Uniswap：DeFi 領域的復興領導者

Uniswap 是領先的去中心化交易所，擁有強大的用戶基礎、高交易量和充足的流動性，透過不斷創新的新功能和升級，成為 DEX 領域的強大競爭對手。它的原生代幣 UNI 對於那些展望去中心化金融、承認所涉及的競爭和潛在風險的人來說是一個引人注目的投資機會。 Uniswap 擁有最大的 DEX 市場份額、較低的交易費用和不斷擴大的用戶群，引領 DeFi 革命。然而，強大的競爭對手試圖奪取其王位，引發了有關 UNI 未來以及 Uniswap 可能被推翻的相關問題。

Key Takeaways

重點

• Uniswap is a leading DEX with a solid user base, high trading volumes, and excellent liquidity.
• Uniswap constantly innovates and improves its protocol to offer new features and upgrades, making it a strong competitor in the DEX space.
• The Uniswap token (UNI) is a promising investment for those interested in the future of decentralized finance, provided they are aware of the competition and the risks involved.

With the largest share of the DEX market, low trading fees, and a growing user base, Uniswap is the undisputed leader of the DeFi revolution.

Uniswap 是領先的DEX，擁有堅實的用戶基礎、高交易量和出色的流動性。Uniswap 不斷創新和改進其協議，提供新功能和升級，使其成為DEX 領域的強大競爭對手。Uniswap 代幣（UNI ）是對於那些對去中心化金融的未來感興趣的人來說，這是一項有前途的投資，只要他們意識到競爭和所涉及的風險。憑藉DEX 市場最大的份額、低廉的交易費用和不斷成長的用戶群，Uniswap 是無可爭議的領導者DeFi 革命。

But plenty of competitors want to claim the throne.

但許多競爭對手都想奪取王座。

This leads to a few natural questions: Is Uniswap’s UNI still a good investment? Who might unseat it? Is that even possible?

這自然會引發一些問題：Uniswap 的 UNI 仍然是一項不錯的投資嗎？誰能把它趕下台？這可能嗎？

Read on to learn the answers to these questions and more.

請繼續閱讀以了解這些問題的答案以及更多資訊。

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Table of Contents

1. What Is Uniswap?
2. Why Is Uniswap Important for Investors?
3. What Is the Uniswap Token (UNI)?
4. Uniswap Fees and Revenues?
5. Uniswap Revenue vs. Competitors
6. Who Benefits from Uniswap Fees?
7. Uniswap Tokens and Fundraising
8. Uniswap Liquidity Pool Revenues
9. Investor Takeaway
10. Frequently Asked Questions

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What Is Uniswap?

Uniswap is a decentralized exchange (DEX) that supports automated trending for crypto tokens. It doesn’t have a centralized order book, and it relies on an intelligent algorithm to set prices on hundreds of ERC-20 token pairs available on the platform.

目錄什麼是Uniswap？為什麼Uniswap 對投資者很重要？什麼是Uniswap 代幣（UNI）？Uniswap 費用和收入？Uniswap 收入與競爭對手誰從Uniswap 費用中受益？Uniswap 代幣和融資Uniswap 流動性池收入投資者外送常見問題 什麼是Uniswap？ Uniswap 是一個去中心化交易所 (DEX)，支援加密代幣的自動趨勢。它沒有集中的訂單簿，而是依靠智慧演算法來為平台上可用的數百個 ERC-20 代幣對設定價格。

In 2024, it remains the most prominent DEX, handling the lion’s share of trading volumes in that market. This volume brings significant benefits to its users. For example, with such a significant Total Value Locked (TVL), liquidity is rarely a concern for Uniswap users.

到 2024 年，它仍然是最著名的 DEX，處理該市場的最大份額的交易量。該卷為其用戶帶來了顯著的好處。例如，由於鎖定的總價值（TVL）如此之大，流動性很少成為 Uniswap 用戶關心的問題。

For comparison, here is a quick look at the recent TVL for major DEXs (i.e., the total value of crypto locked in their platforms):

為了進行比較，以下是主要 DEX 最近的 TVL（即鎖定在其平台中的加密貨幣的總價值）：

Because Uniswap was the first of its kind, it enjoys a first-mover advantage today. Users also appreciate the simple interface, which makes Uniswap easy to use.

由於 Uniswap 是同類產品中的第一個，因此它今天享有先發優勢。使用者也喜歡簡單的介面，這使得 Uniswap 易於使用。

Add in Uniswap's security and the platform’s focus on privacy—it doesn’t ask for personal information on sign-up—and you can see the reasons for its enduring popularity.

