关键见解

◉ 为了继续保持目前的增长态势,Uniswap必须想办法扩大其总的可寻址市场。

◉ Uniswap已经成功地在第二层扩展解决方案上展开部署,在2022年第三季度占所有第二层DEX量的65%。

◉ 一些项目已经利用了Uniswap的软件开发工具包,整合了Uniswap协议或增强了其功能。

◉ 是否开启收费开关是Uniswap发展的一个大争论。问题是用于增长性投资的新资金池是否会抵消与流动性供应商之间较弱的竞争地位。

Uniswap已经找到了产品-市场契合点。Uniswap V3的发布解决了自动做市商最明显的缺陷–资本效率低下。在等式的另一面,Uniswap已经成功地饱和了其目前的可寻址市场:它是最大的分散式交易所(DEX),累计交易量达1.3万亿美元,占以太坊DEX交易量的70%以上。

进退两难的是,这种主导地位的产生正是因为Uniswap成功地吃到了低垂的果实。这意味着继续优化DEX和挤压现有市场的增长将不足以继续其目前的轨迹。

然而,Uniswap一直坚持其创新和平易近人的精神,并开始拉动最具挑战性的增长杠杆:扩大其总可寻址市场。换句话说,就是吸引更多的受众。过去,Uniswap使用相当直接的方法扩大市场,如第二层(L2)部署。但它也采用了更复杂的策略,比如围绕资金、补充项目和整合,发展一个强大的生态系统。作为更广泛的加密货币价值流动的核心,像NFT整合和费用转换这样的举措的结果将对整个空间产生广泛影响。

Multichain

Uniswap实验室于2018年11月在以太坊主网上推出了旗舰产品V1 AMM,并在2020年推出了V2。2021年推出的V3解决了资本效率问题,标志着该协议开始向多链的未来扩张。

除了Ethereum Mainnet,Uniswap V3随后被部署到EVM扩展解决方案Optimism、Arbitrum、Polygon和Celo。这些部署迅速吸引了其他DEXs的流动性和交易量。这些部署所提供的流动性高达2.46亿美元,2022年第三季度,这些链上超过65%的DEX交易量通过Uniswap流动。Uniswap的第二层部署的交易量现在占该协议总交易量的近20%。

随着更多EVM扩展解决方案的开发,可能会有更多的提案主张在其他链上部署Uniswap。10月,一项关于在zkSync 2.0上部署Uniswap V3的提案被执行,预计将在第四季度投入使用。此外,在Snapshot的 “温度检查 “中,代币持有人表示赞成在Aurora上部署V3。如果提案通过,Aurora概述了激励Uniswap用户的计划,其中500万美元用于资助流动性采矿活动和长期协议开发。

Multichain和Ethereum Layer-2的部署成本最低。事实上,他们经常受到链上的激励,向Uniswap用户提供他们的原生代币。此外,这些链的气体费用比以太坊小,有效地降低了小型投资者的准入门槛,扩大了Uniswap的用户群。鉴于Uniswap的良好声誉和深厚的流动性,较新的连锁店倾向于实施激励策略,希望用户和他们的流动性能够长期坚持下去。

筹资

Uniswap实验室最近在Polychain Capital领导的B轮融资中筹集了1.65亿美元。这些资金将用于扩大Uniswap产品线的开发,以覆盖更广泛的用户。

除了资本注入,Uniswap的愿景还得到了一个庞大的社区宝库的支持,截至发稿时,UNI超过17亿美元。代币持有者负责决定如何使用国库,资助内部组织,如Uniswap赠款计划(UGP)和最近的Uniswap基金会(UF)。

创立后,UF吸收并扩大了UGP,在未来三年内向UNI分配了6000万美元的资金。在UGP启动后的近两年时间里,约900万美元的赠款资金已被授予一系列的生态系统倡议。随着旨在扩大Uniswap生态系统的拨款预算的更新,建立在Uniswap之上的项目数量可能会增加。

在赠款之外,UF还支持了几个社区主导的项目–最值得一提的是,正在进行的Optimism上的流动性挖掘(LM)项目。UF没有直接启动LM项目,而是通过社区合作伙伴(包括Arrakis Finance、xToken Terminal和Gamma Strategies)部署从Optimism空投中获得的80万个OP。

