Uniswap, the automated market maker, integrates decentralized NFT marketplace Sudoswap to boost its NFT prowess once it launches its NFT platform.
Scott Gray, head of NFT products at Uniswap Labs, recently shared the news that the automated market maker will be integrating decentralized NFT marketplace Sudoswap. The move is in preparation for the launch of the company’s NFT platform.
Gray shared the news on his Twitter account, attaching an image showing that the integration is well underway and that “pool data [is] already flowing in.” The purpose of the integration is to allow efficient NFT swaps once the platform is up and running.
Moreover, the integration will allow users to buy NFTs efficiently through the Uniswap platform while at the same time accessing on-chain liquidity offered by sudoAMM, Sudoswap’s automated market maker.
Uniswap x Sudoswap
Sudoswap’s automated market maker sudoAMM is relatively new, having only launched on July 8. In case you’re wondering how an automated market maker works, it allows for the automatic trading of digital assets using liquidity pools.
Such is quite different from the method employed by a traditional marketplace, where there is a need to match a buyer with a seller. sudoAMM lets users create the abovementioned liquidity pools that progressively buy or sell NFTs along price curves, provide liquidity to NFT pools to earn fees, and list their NFTs directly 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.”
Uniswap Doubles Down on NFTs
The image shared by Gray in his tweet shows that Uniswap is aggregating data from traditional and experimental NFT protocols. The onboarding indicates that the company’s upcoming NFT market aggregation product will not resort to sourcing data from existing NFT marketplaces like OpenSea or LooksRare.
Moreover, the company’s integration of sudoAMM crystalizes the fact that it is holding its ground regarding NFT. Only last month, it acquired Genie, the first NFT marketplace aggregator.
In its announcement, Uniswap said the acquisition of Genie, “which lets anyone discover and trade NFTs across most platforms,” is in pursuit of the company’s mission “to unlock universal ownership and exchange.” The procurement of Genie allowed the company to expand its products to include ERC-20s and NFTs.
“NFTs will be integrated into our products, starting with the Uniswap web app, where soon you’ll be able to buy and sell NFTs across all major marketplaces. We’ll also integrate NFTs into our developer APIs and widgets, making Uniswap a comprehensive platform for users and builders in Web3,” the announcement said.
Incidentally, Sudoswap also plans to start supporting ERC-1155 tokens, ERC-20 token routing, and more novel bonding curves and AMM management infrastructure in the future.
Uniswap’s NFT market aggregation product will launch sometime in Autumn 2022. However, it is speculated that rather than host non-fungible tokens on its own platform, the company intends for its platform to provide users the ability to access NFTs from various marketplaces, all from one spot.
Uniswap leads all decentralized exchanges with $1.09B in trading volume over the past 24 hours. In fact, it recently surpassed Ethereum in terms of fees generated.
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