再加上 Uniswap 的安全性和該平台對隱私的關注（它在註冊時不要求提供個人資訊），您就可以看到它持久受歡迎的原因。

Why Is Uniswap Important for Investors?

Uniswap is the most successful DEX based on the Automated Market Maker (AMM) model.

為什麼 Uniswap 對投資者很重要？Uniswap 是基於自動做市商（AMM）模型的最成功的 DEX。

Moreover, maintaining high revenues and stability proves that a crypto exchange can work without a centralized order book or market maker.

此外，維持高收入和穩定性證明加密貨幣交易所可以在沒有集中訂單簿或做市商的情況下運作。

While 2022 was a challenging year for everyone in the crypto market, developments in 2023 have shown that there is still room for hope and optimism. And 2024 is already looking quite positive, with UNI exceeding expectations and trading at an all-time high price above $12.

雖然 2022 年對於加密貨幣市場的每個人來說都是充滿挑戰的一年，但 2023 年的發展表明，仍然存在希望和樂觀的空間。 2024 年的前景已經相當樂觀，UNI 超出了預期，交易價格達到 12 美元以上的歷史高點。

As of this writing, trading volumes on Uniswap have increased dramatically, and the DEX continues to earn over $129 million in 30-day average fees. Due to its generous fee structure, LPs earn more on this DEX than on other exchanges.

截至撰寫本文時，Uniswap 的交易量急劇增加，DEX 的 30 天平均費用繼續賺取超過 1.29 億美元。由於其慷慨的費用結構，有限合夥人在該去中心化交易所上的收入比在其他交易所上更高。

Pricing in Decentralized Exchanges

Traditional centralized exchanges (CEXs) like Coinbase and Binance rely on an order book—a list of all the buyers and sellers for a specific security—to set the exchange's prices.

去中心化交易所的定價 Coinbase 和 Binance 等傳統中心化交易所 (CEX) 依靠訂單簿（特定證券的所有買家和賣家的清單）來設定交易所的價格。

Decentralized exchanges (DEXs) like Uniswap use mathematical formulas (AMM) to price assets. This technology removes the need for a middleman to set asset market prices.

Uniswap 等去中心化交易所 (DEX) 使用數學公式 (AMM) 為資產定價。這項技術消除了中間人設定資產市場價格的需求。

Because of this, where CEXs were slow to add new tokens (they had to vet each one carefully), Uniswap can automatically support any Ethereum-compatible token with enough supply and demand.

因此，在 CEX 添加新代幣的速度很慢的情況下（他們必須仔細審查每種代幣），Uniswap 可以自動支援任何具有足夠供應和需求的與以太坊兼容的代幣。

The original version of the Uniswap protocol was launched on the Ethereum mainnet in November 2018. Since then, there have been several incremental upgrades:

Uniswap 協定的原始版本於 2018 年 11 月在以太坊主網上上線。此後，進行了多次增量升級：

• Version 1: Allowed users to trade between ETH and any ERC-20 tokens.
• Version 2: Launched in May 2020, this version added new features and functionality like increased decentralization, flash swaps, and ERC-20 pools, allowing direct exchange between Ethereum-based tokens.
• Version 3: Launched in May 2021, it includes improved security and efficiency, as well as features like concentrated liquidity, range orders, NFTs, and flexible fees.
• Version 4: Currently under development, version 4 is expected to be an incremental upgrade focusing on QoL changes, such as a better UI, built-in wallet, NFT aggregation, and possibly a batched auction system to combat MEVs.
• UniswapX: This is a complementary protocol to version 4, focused on finding the best liquidity sources by creating a market for swap fulfillment.

What Is the Uniswap Token (UNI)?

UNI is the native token of the Uniswap protocol. Its stated purpose is to serve as the protocol's governance token, though our thesis is that investing in UNI is like buying Uniswap “stock.” (Read more on our crypto investing approach.)

