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Uniswap Labs | Memo | Contrary Research

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Uniswap Labs | Memo | Contrary Research

Thesis Decentralized exchanges (DEXs) are peer-to-peer marketplaces that use smart contracts to allow users to trade cryptocurrencies without the intermediation of a third-party custodian. In traditional finance, regulatory requirements and competitive barriers prevent individuals and small organizations from becoming market makers. DEXs provide direct market access to all participants. Individual traders have full access to the technology stack of DEXs, enabling them to provide quotes and trade using the same technology available to all users. As of October 2022, DEXs were responsible for 18.

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