今天，我非常激动地代表 @Uniswap，与 @devinawalsh 和 @nkennethk 一起，向 Uniswap 治理社区提交我人生中的第一份提案。 这份提案将开启协议手续费机制，并让整个 Uniswap 生态系统的激励机制更加一致。 过去八年，Uniswap 一直是我的热情与唯一的专注方向。它最初只是一个小型的副项目，如今已成为支撑数千个应用、年交易额约1.8 万亿美元的全球金融基础设施。 自 2020 年推出 UNI 代币以来的五年间，Uniswap Labs 一直无法实质性参与 Uniswap 治理，也被严格限制在为社区创造价值的方式上。而这一切，从今天开始将改变。 这种限制主要源于过去敌意的监管环境——我们因此耗费了上千个工作小时和数千万美元的法律成本。幸运的是，现在监管环境正在转向。 这份提案源于一个强烈的愿望：希望 Uniswap 协议成为全球范围内代币化资产的去中心化交易核心平台。 提案主要内容： 1️⃣ 开启协议手续费功能，并将这些费用用于销毁（burn）UNI 代币； 2️⃣ 将 @unichain 的排序器（sequencer）费用一并计入 UNI 销毁； 3️⃣ 从国库中销毁 1 亿枚 UNI，象征如果在 UNI 发行时就开启费用机制，原本应已销毁的部分； 4️⃣ 引入 “协议费折扣拍卖”（Protocol Fee Discount Auctions），通过新机制优化流动性提供者（LP）的收益，并让协议内部化 MEV（最大可提取价值）； 5️⃣ 推出 “聚合器挂钩（aggregator hooks）”，让 Uniswap V4 具备链上聚合器功能，从外部流动性来源收取协议费用； 6️⃣ 让 Labs 聚焦推动协议的增长与普及，并签署合约承诺：仅从事符合 Uniswap 治理利益的行动。 👉 为此，Labs 将停止从界面、钱包与 API 收取费用，以加速协议的分发与采用； 7️⃣ 将基金会员工并入 Labs，共同推动协议增长；相关费用由国库中的“增长基金”支持； 8️⃣ 将治理持有的 Unisocks 流动性 迁移至 V4 的 Unichain，并销毁相应 LP 头寸。 我相信，Uniswap 协议有潜力成为全球代币交易的主要平台。这份提案为其未来十年的发展奠定基础。 未来几年，@Uniswap 将持续高强度发布新版本， 赋能生态中的开发者、流动性提供者（LP）与交易者，推动整个去中心化金融的成长。 我非常感激一路走来的社区支持者，也对接下来的旅程充满期待。 Today, I’m incredibly excited to make my first proposal to Uniswap governance on behalf of @Uniswap alongside @devinawalsh and @nkennethk This proposal turns on protocol fees and aligns incentives across the Uniswap ecosystem Uniswap has been my passion and singular focus for the past 8 years. What started as a small side project is now global financial infrastructure powering thousands of applications with ~$1.8 trillion in annual trading UNI launched in 2020, but for the past 5 years Labs has been unable to meaningfully participate in Uniswap governance, and has been greatly restricted in the ways it can build value for the Uniswap community. That ends today! This restriction was in great part due to a hostile regulatory environment that cost thousands of hours and tens of millions in legal fees. Fortunately, the regulatory environment has shifted This proposal comes from a strong desire to see the Uniswap protocol win as the global decentralized exchange for tokenized value At a high level, the proposal: 1. Turns on protocol fees and uses them to burn UNI 2. Sends @unichain sequencer fees to the UNI burn 3. Burns 100M UNI from the treasury representing the protocol fees that could have been burned if fees were turned on at token launch 4. Introduces Protocol Fee Discount Auctions, a new way to improve LP outcomes and internalize MEV to the protocol 5. Introduces "aggregator hooks” which will turns Uniswap v4 into an onchain aggregator that collects protocol fees on external