版本1：允許用戶在ETH 和任何ERC-20 代幣之間進行交易。版本2：於2020 年5 月推出，該版本添加了新的特性和功能，例如增強去中心化、閃電交換和ERC- 20 池，允許以太坊之間直接交換 -版本3：於2021 年5 月推出，包括改進的安全性和效率，以及集中流動性、區間訂單、NFT 和靈活費用等功能。版本4：目前正在開發中，版本4 預計將是增量升級重點關注QoL 變化，例如更好的UI、內置錢包、NFT 聚合，以及可能的批量拍賣系統來對抗MEV。UniswapX：這是版本4 的補充協議，專注於通過創建交換履行市場。什麼是 Uniswap 代幣 (UNI)？UNI 是 Uniswap 協定的原生代幣。它的既定目的是作為協議的治理代幣，儘管我們的論點是投資 UNI 就像購買 Uniswap「股票」。 （閱讀有關我們的加密貨幣投資方法的更多資訊。）

UNI was launched without an ICO or token sale in September 2020. Instead, community members, protocol users, and liquidity providers received free airdrops of up to 400 UNI (worth approximately $1500 at the time and $4500 now). Synthetix founder Kain Warwick called the airdrop a “galaxy brain move” since it rewarded early users for their loyalty.

UNI 於2020 年9 月在沒有ICO 或代幣銷售的情況下推出。相反，社區成員、協議用戶和流動性提供者收到了最多400 UNI 的免費空投（當時價值約1500 美元，現在價值4500 美元） 。 Synthetix 創始人 Kain Warwick 稱這次空投是“銀河大腦的舉動”，因為它獎勵了早期用戶的忠誠度。

Uniswap Fees and Revenues

As a DEX, Uniswap’s revenue/fee structure is better for users than centralized exchanges like Coinbase or Binance.

Uniswap 費用和收入作為 DEX，Uniswap 的收入/費用結構比 Coinbase 或 Binance 等中心化交易所更適合用戶。

Uniswap version 2 had a flat fee of 0.3% on all swaps and added the option for a “fee switch.” This option would allow the protocol (i.e., the Uniswap company itself) to take a percentage of the fees collected from trades if switched on. (Like retained earnings, this could theoretically be paid out to UNI tokenholders.)

Uniswap 版本 2 對所有掉期收取 0.3% 的固定費用，並添加了「費用轉換」選項。如果啟用，此選項將允許協議（即 Uniswap 公司本身）收取一定比例的交易費用。 （與留存收益一樣，理論上這可以支付給 UNI 代幣持有者。）

When Uniswap launched version 3, they kept the fee switch option in place. The main change was the addition of different fee tiers, ranging from 0.01% to 1%.

當 Uniswap 推出版本 3 時，他們保留了費用切換選項。主要變化是增加了不同的費用等級，範圍從 0.01% 到 1%。

In general, the swap fees charged depend on the relative stability of the trading pairs. For most pairs, the standard fee of 0.30% will apply. The fee is lowered to 0.05% for stable pairs, with the most stable pairs charging a 0.01% fee. If you swap high-risk or “exotic” pairs, expect a maximum fee of 1%.

一般來說，收取的掉期費用取決於交易對的相對穩定性。對於大多數配對，將適用 0.30% 的標準費用。對於穩定的貨幣對，費用降低至 0.05%，最穩定的貨幣對收取 0.01% 的費用。如果您交換高風險或「奇異」貨幣對，預計最高費用為 1%。

The decision to turn on the fee switch can only be taken through an open vote among the protocol governance forums (i.e., UNI token holders must approve it). In June 2023, a proposal to enable protocol fees on all swaps and trades was narrowly defeated by 45.32% “No” votes against 42.34% “Yes” votes.

開啟費用開關的決定只能透過協議治理論壇之間的公開投票來做出（即 UNI 代幣持有者必須批准）。 2023 年 6 月，一項對所有掉期和交易啟用協議費的提案以 45.32% 的「反對」票對 42.34% 的「贊成」票以微弱優勢被否決。

In February 2024, another attempt was made to turn on the fee switch and distribute rewards among UNI holders. Although initial trends seemed highly positive, the proposal suffered a temporary setback, defeating in a snapshot vote on March 8.

2024年2月，再次嘗試開啟費用開關，在UNI持有者之間分配獎勵。儘管最初的趨勢似乎非常積極，但該提案暫時遭遇挫折，在 3 月 8 日的快速投票中失敗。

The multiple rejections indicate that the Uniswap community does not favor drastic protocol changes. Due to this cautious approach, all the revenues generated to date have been paid to liquidity providers.

多次拒絕表明 Uniswap 社群不贊成大幅改變協議。由於這種謹慎的態度，迄今為止產生的所有收入均已支付給流動性提供者。

This means that the Uniswap “company” is not retaining any “revenue.” However, this could easily change shortly – the proposal is currently undergoing amendments and could be put to a final on-chain vote in mid-April 2024.