这些项目为Uniswap V3资金池提供积极的流动性管理服务,从而支持向提供 “价内 “流动性的用户有效分配激励,并导致资金池更深。同时,一些用户熟悉交换代币,但由于对Uniswap V3的灵活机制有误解,或需要主动管理以实现收益最大化,因此他们不愿意提供流动性。当新的和现有的项目使用这些项目进行分配时,他们会接触到LP工具,为已知的阻止因素提供救济。

 

补充项目/生态系统

虽然交易者和流动性提供者是两组明显的用户,但第三个经常被忽略的群体是开发者。由于Uniswap是开源的,所有建设者都可以使用Uniswap软件开发工具包(SDK)将他们的聪明才智运用到Uniswap上。在实践中,这意味着项目整合了Uniswap或增强了现有平台。

通过让项目整合其DEX,Uniswap可以从许多最新的DeFi创新和实验所带动的使用中获益,而不需要任何额外的工作。此外,当开发者增强Uniswap的功能时,他们会吸引更多的用户加入DEX。这些项目中的大多数要么简化了用户体验,要么增加了与协议互动的更复杂的方式,所有这些都不会使核心用户界面臃肿。

集成

新项目的整合可以大致分为三类:聚合器、钱包和其他DeFi协议。

就Uniswap的用户增长和获取而言,聚合器可能是影响最小的类别。特别是DEX聚合器,如1inch和ParaSwap,纯粹是为了优化执行(价格包括滑点、费用和气体成本)而存在。虽然聚合商在过去两年中带来了Uniswap的26.8%的交易量,但他们只有48.6%的交易量是通过Uniswap来实现的。即使聚合者是一个有用的工具,他们也不会吸引额外的交易量,因为他们没有内置的增长飞轮或自身的网络效应(即对DEX来说,交易量增加流动性,反之亦然)。

聚合器内的另一个组群是仪表盘。这些非托管界面,如Zerion、Zapper和Instadapp,使Uniswap更容易使用。它们通过在一个地方显示头寸数据并实现头寸管理,简化了用户体验。头寸管理允许用户创建新的头寸(掉期)和提供流动性,这两者都是对Uniswap的挖掘。

另一组挖掘互换功能的项目是钱包。Trust Wallet和Rainbow Wallet等钱包已经整合了Uniswap协议,这意味着用户可以直接在钱包中执行掉期。其他流行的钱包,如Coinbase钱包,也通过DEX聚合器(即0x)提供掉期,这往往最终会通过Uniswap路由。

其他DeFi协议以多种不同方式整合Uniswap。通过Para Space和MakerDAO等协议进行的较简单的整合,使LPs能够使用他们的V3流动性头寸作为抵押品,从而提高资本效率。Opyn和Ondo Finance等项目利用Uniswap的集成,分别在其期权和结构性产品中为用户提供更复杂的策略。

增强功能

Uniswap的增强功能可以被看作是同时扩展功能和使协议更容易使用的方法。

在流动性提供方面,像Arrakis Finance这样的项目在Uniswap V3上实现了流动性管理的自动化,并重新引入了可组合的LP代币。特别是Arrakis Finance目前在Uniswap V3上管理着约8.8亿美元的流动性,大约占其总流动性的31%。在互换方面,交易者可以使用Sorbet Finance等项目来设置限价订单。

其他项目扩大了Uniswap的非人类市场。截至目前,交易机器人预计将占到Uniswap交易量的20-40%。像Hummingbot这样的开源软件帮助用户创建高频机器人,用Uniswap运行做市和套利策略。

NFTs

虽然Uniswap已经使用NFT来代表V3流动性头寸,但这与其路线图中的NFT整合有很大不同,它将把NFT掉期带到平台上。Uniswap实验室2022年6月的NFT公告是围绕收购NFT交易所聚合商Genie进行的。从那时起,Genie的创始人,现在是Uniswap Labs的NFT产品负责人Scott Gray,在Uniswap NFT路线图中继续着色。

Genie的收购和sudoswap的整合公告表明,Uniswap决定从多个NFT交易所聚集和获取流动性,而不是像它对ERC-20代币那样 “拥有 “流动性。从战术上讲,这是有道理的,因为代币市场更依赖于深度(减少滑点),而NFT市场则依赖于广度(多样性)。

在用户增长和获取方面,这一策略可能会产生深远的影响,因为NFT目前拥有的可解决的用户群总量明显大于代币交易。综上所述,该举措将为DEX带来新的和更大的用户群,同时削减客户获取成本。

