Uniswap DAO 成員將對開啟費用開關的提案進行投票

多年來，支持者一直認為，開啟費用開關將為 Uniswap 治理代幣 UNI 的投資者帶來福音，為他們創造一種分享 Uniswap 成功的方式。

Uniswap DAO members will begin voting on a proposal on Friday that would bring the cooperative one step closer to turning on the so-called “fee switch.”

Uniswap DAO 成員將於週五開始對一項提案進行投票，該提案將使該合作社距離開啟所謂的「費用開關」又近了一步。

For years, proponents have argued that turning on the fee switch would help investors of Uniswap’s governance token, UNI, by creating a way for them to share in Uniswap’s success.

多年來，支持者一直認為，開啟費用開關將有助於 Uniswap 治理代幣 UNI 的投資者，為他們創造分享 Uniswap 成功的方式。

Uniswap has collected more than $3.6 billion in fees since its launch almost five years ago.

自近五年前推出以來，Uniswap 已收取超過 36 億美元的費用。

“The presumption many have been making is, ‘Someday, this thing is going to get turned on, and I will get some revenue,’” Getty Hill, co-founder of GFX Labs, told DL News.

GFX Labs 聯合創始人 Getty Hill 告訴 DL News：“許多人一直在做的假設是，’有一天，這個東西將會啟動，我會獲得一些收入。’”

“Otherwise, there hasn’t really been much of a reason to tokenise these things in the first place,” he said.

「否則，一開始就沒有太多理由將這些東西代幣化，」他說。

GFX Labs is one of the largest participants in the Uniswap DAO, helping run the network.

GFX Labs 是 Uniswap DAO 最大的參與者之一，可協助運作網路。

Uniswap, the largest decentralised exchange on the Ethereum blockchain, processed more than $20 billion in trades over the past week, according to DefiLlama data. UNI jumped more than 20% on the announcement of Friday’s vote.

根據 DefiLlama 的數據，Uniswap 是以太坊區塊鏈上最大的去中心化交易所，過去一週處理的交易量超過 200 億美元。週五投票結果公佈後，UNI 股價上漲超過 20%。

But activation of the fee switch isn’t a done deal, according to Hill.

但希爾表示，費用轉換的啟動尚未敲定。

“This is another vote in a series of many votes, and there needs to be some more votes until we actually get to a ta-da moment where revenue begins to flow,” Hill said.

希爾說：“這是一系列多次投票中的另一次投票，需要進行更多投票，直到我們真正達到收入開始流動的時刻。”

UNI tokens grant membership in Uniswap DAO, the digital cooperative that manages the exchange, as well as the right to propose and vote on changes.

UNI 代幣授予 Uniswap DAO（管理交易所的數位合作社）的會員資格，以及對變更提出建議和投票的權利。

The fee switch proposal would divert a portion of Uniswap's revenue to UNI token holders.

費用轉換提案將把 Uniswap 的部分收入轉移給 UNI 代幣持有者。

The latest version of the proposal — and the first to have the backing of the Uniswap Foundation, a nonprofit tasked with supporting the protocol — is designed to accomplish something else, as well: boost otherwise lacklustre participation in the DAO.

該提案的最新版本——也是第一個得到 Uniswap 基金會（負責支持協議的非營利組織）支持的提案——還旨在實現其他目標：促進原本平淡無奇的 DAO 參與度。

Under the current fee switch proposal, only those who “delegate” their tokens for use in protocol governance will earn revenue via the fee switch. Delegation is when users loan the voting rights attached to their governance tokens, typically to subject matter experts. Token holders can also delegate to themselves.

根據目前的費用轉換提案，只有那些「委託」其代幣用於協議治理的人才能透過費用轉換賺取收入。委託是指用戶將其治理代幣附帶的投票權借出，通常藉給主題專家。代幣持有者也可以委託給自己。

“Free-riding and apathy remain existential risks to the Uniswap Protocol’s sustainability,” reads the February 23 proposal, authored by Uniswap Foundation governance lead Erin Koen. “Less than 10% of circulating UNI is used to vote on a given proposal.”

