UNISWAP V4：Defi Renaissance即將到來

儘管擁有一個750億美元的生態系統，但以太坊還是笨拙，充滿了隱藏的危險，並且缺少許多功能性交易者期望

Uniswap, Ethereum’s biggest decentralized exchange, launched its fourth version on Friday — introducing new features with the potential to vastly improve the DeFi experience for users.

以太坊最大的分散交易所Uniswap在周五推出了其第四版 - 引入了新功能，有可能大大改善用戶的偏差體驗。

“The DeFi renaissance is coming, and Uni V4 is going to be at the heart of it,” Ari Rodriguez, chief technology officer at DeFi protocol Arrakis, which builds on top of Uniswap V4 told DL News, echoing the sentiment among other developers.

Defi Rodent Arrakis的首席技術官Ari Rodriguez Ari Rodriguez Arrakis的首席技術官Ari Rodriguez在UNISWAP V4之上告訴DL News，回應了其他開發人員的情感。

“The new version can be thought of as a foundational layer and projects will build all kinds of new protocols on top of this,” Rodriguez said. “We’ve barely scratched the surface of what’s possible.”

羅德里格斯說：“新版本可以被認為是基礎層，並且項目將在此基礎上構建各種新協議。” “我們幾乎沒有刮過可能的表面。”

But nothing is guaranteed, and adopting the new features made possible by V4 takes time.

但是，沒有任何保證，採用V4使其成為可能的新功能需要時間。

Rival blockchain Solana is biting at Ethereum’s heels. At the same time, the Ethereum community is embroiled in infighting over a perceived lack of leadership at the blockchain’s nonprofit foundation.

競爭對手的區塊鏈Solana在以太坊的高跟鞋上咬人。同時，以太坊社區因在區塊鏈非營利基金會缺乏領導能力而捲入內鬥。

A DeFi renaissance

一次性文藝復興時期

In 2020, activity on Ethereum exploded as developers began to fully explore the possibilities of the blockchain.

2020年，隨著開發人員開始充分探索區塊鏈的可能性，對以太坊的活動爆炸。

During this period, known as “DeFi summer,” dozens of new, innovative protocols hit unprecedented valuations, enriching those who had noticed the trend early.

在此期間，被稱為“ Defi Summer”，數十種新的創新協議達到了前所未有的估值，豐富了那些早期注意到這一趨勢的人。

Many of Ethereum’s faithful, nostalgic for this heady time, are hoping that new products like Uniswap V4 can kick start another wave of innovation.

以太坊的許多忠實，懷舊的時刻，都希望像Uniswap V4這樣的新產品能夠啟動另一波創新浪潮。

Uniswap V4’s most-anticipated feature is Hooks — extra snippets of code that let developers build features such as limit orders, time-weighted token purchases, and dynamic fee systems that react to market volatility, directly on the Uniswap protocol.

UNISWAP V4最受期待的功能是掛鉤 - 額外的代碼段，使開發人員構建了限制訂單，時間加權的代幣購買以及直接在Uniswap協議上對市場波動的動態費用系統等動態費用系統。

Hooks open up more yield strategies and new user experience features, such as automatic limit orders and interactions with lending markets, BP, the pseudonymous founder of liquidity management protocol Gamma, told DL News.

掛鉤開闢了更多的收益策略和新的用戶體驗功能，例如自動限制訂單和與貸款市場的互動，BP是流動性管理協議Gamma的化名創始人BP告訴DL News。

Rodriguez said Arrakis will use Hooks to help token issuers manage their Protocol Owned Liquidity.

羅德里格斯（Rodriguez）說，阿拉基斯（Arrakis）將使用鉤子來幫助代幣發行人管理其協議擁有的流動性。

Protocol Owned Liquidity is where a project uses its treasury or reserves to provide liquidity on decentralized exchanges like Uniswap.

協議擁有的流動性是一個項目使用其財政部或儲備金在諸如UNISWAP之類的分散交易所提供流動性的地方。

But there are trade-offs. Hooks make providing liquidity on Uniswap V4 “an order of magnitude” more complex than on its predecessor, Uniswap V3, Rodriguez said.

但是有權衡。 Rodriguez說，掛鉤使Unistewap V3上的UNISWAP V4上的流動性更為複雜。

“DeFi is getting more sophisticated,” BP said. “It will bring in a lot more creativity and differentiation to the ecosystem.”

