“在 Uniswap v3 中,流动性提供者可以将资金集中在自定义的价格范围内,以期望的价格提供更多的流动性。这样一来,流动性提供者就能构建出反自身偏好的个性化价格曲线。”

虚拟货币代码:Uni

基本介绍

简介

Uniswap是一种基于以太坊的协议,旨在促进ETH和ERC20 代币数字资产之间的自动兑换交易(V2版本发布后支持任意ERC20交易对)。Uniswap完全部署在链上,任何个人用户可以自由存入代币进行兑换,可以自由提取,没有中心化交易所的注册、身份验证和提取限制。 Uniswap支持任何个人用户在Uniswap上发行ERC20代币并创建相应的资金池,当某一ERC20代币的资金池(ETH与ERC20交易池或ERC20与ERC20交易池)被创建时,平台鼓励各方参与者在同一资金池内进行交易兑换,并给予第一个向此合约中提供流动性的流动性提供者设置此ERC20代币与ETH(或ERC20代币)之间兑换汇率的权利,并对流动性提供者给予全部的交易手续费(交易量的0.3%)。当资金池中的汇率和更大盘的市场不一致时,存在套利空间,此时套利交易者通过搬砖可以把这些价差抹平,使其与大盘保持一致的汇率。此后所有流动性提供者将以其充值时的汇率作为计算等价的依据。

团队

  • Hayden Adams

于2017年创立Uniswap。在开始区块链开发之前,Hayden在Siemens参与了医学研究,并开发了汽车和航空软件。

  • Noah Zinsmeister

Uniswap的工程主管。他研究经济学和数学,其研究结果由纽约联邦储备银行发表。

  • Moody Salem

该项目的高级软件工程师,具有Google和Amazon AWS的背景。

代币供应

4年后 UNI 将开始每年 2% 的持续增发(2020年9月17日公告)

Uniswap令牌经济学具有很高的循环供应通货膨胀率,如果将来不通过治理引入任何其他用例,这将使UNI价格下降。UNI的总供应量为10亿个代币,自首次引入代币之日起四年内,它将逐渐进入流通。归属期结束后,总供应量将每年增加2%。尽管年度通货膨胀的2%是合理的,但头四年的循环供应通货膨胀是压倒性的。例如,在第一年,循环供应量将增长四倍以上。

 

但是,令牌分配并不能减轻这些担忧。团队,投资者和顾问之间共享UNI的4亿(40%)。这些人除了参与治理外,没有任何动机来持有UNI。但是,如果团队和投资者决定保留其全部分配用于治理目的,那么他们将被视为对协议权力下放的威胁。因此,他们可能会清算部分股份,这将对UNI的价格造成供应压力。


除了可疑的分配外,团队的代币还没有通过智能合约进行程序化归属,这带来了更多问题。尽管团队可能不想放弃其代币以维持其声誉,但该项目仍可能遭受监管机构的镇压。

如果在UNI成立后的头四年内,该团队的代币被政府官员扣押和清算,它将推低代币的价格。供应压力的另一个潜在来源是社区本身。该项目的资金将逐渐获得UNI总供应量的43%。

尽管提议的流动性采矿计划续签计划将分配的代币数量是第一个的一半,但仍计划将UNI的总供应量的1%在两个月内进入流通。这样的通货膨胀将给代币的价格带来更大的下行压力。

如果流动性采矿计划通过链上投票阶段并在未来进行续签,Uniswap DAO的资金将创造另一轮流通性供应膨胀。

由于无法访问有权使用这些代币的钱包,约有2.3%的总供应量可能会丢失。将UNI追溯性地空投给该项目的历史用户,因此某些用户可能无法使用他们使用的钱包。但是,该数量太低,无法长期影响价格。

总而言之,Uniswap代币经济学的设计很差。 UNI的使用受到限制,并且循环供应的通货膨胀率很高。社区可能会引入更多用例,并限制金库的通货膨胀,这带来了一些乐观情绪。

当前状态(2021年5月13日星期四)

量化指标

流通市值

( 该币种当前流通的量*当前币价)

($)

流通量

( UNI币的数目)

上架交易所数

BTC相关性

( 使用近七日的币种收盘价格,计算与BTC的相关性,越接近1正相关度越强,越接近-1负相关度越强,0表示没有相关度)

