{"id":522859,"date":"2023-03-13T17:30:45","date_gmt":"2023-03-13T17:30:45","guid":{"rendered":"https:\/\/wncen.com\/?p=522859"},"modified":"2023-03-13T16:46:43","modified_gmt":"2023-03-13T16:46:43","slug":"uniswap-founder-says-banks-are-massive-scams","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/uniswap\/uniswap-founder-says-banks-are-massive-scams\/","title":{"rendered":"Uniswap Founder Says Banks Are Massive Scams"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Hayden Adams, the founder of Uniswap, is convinced that banks are &#8220;massive scams&#8221; compared to decentralized finance (DeFi) protocols.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Hayden Adams Thinks Banks Are Scams<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In a recent tweet, Adams criticized banks&#8217; low collateral requirement, adding that they also pay only a &#8220;tiny percent&#8221; of their revenue to depositors. The founder was also concerned about banks&#8217; ability to &#8220;rug&#8221; users anytime.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">If you compare banks to DeFi protocols you realize what a massive scam they are<\/p>\n<p>Only 10% collateral requirements? Only a tiny fraction of returns paid out to users? Users can get rugged at any time?<\/p>\n<p>Feeling bad for everyone negatively affected by degen banks \ud83d\ude41<\/p>\n<p>&mdash; hayden.eth \ud83e\udd84 (@haydenzadams) <a href=\"https:\/\/twitter.com\/haydenzadams\/status\/06546178?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 11, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">Commercial banks are regulated entities. In the United States, they can comply with state or federal laws depending on their licenses.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/defi\/over-167-million-bat-utilized-in-defi-mainly-in-compound-aave-and-uniswap\/\">Over 167 Million BAT Utilized In DeFi Mainly In Compound, Aave And Uniswap<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">But considering the fractional reserve system, banks must maintain a certain percentage of user deposits as collateral. Accordingly, deposits may have to wait longer in case of a bank run, a spike in customers&#8217; withdrawal which drains the financial institution&#8217;s liquidity.\u00a0<\/span><\/p>\n<div class=\"jeg_video_container jeg_video_content\"><\/iframe><\/div>\n<p><span data-preserver-spaces=\"true\">The 10% collateral requirement means only a small percentage of the total deposits are available for withdrawal. Hayden believes this system is flawed. In crypto and DeFi, the mechanism is different; for instance, they must maintain 100% collateral at any point.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Banks loan the remaining 90% of deposits in this fractional reserve system at higher interest rates. However, the yield distributed to holders of saving accounts is relatively lower. While this is advantageous for banks as they don&#8217;t have to hold a vast amount of capital while also being open for regulation, the end user, the depositor, is inconvenienced if these banks fail.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Last week, Silicon Valley Bank (SVB) experienced a bank run last week, and it was placed under California regulators&#8217; Federal Deposit Insurance Corporation (FDIC) receivership. Many users and businesses, including Circle, the issuer of the fiat-backed stablecoin, USDC, had exposure and couldn&#8217;t access funds over the weekend.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">It is this limitation, and the fragility of banks that Hayden thinks make the very base layer of the global financial system a &#8220;massive scam.&#8221; The United States Federal Reserve has since stated that it will only bail out depositors, not the bank.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Uniswap Drew Users After USDC De-Pegging<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">DeFi protocols are autonomous and guided by smart contracts. Platforms like Uniswap operate every day of the week on several blockchains, including Ethereum, facilitating swaps.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/defi\/defillama-releases-special-uniswap-v3-router-for-optimism\/\">DeFiLlama Releases Special Uniswap v3 Router For Optimism<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Over the years, Uniswap has emerged as one of the largest decentralized exchanges in the world. UNI is its governance token.<br \/>\n<\/span><\/p>\n<figure style=\"width: 1280px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/HS8CirFv\/\" alt=\"Uniswap Price On March 13| Source: UNIUSDT On Binance, TradingView\" width=\"1280\" height=\"595\"><figcaption class=\"wp-caption-text\">Uniswap Price On March 13| Source: <a href=\"https:\/\/www.tradingview.com\/x\/HS8CirFv\/\" target=\"_blank\" rel=\"noopener nofollow\">UNIUSDT On Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Amid the de-pegging of USDC, Uniswap posted the highest daily trading volume, reaching $11.41 billion.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Yesterday had the highest daily USD volume ever on the <a href=\"https:\/\/twitter.com\/Uniswap?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@Uniswap<\/a> Protocol!<\/p>\n<p>$11.84b, almost double the second place day.<a href=\"https:\/\/twitter.com\/DuneAnalytics?