這意味著 Uniswap “公司”不會保留任何“收入”。然而，這種情況很快就會改變——該提案目前正在進行修訂，可能會在 2024 年 4 月中旬進行最終的鏈上投票。

Unlike the protocol fee switch, Uniswap Labs charges a fee on certain token swaps. First invoked in October 2023, the fee is a flat 0.15% interface fee levied on swaps involving any two of the following tokens: ETH, WETH, WBTC, DAI, USDC, EURO, USDT, GUSD, LUSD, XSGD, and agEUR.

與協議費用交換不同，Uniswap Labs 對某些代幣交換收取費用。該費用於2023 年10 月首次啟用，是對涉及以下任何兩種代幣的掉期徵收的固定0.15% 接口費：ETH、WETH、WBTC、DAI、USDC、EURO、USDT、GUSD、LUSD、XSGD 和agEUR。

TLDR: While a successful “fee switch” would provide dividend-like rewards for UNI token holders, they would come at the expense of LPs who power the Uniswap engine, so there’s both risk and reward.

TLDR：雖然成功的「費用轉換」將為 UNI 代幣持有者提供類似於股息的獎勵，但它們將以犧牲為 Uniswap 引擎提供動力的 LP 為代價，因此風險和回報並存。

The History of Uniswap Fees

Uniswap started to take off after the launch of version 2 in 2020, which allowed users to trade any ERC-20 token pairs. (Before that, version 1 only allowed users to trade ERC-20 tokens against ETH.)

Uniswap 費用的歷史Uniswap 在 2020 年推出版本 2 後開始起飛，該版本允許用戶交易任何 ERC-20 代幣對。 （在此之前，版本 1 僅允許用戶將 ERC-20 代幣與 ETH 進行交易。）

Monthly revenues for liquidity providers climbed from $4.8 million in July 2020 to $35 million by December that year. However, the real spike in Uniswap revenues occurred in 2021, as version 3 upgrades added further efficiency and features.

流動性提供者的月收入從 2020 年 7 月的 480 萬美元攀升至同年 12 月的 3,500 萬美元。然而，隨著版本 3 的升級進一步提高了效率和功能，Uniswap 收入的真正高峰出現在 2021 年。

The protocol gained widespread acceptance, and monthly revenues quickly exceeded $100 million by March 2021. Uniswap hit a new peak in May, with revenues awarded to liquidity providers reaching an all-time high of $285 million.

該協議獲得了廣泛接受，到 2021 年 3 月，月收入迅速突破 1 億美元。Uniswap 在 5 月創下新高，授予流動性提供者的收入達到歷史新高，達到 2.85 億美元。

Uniswap fees declined briefly in Q3 2021 before regaining steam in Q4, rallying to $180 million in November. In 2022, Uniswap broke several records in fees collected.

Uniswap 費用在 2021 年第三季短暫下降，然後在第四季恢復成長，11 月回升至 1.8 億美元。 2022 年，Uniswap 打破了多項收費記錄。

In June 2022, the average daily fee earned on the protocols reached $4.87 million, surpassing Ethereum at $4.8 million. By August 2022, Uniswap's 7-day average fees were nearly double that of Ethereum ($8.7 million vs $4.07 million).

2022 年 6 月，該協議的平均每日收入達到 487 萬美元，超過以太坊的 480 萬美元。到 2022 年 8 月，Uniswap 的 7 天平均費用幾乎是以太坊的兩倍（870 萬美元 vs 407 萬美元）。

However, the meltdown in the broader crypto market in Q3 and Q4 2022 wiped out most of these gains. It took the crypto market several quarters to reverse the decline.

然而，2022 年第三季和第四季更廣泛的加密貨幣市場的崩潰抹去了大部分收益。加密貨幣市場花了幾個季度才扭轉頹勢。

After the chaos of 2022, the broader crypto market saw signs of recovery in 2023. For the first time in Q1, 2023, Uniswap overtook Coinbase in quarterly spot trading volumes, with trades worth $155 billion against the latter’s $145 billion.

經過2022 年的混亂之後，更廣泛的加密市場在2023 年出現了復甦的跡象。2023 年第一季度，Uniswap 的季度現貨交易量首次超過Coinbase，交易額為1,550 億美元，而後者的交易額為1,450 億美元。

They maintained the lead in Q2, posting $110 billion in trades over Coinswap’s $90 billion. However, Coinbase narrowly retook the top spot in Q3 and widened the gap after a resurgence in Q4, with trades worth $154 billion.

