Looking at the Path of DEX Advancement from Uniswap

Abstract: We studied the short seven-year history of decentralized exchanges (DEX), including the first important iteration of the technology—Counterparty. We attempted to find the reasons for the failure of these early attempts and how they evolved into the current Uniswap protocol. We discussed Uniswap and its imitators and how it fits into the DeFi environment. Finally, we believe that market excitement about DeFi is generated by unsustainable price bubbles and aggressive token issuance plans, which stimulate speculative demand.