芒果剝削者上法庭時，《法典》是受審時的法律辯護

A version of this story appeared in our The Decentralised newsletter on April 9. Sign up here.

這個故事的一個版本出現在我們 4 月 9 日的去中心化時事通訊中。在此註冊。

GM, Tim here.

總經理，提姆在這裡。

Here’s what caught my DeFi-eye recently:

以下是最近引起我 DeFi 關注的內容：

• Mango Markets exploiter Avraham Eisenberg is going to trial.
• Crypto lender Goldfinch suffers yet another default.
• Uniswap hits $2 trillion in swap volume — and it’s just getting started.

Mango Markets exploiter puts ‘code is law’ defense to the test

Avraham Eisenberg, the self-described “applied game theorist” who swiped $115 million from DeFi exchange Mango Markets in October 2022, is about to go to trial in the US.

Mango Markets 剝削者 Avraham Eisenberg 即將接受審判。加密貨幣貸款機構Goldfinch 再次遭遇違約。Uniswap 的掉期交易量達到2 兆美元，而這才剛開始。Mango Markets 剝削者將「代碼即法律」辯護置於測試中。Avraham Eisenberg，一位自我保護者據描述，2022 年 10 月從 DeFi 交易所 Mango Markets 盜取 1.15 億美元的“應用博弈論學家”即將在美國接受審判。

Eisenberg was charged with market manipulation in December 2022 after he inflated the value of the protocol’s MNGO token. He used his stash of MNGO as collateral to borrow Mango Markets users’ funds with “no intention of repaying them,” prosecutors said.

透過我們的每週通訊保持領先地位訂閱Eisenberg 在誇大協議 MNGO 代幣的價值後於 2022 年 12 月被指控操縱市場。檢察官稱，他利用自己持有的 MNGO 作為抵押品借用了 Mango Markets 用戶的資金，並且「無意償還」。

Eisenberg claims his actions weren’t illegal because he used the Mango Markets protocol as it was designed, “even if the development team did not fully anticipate all the consequences.”

艾森伯格聲稱他的行為並不違法，因為他按照設計使用了 Mango Markets 協議，“即使開發團隊沒有完全預見到所有後果。”

The case will be a major test for the so-called code is law defense. The verdict — whatever it may be — will have a rippling effect across the DeFi legal landscape.

— Avraham Eisenberg (@avi_eisen) 2022 年 10 月 15 日此案將是對所謂「守則即法律辯護」的重大考驗。無論判決是什麼，都將對整個 DeFi 法律領域產生連鎖反應。

Code is law is the idea that the rules enforced or not enforced by smart contracts have the final say over whether onchain actions are legal.

代碼即法律是指智能合約執行或不執行的規則對鏈上行為是否合法擁有最終決定權。

Eisenberg isn’t the only one to stand behind the idea that code is law after exploiting a DeFi protocol.

加入社群以獲取我們的最新故事和更新 Eisenberg 並不是唯一一個在利用 DeFi 協議後支持代碼即法律這一理念的人。

Andean Medjedovic, who exploited DeFi protocol Indexed Finance for $15 million in October 2021, has also argued that his actions were lawful under the premise that code is law.

Andean Medjedovic 於 2021 年 10 月利用 DeFi 協議 Indexed Finance 獲利 1500 萬美元，他也辯稱，在代碼即法律的前提下，他的行為是合法的。

Goldfinch borrower Lend East defaults on $5.9m loan

Goldfinch lenders are facing another big hit after borrower Lend East defaulted on $5.9 million of its $10.2 million loan.

Goldfinch 借款人 Lend East 拖欠 590 萬美元貸款 在藉款人 Lend East 拖欠其 1,020 萬美元貸款中的 590 萬美元後，Goldfinch 貸款人面臨另一次重大打擊。

It’s the third time users have suffered a default since Goldfinch started operating in January 2021.

自 2021 年 1 月 Goldfinch 開始營運以來，這是用戶第三次遭遇違約。

The repeated defaults have thrown into question Goldfinch’s model of letting DeFi users underwrite undercollateralised emerging-market loans.

屢次違約讓 Goldfinch 允許 DeFi 用戶承保抵押不足的新興市場貸款的模式受到質疑。

“Underwriting emerging-market loans has always been difficult and putting them on crypto rails doesn’t change that fact,” Tze Donn Ng, an investment associate at Tioga Capital Partners, told DL News.

Tioga Capital Partners 的投資助理 Tze Donn Ng 告訴 DL News：“承銷新興市場貸款一直很困難，將其納入加密貨幣軌道並不會改變這一事實。”

Goldfinch isn’t the only DeFi protocol to struggle with undercollateralised lending.

Goldfinch 並不是唯一一個與抵押貸款不足問題作鬥爭的 DeFi 協議。

In September, Quinn Thompson, Maple Finance’s then-head of growth and capital markets, told DL News that Maple was moving away from offering undercollateralised loans after a spate of FTX-linked defaults cost the protocol’s users $36 million.

