Starting the second day of ETHDenver, Uniswap’s (KRYPTO: UNI) Design Manager Callil Capuozzo announced the leading decentralized exchange’s latest product: Uniswap Wallet.
QR codes were circulated around the room to gain early access to Uniswap Labs’ latest product, but no one was sent to download the app from the app store. Instead, users had to download TestFlight, and then download Uniswap Wallet from the little-known platform.
Uniswap addressed the issues with Apple on its Twitter account: “So why a limited early release from a team committed to access for anyone? To put it simply, Apple Inc (NASDAQ:AAPL) won’t green light our launch and we don’t know why. We submitted our mobile app months ago – and while we’re 100% compliant with their specs, we’re still stuck in limbo.”
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The Uniswap wallet is Uniswap Labs’ foray into the mobile wallet sector, a competitive industry that Coinbase, Robinhood and Crypto.com have similarly branched into in recent years.
However, Uniswap Labs’ unique positioning as a trusted DeFi brand, along with its knowledge of chain activity, may give it a unique advantage over these incumbents. Capuozzo acknowledged Uniswap’s advantage when asked why the team decided to launch a wallet.
“We’ve had aspirations to create a wallet for years. Hayden, Uniswap’s founder, and I have been talking about this since the early days. We always knew people struggled with the edges of the swap experience,” he said. “It’s a moment for our organization to gain more knowledge. We’re experts in exchange, and we’re so good at making it the best user experience. Now we want to do the same 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 Uniswap DEX, while 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 remains rare.
Benzinga then asked about Uniswap governance. Uniswap’s UNI token is the governing token of Uniswap, which allows holders to vote on proposals that determine the future of Uniswap. Cappouzzo distinguishes that UNI governance is for the Uniswap protocol, which does not include other Uniswap Labs products, such as the Uniswap wallet.
“Governance is about the protocol. The protocol is successful and independent; it runs on chain and is controlled by UNI token holders. Everything about the protocol is governed by Uniswap governance. Uniswap Labs, the company, builds things on top of the protocol and on top of Ethereum (CRYPTO: ETH). Things like experiences, interfaces and pushing things forward.”
Benzinga asked Capuozzo what industry trends will continue to gain traction 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 for retail users.
“Account abstraction is huge. I think it will be transformative, but it may take a couple of years to get to the place I expect. I think the development of L2s, especially on EVM networks like OP and Base, will go hand in hand with account abstraction to enable gas-free experiences. Users don’t even need to know which chain they’re on.” Capuozzo said.
Finally, he told Benzinga about the collaboration with Moonpay, which has not been announced by the team until now. Strategically, the Uniswap wallet has been able to secure an agreement 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 integrate fiat to crypto out of any DeFi protocol. It used to take hours to get on-chain, but today you can get onboard with Moonpay and be ready to use Uniswap and Ethereum in minutes,” noted Capuozzo.
Arguably, Apple can hinder the adoption of blockchain given its 1.5 billion strong user base. While this may be in the technology’s best interest, blocking users from accessing DeFi puts the finances of users globally at risk. At a time when fiat currencies have experienced the highest inflation rates in decades, it is important for the crypto economy to be accessible to everyone.
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