As of July 20, 2021, Uniswap (UNI) is ranked at position 11 on CoinMarketCap and at position 2 for decentralized exchanges on DefiPulse. The International Token Standardization Association released a list with the top 10 Uniswap v2 liquidity provider (LP) tokens by total value locked in the Tokenbase. ITSA has assigned 10 unique token identifiers to the Uniswap LP-tokens and classified each token according to the International Token Classification (ITC). Uniswap was founded in the fall of 2017 by mechanical engineer Hayden Adams and it is a non-custodial cryptographic token exchange that offers trading and automated liquidity provision solutions. As of today, Uniswap has reached a total value locked of 4.8B$ and operates over 50,000 trading pairs with individual LP-tokens for each pool proving the need for unique token identifiers such as ITIN.

Authors: Christian Viehof, Maximilan Bruckner

Uniswap releases v3

Figure 1: Total trading volume of the most prominent DEXs (Source: https://bit.ly/3xvM6tcxari)

In terms of daily volume, Uniswap is by far the largest decentralized exchange before PancakeSwap, which still leads in terms of most active users as can be seen in figure 1.

Uniswap LP-tokens v2 identified and classified

As of today, Uniswap operates over 50,000 trading pairs with individual LP-tokens for each pool proving the need for unique token identifiers such as ITIN. Therefore, ITSA has set the goal of bringing more transparency in the DeFi space by clearly identifying and classifying LP-tokens via their smart contract addresses. For now, ITSA has listed the 10 most popular Uniswap v2 LP-tokens by total value locked in the Tokenbase. In the future, most liquidity provider positions will be represented as non-fungible tokens (NFTs) under the Ethereum ERC-721 Standard as opposed to the fungible Ethereum ERC-20 Standard. The conceptual design of the ITIN comes here handy as it supports both standards equally.

Figure 2: Tokenbase list with top 10 Uniswap LP-tokens by total value locked (Source: https://bit.ly/3APv1wt)

The classification of Uniswap according to the ITC

Figure 3: The Uniswap Tokenbase entry (Source: https://itin.itsa.global/FVJ07CC49)

Economic Purpose (EEP): Uniswap is listed as a Settlement and Governance Token (EEP22TU03) due to its design as a means of collateral combined with governance functionality.

Industry Type (EIN): The issuer of Uniswap is active in the field of Decentralized Exchanges, Markets and Market Making (EIN06DF01).

Technological Setup (TTS): Uniswap is an Ethereum ERC-20 Standard Token (TTS41BC). The Class “Ethereum ERC-20 Standard Token” captures every token that is implemented by means of the ERC-20 Standard on top of the Ethereum blockchain.

Legal Clam (LLC): Uniswap does not entitle its holder to any legal claim or rights against the issuing organization, therefore it is listed as a No-Claim Token (LLC31).

Issuer Type (LIT): The dimension “Issuer Type” provides information on the nature of the issuer of the token. Uniswap’s platform is built by a team of programmers and engineers that make up the core contributor community. It’s Issuer Type is a Private Sector Legal Entity (LIT61PV).

Regulatory Framework (EU) (REU): The dimension “Regulatory Status EU” provides information of the potential classification of a token according to the European Commission’s proposal for a Regulation on Markets in Crypto Assets (MiCA, Regulation Proposal COM/2020/593 final). Uniswap qualifies as an Utility Token (REU52) according to the definition provided in Article 3 (5) of Regulation Proposal COM/2020/593 final.

The International Token Standardization Association (ITSA) e.V.

  • The International Token Identification Number (ITIN) is a 9-digit alphanumeric technical identifier for both fungible and non-fungible DLT-based tokens. Thanks to its underlying Uniform Token Locator (UTL), ITIN presents a unique and fork-resilient identification of tokens. The ITIN also allows for the connecting and matching of other media and data to the token, such as legal contracts or price data, and increases safety and operational transparency when handling these tokens.
  • The International Token Classification (ITC) is a multi-dimensional, expandable framework for the classification of tokens. Current dimensions include technological, economic, legal, and regulatory dimensions with multiple sub-dimensions. By mid-2021, there will be at least two new dimensions added, including a tax dimension. So far, our classification framework has been applied to 99% of the token market according to market capitalization of classified tokens.
  • ITSA’s Tokenbase currently holds data on over 4000 tokens. Tokenbase is a holistic database for the analysis of tokens and combines our identification and classification data with market and blockchain data from external providers. Third-party data of several partners is already integrated, and API access is also in development.

Remarks

Christian Viehof is an Executive Director at the International Token Standardization Association (ITSA) e.V., working to create the world’s largest token database including a classification framework and unique token identifiers and locators. He completed his Bachelor in Economics at the University of Bonn, the Hong Kong University and the London School of Economics and Political Science with a focus on Behavioral Economics and Finance. Currently pursuing his Master of Finance at the Frankfurt School of Finance and Management, you can contact him via christian.viehof@itsa.global and connect with him on Linkedin, if you would like to further discuss ITSA e.V. or have any open questions.

Maximilian Bruckner is Executive Director at the International Token Standardization Association (ITSA) e.V., working to create the world’s largest token database including a classification framework and unique token identifiers and locators. He has a strong international background with significant time spent in Spain, South Africa, and Canada. Currently pursuing studies at the Frankfurt School of Finance and Management, you can contact him via maximilian.bruckner@itsa.global and connect on LinkedIn if you would like to further discuss ITSA e.V. or have any other open questions.

The International Token Standardization Association (ITSA) is a not for profit organization working on holistic market standards for the global token economy.