Uniswap DAO 成员将对开启费用开关的提案进行投票

多年来，支持者一直认为，开启费用开关将为 Uniswap 治理代币 UNI 的投资者带来福音，为他们创造一种分享 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 成员将于周五开始对一项提案进行投票，该提案将使该合作社距离开启所谓的“费用开关”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.

多年来，支持者一直认为，开启费用开关将有助于 Uniswap 治理代币 UNI 的投资者，为他们创造一种分享 Uniswap 成功的方式。

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

自近五年前推出以来，Uniswap 已收取超过 36 亿美元的费用。

“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 联合创始人盖蒂·希尔 (Getty Hill) 告诉 DL News：“许多人一直在做的假设是，‘有一天，这个东西将会启动，我会获得一些收入。’”

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

“否则，一开始就没有太多理由将这些东西代币化，”他说。

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

GFX Labs 是 Uniswap DAO 最大的参与者之一，帮助运行网络。

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.

根据 DefiLlama 的数据，Uniswap 是以太坊区块链上最大的去中心化交易所，过去一周处理的交易量超过 200 亿美元。周五投票结果公布后，UNI 股价上涨超过 20%。

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

但希尔表示，费用转换的启动尚未敲定。

“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.

希尔说：“这是一系列多次投票中的另一次投票，需要进行更多投票，直到我们真正达到收入开始流动的时刻。”

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 代币授予 Uniswap DAO（管理交易所的数字合作社）的成员资格，以及对变更提出建议和投票的权利。

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

费用转换提案将把 Uniswap 的部分收入转移给 UNI 代币持有者。

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.

该提案的最新版本——也是第一个得到 Uniswap 基金会（一家负责支持该协议的非营利组织）支持的提案——还旨在实现其他目标：促进原本平淡无奇的 DAO 参与度。

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.

根据当前的费用转换提案，只有那些“委托”其代币用于协议治理的人才能通过费用转换赚取收入。委托是指用户将其治理代币附带的投票权借出，通常借给主题专家。代币持有者也可以委托给自己。

“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 基金会治理负责人 Erin Koen 撰写的 2 月 23 日提案中写道：“搭便车和冷漠仍然是 Uniswap 协议可持续性的生存风险。” “只有不到 10% 的流通 UNI 用于对特定提案进行投票。”

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 治理论坛上写道，周五的投票“为自主收费和分配奠定了基础”。 “需要额外投票才能开启 Uniswap V3 池中的费用。”

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

科恩没有立即回复 DL News 的置评请求。

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

希尔说，这一过程可能要到八月下旬才能结束。

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，尽管他相信周五的技术性提案将会获得通过，但他不太确定稍后实际启动费用转换的投票是否会获得足够的支持。

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

“我很乐观，但无论如何我都不会认为这是确定的，”他说。

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

这是因为监管的阴云仍然笼罩着这项工作。

“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.

该基金会在 2022 年针对此前未能成功的费用开关尝试做出回应时写道，“我们听到有人质疑该提案是否会使 UNI 在美国受到更严格的审查”。

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

“监管机构或私人诉讼当事人可以对 DAO 提起诉讼，并寻求让 UNI 代币持有者承担责任。”

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.

事实上，美国证券交易委员会上个月表示打算起诉 Uniswap Labs（创建 Uniswap 协议的公司）违反联邦证券法。

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

据 Uniswap Labs 称，除其他外，美国证券交易委员会 (SEC) 声称 UNI 是一种未注册的证券。

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.

这是 SEC 针对加密货币的战争的重大升级，标志着监管机构首次将愤怒转向主要 DeFi 协议的开发商。

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

此外，希尔表示，一些代表担心启动费用转换会产生税收影响。

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

其他人只是不喜欢该提案，担心它会赶走流动性提供者，而流动性提供者目前赚取该协议产生的所有收入。

Liquidity providers deposit their crypto in Uniswap to facilitate trading.

流动性提供者将其加密货币存入 Uniswap 以促进交易。

“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.’”

“关于如何做到这一点，仍然存在很多意见，”希尔说。 “谈论基础设施的实施和争论是一回事，但说‘嘿，让我们最终把它打开是另一回事。’”

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 记者。有小费吗？给他发电子邮件：aleks@dlnews.com