他們在第二季度保持了領先地位，交易額為 1100 億美元，而 Coinswap 的交易額為 900 億美元。然而，Coinbase 在第三季以微弱優勢奪回榜首，並在第四季度復甦後擴大了差距，交易額達 1,540 億美元。

Although Uniswap’s volumes were significantly lower in Q4 2023, the DEX still had a remarkable year overall. It matched Coinbase in terms of annual trading volumes, with both exchanges effectively tied for 2023 at $465 billion each.

儘管 Uniswap 的交易量在 2023 年第四季顯著下降，但 DEX 整體上仍然表現出色。它的年交易量與 Coinbase 相當，到 2023 年，這兩家交易所的交易量均達到 4,650 億美元。

Annualized revenues earned by liquidity providers on Uniswap in 2023 amount to around $356 million, far ahead of the nearest competitor protocol, Aave ($117 million).

2023 年 Uniswap 上的流動性提供者賺取的年收入約為 3.56 億美元，遠遠領先最接近的競爭對手 Aave（1.17 億美元）。

These trends show the relative resilience of DEX platforms over their CEX counterparts. After the catastrophic collapse of centralized exchanges like FTX, there is renewed interest in the DEX market, and Uniswap is positioned to capitalize on it.

這些趨勢顯示了 DEX 平台相對於 CEX 平台的相對彈性。在 FTX 等中心化交易所災難性崩潰之後，人們對 DEX 市場重新產生了興趣，而 Uniswap 則準備充分利用它。

Uniswap has also benefited from the increased activity on Ethereum in 2023 following its transition to Proof-of-Work.

Uniswap 也受惠於 2023 年以太坊向工作量證明過渡後活動的增加。

Uniswap Revenue vs. Competitors

Several contenders have emerged in the last 3-4 years, providing stiff competition for the DEX throne. Uniswap is no longer the only popular DEX in the market. Let’s take a quick look at some of the DEX competitors:

Uniswap 收入與競爭對手在過去 3-4 年裡出現了幾個競爭者，為 DEX 寶座提供了激烈的競爭。 Uniswap 不再是市場上唯一流行的 DEX。讓我們快速瀏覽一下 DEX 的一些競爭對手：

• SushiSwap and PancakeSwap: Both are clones of Uniswap, built using the latter’s open-source source code. They offer similar features and similar/lower fees as a competitive advantage.
• Compound: Launched in 2017, this specialized DEX creates tokens for assets locked on the platform. The tokens allow users to earn interest while retaining the freedom to transfer and use the assets on other platforms.
• Curve Finance: Another specialized DEX focused exclusively on stablecoins like USDT, USDC, DAI, and TUSD. Users can stake their stablecoins in liquidity pools or swap between coins on the trading platform.
• dYdX: Another DEX, dYdX, launched in 2017, giving additional options to users in the form of derivative trading. It briefly overtook Uniswap as the top DEX regarding trading volume in September 2021.

Let’s compare Uniswap’s revenues against the contenders:

SushiSwap 和 PancakeSwap：兩者都是 Uniswap 的克隆，使用後者的開源程式碼建構。它們提供類似的功能和類似/較低的費用作為競爭​​優勢。Compound：這個專門的 DEX 於 2017 年推出，為平台上鎖定的資產創建代幣。這些代幣允許用戶賺取利息，同時保留在其他平台上轉移和使用資產的自由。Curve Finance： 另一個專門專注於 USDT、USDC、DAI 和 TUSD 等穩定幣的專業 DEX。用戶可以將穩定幣放入流動性池中，或在交易平台上進行幣之間的兌換。dYdX：另一個 DEX，dYdX，於2017年推出，以衍生性商品交易的形式為用戶提供額外的選擇。 2021 年 9 月，它短暫超越 Uniswap，成為交易量最高的 DEX。讓我們將 Uniswap 的收入與競爭對手進行比較：

Before 2022, the rise of clones like PancakeSwap and SushiSwap did eat a chunk out of Uniswap’s business. These clone DEXs accrued $1.5 billion in revenues before the 2022 downturn despite launching after Uniswap.

