Uniswap：DeFi 领域的复兴领导者

Uniswap 是领先的去中心化交易所，拥有强大的用户基础、高交易量和充足的流动性，通过不断创新的新功能和升级，成为 DEX 领域的强大竞争对手。它的原生代币 UNI 对于那些展望去中心化金融、承认所涉及的竞争和潜在风险的人来说是一个引人注目的投资机会。 Uniswap 拥有最大的 DEX 市场份额、较低的交易费用和不断扩大的用户群，引领着 DeFi 革命。然而，强大的竞争对手试图夺取其王位，引发了有关 UNI 未来以及 Uniswap 可能被推翻的相关问题。

Key Takeaways

要点

• 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 是领先的 DEX，拥有坚实的用户基础、高交易量和出色的流动性。Uniswap 不断创新和改进其协议，提供新功能和升级，使其成为 DEX 领域的强大竞争对手。Uniswap 代币（UNI）是对于那些对去中心化金融的未来感兴趣的人来说，这是一项有前途的投资，只要他们意识到竞争和所涉及的风险。凭借 DEX 市场最大的份额、低廉的交易费用和不断增长的用户群，Uniswap 是无可争议的领导者DeFi 革命。

But plenty of competitors want to claim the throne.

但许多竞争对手都想夺取王座。

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

这自然会引发一些问题：Uniswap 的 UNI 仍然是一项不错的投资吗？谁能把它赶下台？这可能吗？

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

请继续阅读以了解这些问题的答案以及更多信息。

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

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.

目录什么是 Uniswap？为什么 Uniswap 对投资者很重要？什么是 Uniswap 代币（UNI）？Uniswap 费用和收入？Uniswap 收入与竞争对手谁从 Uniswap 费用中受益？Uniswap 代币和融资Uniswap 流动性池收入投资者外卖常见问题什么是 Uniswap？ Uniswap 是一个去中心化交易所 (DEX)，支持加密代币的自动趋势。它没有集中的订单簿，而是依靠智能算法来为平台上可用的数百个 ERC-20 代币对设定价格。

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，处理该市场的最大份额的交易量。该卷为其用户带来了显着的好处。例如，由于锁定的总价值（TVL）如此之大，流动性很少成为 Uniswap 用户关心的问题。

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):

为了进行比较，以下是主要 DEX 最近的 TVL（即锁定在其平台中的加密货币的总价值）：

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.

由于 Uniswap 是同类产品中的第一个，因此它今天享有先发优势。用户还喜欢简单的界面，这使得 Uniswap 易于使用。

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 的安全性和该平台对隐私的关注（它在注册时不要求提供个人信息），您就可以看到它持久受欢迎的原因。

Why Is Uniswap Important for Investors?

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

为什么 Uniswap 对投资者很重要？Uniswap 是基于自动做市商（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，保持高收入和稳定性证明加密货币交易所可以在没有集中订单簿或做市商的情况下运作。

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.

虽然 2022 年对于加密货币市场的每个人来说都是充满挑战的一年，但 2023 年的发展表明，仍然存在希望和乐观的空间。 2024 年的前景已经相当乐观，UNI 超出了预期，交易价格达到 12 美元以上的历史高位。

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.

截至撰写本文时，Uniswap 的交易量急剧增加，DEX 的 30 天平均费用继续赚取超过 1.29 亿美元。由于其慷慨的费用结构，有限合伙人在该去中心化交易所上的收入比在其他交易所上要高。

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价 Coinbase 和 Binance 等传统中心化交易所 (CEX) 依靠订单簿（特定证券的所有买家和卖家的列表）来设定交易所的价格。

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) 使用数学公式 (AMM) 为资产定价。这项技术消除了中间人设定资产市场价格的需要。

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 添加新代币的速度很慢的情况下（他们必须仔细审查每一种代币），Uniswap 可以自动支持任何具有足够供给和需求的与以太坊兼容的代币。

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 协议的原始版本于 2018 年 11 月在以太坊主网上上线。此后，进行了多次增量升级：

