Get smarter on DeFi and Web3
Get the 5-minute newsletter keeping 70K+ crypto innovators in the loop.
Uniswap is diving deep down the NFT rabbithole.
The automated market maker is integrating decentralized NFT marketplace Sudoswap to allow for efficient NFT swaps when it launches its NFT platform.
The news was shared by Scott Gray, head of NFT product at Uniswap Labs.
The integration will allow users to purchase NFTs using the Uniswap platform while accessing the on-chain liquidity offered by sudoAMM.
Sudoswap’s automated market maker sudoAMM was released on July 8. Automated market makers allow digital assets to be traded automatically using liquidity pools rather than a traditional marketplace that needs to match buyers with sellers.
sudoAMM allows users to create pools that gradually buy or sell NFTs along price curves, provide liquidity to NFT pools to earn fees, and directly list their NFTs at fixed prices.
“Currently, the NFT market relies on centralized orderbooks that are subject to downtime and centralization risk,” tweeted Sudoswap. “sudoAMM changes that by being fully on-chain. Anyone can source the same liquidity used by the sudoswap marketplace in their applications using just Ethereum.”
With Uniswap’s integration of sudoAMM, Uniswap is doubling down on NFTs. Last month, it acquired NFT aggregator Genie.
Uniswap is the leading decentralized exchange with $1.09B in trading volume over the past 24 hours. It recently overtook Ethereum in terms of fees generated.
Sudoswap also plans to support ERC-1155 tokens, ERC-20 token routing, and more novel bonding curves and AMM management infrastructure in the future.
Author
Administraroot