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@DuneAnalytics<\/a>: <a href=\"https:\/\/t.co\/KMQxfmlIlo\" rel=\"nofollow\">https:\/\/t.co\/KMQxfmlIlo<\/a> <a href=\"https:\/\/t.co\/pn9X9yBNHq\" rel=\"nofollow\">pic.twitter.com\/pn9X9yBNHq<\/a><\/p>\n<p>&mdash; Austin Adams (@AustinAdams10) <a href=\"https:\/\/twitter.com\/AustinAdams10\/status\/34073344?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 12, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">As of\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/defillama.com\/protocol\/uniswap\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">writing<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0on March 13, Uniswap had a total value locked (TVL) of $3.56 billion, according to data from DeFiLlama.\u00a0<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature Image From Justin Sullivan\/Getty Images, Chart From TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Hayden Adams, the founder of Uniswap, is convinced that banks are &#8220;massive scams&#8221; compared to decentralized finance (DeFi) protocols. Hayden Adams Thinks Banks Are Scams In a recent tweet, Adams criticized banks&#8217; low collateral requirement, adding that they also pay only a &#8220;tiny percent&#8221; of their revenue to depositors. The founder was also concerned about banks&#8217; ability to &#8220;rug&#8221; users anytime. If you compare banks to DeFi protocols you realize what a massive scam they are Only 10% collateral requirements? Only a tiny fraction of returns paid out to users? Users can get rugged at any time? Feeling bad for everyone negatively affected by degen banks \ud83d\ude41 &mdash; hayden.eth \ud83e\udd84 (@haydenzadams) March 11, 2023 Commercial banks are regulated entities. In the United States, they can comply with state or federal laws depending on their licenses.\u00a0 Related Reading: Over 167 Million BAT Utilized In DeFi Mainly In Compound, Aave And Uniswap But considering the fractional reserve system, banks must maintain a certain percentage of user deposits as collateral. Accordingly, deposits may have to wait longer in case of a bank run, a spike in customers&#8217; withdrawal which drains the financial institution&#8217;s liquidity.\u00a0 The 10% collateral requirement means only a small percentage of the total deposits are available for withdrawal. Hayden believes this system is flawed. In crypto and DeFi, the mechanism is different; for instance, they must maintain 100% collateral at any point.\u00a0 Banks loan the remaining 90% of deposits in this fractional reserve system at higher interest rates. However, the yield distributed to holders of saving accounts is relatively lower. While this is advantageous for banks as they don&#8217;t have to hold a vast amount of capital while also being open for regulation, the end user, the depositor, is inconvenienced if these banks fail. Last week, Silicon Valley Bank (SVB) experienced a bank run last week, and it was placed under California regulators&#8217; Federal Deposit Insurance Corporation (FDIC) receivership. Many users and businesses, including Circle, the issuer of the fiat-backed stablecoin, USDC, had exposure and couldn&#8217;t access funds over the weekend.\u00a0 It is this limitation, and the fragility of banks that Hayden thinks make the very base layer of the global financial system a &#8220;massive scam.&#8221; The United States Federal Reserve has since stated that it will only bail out depositors, not the bank. Uniswap Drew Users After USDC De-Pegging DeFi protocols are autonomous and guided by smart contracts. Platforms like Uniswap operate every day of the week on several blockchains, including Ethereum, facilitating swaps.\u00a0 Related Reading: DeFiLlama Releases Special Uniswap v3 Router For Optimism Over the years, Uniswap has emerged as one of the largest decentralized exchanges in the world. UNI is its governance token. Amid the de-pegging of USDC, Uniswap posted the highest daily trading volume, reaching $11.41 billion. Yesterday had the highest daily USD volume ever on the @Uniswap Protocol! $11.84b, almost double the second place day.@DuneAnalytics: https:\/\/t.co\/KMQxfmlIlo pic.twitter.com\/pn9X9yBNHq &mdash; Austin Adams (@AustinAdams10) March 12, 2023 As of\u00a0writing\u00a0on March 13, Uniswap had a total value locked (TVL) of $3.56 billion, according to data from DeFiLlama.\u00a0 Feature Image From Justin Sullivan\/Getty Images, Chart From TradingView<\/p>\n","protected":false},"author":384,"featured_media":522860,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83446],"tags":[1336,87976,87970,80532,16680],"class_list":["post-522859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uniswap","tag-circle","tag-hayden-adams","tag-silicon-valley-bank","tag-uniswap","tag-usdc"],"acf":[],"yoast_head":"\n<title>Uniswap Founder Says Banks Are Massive Scams<\/title>\n<meta name=\"description\" content=\"Hayden Adams, the founder of Uniswap, is convinced that banks are massive scams compared to DeFi protocols.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Ngetich\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/73f4ad24aaf1d2abe0885846b798381a?s=96&d=mm&r=g\",\"caption\":\"Dalmas Ngetich\"},\"description\":\"Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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