2022 年之前，PancakeSwap 和 SushiSwap 等克隆公司的崛起確實蠶食了 Uniswap 的大部分業務。儘管這些克隆 DEX 在 Uniswap 之後推出，但在 2022 年經濟低迷之前仍累積了 15 億美元的收入。

However, both projects have faced a decline since the market crash. Sushiswap has only generated $40 million in revenues since Q4 2021. Meanwhile, the latest version of Pacakeswap – V3 – has accrued $12 million in revenues since its September 2023 launch.

然而，自市場崩盤以來，這兩個項目都面臨著下滑。自 2021 年第四季以來，Sushiswap 僅產生了 4,000 萬美元的收入。同時，最新版本的 Pacakeswap（V3）自 2023 年 9 月推出以來已累積產生了 1,200 萬美元的收入。

Since 2021, dYdX has been steadily eating away at the market share of Uniswap since 2021. With the advantage of an order book, derivative trading, and a massive airdrop of the dYdX token, the protocol has rapidly closed in on Uniswap in recent years.

自2021年以來，dYdX一直在穩步蠶食Uniswap的市場份額。憑藉訂單簿、衍生性商品交易以及dYdX代幣大規模空投的優勢，該協議近年來迅速逼近Uniswap。

However, in terms of crypto fees generated from trades, none of these DEX contenders comes close to Uniswap's numbers. Since the end of Q1 2023, the platform generated $656 million in fees.

然而，就交易產生的加密貨幣費用而言，這些 DEX 競爭者都無法接近 Uniswap 的數字。自 2023 年第一季末以來，該平台產生了 6.56 億美元的費用。

The nearest is dYdX, with nearly $70 million in 365 days, followed by Pancakeswap at $49 million. Trader Joe is just behind in fourth at $47.6 million, followed by Sushiswap a distant fifth at $29 million, just a fraction of the revenues generated by Uniswap for its liquidity providers.

最接近的是 dYdX，365 天內收入近 7,000 萬美元，其次是 Pancakeswap，為 4,900 萬美元。 Trader Joe 以 4760 萬美元排名第四，緊隨其後的是 Sushiswap，以 2900 萬美元排名第五，這只是 Uniswap 為其流動性提供者創造的收入的一小部分。

Who Benefits from Uniswap Fees?

As we mentioned, 100% of the revenues generated from trading fees on Uniswap are deposited directly into liquidity providers' pools.

誰從 Uniswap 費用中受益？正如我們所提到的，Uniswap 交易費用產生的收入 100% 直接存入流動性提供者的資金池。

Neither the team behind the protocol nor the holders of the UNI governance token earn anything from the revenue generated on Uniswap.

協議背後的團隊和 UNI 治理代幣的持有者都沒有從 Uniswap 產生的收入中獲得任何收益。

The Uniswap Fee “Switch”

In 2023, GFXLabs, one of the contributors to the Uniswap project, advanced a proposal to turn on the fee switch and move a portion of the revenues to protocol treasury.

Uniswap 費用「開關」 2023 年，Uniswap 專案貢獻者之一的 GFXLabs 提出了一項打開費用開關並將部分收入轉移到協議金庫的提案。

The proposal would have implemented a protocol fee of 20% of the collected fees from version 3 and turned on the fee switch on version 2. Based on projections released by GFXLabs, the proposed 1/5th fee would have generated over $52 million in revenue for the protocol across six months (based on the average fees generated in May 2023).

該提案將實施從版本 3 收取的費用的 20% 的協議費用，並在版本 2 上打開費用開關。根據 GFXLabs 發布的預測，擬議的 1/5 費用將為該項目帶來超過 5200 萬美元的收入該協議為期六個月（基於2023 年5 月產生的平均費用）。

In theory, part or all of this revenue could be shared with UNI holders—like a stock dividend. Of course, any such move would also directly impact liquidity providers' revenue generation, who could leave for competing exchanges.

理論上，部分或全部收入可以與 UNI 持有者分享——就像股票股息一樣。當然，任何此類舉措也會直接影響流動性提供者的收入產生，他們可能會離開競爭交易所。

For many UNI investors, that risk would outweigh the reward. This was reflected in the July vote on the proposal, which was narrowly defeated. 45.32% of the votes went to the “no fee” camp.

對於許多 UNI 投資者來說，這種風險大於回報。這反映在 7 月對該提案的投票中，該提案以微弱優勢被否決。 45.32%的選票投向了「免費」陣營。

The remaining 54.68% of the vote was split between people in favor of the one-fifth fee (42.34%) and people in favor of a lower one-tenth fee (12.3%). A minority (0.04%) voted to charge one-sixth of the fees.