• 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：允许用户在 ETH 和任何 ERC-20 代币之间进行交易。版本 2：于 2020 年 5 月推出，该版本添加了新的特性和功能，例如增强去中心化、闪电交换和 ERC-20 池，允许以太坊之间直接交换 -版本 3：于 2021 年 5 月推出，包括改进的安全性和效率，以及集中流动性、区间订单、NFT 和灵活费用等功能。版本 4：目前正在开发中，版本 4 预计将是增量升级重点关注 QoL 变化，例如更好的 UI、内置钱包、NFT 聚合，以及可能的批量拍卖系统来对抗 MEV。UniswapX：这是版本 4 的补充协议，专注于通过创建交换履行市场。什么是 Uniswap 代币 (UNI)？UNI 是 Uniswap 协议的原生代币。它的既定目的是作为协议的治理代币，尽管我们的论点是投资 UNI 就像购买 Uniswap“股票”。 （阅读有关我们的加密货币投资方法的更多信息。）

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 于 2020 年 9 月在没有 ICO 或代币销售的情况下推出。相反，社区成员、协议用户和流动性提供者收到了最多 400 UNI 的免费空投（当时价值约 1500 美元，现在价值 4500 美元）。 Synthetix 创始人 Kain Warwick 称这次空投是“银河大脑的举动”，因为它奖励了早期用户的忠诚度。

Uniswap Fees and Revenues

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

Uniswap 费用和收入作为 DEX，Uniswap 的收入/费用结构比 Coinbase 或 Binance 等中心化交易所更适合用户。

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 对所有掉期均收取 0.3% 的固定费用，并添加了“费用转换”选项。如果启用，此选项将允许协议（即 Uniswap 公司本身）收取一定比例的交易费用。 （与留存收益一样，理论上这可以支付给 UNI 代币持有者。）

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%.

当 Uniswap 推出版本 3 时，他们保留了费用切换选项。主要变化是增加了不同的费用等级，范围从 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%.

一般来说，收取的掉期费用取决于交易对的相对稳定性。对于大多数配对，将适用 0.30% 的标准费用。对于稳定的货币对，费用降低至 0.05%，最稳定的货币对收取 0.01% 的费用。如果您交换高风险或“奇异”货币对，预计最高费用为 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.

开启费用开关的决定只能通过协议治理论坛之间的公开投票来做出（即 UNI 代币持有者必须批准）。 2023 年 6 月，一项对所有掉期和交易启用协议费的提案以 45.32% 的“反对”票对 42.34% 的“赞成”票以微弱优势被否决。

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，再次尝试开启费用开关，在UNI持有者之间分配奖励。尽管最初的趋势似乎非常积极，但该提案暂时遭遇挫折，在 3 月 8 日的快速投票中失败。

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.

多次拒绝表明 Uniswap 社区不赞成大幅改变协议。由于这种谨慎的态度，迄今为止产生的所有收入均已支付给流动性提供者。

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.

这意味着 Uniswap “公司”不会保留任何“收入”。然而，这种情况很快就会改变——该提案目前正在进行修订，可能会在 2024 年 4 月中旬进行最终的链上投票。

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.

与协议费用交换不同，Uniswap Labs 对某些代币交换收取费用。该费用于 2023 年 10 月首次启用，是对涉及以下任意两种代币的掉期征收的固定 0.15% 接口费：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：虽然成功的“费用转换”将为 UNI 代币持有者提供类似于股息的奖励，但它们将以牺牲为 Uniswap 引擎提供动力的 LP 为代价，因此风险和回报并存。

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 费用的历史Uniswap 在 2020 年推出版本 2 后开始腾飞，该版本允许用户交易任何 ERC-20 代币对。 （在此之前，版本 1 仅允许用户将 ERC-20 代币与 ETH 进行交易。）

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.

流动性提供商的月收入从 2020 年 7 月的 480 万美元攀升至同年 12 月的 3500 万美元。然而，随着版本 3 的升级进一步提高了效率和功能，Uniswap 收入的真正峰值出现在 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.

该协议获得了广泛接受，到 2021 年 3 月，月收入迅速突破 1 亿美元。Uniswap 在 5 月份创下新高，授予流动性提供商的收入达到历史新高，达到 2.85 亿美元。

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 费用在 2021 年第三季度短暂下降，然后在第四季度恢复增长，11 月回升至 1.8 亿美元。 2022 年，Uniswap 打破了多项收费记录。

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，该协议的平均每日收入达到 487 万美元，超过以太坊的 480 万美元。到 2022 年 8 月，Uniswap 的 7 天平均费用几乎是以太坊的两倍（870 万美元 vs 407 万美元）。

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 年第三季度和第四季度更广泛的加密货币市场的崩溃抹去了大部分收益。加密货币市场花了几个季度才扭转颓势。

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.

经过 2022 年的混乱之后，更广泛的加密市场在 2023 年出现了复苏的迹象。2023 年第一季度，Uniswap 的季度现货交易量首次超过 Coinbase，交易额为 1,550 亿美元，而后者的交易额为 1,450 亿美元。

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.

