Josh Du

Crypto Fundamental Investor/Analyst

NASDEX Ltd

Crypto

<ul>
<li>This is (final) part 3 of our deep dive, we explore the unique investment risks to consider when considering crypto projects</li>
<li>Why crypto today is like the railroad industry in the 1850s </li>
<li>And how anyone can generate sizable passive income by providing liquidity on Uniswap</li>
</ul>

<ul>
<li>This is part 2 of our deep dive into <a href="https://www.smartkarma.com/entities/uniswap" target="_blank" data-smartkarma-citation="entities:35033:1" rel="noopener">Uniswap (UNI CURNCY)</a>, the largest decentralized exchange for crypto, where we will focus on digging into the numbers</li>
<li>We share our unique bottoms-up analytical process for evaluating cryptocurrency tokens and highlight interesting differences versus traditional security analysis</li>
<li>We also explore several interesting crypto-native concepts such as using code to query real-time data, and how token holders can spend Uniswap's USD11bn treasury</li>
</ul>

<ul>
<li>We performed a unique bottoms-up analysis into the crypto space by deep-diving into <a href="https://www.smartkarma.com/entities/uniswap" target="_blank" data-smartkarma-citation="entities:35033:1" rel="noopener">Uniswap (UNI CURNCY)</a>, which is the largest crypto decentralized exchange in the world. </li>
<li>With daily traded volumes of USD2bn, Uniswap is highly profitable with significant growth. Our investment thesis is bullish on UNI with a price target of USD72, a 190% upside.  </li>
<li>Now that crypto is a USD3 trillion-dollar asset class with triple-digit growth, it's important for all investors to understand the bottom-up case for cryptocurrencies as well as the macro play</li>
</ul>

Kaiko

Data-Driven Analysis of Cryptocurrency Markets

<ul><li>This piece was originally going to compare the average and median size of liquidity events – meaning any mint (deposit) or burn (withdrawal) to/from a DEX liquidity pool – on the most popular Ethereum DEXs: Uniswap V3, V2, and Curve. </li><li>There have been some excellent Twitter threads comparing DEXs and considering whether providing liquidity on Uniswap V3 can be profitable.</li><li>But after taking a look at the Uniswap V3 liquidity event data, it became clear that I had to write about an under-explored and rapidly developing topic: just-in-time (JIT) liquidity.</li></ul>

Edward Wu

Crypto Analyst

<ul>
<li>Despite Centralized exchanges (CEX) being unregulated and opaque in operation, over 90% of crypto transactions happened on CEXs.</li>
<li>DeFi exchanges are transparent and impossible for appropriation, but gain market share very slowly due technically difficult of building on blockchain.</li>
<li>Uniswap is the largest spot decentralized exchange that stands to benefit from capital relocation from CEX to DEX, Uniswap token is a pure governance token without value capture.</li>
</ul>

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Uniswap (UNI CURNCY)

Uniswap (UNI) Part 3 - The Investment Risks and How Anyone Can Generate Passive Income on Uniswap

Part 3 of our deep dive. We look at investment risks and how to generate passive income on Uniswap as a liquidity provider.

Josh Du

Uniswap (UNI) Part 2 - Fundamental Analysis on the Largest Decentralized Crypto Exchange

Part 2 of our deep-dive into Uniswap where we utilized a systematic bottoms-up framework to dissect this crypto decentralized exchange step by step

Josh Du

Uniswap (UNI) - A Deep-Dive into the USD15bn Mkt Cap Crypto Exchange and Growth Drivers (Part 1)

This is an introductory report on crypto for traditional institutional investors, where we perform a unique bottoms-up analysis into Uniswap, the...

Josh Du

Beneath the Surface of Uniswap Pools: Just-In-Time Liquidity

There have been some excellent Twitter threads comparing DEXs and considering whether providing liquidity on Uniswap V3 can be profitable.

Kaiko

Implication for Decentralized Exchange Amid the FTX Collapse – A Case of Uniswap

Why over 90% of crypto transactions happened on centralized exchanges despite unregulated and opaque operation. Uniswap benefits from the trend of...

Edward Wu

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