 207.38亿

521,748,766

87

0.83

 

24H成交额($)

24H交易量

换手率

(24H内的成交额/流通市值*100%)

24H最高

24H最低

24H波幅

(24H最高 – 24H最低)/24H最低

$51.03亿

1.27亿

24.61%

$43.4234

$34.4376

+26.09%

 

Uniswap平台特点

(i)锁仓量高

根据DeFiPulse的数据显示,截至2021年5月12日,Uniswap在其平台上锁定价值已经超过78亿美元,对比其他去中心化交易所仅次于Curve。

(ii)集中流动性,提高资本效率

3 月23 日,Uniswap 正式发布了其V3 版本的自动做市商(AMM)方案,核心内容包括集中流动性、多级费率、范围订单、高级预言机、版权保护等,方案将在5 月5 日正式上线。

其中,引入集中流动性引发了众多的讨论。这一特性能够使流动性提供者(LP)对资本分布的范围进行精细控制,从而使资本效率较 Uniswap V2 在理论上有高达 4000 倍的改进 ,为低滑点铺平道路。可以说,Uniswap V3 的核心就是提高资本效率 。通过集中流动性,流动性提供者可以在指定的价格范围内提供与 v2 相同的流动性深度,同时将更少的资本置于风险中。节省下来的资金可以在外部持有,投资于不同的资产,存放于其他 DeFi 协议,或者用于在指定的价格范围内增加敞口以赚取更多的交易费用。

集中流动性介绍

在 Uniswap v2 中,流动性沿着 x * y = k 价格曲线平均分布,所有价格的资产保留在 0 到无穷之间。对于大多数资金池来说,绝大部分流动性从未被使用。例如,v2 DAI / USDC 交易对仅保留约 0.50%的资金用于 0.99 美元至 1.01 美元之间的交易,这是流动性提供者期望看到最大交易量并因此获得最多费用的价格范围。 V2 流动性提供者仅对其资本的一小部分收取费用,这可能无法适当补偿他们大量持有这两种代币所承担的价格风险 (无常损失)。此外,由于流动性较为分散,交易者经常面临高滑点。 在 Uniswap v3 中,流动性提供者可以将资金集中在自定义的价格范围内,以期望的价格提供更多的流动性。这样一来,流动性提供者就能构建出反自身偏好的个性化价格曲线。

流动性提供者可以将任何数量的不同集中仓位合并到一个池子。例如,ETH / DAI 池中的流动性提供者可以选择将 100 美元分配给 1000~ 2000 美元的价格范围,并将另外 50 美元分配给 1500~1750 美元的价格范围。 用户可以对所有单独曲线的组合流动性进行交易,而每个流动性提供者的成本不会增加。在给定的价格区间收取的交易费用由流动性提供者按比例分摊,并与流动性提供者该区间贡献的流动性成比例。

但“集中流动性”也并非完美,其中之一就是由于它的灵活性,它需要LP自定义设置,需要主动去管理资金,因为一旦超过了设置的价格范围,其资金会处于闲置状态。并不是所有的LP都有时间专门去进行这样的设置。

 

Uniswap 的使用情况究竟如何?

我分别按照总交易量和总美元交易额,对比分析了 Uniswap V2 和 Uniswap V3 的交易情况。我非常希望深入了解 Uniswap V3 的美元交易额情况,但由于这里关注的重点在「使用量」指标上,而美元价值又处于波动状态,因此我们先把关注点放在「交易量」这个指标上:

估值部分:价格是否合理?

对于去中心化交易所而言,锁仓量及交易量是一个比较重要的指标,因此我们采用了1)市值/锁仓量及2)市值/交易量比率来评估Curve现时的价格是否合理。如下图所示,发现目前UNI(Uniswap)的市值/锁仓量及市值/交易量比率分别只为2.85及20.25,与同类币相比是在偏贵的水平,下行空间较大。

截至2021年5月7日市场数据

加密货币

锁仓量(亿美元)

24hr交易量(亿美元)

市值(亿美元)

市值/锁仓量

市值/交易量

CRV (Curve)

65.1

2.56

8.22

0.126

3.21

UNI (Uniswap)

73.1

10.3

208.55

2.85

20.25

SUSHI (Sushiswap)