他们在第二季度保持了领先地位，交易额为 1100 亿美元，而 Coinswap 的交易额为 900 亿美元。然而，Coinbase 在第三季度以微弱优势夺回榜首，并在第四季度复苏后扩大了差距，交易额达 1540 亿美元。

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.

尽管 Uniswap 的交易量在 2023 年第四季度显着下降，但 DEX 整体上仍然表现出色。它的年交易量与 Coinbase 相当，到 2023 年，这两家交易所的交易量均达到 4,650 亿美元。

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 上的流动性提供者赚取的年收入约为 3.56 亿美元，远远领先于最接近的竞争对手 Aave（1.17 亿美元）。

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.

这些趋势显示了 DEX 平台相对于 CEX 平台的相对弹性。在 FTX 等中心化交易所灾难性崩溃之后，人们对 DEX 市场重新产生了兴趣，而 Uniswap 则准备充分利用它。

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

Uniswap 还受益于 2023 年以太坊向工作量证明过渡后活动的增加。

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 收入与竞争对手在过去 3-4 年里出现了几个竞争者，为 DEX 宝座提供了激烈的竞争。 Uniswap 不再是市场上唯一流行的 DEX。让我们快速浏览一下 DEX 的一些竞争对手：

• 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：两者都是 Uniswap 的克隆，使用后者的开源代码构建。它们提供类似的功能和类似/较低的费用作为竞争优势。Compound：这个专门的 DEX 于 2017 年推出，为平台上锁定的资产创建代币。这些代币允许用户赚取利息，同时保留在其他平台上转移和使用资产的自由。 Curve Finance：另一个专门专注于 USDT、USDC、DAI 和 TUSD 等稳定币的专业 DEX。用户可以将稳定币放入流动性池中，或者在交易平台上进行币之间的兑换。 dYdX：另一个DEX，dYdX，于2017年推出，以衍生品交易的形式为用户提供额外的选择。 2021 年 9 月，它短暂超越 Uniswap，成为交易量最高的 DEX。让我们将 Uniswap 的收入与竞争对手进行比较：

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 等克隆公司的崛起确实蚕食了 Uniswap 的大部分业务。尽管这些克隆 DEX 在 Uniswap 之后推出，但在 2022 年经济低迷之前仍积累了 15 亿美元的收入。

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，自市场崩盘以来，这两个项目都面临着下滑。自 2021 年第四季度以来，Sushiswap 仅产生了 4000 万美元的收入。与此同时，最新版本的 Pacakeswap（V3）自 2023 年 9 月推出以来已累计产生了 1200 万美元的收入。

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.

2021年以来，dYdX一直在稳步蚕食Uniswap的市场份额。凭借订单簿、衍生品交易以及dYdX代币大规模空投的优势，该协议近年来迅速逼近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，就交易产生的加密货币费用而言，这些 DEX 竞争者都无法接近 Uniswap 的数字。自 2023 年第一季度末以来，该平台产生了 6.56 亿美元的费用。

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 天内收入近 7000 万美元，其次是 Pancakeswap，为 4900 万美元。 Trader Joe 以 4760 万美元排名第四，紧随其后的是 Sushiswap，以 2900 万美元排名第五，这只是 Uniswap 为其流动性提供商创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.

谁从 Uniswap 费用中受益？正如我们提到的，Uniswap 交易费用产生的收入 100% 直接存入流动性提供者的资金池。

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

协议背后的团队和 UNI 治理代币的持有者都没有从 Uniswap 产生的收入中获得任何收益。

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 费用“开关” 2023 年，Uniswap 项目贡献者之一的 GFXLabs 提出了一项打开费用开关并将部分收入转移到协议金库的提案。

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).

该提案将实施从版本 3 收取的费用的 20% 的协议费用，并在版本 2 上打开费用开关。根据 GFXLabs 发布的预测，拟议的 1/5 费用将为该项目带来超过 5200 万美元的收入该协议为期六个月（基于 2023 年 5 月产生的平均费用）。

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.

理论上，部分或全部收入可以与 UNI 持有者分享——就像股票股息一样。当然，任何此类举措也会直接影响流动性提供者的收入产生，他们可能会离开竞争交易所。

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.