剩下的 54.68% 的選票分為支持五分之一費用的人 (42.34%) 和支持降低十分之一費用的人 (12.3%)。少數人（0.04%）投票決定收取六分之一的費用。

On February 23, 2024, a second identical governance proposal with a 20% fee was submitted. Over the coming weeks, the value of UNI doubled as initial surveys or “temperature checks” indicated that the proposal would be approved.

2024 年 2 月 23 日，提交了第二份相同的治理提案，費用為 20%。在接下來的幾周里，隨著初步調查或「溫度檢查」表明該提案將獲得批准，UNI 的價值增加了一倍。

However, on March 8, UNI holders rejected the amendment in a snapshot poll, with 59.89% (30 million UNI) voting to “Reject” and 40.11%  (20 million UNI) voting to “Accept”.

然而，3 月 8 日，UNI 持有者在快照投票中拒絕了該修正案，59.89%（3000 萬 UNI）投票給“拒絕”，40.11%（2000 萬 UNI）投票給“接受”。

The actual on-chain vote on the proposal will happen sometime in mid-April 2024. Following the defeat in the snapshot, the proposal is undergoing multiple audits to reverse UNI token holder sentiment and garner more support before being put to an on-chain vote.

該提案的實際鏈上投票將於2024 年4 月中旬的某個時間進行。在快照中失敗後，該提案正在接受多次審核，以扭轉UNI 代幣持有者的情緒並在進行鏈上投票之前獲得更多支持。

The outcomes of multiple snapshots and on-chain votes by the UNI community indicate considerable support for a fee switch. However, the DAO is very cautious, and the proposals may have to lower the fee structure to succeed.

UNI 社群的多次快照和鏈上投票結果表明，對於費用轉換的支援相當大。然而，DAO 非常謹慎，這些提案可能必須降低費用結構才能成功。

Uniswap Tokens and Fundraising

Uniswap 代幣與籌款

Uniswap Labs, founded by Hayden Adams, manages the protocol. The company recently conducted two funding rounds, raising over $176 million.

Uniswap Labs 由 Hayden Adams 創立，負責管理該協議。該公司最近進行了兩輪融資，籌集了超過 1.76 億美元。

• Andreessen Horowitz (a16z crypto) led the Series A round in August 2020, which raised $11 million. Eight investors participated, including Union Square Ventures, A. Capital Ventures, SVA, and Variant Alternative Income Fund.
• The Series B round ran in October 2022. Conducted during the crypto winter, it was a remarkable success, bringing in $165 million.

Since the company currently does not take any trading fees, the primary source of value/revenue for the project is its native token, UNI. Although most tokens were airdropped to community members, liquidity providers, and protocol users on launch, 20% of the UNI supply has been kept in reserve.

Andreessen Horowitz (a16z crypto) 於 2020 年 8 月領投了 A 輪融資，籌集了 1,100 萬美元。八位投資者參與其中，包括Union Square Ventures、A. Capital Ventures、SVA 和Variant Alternative Income Fund。B 輪融資於2022 年10 月進行。在加密貨幣寒冬期間進行，取得了巨大成功，籌集了1.65 億美元。公司目前不收取任何交易費用，該項目的主要價值/收入來源是其原生代幣 UNI。儘管大多數代幣在發佈時都被空投給社群成員、流動性提供者和協議用戶，但 UNI 供應量的 20% 已被保留。

The total supply of UNI is 1 billion. At the time of writing, UNI had a price of $12.85, putting the value of the 21.27% reserve at $2.73 billion, which is set aside for the team behind the Uniswap project. Depending on UNI’s market price, they can sell these holdings for cash to run the business — but of course, that will only last so long.

UNI的總供應量為10億。截至撰寫本文時，UNI 的價格為 12.85 美元，這意味著 21.27% 儲備金的價值為 27.3 億美元，這是為 Uniswap 專案背後的團隊預留的。根據 UNI 的市場價格，他們可以出售這些資產以換取現金來經營業務——但當然，這種情況只能持續這麼長時間。

If the protocol fee switch activation is passed in a future vote, the revenues for the protocol and team behind Uniswap could increase by up to $50 million/year. In the past, such proposals have sought to spend these additional revenues to fund new projects and education programs.

如果協議費用轉換啟動在未來的投票中獲得通過，Uniswap 背後的協議和團隊的收入每年可能會增加高達 5000 萬美元。過去，此類提案試圖將這些額外收入用於資助新項目和教育計劃。

Uniswap Liquidity Pool Revenues

Anybody with available crypto assets can become a liquidity provider or LP. A decentralized exchange cannot function without LPs, making the trades possible. Thus, Uniswap wants to encourage as many people as possible to become LPs.

