQL3jojD9
— Uniswap Protocol 🦄 (@UniswapProtocol) August 26, 2020
Token Lists are a new standard for creating lists of reputable ERC20 tokens. Uniswap has emphasized that this is a community-led initiative aimed at creating a system that distinguishes between the cream of the crop DeFi tokens to separate fake and scam tokens. Lists are managed in a transparent and decentralized manner through an open registry found here.
Uniswap Token Lists is a specification for lists of token metadata that can be used by any dApp interfaces that need one or more lists of tokens. Many users have fallen prey due to the fear of missing the latest DeFi token, thus inadvertently buying these fake/scam coins, thinking that they have struck gold.
Token Lists follow a standard JSON schema and can be hosted publicly on ENS, IPFS, and HTTPS. The initial launch includes:
1. An ERC20 token list standard
2. A homepage and list browser at tokenlists.org
3. A community forum at community.tokenlists.org
4. Lists from CoinMarketCap, Coingecko, Dharma, Zerion, Kleros TCR, Defiprime, Compound, Aave, Synthetix, UMA, 1inch, and Roll
Token Lists can be used for filtering, trust scores, scam prevention, and much more. Uniswap hopes to continue iterating and improving Token Lists in collaboration manner with the community.
Uniswap wants projects to be able to share public infrastructure and the ease of interoperability between them. Any project on Ethereum that maintains a list of ERC20 tokens hosts this list publicly following a standard JSON schema. Projects attach their reputation to the lists by hosting them on a domain that they control.
Lists are publicly hosted and follow a standard format. They can be decoupled from individual interfaces or combined and shared across projects. Another major advantage of the lists is the speed at which the new assets can be added. If a new asset is released by a reputable project, then that project can simply update their own list, and any interface subscribed to that list will be automatically imported to it in real-time.
Token Lists feature is already live on Uniswap. You can watch a demo of how it works here. The official website can be found here. Lastly the community forums can he found here.
A Bright Future
Uniswap processes anywhere from $200-$300M of volume on a daily basis. Earlier this month, Uniswap raised $11M in a Series A, geared at developing Uniswap V3.
Speculation continues to run rampant as to when (or if) Uniswap will release their own token. Others started speculating that Uniswap V3 might integrate with a Layer-2 solution to lower the gas fees, as recently both DiversiFi as well as dYdX have integrated their platform with StarkWare’s L2 solution called StarkEx. Given Optimism’s role in the Unipig exchange, we expect to Uniswap to integrate Optimistic Rollups on mainnet when the solution is ready SoonTM.
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Tarang discovered ETH in 2018 and has been actively involved in DeFi after finding PoolTogether in 2019. He’s most interested in the DEX sector as a frequent user and participant in Uniswap and Kyber Network alongside lending protocols like Aave. Tarang’s active presence in DeFi has given him a front-row seat to cutting edge trends and real-time developments. Stay up with Tarang by following him on Twitter.