9 月，Maple Finance 時任成長和資本市場主管 Quinn Thompson 告訴 DL News，在一系列與 FTX 相關的違約事件導致該協議用戶損失 3,600 萬美元之後，Maple 將不再提供抵押不足的貸款。

“We’re looking at the companies in the space, and we’re saying, ‘You’re not good enough for uncollateralised, you don’t make enough money,’” he said at the time.

「我們正在研究這個領域的公司，我們說，『你們還不夠好，無法實現無抵押，你們賺不到足夠的錢，』」他當時說。

Top DEX Uniswap hits $2tn in swap volume

Uniswap has achieved a milestone of $2 trillion in total trading volume since its launch in 2018.

頂級 DEX Uniswap 掉期交易量達到 2 兆美元 Uniswap 自 2018 年推出以來，總交易量已達到 2 兆美元的里程碑。

The exchange’s success is just the beginning, according to Uniswap Foundation executive director Devin Walsh.

Uniswap 基金會執行董事 Devin Walsh 表示，該交易所的成功只是一個開始。

She told DL News that the Uniswap Foundation’s efforts in building a dedicated community of developers and researchers, nine cross-chain deployments, and the platform’s immutable code and minimised governance have all contributed to its growth.

她告訴 DL News，Uniswap 基金會在建立專門的開發者和研究人員社群、九個跨鏈部署以及平台的不可變程式碼和最小化治理方面所做的努力都促進了其發展。

There’s some big developments planned for Uniswap this year, too.

Uniswap 今年也計劃有一些重大發展。

Uniswap is preparing for the rollout of Uniswap V4, which is tentatively set for the third quarter. V4 will introduce “hooks” for enhanced smart contract functionalities, a Singleton contract framework to cut gas costs, and a “flash accounting” system for streamlined transactions.

Uniswap 正在準備 Uniswap V4 的推出，暫定於第三季推出。 V4 將引入用於增強智慧合約功能的「鉤子」、用於降低 Gas 成本的單例合約框架，以及用於簡化交易的「快閃會計」系統。

Additionally, Uniswap DAO members are discussing enabling a “fee switch,” which would direct a portion of the protocol’s fees to UNI token holders.

此外，Uniswap DAO 成員正在討論啟用“費用轉換”，這將把協議費用的一部分轉給 UNI 代幣持有者。

The DAO is expected to vote on the fee switch proposal later this month.

DAO 預計將在本月稍後就費用轉換提案進行投票。

Data of the week — $1.3bn stablecoins added in a day

Stablecoins entering DeFi have increased since the start of April.

本週數據—單日新增 13 億美元穩定幣 自 4 月初以來，進入 DeFi 的穩定幣增加。

On April 2, over $1.3 billion worth of stablecoins were created onchain, the biggest one-day increase in over a year.

4 月 2 日，鏈上創造了價值超過 13 億美元的穩定幣，這是一年多來最大的單日漲幅。

Stablecoin supply increases often mean more outside money is flowing into DeFi, and are widely considered a bullish signal.

穩定幣供應量的增加通常意味著更多的外部資金正在流入 DeFi，並且被廣泛認為是看漲訊號。

This week in DeFi governance

VOTE: Sushi DAO split on controversial restructuring proposal

本週 DeFi 治理投票：Sushi DAO 因有爭議的重組提案而分裂

PROPOSAL: Aave DAO discusses changing risk parameters for MakerDAO’s DAI stablecoin

提案：Aave DAO 討論更改 MakerDAO 的 DAI 穩定幣的風險參數

VOTE: Lido DAO shoots down vote to add revenue share staking

投票：Lido DAO 否決了增加收入分成質押的投票

Post of the week

When X user Richard Opany thanked Worldcoin for his WRLD token airdrop, which he used to purchase a goat, he probably didn’t expect to start a new trend.

本週貼文 當 X 用戶 Richard Opany 感謝 Worldcoin 提供的 WRLD 代幣空投並用來購買山羊時，他可能沒想到會引發一種新趨勢。

After revealing his new goat would be called Sam — after OpenAI founder and Worldcoin backer Sam Altman — it spurred multiple other X posters to send Opany money to buy more goats and name them after blockchains, popular memes, and even their friends.

在透露他的新山羊將被命名為Sam（以OpenAI 創始人和Worldcoin 支持者Sam Altman 的名字命名）後，其他多位X 海報的發布者紛紛向Opany 匯款購買更多山羊，並以區塊鏈、流行的表情包甚至他們的朋友的名字來命名它們。

What we’re watching…

A new crypto game is making waves on Coinbase’s buzzy layer 2 Base.

一款新的加密遊戲正在 Coinbase 熱鬧的 Layer 2 Base 上掀起波瀾。

Called Fren Pet, the game resembles the Tamagotchi toys popular in the 1980s — only on a blockchain.

這款遊戲名為 Fren Pet，類似於 20 世紀 80 年代流行的電子寵物玩具，只不過是在區塊鏈上。

Fren Pet players have soared since late March, sending the FP token, which is needed to play the game, up over 42% this week.

自 3 月底以來，Fren Pet 玩家數量激增，玩遊戲所需的 FP 代幣本週上漲了 42% 以上。

Got a tip about DeFi? Reach out at tim@dlnews.com.

有關於 DeFi 的建議嗎？請透過 tim@dlnews.com 聯繫。