Uniswap 基金會治理負責人 Erin Koen 撰寫的 2 月 23 日提案中寫道：“搭便車和冷漠仍然是 Uniswap 協議可持續性的生存風險。” “只有不到 10% 的流通 UNI 用於對特定提案進行投票。”

Friday's vote “lays the groundwork for autonomous fee collection and distribution,” Koen wrote in Uniswap's governance forum. “Additional votes will be required to turn on fees in Uniswap V3 pools.”

科恩在 Uniswap 治理論壇上寫道，週五的投票「為自主收費和分配奠定了基礎」。 “需要額外投票才能開啟 Uniswap V3 池中的費用。”

Koen didn't immediately return DL News' request for comment.

科恩沒有立即回覆 DL News 的置評請求。

That process might not conclude until the latter half of August, Hill said.

希爾說，這一過程可能要到八月下旬才能結束。

And, while he's confident Friday's rather technical proposal will pass, he's less certain that later votes that actually activate the fee switch will garner enough support.

而且，儘管他相信週五的技術性提案將會獲得通過，但他不太確定稍後實際啟動費用轉換的投票是否會獲得足夠的支持。

“I’m optimistic, but I wouldn’t call it a certainty by any means,” he said.

「我很樂觀，但無論如何我都不會認為這是必然的，」他說。

That's because a regulatory cloud still hangs over the effort.

這是因為監管的陰雲仍然籠罩著這項工作。

“We have heard questions about whether the proposal could make it more likely that UNI is scrutinised more closely” in the US, the foundation wrote in 2022 in response to an earlier, failed effort to turn on the fee switch.

該基金會在 2022 年針對先前未能成功的費用開關嘗試做出回應時寫道，「我們聽到有人質疑該提案是否會使 UNI 在美國受到更嚴格的審查」。

“Regulators or private litigants could bring lawsuits against the DAO, and seek to hold UNI token holders liable.”

“監管機構或私人訴訟當事人可以對 DAO 提起訴訟，並尋求讓 UNI 代幣持有者承擔責任。”

Indeed, the Securities and Exchange Commission last month signaled its intent to sue Uniswap Labs — the company that built the Uniswap protocol — for violating federal securities laws.

事實上，美國證券交易委員會上個月表示打算起訴 Uniswap Labs（創建 Uniswap 協議的公司）違反聯邦證券法。

Among other things, the SEC alleged that UNI is an unregistered security, according to Uniswap Labs.

據 Uniswap Labs 稱，除其他外，美國證券交易委員會 (SEC) 聲稱 UNI 是一種未註冊的證券。

It was a significant escalation in the SEC's war against crypto, marking the first time the regulator turned its ire toward the developers of a major DeFi protocol.

這是 SEC 針對加密貨幣的戰爭的重大升級，標誌著監管機構首次將憤怒轉向主要 DeFi 協議的開發人員。

Additionally, some delegates are worried about tax implications of activating the fee switch, according to Hill.

此外，希爾表示，一些代表擔心啟動費用轉換會產生稅收影響。

Others simply dislike the proposal, afraid it could drive away liquidity providers, who currently earn all the revenue generated by the protocol.

其他人只是不喜歡該提案，擔心它會趕走流動性提供者，而流動性提供者目前賺取協議產生的所有收入。

Liquidity providers deposit their crypto in Uniswap to facilitate trading.

流動性提供者將其加密貨幣存入 Uniswap 以促進交易。

“There’s still a lot of opinions that are floating around about how this should be done,” Hill said. “It’s one thing to talk about implementing and arguing over the infrastructure, but it’s a complete other thing to say, ‘Hey, let’s actually turn it on, finally.’”

「關於如何做到這一點，仍然存在很多意見，」希爾說。 “談論基礎設施的實施和爭論是一回事，但說‘嘿，讓我們最終把它打開是另一回事。’”

Aleks Gilbert is a DeFi Correspondent at DL News. Got a tip? Email him at aleks@dlnews.com

Aleks Gilbert 是 DL News 的 DeFi 記者。有小費嗎？寄電子郵件給他：aleks@dlnews.com