芒果剥削者上法庭时，《代码》是受审时的法律辩护

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

这个故事的一个版本出现在我们 4 月 9 日的去中心化时事通讯中。在此注册。

GM, Tim here.

总经理，蒂姆在这里。

Here’s what caught my DeFi-eye recently:

以下是最近引起我 DeFi 关注的内容：

• 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 剥削者 Avraham Eisenberg 即将接受审判。加密货币贷款机构 Goldfinch 再次遭遇违约。Uniswap 的掉期交易量达到 2 万亿美元，而这才刚刚开始。Mango Markets 剥削者将“代码即法律”辩护置于测试中。Avraham Eisenberg，一位自我保护者据描述，2022 年 10 月从 DeFi 交易所 Mango Markets 盗取 1.15 亿美元的“应用博弈论学家”即将在美国接受审判。

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.

通过我们的每周时事通讯保持领先地位订阅Eisenberg 在夸大协议 MNGO 代币的价值后于 2022 年 12 月被指控操纵市场。检察官称，他利用自己持有的 MNGO 作为抵押品借用了 Mango Markets 用户的资金，并且“无意偿还”。

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.”

艾森伯格声称他的行为并不违法，因为他按照设计使用了 Mango Markets 协议，“即使开发团队没有完全预见到所有后果。”

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 日此案将是对所谓“守则即法律辩护”的重大考验。无论判决是什么，都将对整个 DeFi 法律领域产生连锁反应。

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.

代码即法律是指智能合约执行或不执行的规则对链上行为是否合法拥有最终决定权。

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

加入社区以获取我们的最新故事和更新 Eisenberg 并不是唯一一个在利用 DeFi 协议后支持代码即法律这一理念的人。

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 于 2021 年 10 月利用 DeFi 协议 Indexed Finance 获利 1500 万美元，他也辩称，在代码即法律的前提下，他的行为是合法的。

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 万美元贷款 在借款人 Lend East 拖欠其 1,020 万美元贷款中的 590 万美元后，Goldfinch 贷款人面临另一次重大打击。

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

自 2021 年 1 月 Goldfinch 开始运营以来，这是用户第三次遭遇违约。

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

屡次违约让 Goldfinch 允许 DeFi 用户承保抵押不足的新兴市场贷款的模式受到质疑。

“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 的投资助理 Tze Donn Ng 告诉 DL News：“承销新兴市场贷款一直很困难，将其纳入加密货币轨道并不会改变这一事实。”

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

Goldfinch 并不是唯一一个与抵押贷款不足问题作斗争的 DeFi 协议。

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 时任增长和资本市场主管 Quinn Thompson 告诉 DL News，在一系列与 FTX 相关的违约事件导致该协议用户损失 3600 万美元之后，Maple 将不再提供抵押不足的贷款。

“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.

“我们正在研究这个领域的公司，我们说，‘你们还不够好，无法实现无抵押，你们赚不到足够的钱，’”他当时说道。

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.

顶级 DEX Uniswap 掉期交易量达到 2 万亿美元 Uniswap 自 2018 年推出以来，总交易量已达到 2 万亿美元的里程碑。

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

Uniswap 基金会执行董事 Devin Walsh 表示，该交易所的成功仅仅是一个开始。

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.

她告诉 DL News，Uniswap 基金会在建立专门的开发者和研究人员社区、九个跨链部署以及平台的不可变代码和最小化治理方面所做的努力都促进了其发展。

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

Uniswap 今年也计划有一些重大发展。

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 正在准备 Uniswap V4 的推出，暂定于第三季度推出。 V4 将引入用于增强智能合约功能的“钩子”、用于降低 Gas 成本的单例合约框架，以及用于简化交易的“闪存会计”系统。

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 成员正在讨论启用“费用转换”，这将把协议费用的一部分转给 UNI 代币持有者。

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

DAO 预计将在本月晚些时候就费用转换提案进行投票。

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

Stablecoins entering DeFi have increased since the start of April.

本周数据——单日新增 13 亿美元稳定币 自 4 月初以来，进入 DeFi 的稳定币有所增加。

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，链上创造了价值超过 13 亿美元的稳定币，这是一年多来最大的单日涨幅。

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

稳定币供应量的增加通常意味着更多的外部资金正在流入 DeFi，并且被广泛认为是看涨信号。

This week in DeFi governance

VOTE: Sushi DAO split on controversial restructuring proposal

本周 DeFi 治理投票：Sushi DAO 因有争议的重组提案而分裂

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

提案：Aave DAO 讨论更改 MakerDAO 的 DAI 稳定币的风险参数

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

投票：Lido DAO 否决了增加收入分成质押的投票

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.

本周帖子 当 X 用户 Richard Opany 感谢 Worldcoin 提供的 WRLD 代币空投并用来购买山羊时，他可能没想到会引发一种新趋势。

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.

在透露他的新山羊将被命名为 Sam（以 OpenAI 创始人和 Worldcoin 支持者 Sam Altman 的名字命名）后，其他多位 X 海报的发布者纷纷向 Opany 汇款购买更多山羊，并以区块链、流行的表情包甚至他们的朋友的名字来命名它们。

What we’re watching…

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

一款新的加密游戏正在 Coinbase 热闹的 Layer 2 Base 上掀起波澜。

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

这款游戏名为 Fren Pet，类似于 20 世纪 80 年代流行的电子宠物玩具，只不过是在区块链上。

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 月底以来，Fren Pet 玩家数量猛增，玩游戏所需的 FP 代币本周上涨了 42% 以上。

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

有关于 DeFi 的建议吗？请通过 tim@dlnews.com 联系。