BP說：“ Defi變得越來越複雜。” “它將為生態系統帶來更多的創造力和差異化。”

Other new Uniswap V4 features include combining all the code that manages liquidity into a single smart contract. This so-called singleton design reduces the computations needed when users swap tokens on Uniswap, cutting the fees they need to pay.

其他新的UNISWAP V4功能包括將管理流動性的所有代碼組合到單個智能合約中。這種所謂的單例設計減少了用戶在uniswap上交換令牌時所需的計算，從而削減了所需的費用。

BP said the singleton contract means Gamma can deploy new yield and liquidity strategies that had previously been too costly for users.

BP表示，Singleton合同意味著Gamma可以部署以前對用戶太昂貴的新收益率和流動性策略。

If these innovations capture the market’s attention, the potential growth could be huge. At the start of the 2020 DeFi summer, Ethereum DeFi protocols held around $600 million. By the end of the year, that number had swelled to $17 billion.

如果這些創新吸引了市場的注意力，那麼潛在的增長可能會很大。在2020年夏季開始時，以太坊Defi協議持有約6億美元。到今年年底，這個數字已經膨脹到170億美元。

Solving problems

解決問題

Aside from improving existing apps, Uniswap V4 also makes new protocols possible.

除了改進現有應用程序外，UNISWAP V4還使新協議成為可能。

One of Uniswap’s most persistent problems is that trading bots syphon money from liquidity providers via something called LVR — or loss-versus-rebalancing.

UNISWAP最持久的問題之一是，通過稱為LVR或與損失相關的東西，從流動性提供商那裡向機器人交易機器人。

LVR refers to the losses LPs incur due to arbitrage bots taking advantage of stale prices in liquidity pools. By rebalancing pools, bots earn a small profit and make prices more competitive for traders — but at the expense of liquidity providers.

LVR是指利用流動性庫中陳舊價格的套利機器人而產生的損失。通過重新平衡池，機器人賺取了少量利潤，並使價格更具競爭者的競爭力，但以流動性提供者為代價。

Angstrom, a project building on top of Uniswap V4, says it can stop bots from impacting LPs using Hooks.

Angstrom是在Uniswap V4之上的項目建築物，他說，它可以阻止機器人使用掛鉤影響LPS。

Angstrom isn’t the only project working on eliminating LVR. Rival exchange CoW Swap is also tackling the problem through its automated market maker.

Angstrom並不是唯一一個從事消除LVR的項目。競爭對手交換牛交換也通過其自動做市商解決了問題。

Another project called LIKWID is using Uniswap V4 to create a margin trading protocol that doesn’t rely on price oracles — services that provide offchain price information to onchain smart contracts.

另一個名為LIKWID的項目是使用Uniswap V4來創建不依賴價格Oracles的保證金交易協議 - 為OnChain Smart Contracts提供外觀價格信息的服務。

Some of DeFi’s biggest exploits in recent years have been caused by hackers finding ways to manipulate price oracles, letting them steal millions of dollars from DeFi protocols.

近年來，Defi最大的利用是由黑客找到操縱價格甲骨文的方法引起的，讓他們從Defi協議中竊取了數百萬美元。

Whether these improvements will be enough to change Ethereum’s fortunes isn’t clear.

這些改進是否足以改變以太坊的命運。

The high-profile crypto collapses of 2022 plunged Ethereum DeFi into a years-long ice age. Although Bitcoin and other crypto assets roared to all-time highs over the past year, Ethereum and its DeFi ecosystem have fallen short.

2022年的備受矚目的加密貨幣崩潰了，將以太坊的defi跌入了一個長達數年的冰河時代。儘管在過去的一年中，比特幣和其他加密資產一直持續到歷史最高點，但以太坊及其defi生態系統卻缺乏。

Ether’s price continues to lose ground against rivals like Solana and XRP.

Ether的價格繼續對Solana和XRP等競爭對手失去立場。

The launch of Uniswap V4 barely moved the price of the protocol’s own UNI governance token.

UNISWAP V4的推出幾乎沒有提高協議自己的UNI治理令牌的價格。

Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com.

蒂姆·克雷格（Tim Craig）是DL News的總部位於愛丁堡的Defi通訊員。通過tim@dlnews.com伸出援手。