UNISWAP V4：Defi Renaissance即将到来

尽管拥有一个750亿美元的生态系统，但以太坊还是笨拙，充满了隐藏的危险，并且缺少许多功能性交易者期望

Uniswap, Ethereum’s biggest decentralized exchange, launched its fourth version on Friday — introducing new features with the potential to vastly improve the DeFi experience for users.

以太坊最大的分散交易所Uniswap在周五推出了其第四版 - 引入了新功能，有可能大大改善用户的偏差体验。

“The DeFi renaissance is coming, and Uni V4 is going to be at the heart of it,” Ari Rodriguez, chief technology officer at DeFi protocol Arrakis, which builds on top of Uniswap V4 told DL News, echoing the sentiment among other developers.

Defi Rodent Arrakis的首席技术官Ari Rodriguez Ari Rodriguez Arrakis的首席技术官Ari Rodriguez在UNISWAP V4之上告诉DL News，回应了其他开发人员的情感。

“The new version can be thought of as a foundational layer and projects will build all kinds of new protocols on top of this,” Rodriguez said. “We’ve barely scratched the surface of what’s possible.”

罗德里格斯说：“新版本可以被认为是基础层，并且项目将在此基础上构建各种新协议。” “我们几乎没有刮过可能的表面。”

But nothing is guaranteed, and adopting the new features made possible by V4 takes time.

但是，没有任何保证，采用V4使其成为可能的新功能需要时间。

Rival blockchain Solana is biting at Ethereum’s heels. At the same time, the Ethereum community is embroiled in infighting over a perceived lack of leadership at the blockchain’s nonprofit foundation.

竞争对手的区块链Solana在以太坊的高跟鞋上咬人。同时，以太坊社区因在区块链非营利基金会缺乏领导能力而卷入内斗。

A DeFi renaissance

一次性文艺复兴时期

In 2020, activity on Ethereum exploded as developers began to fully explore the possibilities of the blockchain.

2020年，随着开发人员开始充分探索区块链的可能性，对以太坊的活动爆炸。

During this period, known as “DeFi summer,” dozens of new, innovative protocols hit unprecedented valuations, enriching those who had noticed the trend early.

在此期间，被称为“ Defi Summer”，数十种新的创新协议达到了前所未有的估值，丰富了那些早期注意到这一趋势的人。

Many of Ethereum’s faithful, nostalgic for this heady time, are hoping that new products like Uniswap V4 can kick start another wave of innovation.

以太坊的许多忠实，怀旧的时刻，都希望像Uniswap V4这样的新产品能够启动另一波创新浪潮。

Uniswap V4’s most-anticipated feature is Hooks — extra snippets of code that let developers build features such as limit orders, time-weighted token purchases, and dynamic fee systems that react to market volatility, directly on the Uniswap protocol.

UNISWAP V4最受期待的功能是挂钩 - 额外的代码段，使开发人员构建了限制订单，时间加权的代币购买以及直接在Uniswap协议上对市场波动的动态费用系统等动态费用系统。

Hooks open up more yield strategies and new user experience features, such as automatic limit orders and interactions with lending markets, BP, the pseudonymous founder of liquidity management protocol Gamma, told DL News.

挂钩开辟了更多的收益策略和新的用户体验功能，例如自动限制订单和与贷款市场的互动，BP是流动性管理协议Gamma的化名创始人BP告诉DL News。

Rodriguez said Arrakis will use Hooks to help token issuers manage their Protocol Owned Liquidity.

罗德里格斯（Rodriguez）说，阿拉基斯（Arrakis）将使用钩子来帮助代币发行人管理其协议拥有的流动性。

Protocol Owned Liquidity is where a project uses its treasury or reserves to provide liquidity on decentralized exchanges like Uniswap.

协议拥有的流动性是一个项目使用其财政部或储备金在诸如UNISWAP之类的分散交易所提供流动性的地方。

But there are trade-offs. Hooks make providing liquidity on Uniswap V4 “an order of magnitude” more complex than on its predecessor, Uniswap V3, Rodriguez said.

但是有权衡。 Rodriguez说，挂钩使Unistewap V3上的UNISWAP V4上的流动性更为复杂。

“DeFi is getting more sophisticated,” BP said. “It will bring in a lot more creativity and differentiation to the ecosystem.”

