CryptoKittys 2.0. That are what some are calling it. The Ethereum blockchain froze up against just like a few years ago when the popularity of CryptoKittys bogged down that network.
In this video I discuss how it was a nice boost to the industry to have the UNI go live yet it also showed some of the pitfalls that still affect the industry.
▶️ 3Speak
Wow, the buzz behind uniswap has been deafening and I guess people has been following the money. I won't lie to you, it seems really confusing to understand a thing, because there's just too much information in it. And there is already a fork and we now have suchiswap. Well happy uniswap token day then.
The thing that leaves me a little bit baffled is why so many people think that Ethereum is "the bee's knees" when that chain tends to buckle under the weight of any kind of large-scale enthusiasm... and the GAS fees so readily become ridiculously high... even compared to conventional fiat banking fees...
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It got the name recognition which put it out in the lead. This is being leveraged by the developers on there. For now, that is where the money is so everything focuses upon that.
But you are right, from a technical standpoint, much better options out there.
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Exactly the same with bitcoin though isn't it. Its all about branding ultimately and being a first mover, its very powerful.
Your current Rank (29) in the battle Arena of Holybread has granted you an Upvote of 21%
I hope you claimed your UNI, my 400 are worth over 2k now, a really nice gift .
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LOL UNISWAP is over $7 right now... i've been ignoring the airdrop... Guess that's no longer an option.
Summary:
In this video, Task discusses the recent events in the cryptocurrency world, focusing on the Uniswap 'Uni' token airdrop and its impact on the Ethereum network. He talks about the rise of SushiSwap as a competitor to Uniswap, causing fluctuations in token prices and network congestion. Task also mentions the challenges Ethereum is facing in terms of scalability and high transaction fees, leading to a shift towards other blockchain platforms like Hive, Tron, and potential future developments on Cardano. He emphasizes the significance of decentralized data and digital ID systems in blockchain technology. The discussion concludes with insights on the DeFi market, wealth creation, and the evolving nature of cryptocurrency investments.
Detailed Article:
Task's video delves into the recent event of the Uni token airdrop by Uniswap, highlighting its impact on the Ethereum network. The Uni token, a governance token distributed to users of Uniswap, created a buzz in the market, reminiscent of the CryptoKitties phenomenon that caused network congestion in the past. Task explains how SushiSwap emerged as a competitor by forking the Uniswap software and offering incentives to users to switch to their platform, leading to fluctuations in token distributions and user activity between the two platforms.
The discussion then shifts to Ethereum's scalability issues and high transaction fees, hindering its effectiveness as a network. Task addresses the challenges faced by Ethereum amidst the DeFi boom, expressing confidence in the Ethereum developers' ability to navigate these obstacles in the long run. He speculates on the potential of other blockchain platforms like Hive, Tron, and Cardano to capitalize on Ethereum's shortcomings in attracting developers and users, especially within the gaming industry.
Task emphasizes the importance of decentralized data and digital ID systems in revolutionizing blockchain technology, foreseeing a future where ownership and control of data are decentralized from centralized entities. He discusses the growth potential of blockchain gaming, citing Splinterlands on Hive as a prominent example, and the appeal of fast and low-cost transactions for developers.
The video concludes with reflections on the DeFi market, wealth creation, and the evolving nature of cryptocurrency investments. Task observes the influx of heavy-hitting traders in the DeFi space, driving speculation and creating opportunities for significant financial gains. He anticipates a potential shift towards long-term investments in blockchain projects as the market matures, highlighting the dynamic and unpredictable nature of the DeFi landscape.
In essence, Task's video provides a comprehensive analysis of recent developments in the cryptocurrency space, emphasizing the challenges and opportunities facing Ethereum, the rise of alternative blockchain platforms, the future of decentralized data ownership, and the evolving trends in the DeFi market.