Perfect, thanks. Just what I thought. I don't believe it constitutes an existential threat to a token like LEO; and Ethereum's not going anywhere; just trying to wrap my head around it all. When you mention the price, uniswap doesn't refer directly to any other exchange; so would you say it prices A in terms of B and B in terms of A, and that's it? More a ratio than a "price".
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Its an interesting thing, and if nothing else at least we are learning something.
LEO is priced in terms of ETH. Not the other way around. ETH is the base.
The interesting point here is how Uniswap takes the price of ETH in dollar terms. There must be some oracles (that how they call them) that provide trusted ETH $ price.
Having trusted oracles, (data sources to outside systems) its a business of its own. For example LINK that has exploded this year its only function is that. To provide reliable data from the outside world to the blockchain.
Whats even more amazing is that Hive/Steem has a sort of oracle of its own for the Hive price. The top 20 witnesses do this in a decentralized manner. All of the top 20 witnesses provide a price input for Hive, from the outside exchanges into the Hive blockchain, from where the blockchain calculates the debt and the issuance of the HBD.
What would uniswap use the price of ETH for exactly?
To set the price of the token. As from the example above:
Otherwise it will be just one unit against another, with no common denominator.