BP说：“ Defi变得越来越复杂。” “它将为生态系统带来更多的创造力和差异化。”

Other new Uniswap V4 features include combining all the code that manages liquidity into a single smart contract. This so-called singleton design reduces the computations needed when users swap tokens on Uniswap, cutting the fees they need to pay.

其他新的UNISWAP V4功能包括将管理流动性的所有代码组合到单个智能合约中。这种所谓的单例设计减少了用户在uniswap上交换令牌时所需的计算，从而削减了所需的费用。

BP said the singleton contract means Gamma can deploy new yield and liquidity strategies that had previously been too costly for users.

BP表示，Singleton合同意味着Gamma可以部署以前对用户太昂贵的新收益率和流动性策略。

If these innovations capture the market’s attention, the potential growth could be huge. At the start of the 2020 DeFi summer, Ethereum DeFi protocols held around $600 million. By the end of the year, that number had swelled to $17 billion.

如果这些创新吸引了市场的注意力，那么潜在的增长可能会很大。在2020年夏季开始时，以太坊Defi协议持有约6亿美元。到今年年底，这个数字已经膨胀到170亿美元。

Solving problems

解决问题

Aside from improving existing apps, Uniswap V4 also makes new protocols possible.

除了改进现有应用程序外，UNISWAP V4还使新协议成为可能。

One of Uniswap’s most persistent problems is that trading bots syphon money from liquidity providers via something called LVR — or loss-versus-rebalancing.

UNISWAP最持久的问题之一是，通过称为LVR或与损失相关的东西，从流动性提供商那里向机器人交易机器人。

LVR refers to the losses LPs incur due to arbitrage bots taking advantage of stale prices in liquidity pools. By rebalancing pools, bots earn a small profit and make prices more competitive for traders — but at the expense of liquidity providers.

LVR是指利用流动性库中陈旧价格的套利机器人而产生的损失。通过重新平衡池，机器人赚取了少量利润，并使价格更具竞争者的竞争力，但以流动性提供者为代价。

Angstrom, a project building on top of Uniswap V4, says it can stop bots from impacting LPs using Hooks.

Angstrom是在Uniswap V4之上的项目建筑物，他说，它可以阻止机器人使用挂钩影响LPS。

Angstrom isn’t the only project working on eliminating LVR. Rival exchange CoW Swap is also tackling the problem through its automated market maker.

Angstrom并不是唯一一个从事消除LVR的项目。竞争对手交换牛交换也通过其自动做市商解决了问题。

Another project called LIKWID is using Uniswap V4 to create a margin trading protocol that doesn’t rely on price oracles — services that provide offchain price information to onchain smart contracts.

另一个名为LIKWID的项目是使用Uniswap V4来创建不依赖价格Oracles的保证金交易协议 - 为OnChain Smart Contracts提供外观价格信息的服务。

Some of DeFi’s biggest exploits in recent years have been caused by hackers finding ways to manipulate price oracles, letting them steal millions of dollars from DeFi protocols.

近年来，Defi最大的利用是由黑客找到操纵价格甲骨文的方法引起的，让他们从Defi协议中窃取了数百万美元。

Whether these improvements will be enough to change Ethereum’s fortunes isn’t clear.

这些改进是否足以改变以太坊的命运。

The high-profile crypto collapses of 2022 plunged Ethereum DeFi into a years-long ice age. Although Bitcoin and other crypto assets roared to all-time highs over the past year, Ethereum and its DeFi ecosystem have fallen short.

2022年的备受瞩目的加密货币崩溃了，将以太坊的defi跌入了一个长达数年的冰河时代。尽管在过去的一年中，比特币和其他加密资产一直持续到历史最高点，但以太坊及其defi生态系统却缺乏。

Ether’s price continues to lose ground against rivals like Solana and XRP.

Ether的价格继续对Solana和XRP等竞争对手失去立场。

The launch of Uniswap V4 barely moved the price of the protocol’s own UNI governance token.

UNISWAP V4的推出几乎没有提高协议自己的UNI治理令牌的价格。

Tim Craig is DL News’ Edinburgh-based DeFi Correspondent. Reach out with tips at tim@dlnews.com.

蒂姆·克雷格（Tim Craig）是DL News的总部位于爱丁堡的Defi通讯员。通过tim@dlnews.com伸出援手。