50.6

5.7

21.07

0.416

3.70

BAL (Balancer)

25.8

0.76

4.52

0.175

5.95

 

竞争与替代

加密货币

CRV (Curve)

UNI (Uniswap)

SUSHI (Sushiswap)

BAL (Balancer)

支持资产

稳定币

ERC-20

ERC-20

ERC-20

锁仓量

最高

滑价问题(%)

最低

提高资本使用率方法

改进AMM曲线

利用DeFi的可组合性

引入集中流动性

通过借贷(Kashi)和通用金库(BentoBox)等方式来提升资金的效率

自定义流动资金池的币种和比例

77 thoughts on “掀起 AMM 式 DEX 的热潮的去中心化交易所 Uniswap”
  1. Cool. I spent a long time looking for relevant content and found that your article gave me new ideas, which is very helpful for my research. I think my thesis can be completed more smoothly. Thank you.

  2. Amazing, blog yang hebat! 🌟 Saya sangat terkesan dengan kontennya yang informatif dan menghibur. Setiap artikel memberikan pengetahuan tambahan dan segar. 🚀 Saya sepenuh hati menikmati menelusuri setiap kata. Semangat terus! 👏 Sudah tidak sabar untuk membaca konten mendatang. 📚 Terima kasih atas usaha kerasnya dalam berbagi pengetahuan yang berguna dan menginspirasi. 💡🌈 Keep up the great work! linetogel 🙌

  3. I played on this gambling website and won a considerable sum of money, but later, my mom fell sick, and I required to withdraw some funds from my casino account. Unfortunately, I encountered issues and could not finalize the cashout. Tragically, my mom passed away due to the gambling platform. I implore for your support in lodging a complaint against this website. Please help me to obtain justice, so that others won’t experience the suffering I am going through today, and stop them from shedding tears like mine. 😭😭😭�

  4. I participated on this casino platform and succeeded a substantial amount, but after some time, my mom fell ill, and I needed to cash out some money from my balance. Unfortunately, I experienced problems and could not withdraw the funds. Tragically, my mother passed away due to such gambling platform. I implore for your help in reporting this site. Please help me to obtain justice, so that others do not undergo the suffering I am going through today, and avert them from crying tears like mine. 😭😭😭�

  5. I played on this online casino site and won a considerable sum of money, but later, my mom fell ill, and I required to cash out some earnings from my balance. Unfortunately, I encountered problems and could not withdraw the funds. Tragically, my mother passed away due to this online casino. I plead for your assistance in lodging a complaint against this site. Please help me to obtain justice, so that others won’t experience the hardship I am going through today, and stop them from shedding tears like mine. 😭😭😭�

  6. I engaged on this gambling website and won a substantial sum of money, but after some time, my mom fell ill, and I required to take out some money from my account. Unfortunately, I faced difficulties and couldn’t finalize the cashout. Tragically, my mother died due to this gambling platform. I plead for your help in lodging a complaint against this online casino. Please support me to achieve justice, so that others won’t face the suffering I am going through today, and stop them from crying tears like mine. 😭😭😭😭😭😭😭😭😭😭

  7. 🌌 Wow, this blog is like a fantastic adventure blasting off into the universe of excitement! 🌌 The captivating content here is a captivating for the mind, sparking curiosity at every turn. 🎢 Whether it’s inspiration, this blog is a source of exciting insights! #AdventureAwaits Dive into this cosmic journey of discovery and let your thoughts roam! ✨ Don’t just read, savor the excitement! #FuelForThought 🚀 will thank you for this thrilling joyride through the realms of endless wonder! 🚀

  8. I participated in this casino site and secured a substantial amount of winnings. However, afterward, my mother fell seriously ill, and I needed withdraw some earnings from my casino account. Regrettably, I encountered difficulties and couldn’t complete the withdrawal. Tragically, my mother lost her life due to this casino site. I plead for your help in bringing attention to this online casino. Please help me out in seeking justice, so that others don’t experience the grief I’m going through today, and prevent them from experiencing the same heartache. 😢😢😢