Uniswap 流動性池收入任何擁有可用加密資產的人都可以成為流動性提供者或 LP。如果沒有有限合夥人，去中心化交易所就無法運作，從而使交易成為可能。因此，Uniswap 希望鼓勵盡可能多的人成為 LP。

In an AMM exchange, the counterparty is not one person but a pool of funds supplied by many different users. The smart contract sets the price and executes the trade.

在 AMM 交易所中，交易對手不是一個人，而是由許多不同用戶提供的資金池。智能合約設定價格並執行交易。

This is where LPs enter the equation: the cryptos they lock into Uniswap provide liquidity to the smart contract. Instead of a buyer and seller, you have a buyer and a liquidity pool, which is made up of people.

這就是 LP 發揮作用的地方：他們鎖定在 Uniswap 中的加密貨幣為智能合約提供流動性。你擁有的不是買家和賣家，而是買家和由人組成的流動性池。

In Uniswap, these pools are usually based on token pairs like ETH/BTC or SOL/DAI. To participate in a liquidity pool, you deposit equal amounts of the two tokens in a 50:50 ratio (for example, 50% ETH/50% BTC).

在 Uniswap 中，這些池通常基於 ETH/BTC 或 SOL/DAI 等代幣對。要參與流動性池，您需要以 50:50 的比例存入兩種等量的代幣（例如，50% ETH/50% BTC）。

Since liquidity providers are integral to an AMM, the company handsomely rewards them. Between January 2024 and March 2024, Uniswap earned $250 million in fees, all of which were paid to the LPs.

由於流動性提供者是 AMM 不可或缺的一部分，因此公司對他們給予豐厚的獎勵。 2024 年 1 月至 2024 年 3 月期間，Uniswap 賺取了 2.5 億美元的費用，所有這些費用都支付給了 LP。

It can pay to play in the pool. One reason why turning on the fee switch is problematic is that LPs may simply go to competitor DEXs to make more money.

在泳池裡玩是可以付費的。打開費用開關會出現問題的原因之一是，有限合夥人可能只是去競爭對手的去中心化交易所賺取更多的錢。

Investor Takeaway

Uniswap faces an uncertain but hopeful future. Though it has a vast user base, it is losing market share to competing DEXs that still need the AMM model. Many LPs face an uphill battle to retain profits in AMMs due to “impermanent loss.”

投資者TakeawayUniswap 面臨不確定但充滿希望的未來。儘管它擁有龐大的用戶群，但它的市場份額正在被仍需要 AMM 模型的競爭 DEX 奪走。由於“無常損失”，許多有限合夥人面臨著一場艱苦的戰鬥，以保留自動做市商的利潤。

With the rise of knockoffs and non-AMM alternatives, Uniswap has its work cut out: It must continue to innovate, add new features, and improve its user experience in all areas where it has traditionally performed well.

隨著仿冒品和非 AMM 替代品的興起，Uniswap 面臨著艱鉅的任務：它必須繼續創新，添加新功能，並在傳統上表現良好的所有領域改善用戶體驗。

Still, Uniswap has a history of innovation and delivering significant protocol upgrades. (Uniswap ships.) It is also far more accessible for the average user to understand and use than tech-heavy sites like dYdX.

儘管如此，Uniswap 仍擁有創新和提供重大協議升級的歷史。 （Uniswap 發貨。）對於普通用戶來說，它比 dYdX 等技術含量高的網站更容易理解和使用。

And of course, the outcome of the fee switch proposal could have a big impact on the course of the company: while it would provide dividend-like rewards for UNI token holders, those would come at the expense of LPs who power the Uniswap engine.

當然，費用轉換提案的結果可能會對公司的發展產生重大影響：雖然它將為 UNI 代幣持有者提供類似於股息的獎勵，但這些獎勵將以犧牲為 Uniswap 引擎提供動力的 LP 為代價。

Of course, much will also depend on the crypto market's future trajectory. Uniswap remains our top pick for the long-term DEX winner, so we continue to hold UNI in our Future Winners Portfolio.

當然，這在很大程度上也取決於加密貨幣市場的未來軌跡。 Uniswap 仍然是我們長期 DEX 獲勝者的首選，因此我們繼續在未來獲勝者投資組合中持有 UNI。

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