Uniswap 协议费用分配提案引爆市场 未来走向分析

吴说2024-02-27 tarihinde yayınlandı2024-02-27 tarihinde güncellendi

Özet

在 2 月 23 日晚，Uniswap 基金会治理负责人（Gov Lead）Erin Koen 向 Uniswap 治理论坛发起提案提议，建议使用费用机制奖励那些已经委托并质押了他们代币的UNI代币持有者。自 Uniswap 在 2020 年 9 月中下旬宣布代币空投后的几年以来，一直有关于 UNI 是否应该捕获协议费用增加代币实用性的讨论，但几乎都无疾而终。而本次由 Uniswap 基金会负责人提出的提议则正式将 UNI 代币实用性摆放在治理层面上去讨论，也因此引起了不少持有者的狂欢，并带动了 UNI 以及其他一些 DeFi 协议代币的上涨。

在 2 月 23 日晚，Uniswap 基金会治理负责人（Gov Lead）Erin Koen 向 Uniswap 治理论坛发起提案提议，建议使用费用机制奖励那些已经委托并质押了他们代币的UNI代币持有者。自 Uniswap 在 2020 年 9 月中下旬宣布代币空投后的几年以来，一直有关于 UNI 是否应该捕获协议费用增加代币实用性的讨论，但几乎都无疾而终。而本次由 Uniswap 基金会负责人提出的提议则正式将 UNI 代币实用性摆放在治理层面上去讨论，也因此引起了不少持有者的狂欢，并带动了 UNI 以及其他一些 DeFi 协议代币的上涨。

首先，需要明确的是这项提案是由 Uniswap 基金会代表所提出，而 Uniswap 基金会不等于 Uniswap Labs。Uniswap Labs 负责开发和维护、更新与升级 Uniswap协议，在技术开发和创新方面起着核心作用。从本质上来说，Uniswap Labs 是一家商业公司。Uniswap 基金会则主要聚焦于 Uniswap 协议的治理和社区发展，是一个非盈利性组织。Uniswap Labs 会更侧重于站在协议/公司层面考虑问题，Uniswap 基金会一定程度上代表着社区利益。不难发现，Uniswap Labs 官推并没有提及或转发此事，甚至 Uniswap 协议创始人 Hayden 也并未参与过多的讨论。

其次，需要弄清楚什么是协议费用。目前可以分为两种费用，前端费用和 LP 费用。前端费用是指在 2023 年 10 月中旬开始的收取通过 Uniswap Labs 前端执行交易的 0.15% 费用，即从 Uniswap 官方前端收取的并支付给 Uniswap Labs 的费用；Hayden 表示，收取这笔费用的目的是为了 Uniswap Labs 的可持续运营提供资金。LP 费用即是 Uniswap 池子的费用，由交易者支付给 LP，比如 Uniswap V3 中 TVL 最高的池子 WBTC/ETH 所收取的费用为 0.3%。在该提案中，明确指出协议费用表示为 LP 费用的一部分，可以是 0、1/4、1/5、1/6、1/7、1/8、1/9 或 1/10（当前设置为 0），具体分数可以通过治理来调整。

（数据来源：https://tokenterminal.com/terminal/projects/uniswap）

据 Token Terminal 在 2 月 25 日的数据，Uniswap 年化 LP 费用约为 6.26 亿美元。假设提案通过并将 LP 费用的 1/10 - 1/4 作为协议费用分配给 UNI 持有者，则 UNI 持有者可以获得约 6,262 万 - 1.565 亿美元的年化分红。当前 UNI 市值约 80 亿美元，市值与年化分红的比率约在 51.1-127.8 之间。当然这只是一个简单的计算参考，并非是任何的投资依据。

最后，这项提案尚处于提议和社区讨论阶段，是否会通过还要看社区与代表多方势力的 UNI 委托者的最终投票结果。Uniswap 基金会认为如果没有重大阻碍，预计在 3 月 1 日发布 Snapshot 投票，以及在 3 月 8 日发布链上投票。作为 Uniswap 的早期投资者，a16z 可能会在该项提案未来的投票中扮演关键角色。据 Arkham 数据，标记为 a16z（与疑似 a16z）的地址可能掌控着约 6000 万枚 UNI。

当然一切都还未尘埃落地，提案是否通过仍充满变数，但这终归是开启了向实用型代币转型的尝试。即使本次提案最终失败，相信后来仍会有其他机构或个人为 UNI 转为实用型代币而努力；以及若提案最终通过，以蚕食了部分 LP 收益作为代币持有者的分红，会对 LP 带来多大的伤害以及随着协议的发展如何更好地平衡 UNI 持有者与 LP 的利益也将会成为新的治理点。

在几年的发展，Uniswap 俨然成为 BTC 和 ETH 之后的可以代表整个 Crypto 行业的 Beta。如今基金会正式提出对 UNI 的赋能，这背后可能受益于灰度和 Ripple 的胜诉、现货 BTC ETF的顺利通过以及交易活跃，美国监管政策相对变得更加温和。与此同时，这可能也会给其他协议开发者或团队作了一个榜样，特别是在美开发者。比如 Blur 和 Blast 创始人 Pacman 就对 Uniswap 基金会提出的这个提案表示认可，并希望 Blur 能够从中借鉴经验。（注：NFT 交易市场 Blur 代币 BLUR 与 UNI 类似，都是属于没有赋能的治理代币。）

无论是 UNI 还是 BLUR，他们背后所代表的协议都是其所处领域的佼佼者。Uniswap 在 DEX 领域占据了约 60% 的市场份额，不仅拥有出色的技术创新力和市场影响力，还对推动 Crypto 行业发展作出了不可磨灭的贡献，这些才是我们所持续关注的焦点核心。对于 Uniswap 而言，赋能 UNI 可能只算得上是锦上添花，而即将到来的 v4 hook 或许会更令人兴奋。

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