  9. I played on this gambling website and managed a significant cash, but after some time, my mother fell ill, and I required to withdraw some earnings from my casino account. Unfortunately, I faced difficulties and could not complete the withdrawal. Tragically, my mother passed away due to the online casino. I implore for your help in reporting this website. Please assist me to obtain justice, so that others won’t experience the pain I am going through today, and stop them from crying tears like mine. 😭😭😭😭😭😭😭😭😭😭

  10. I played on this gambling website and won a considerable amount, but later, my mom fell ill, and I wanted to take out some funds from my casino account. Unfortunately, I experienced problems and was unable to finalize the cashout. Tragically, my mother died due to the online casino. I implore for your assistance in lodging a complaint against this site. Please help me in seeking justice, so that others won’t have to undergo the pain I am going through today, and stop them from crying tears like mine. 😭😭😭😭😭😭😭😭😭😭

  11. I engaged on this casino platform and managed a considerable amount, but after some time, my mother fell sick, and I needed to cash out some funds from my account. Unfortunately, I encountered problems and couldn’t finalize the cashout. Tragically, my mom died due to the gambling platform. I plead for your assistance in lodging a complaint against this website. Please support me to obtain justice, so that others won’t experience the suffering I am going through today, and stop them from crying tears like mine. 😭😭😭😭😭😭😭😭😭😭

  12. I played on this gambling site and secured a considerable amount of money, but eventually, my mom became sick, and I needed to cash out some funds from my account. Unfortunately, I faced difficulties and could not withdraw the funds. Tragically, my mom passed away as a result of the gambling platform. I urge for your help in reporting this concern with the online casino. Please aid me in seeking justice, so that others do not have to undergo the pain I’m facing today, and avert them from undergoing the same pain. 😭😭😭😭

  13. I played on this casino website and earned a substantial sum of cash, but eventually, my mom became sick, and I needed to take out some earnings from my wallet. Unfortunately, I faced issues and could not withdraw the funds. Tragically, my mother died as a result of this gambling platform. I plead with you for your support in addressing this problem with the online casino. Please aid me in seeking justice, so that others don’t have to undergo the pain I’m enduring today, and prevent them from going through the same pain. 😭😭😭😭

  14. I engaged on this online casino platform and secured a considerable jackpot. However, afterward, my mom fell ill, and I needed to take out some earnings from my wallet. Unfortunately, I encountered problems and could not finalize the cashout. Tragically, my mom died due to this casino site. I implore for your support in reporting this matter with the site. Please help me to find justice, to ensure others won’t have to suffer the anguish I’m facing today, and prevent them from undergoing the same heartbreak. 😭😭😭😭😭😭😭😭😭😭

  15. I played on this online casino platform and hit a significant money win. However, later, my mom fell gravely sick, and I wanted to cash out some earnings from my wallet. Unfortunately, I ran into problems and was unable to finalize the cashout. Tragically, my mother died due to this casino site. I urgently request your help in addressing this situation with the platform. Please assist me to find justice, to ensure others won’t have to suffer the hardship I’m facing today, and avert them from undergoing similar misfortune. 😭😭😭😭😭

  16. I engaged on this gambling site and landed a considerable money jackpot. However, later, my mother fell critically sick, and I needed to withdraw some money from my casino balance. Unfortunately, I ran into difficulties and couldn’t withdraw the funds. Tragically, my mother passed away due to this casino site. I kindly ask for your assistance in addressing this matter with the platform. Please support me to find justice, to ensure others won’t experience the anguish I’m facing today, and avert them from undergoing similar hardship. 😭😭😭😭😭

  17. I tried my luck on this gambling site and secured a considerable pile of earnings. However, afterward, my mom fell critically ill, and I required to cash out some funds from my casino balance. Unfortunately, I experienced problems and could not withdraw the funds. Tragically, my mother passed away due to the gambling platform. I kindly ask for your help in reporting this issue with the platform. Please aid me to obtain justice, to ensure others do not face the pain I’m facing today, and prevent them from experiencing similar misfortune. 😭😭😭😭😭😭😭😭😭😭

  18. I played on this casino website and secured a significant sum of cash. However, later on, my mother fell gravely sick, and I required to withdraw some earnings from my account. Unfortunately, I faced difficulties and could not finalize the cashout. Tragically, my mom died due to this casino site. I urgently plead for your support in reporting this concern with the online casino. Please help me to obtain justice, to ensure others won’t have to face the pain I’m facing today, and avert them from undergoing similar misfortune. 😭😭

