Benzinga - Kicking off the 2nd day of ETHDenver, Uniswap’s (CRYPTO: UNI) Design Lead Callil Capuozzo announced the leading decentralized exchange’s latest product: Uniswap Wallet.
QR codes were circulated around the venue to get early access to Uniswap Labs’ latest product, but nobody was sent to download the app from the app store. Instead, users had to download TestFlight, then download the Uniswap Wallet from the little-known platform.
Uniswap addressed its problems with Apple on its Twitter account: “So why a limited early release from a team committed to access for anyone? Simply put, Apple Inc (NASDAQ: AAPL) won’t green-light our launch, & we don’t know why. We submitted our mobile app months ago – and even though we are 100% compliant with their specifications, we’re still stuck in limbo.”
The Uniswap Wallet is Uniswap Labs’ foray into the mobile wallet sector, a competitive industry where Coinbase, Robinhood, and Crypto.com have similarly branched into over the last few years.
However, Uniswap Labs’ unique positioning as a trusted DeFi brand, paired with its knowledge of on-chain activity, may give it a unique advantage over these incumbents. Capuozzo acknowledged Uniswap’s edge when asked why the team decided to launch a wallet.
"We’ve had ambitions to do a wallet for years. Hayden, Uniswap’s founder, and I have talked about this since the early days. We’ve always known that people were struggling with the edges of the swapping experience," he said. "It’s a moment for our organization to gain more knowledge. We’re experts at swap, and we are so good at making that the best user experience. Now we want to do the same thing for wallets."
He continued, “I think the whole thing about what Uniswap Labs is doing these days is taking our expertise and learnings to build the next Circle around these core experiences. We think we’re well positioned to do this; we have a great brand that people know and trust.”
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Circle is related to USD Coin (CRYPTO: USDC), similar to how Uniswap Labs is related to the Uniswap DEX, while also creating products in the NFT and wallet sphere. Through multiple product offerings, both companies are able to provide streamlined user experiences in an industry where exceptional user experience is still rare.
Next, Benzinga asked about Uniswap governance. Uniswap’s UNI token is the governance token of Uniswap, allowing holders to vote on proposals that determine the future of Uniswap. Cappouzzo distinguishes that UNI governance is for the Uniswap Protocol, which does not encompass other Uniswap Labs products, such as the Uniswap Wallet.
“Governance is all about the protocol. The protocol is successful and independent; it’s running on chain and governed by UNI token holders. Everything about the protocol is governed by Uniswap governance. Uniswap Labs, the company, builds stuff on top of the protocol and on top of Ethereum (CRYPTO: ETH). Stuff like experiences, interfaces, and pushing things forward.”
Benzinga asked Capuozzo what industry trends will continue to gain prevalence in 2023. He pointed to the recent Ethereum Improvement Proposal (EIP-4337), Account Abstraction. He also mentioned that Account Abstraction will become even more important in light of Base, Optimism and other layer 2 chains, as these networks provide better accessibility to retail users.
“Account abstraction is a huge one. I think it will be transformative, but it may take a couple years to get to the place I expect it to. I think the evolution of L2s, especially on EVM networks like OP and Base, will go hand in hand with account abstraction to make gasless experiences possible. Users won’t even have to know which chain they’re on.” Capuozzo said.
Lastly, he told Benzinga about its partnership with Moonpay, which hasn’t been advertised by the team up to this point. Strategically, the Uniswap wallet has been able to secure a deal with Moonpay to offer the cheapest fiat-to-DeFi on ramp currently available.
“We have a partnership with Moonpay, and we’ve negotiated the cheapest way to onboard fiat to crypto out of any DeFi protocol. It used to take hours to get on chain, but today you can onboard with Moonpay and be ready to use Uniswap and Ethereum within minutes,” Capuozzo noted.
Certainly, Apple can impede the adoption of blockchain given its 1.5 billion-strong user base. While this may be in the best interest of the technology behemoth, blocking users from accessing DeFi jeopardizes the finances of users globally. At a time when fiat currencies have suffered the highest inflation rates in decades, it’s vital for the crypto economy to be accessible to all.
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