对于许多 UNI 投资者来说，这种风险大于回报。这反映在 7 月份对该提案的投票中，该提案以微弱优势被否决。 45.32%的选票投向了“免费”阵营。

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% 的选票分为支持五分之一费用的人 (42.34%) 和支持降低十分之一费用的人 (12.3%)。少数人（0.04%）投票决定收取六分之一的费用。

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，费用为 20%。在接下来的几周里，随着初步调查或“温度检查”表明该提案将获得批准，UNI 的价值翻了一番。

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绝了该修正案，59.89%（3000 万 UNI）投票给“拒绝”，40.11%（2000 万 UNI）投票给“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.

该提案的实际链上投票将于 2024 年 4 月中旬的某个时间进行。在快照中失败后，该提案正在接受多次审核，以扭转 UNI 代币持有者的情绪并在进行链上投票之前获得更多支持。

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 社区的多次快照和链上投票结果表明，对于费用转换的支持相当大。然而，DAO 非常谨慎，这些提案可能必须降低费用结构才能成功。

Uniswap Tokens and Fundraising

Uniswap 代币和筹款

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 创立，负责管理该协议。该公司最近进行了两轮融资，筹集了超过 1.76 亿美元。

• 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) 于 2020 年 8 月领投了 A 轮融资，筹集了 1100 万美元。八位投资者参与其中，包括 Union Square Ventures、A. Capital Ventures、SVA 和 Variant Alternative Income Fund。 B 轮融资于 2022 年 10 月进行。在加密货币寒冬期间进行，取得了巨大成功，筹集了 1.65 亿美元。公司目前不收取任何交易费用，该项目的主要价值/收入来源是其原生代币 UNI。尽管大多数代币在发布时都被空投给社区成员、流动性提供者和协议用户，但 UNI 供应量的 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的总供应量为10亿。截至撰写本文时，UNI 的价格为 12.85 美元，这意味着 21.27% 储备金的价值为 27.3 亿美元，这是为 Uniswap 项目背后的团队预留的。根据 UNI 的市场价格，他们可以出售这些资产以换取现金来经营业务——但当然，这种情况只能持续这么长时间。

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.

如果协议费用转换激活在未来的投票中获得通过，Uniswap 背后的协议和团队的收入每年可能会增加高达 5000 万美元。过去，此类提案试图将这些额外收入用于资助新项目和教育计划。

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 流动性池收入任何拥有可用加密资产的人都可以成为流动性提供者或 LP。如果没有有限合伙人，去中心化交易所就无法运作，从而使交易成为可能。因此，Uniswap 希望鼓励尽可能多的人成为 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，交易对手不是一个人，而是由许多不同用户提供的资金池。智能合约设定价格并执行交易。

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.

这就是 LP 发挥作用的地方：他们锁定在 Uniswap 中的加密货币为智能合约提供流动性。你拥有的不是买家和卖家，而是买家和由人组成的流动性池。

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，这些池通常基于 ETH/BTC 或 SOL/DAI 等代币对。要参与流动性池，您需要以 50:50 的比例存入等量的两种代币（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.

由于流动性提供者是 AMM 不可或缺的一部分，因此公司对他们给予丰厚的奖励。 2024 年 1 月至 2024 年 3 月期间，Uniswap 赚取了 2.5 亿美元的费用，所有这些费用都支付给了 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.

在泳池里玩是可以付费的。打开费用开关会出现问题的原因之一是，有限合伙人可能只是去竞争对手的去中心化交易所赚取更多的钱。

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.”

投资者TakeawayUniswap 面临着不确定但充满希望的未来。尽管它拥有庞大的用户群，但它的市场份额正在被仍需要 AMM 模型的竞争 DEX 夺走。由于“无常损失”，许多有限合伙人面临着一场艰苦的战斗，以保留自动做市商的利润。

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.

随着仿冒品和非 AMM 替代品的兴起，Uniswap 面临着艰巨的任务：它必须继续创新，添加新功能，并在传统上表现良好的所有领域改善用户体验。

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.

尽管如此，Uniswap 仍拥有创新和提供重大协议升级的历史。 （Uniswap 发货。）对于普通用户来说，它比 dYdX 等技术含量高的网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.

当然，费用转换提案的结果可能会对公司的发展产生重大影响：虽然它将为 UNI 代币持有者提供类似于股息的奖励，但这些奖励将以牺牲为 Uniswap 引擎提供动力的 LP 为代价。

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.

当然，这在很大程度上还取决于加密货币市场的未来轨迹。 Uniswap 仍然是我们长期 DEX 获胜者的首选，因此我们继续在未来获胜者投资组合中持有 UNI。

FAQs

常见问题解答

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