风险

Uniswap的开源性质通过允许社区开发者在协议的基础上进行开发,促进了用户的发展和创造力的发挥。尽管这些附加层通常将客户从核心AMM中抽象出来,但它们可能会引入与不拥有客户关系有关的风险。

例如,简化投资策略的增强功能需要用户与非Uniswap实验室团队开发的智能合约互动。在智能合约被利用的情况下,用户的资金可能会损失,而这并非Uniswap的过错,但仍会对用户的信心和Uniswap品牌产生负面影响。此外,在互动点上的碎片化降低了Uniswap品牌的知名度,并将注意力转移到那些不能保证对Uniswap生态系统保持忠诚的重叠项目。

与分裂有关,越来越多的Uniswap部署也会带来风险。由于目前的用户在新的部署中扩大流动性,往往是为了追求激励,现有的资金池更有可能失去深度,这导致交易执行过程中更高的价格滑落。也就是说,这种动态可以被新的流动性供应商和收费等级的集中化所抵消。较高的滑点不仅会鼓励交易者去寻找其他地方,也会降低DEX聚合者通过Uniswap池子进行交易的机会。

费用转换

长期以来,费用转换一直是Uniswap社区内讨论最多的话题之一。目前,100%的交易费由LPs根据其对流动性储备的贡献来分担。这种无税模式对Uniswap发展成今天的巨无霸是至关重要的。

费用转换由Uniswap治理部门控制,指的是将部分交易费用从流动性提供者转到Uniswap DAO库房作为协议费用。虽然费用转换尚未启动,但在7月,代币持有者Snapshot投票赞成对三个主要的稳定ETH池(DAI-ETH、ETH-USDT、USDC-ETH)进行为期120天的费用转换试点测试,收取10%的协议费用。费用转换将对流动性提供者的底线产生负面影响,同时增加流动性供给重新分配到其他交易所的概率。

如果该提案成功通过链上投票,该试点将是Uniswap历史上最大的实验之一。它将决定LPs是将其流动性规定重新分配到其他地方,还是坚持使用交易量最高的DEX。一些人认为,激活费用转换是一个有风险的近视之举,重点应该放在增长和用户获取上。其他人则认为,保留协议费给UNI代币持有者提供了一个新的工具,可以利用它来促进协议的发展。

10月,UF宣布了对Alastor的资助,该公司最近向社区提供了关于收费转换的定性和定量影响的研究。UF的公告还指出了提案作者的推文,表明投票将于12月1日开始。

还有一些有趣的讨论与费用转换和UNI代币增值的其他方式有关。Nascent的联合创始人Dan Elitzer描述了一个未来,即协议转移到特定应用链(”appchain”)或基于Ethereum的滚动。

应用链论证的前提是,交易者要支付三种成本:交换费、气体费和MEV–而只有交换费是可以由协议控制的。在appchain或rollup的世界里,气体费用将变得更便宜,为UNI代币带来更多价值流动的灵活性,可以用来控制验证者。虽然这么大的变化在不久的将来似乎不太可能,但它确实揭示了创新的机会。

让我们在这里再抛出一个难题。Uniswap的现状可能揭示了Uniswap实验室和UNI代币持有者之间的分歧越来越大。据报道,1.65亿美元的资本募集对Uniswap实验室的估值为16.6亿美元,相当于社区国库中持有的UNI的大致数量。除此之外,在四年的归属期内,总共有40%的创世UNI供应量被分配给团队、投资者和顾问。因此,虽然在Uniswap实验室建立协议得到充分补偿之前还有两年时间,但额外的资金可能会削弱他们对代币层面的价值累积的担忧。

总结

Uniswap已经成功饱和了DEX市场,那么下一步是什么?这种成功在很大程度上源于生态系统的资助和开源开发。这两个行动为通过承接新的企业来扩大总的可寻址市场铺平了道路。纵向和横向的扩展已经被多链部署、整合、增强和收购Genie所证明。

除了上述扩张外,即将到来的运营变革有可能对Uniswap的核心用户群产生负面影响。收费转换实验如果通过,对UNI持有者和整个加密货币的协议构建者都是一个重要的考验。无论最终发生什么,Uniswap实验室都有充足的资金来继续建设。在上一个熊市中推出Uniswap的团队可能会在这个熊市中继续创新。

◉ 节录][节录]和[节录]即将完成,之后还有很多东西要做 🙂 发货季节即将开始,一旦开始就不会停止。”

◉ Uniswap创始人Hayden Adams,2022年11月4日

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