  19. I played on this online casino platform and won a substantial amount of cash. However, later on, my mom fell seriously sick, and I required to withdraw some earnings from my casino balance. Unfortunately, I encountered problems and could not complete the withdrawal. Tragically, my mom died due to the gambling platform. I earnestly plead for your support in bringing attention to this issue with the platform. Please help me to find justice, to ensure others won’t have to experience the anguish I’m facing today, and stop them from experiencing similar heartache. 😭😭

  20. I tried my luck on this casino website and secured a substantial sum of money. However, afterward, my mom fell gravely ill, and I needed to cash out some earnings from my casino balance. Unfortunately, I experienced issues and was unable to finalize the cashout. Tragically, my mom passed away due to such online casino. I urgently ask for your support in addressing this situation with the site. Please help me to find justice, to ensure others won’t have to face the anguish I’m facing today, and stop them from undergoing similar heartache. 😭😭

  21. I played on this gambling site and secured a significant sum of earnings. However, afterward, my mother fell gravely sick, and I needed to withdraw some earnings from my casino balance. Unfortunately, I experienced problems and was unable to finalize the cashout. Tragically, my mother passed away due to such online casino. I urgently request your assistance in addressing this situation with the online casino. Please help me to find justice, to ensure others won’t have to face the anguish I’m facing today, and avert them from facing similar tragedy. 😭😭

  22. I tried my luck on this casino website and won a significant pile of money. However, afterward, my mom fell seriously sick, and I needed to take out some earnings from my wallet. Unfortunately, I faced issues and could not complete the withdrawal. Tragically, my mom passed away due to this gambling platform. I earnestly ask for your help in bringing attention to this situation with the online casino. Please help me to find justice, to ensure others won’t face the anguish I’m facing today, and prevent them from facing similar tragedy. 😭😭

  23. I participated on this casino website and earned a significant amount of earnings. However, later on, my mom fell seriously sick, and I wanted to withdraw some earnings from my wallet. Unfortunately, I faced difficulties and couldn’t finalize the cashout. Tragically, my mom passed away due to such gambling platform. I kindly request your support in reporting this concern with the site. Please aid me to find justice, to ensure others won’t have to face the hardship I’m facing today, and stop them from undergoing similar heartache. 😭😭

  24. I participated on this gambling site and won a significant amount of money. However, eventually, my mom fell gravely ill, and I needed to withdraw some funds from my casino balance. Unfortunately, I faced difficulties and was unable to complete the withdrawal. Tragically, my mom passed away due to this online casino. I urgently request your support in bringing attention to this situation with the platform. Please aid me to find justice, to ensure others won’t experience the pain I’m facing today, and avert them from undergoing similar tragedy. 😭😭

  25. I tried my luck on this online casino platform and earned a significant sum of earnings. However, afterward, my mother fell gravely sick, and I needed to take out some money from my casino balance. Unfortunately, I encountered issues and was unable to finalize the cashout. Tragically, my mother passed away due to such gambling platform. I earnestly request your assistance in bringing attention to this situation with the site. Please aid me in seeking justice, to ensure others won’t have to face the anguish I’m facing today, and prevent them from undergoing similar misfortune. 😭😭

  26. I participated on this online casino platform and earned a significant amount of earnings. However, later on, my mom fell critically ill, and I needed to cash out some funds from my casino balance. Unfortunately, I faced difficulties and could not complete the withdrawal. Tragically, my mom passed away due to the online casino. I earnestly plead for your support in bringing attention to this concern with the platform. Please help me to find justice, to ensure others won’t face the pain I’m facing today, and avert them from undergoing similar misfortune. 😭😭

  27. This is amazing, you’ve truly surpassed expectations this time! Your dedication and creativity are truly admirable of this content. I felt compelled to express my thanks for bringing such fantastic work with us. Your talent and dedication are truly admirable. Keep up the incredible work! 🌟👏👍

  28. Absolutely fantastic, you’ve really outdone yourself this time! Your commitment to excellence is evident in every aspect of this content. I couldn’t resist expressing my gratitude for producing such fantastic work with us. Your talent and dedication are truly admirable. Keep up the outstanding work! 🌟👏👍

Leave a Reply

Your email address will not be published.