Best Twitter threads of the day – May 24th

1/ Base is gearing up for mainnet with safety and security as top priorities. Today, we’re excited to share our launch criteria!

Reminder: Base has no plans to issue a network token.https://t.co/eRarQ4QzK8

— Base ?️ (@BuildOnBase) May 24, 2023

2/ Since our testnet launch, we've been overwhelmed by the response and the incredible projects that are being built on Base.

We can’t wait to see more builders join teams like @blackbird_xyz @thirdweb @ParallelTCG & @oakcurrency who are showing what’s possible onchain. pic.twitter.com/ExM4egKmfz

— Base ?️ (@BuildOnBase) May 24, 2023

3/ The Base testnet has been live since 2/23 and we’ve been diligently working towards mainnet.

This includes auditing our codebase and infrastructure, load testing for scalability, supporting @optimismFND’s upgrade to Bedrock, and ensuring a top-notch developer experience.

— Base ?️ (@BuildOnBase) May 24, 2023

4/ As we approach mainnet, we've defined a set of criteria that will unlock our launch:

✅ Successful testnet Regolith hardfork
✅ Successful infra review with @OPLabsPBC
? OP Mainnet upgrade to Bedrock
? Completion of audits with no critical issues
? Testnet stability

— Base ?️ (@BuildOnBase) May 24, 2023

5/ After the mainnet launch, we enter the Genesis Window, a time for developers to deploy dapps on Base mainnet. During this window, our core team will provide hands-on support to developers deploying their dapps and we’ll recognize early dapps launching on Base. pic.twitter.com/RpcD6JDhvG

— Base ?️ (@BuildOnBase) May 24, 2023

6/ We'll continue to share updates as we get closer to mainnet.

Until then, keep building, check out our docs at https://t.co/tqEu3sSbZv, and join us on Discord.

Mint the ‘Path to Mainnet NFT’ to celebrate with us.https://t.co/eRarQ4QzK8 pic.twitter.com/vgJjhzAlae

— Base ?️ (@BuildOnBase) May 24, 2023

There's an ongoing proposal to turn on fee switch for Uniswap.

This proposal highlights a few key pointers for how the fee switch could be carried out:

– Gradual Rollout
– Revenue Accumulation in Stables/ and or ETH
– Voluntary Staking Modules
– Risks Involved

A summary: pic.twitter.com/gwIoxQkgEs

— Sandra (@sandraaleow) May 24, 2023

1/ What does the proposal entail?

The proposal suggests implementing a protocol fee equal to 1/5 of the pool fee across all Uniswap v3 pools and enabling the fee switch for Uniswap v2.

— Sandra (@sandraaleow) May 24, 2023

2/ The main objectives of the proposal is as follows:

– Introduce fees for Uniswap pools,
– Establish a system for claiming earned fees,
– And selling the fees for an asset chosen by the UNI community.

— Sandra (@sandraaleow) May 24, 2023

3/ The initial deployment of this system is planned for Uniswap v3 on the Polygon network, followed by subsequent proposals for Ethereum and other deployments as deemed necessary.

— Sandra (@sandraaleow) May 24, 2023

4/ The proposed fee switch is expected to generate substantial protocol income, with hypothetical revenue projections provided for the past six months.

[these figures are subjected to market volatility] pic.twitter.com/NZXqd7cKk8

— Sandra (@sandraaleow) May 24, 2023

5/ Some solutions proposed:

One suggestion is to implement the fee switch gradually.

This could mean. that fee switch is only enabled on selected pools, or a subset of assets initially.

This could eliminate major risks associated with the fee switch model.

— Sandra (@sandraaleow) May 24, 2023

6/ Accumulate revenue to treasury

As the fee switch generates income for the protocol, one proposal highlights that revenue should go to the Uniswap treasury.

The revenue can be stored in stables or ETH.

This can help provide a diversified asset base for the protocol treasury.

— Sandra (@sandraaleow) May 24, 2023

7/ Implementing voluntary staking modules

This means creating a mechanism where UNI token holders can voluntarily stake their tokens in exchange for X rewards, without imposing mandatory staking.

Rewards can be distributed in the form of stables or other assets like stETH.

— Sandra (@sandraaleow) May 24, 2023

8/ cont.

By incentivizing participation through voluntary staking, the proposal aims to foster a sense of community engagement and provide yield to UNI token holders, further aligning their interests with the growth and success of the Uniswap ecosystem.

— Sandra (@sandraaleow) May 24, 2023

9/ Minimizing risks through gradual implementation

Gradual implementation of this fee switch model will allow the DAO to monitor and analyze the impact of fee switch on liquidity, market-share, LP behavior, and adjustments can be made along the way.

— Sandra (@sandraaleow) May 24, 2023

10/ Some questions to ponder upon:

– Is 1/5 fee tier a good starting point for protocol fees? Should it be lower or higher?
– Why deploy on Polygon first?
– What are the legal and tax risks if fee switch is turned on?
– Is the buy-back and burn model going to work as intended?

— Sandra (@sandraaleow) May 24, 2023

11/ More information on the proposal here:https://t.co/J5n87pWSl9

— Sandra (@sandraaleow) May 24, 2023