UniswapX正式上线,真的能实现「零 Gas」、「无 MEV」交易吗?

Odaily星球日报Pubblicato 2024-04-09Pubblicato ultima volta 2024-04-09

Introduzione

目前仅有DAI、UNI、1INCH、APE等较少数币种才能够通过UniswapX路由实现免 Gas 交易。

4 月 7 日,据官方公告,Uniswap 网页版已正式上线 UniswapX,次日 Uniswap Labs 官方推特发文表示,用户已经可以在 Uniswap 网页应用上体验到 UniswapX 带来的「零 Gas」「防 MEV」链上交易体验。自去年 7 月上线测试网版本以来,备受市场期待的 UniswapX 在历时八个月后终于与用户见面了。

UniswapX正式上线,真的能实现「零 Gas」、「无 MEV」交易吗?

去年 7 月 17 日,Uniswap 宣布推出非托管的、基于荷兰式拍卖的协议 UniswapX,它将帮助用户逐步实现聚合流动性、防 MEV、无 Gas 交易等比肩 CEX 的链上交易体验。随后,UniswapX 便进入紧锣密鼓的产品研发阶段。同年 9 月,Uniswap Labs 又推出了漏洞赏金计划,悬赏范围包括 Router、V3、UniswapX 等合约,奖励最高达 225 万美元。

相关阅读《对话 Uniswap 创始人:UniswapX 的崛起与去中心化市场的未来

今年 2 月,Uniswap Labs 宣布推出限价订单功能,该功能由 UniswapX 提供支持,利用链上和链下流动性,无需 GAS 费用,并且可以为任何交换规模设置,没有最低要求。如果市场达到用户指定的价格,并且 UniswapX 的「填充者」(Fillers)接受了用户的交换请求,订单将自动执行,而且没有任何 GAS 费用。如果订单在用户设定的时间内没有被满足,则订单会过期,过期订单不会产生任何费用。

根据 Uniswap官方详解文档,UniswapX 将路由复杂性外包给第三方填充者的开放网络。然后,填充者使用链上流动性(如 Uniswap v2 或 v3)或他们自己的私人库存来竞争填补交易,任何人都可以成为 UniswapX 交易的第三方填充者。目前,UniswapX 仅在以太坊主网的 Uniswap 网页应用上可用,并会在未来扩展到 Uniswap 钱包等其他产品。

UniswapX正式上线,真的能实现「零 Gas」、「无 MEV」交易吗?

用户如希望体验 UniswapX,只需在 Uniswap 网页应用的右上角设置按钮中开启「UniswapX」开关后即可。BlockBeats 对产品进行实测后发现,目前仅有 DAI、UNI、1INCH、APE 等较少数币种才能够通过 UniswapX 路由实现免 Gas 交易,而诸如 AAVE、ARB、USDT 等币种则时常无法使用 UniswapX 的路由。这是因为,当用户开启 UniswapX 路由后,Uniswap 网页端应用会自动根据最优交易费用来为用户筛选最佳交易路径,即当 V2 或 V3 的交易滑点要低于 UniswapX 时,则 Uniswap 会自动为用户跳转至前两者交易路径。

UniswapX正式上线,真的能实现「零 Gas」、「无 MEV」交易吗?

另外,由于产品处于早期阶段,市场上对 UniswapX 的讨论热度和使用强度均不高。甚至还有用户在社交媒体上表示,自己在使用 UniswapX 交易后,仍旧遭到了 MEV 攻击,不过该用户反应的情况并未得到进一步的证实。

UniswapX正式上线,真的能实现「零 Gas」、「无 MEV」交易吗?

不管怎么说,作为 DeFi 领域备受关注的创新产品,UniswapX 的到来继续推动了 DEX 追赶 CEX 交易体验的进程,毫无疑问的是,随着更多市场参与者和用户的参与,UniswapX 将覆盖更多代币交易对。UniswapX 的到来,能否开启加密世界的「零 Gas」「无 MEV」交易呢?我们拭目以待。

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Research Report Analysis: Morgan Stanley Details SanDisk SNDK, The Truth About Cloud Data Center Pricing Power and AI Inference Benefits

Morgan Stanley raised its price target for SanDisk (SNDK) from $1100 to $1750 on June 22, maintaining an Overweight rating. The upgrade is driven by AI inference demand reshaping the NAND market, particularly for KV Cache and context window storage in cloud data centers. These cloud clients exhibit price inelasticity and sign long-term contracts, granting SanDisk significant pricing power. SanDisk's New Business Model (NBM) agreements, covering over one-third of FY27 bit shipments with 3-5 year terms and fixed price/price collar structures, are crucial. They are projected to sustain gross margins around 80% even at floor prices, providing a buffer against cyclical downturns. Morgan Stanley forecasts gross margins to surge from 30.3% in FY25 to 86.7% in FY27e. With NAND supply expected to remain tight into 2026/2027 and cloud/data centers becoming the largest end-market, SanDisk holds supply-side pricing power. The company targets 15-19% bit growth via technology transitions, not capacity expansion. Revenue is projected to grow ~6.6x from FY25 to FY27, with EPS rising from $2.74 to $14.73, driven by high-margin cloud business. Key upside catalysts include faster enterprise SSD adoption and edge AI growth. Downside risks involve slower industry growth, competitor capex increases, market share loss, and competition from Chinese players like YMTC. The investment thesis rests on AI-driven structural demand, NBM's margin protection, and sustained supply tightness. The $1750 target implies ~28x FY27e P/E.

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NEAR's core development team, Near One, has announced its next major protocol evolution: SPICE (Separation of Consensus and Execution). Currently in development, SPICE represents the most significant upgrade before the full implementation of Nightshade 3.0. Its core innovation is decoupling the consensus layer, responsible for ordering transactions, from the execution layer, which processes them. This allows the consensus layer to run at full speed without waiting for transaction execution to complete. Once deployed, SPICE is projected to triple NEAR's block production speed, achieving a 200ms block time, which is considered the physical limit due to the speed of light and network latency. This leap will dramatically reduce transaction latency and finality, with transactions confirming in roughly 0.4 seconds—faster than a typical card payment. The upgrade also enables more complex, long-running transactions and significantly improves user experience for applications like NEAR Intents and near.com. Beyond raw speed, SPICE enhances network scalability and security. It enables deeper parallelism, efficiently distributing workload across shards and improving resource utilization. The simpler block structure and lighter contracts also facilitate formal verification and security auditing. Furthermore, SPICE lays the critical groundwork for future Nightshade 3.0 features, most notably atomic cross-shard transactions, which would simplify complex contract logic and eliminate development hurdles caused by asynchronous execution. The Near One team is actively developing SPICE, targeting deployment in the coming months.

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