liquidity sources 6. Focus Labs on driving protocol growth and adoption, including a contractual agreement to only pursue initiatives that align with Uniswap governance interests ^ As part of this, Labs will stop collecting fees on its interface, wallet, and API to supercharge distribution and adoption of the Uniswap protocol 7. Moves Foundation employees to Labs with a shared goal of accelerating protocol growth, under a growth fund from the treasury 8. Move governance-owned Unisocks liquidity to v4 on Unichain and burn the LP position I believe Uniswap protocol can be the primary place tokens are traded. This proposal sets the stage for the next decade of its growth @Uniswap will ship relentlessly over the coming years and supercharge the ecosystem of developers, LPs, and traders building on top I'm so grateful to the community that has made this all possible, and excited for what's next
观点原文
今天，我非常激动地代表 @Uniswap，与 @devinawalsh 和 @nkennethk 一起，向 Uniswap 治理社区提交我人生中的第一份提案。
这份提案将开启协议手续费机制，并让整个 Uniswap 生态系统的激励机制更加一致。
过去八年，Uniswap 一直是我的热情与唯一的专注方向。它最初只是一个小型的副项目，如今已成为支撑数千个应用、年交易额约1.8 万亿美元的全球金融基础设施。
自 2020 年推出 UNI 代币以来的五年间，Uniswap Labs 一直无法实质性参与 Uniswap 治理，也被严格限制在为社区创造价值的方式上。而这一切，从今天开始将改变。
这种限制主要源于过去敌意的监管环境——我们因此耗费了上千个工作小时和数千万美元的法律成本。幸运的是，现在监管环境正在转向。
这份提案源于一个强烈的愿望：希望 Uniswap 协议成为全球范围内代币化资产的去中心化交易核心平台。
提案主要内容：
1️⃣ 开启协议手续费功能，并将这些费用用于销毁（burn）UNI 代币；
2️⃣ 将 @unichain 的排序器（sequencer）费用一并计入 UNI 销毁；
3️⃣ 从国库中销毁 1 亿枚 UNI，象征如果在 UNI 发行时就开启费用机制，原本应已销毁的部分；
4️⃣ 引入 “协议费折扣拍卖”（Protocol Fee Discount Auctions），通过新机制优化流动性提供者（LP）的收益，并让协议内部化 MEV（最大可提取价值）；
5️⃣ 推出 “聚合器挂钩（aggregator hooks）”，让 Uniswap V4 具备链上聚合器功能，从外部流动性来源收取协议费用；
6️⃣ 让 Labs 聚焦推动协议的增长与普及，并签署合约承诺：仅从事符合 Uniswap 治理利益的行动。
👉 为此，Labs 将停止从界面、钱包与 API 收取费用，以加速协议的分发与采用；
7️⃣ 将基金会员工并入 Labs，共同推动协议增长；相关费用由国库中的“增长基金”支持；
8️⃣ 将治理持有的 Unisocks 流动性 迁移至 V4 的 Unichain，并销毁相应 LP 头寸。
我相信，Uniswap 协议有潜力成为全球代币交易的主要平台。这份提案为其未来十年的发展奠定基础。
未来几年，@Uniswap 将持续高强度发布新版本，
赋能生态中的开发者、流动性提供者（LP）与交易者，推动整个去中心化金融的成长。
我非常感激一路走来的社区支持者，也对接下来的旅程充满期待。
Today, I’m incredibly excited to make my first proposal to Uniswap governance on behalf of @Uniswap alongside @devinawalsh and @nkennethk
This proposal turns on protocol fees and aligns incentives across the Uniswap ecosystem
Uniswap has been my passion and singular focus for the past 8 years. What started as a small side project is now global financial infrastructure powering thousands of applications with ~$1.8 trillion in annual trading
UNI launched in 2020, but for the past 5 years Labs has been unable to meaningfully participate in Uniswap governance, and has been greatly restricted in the ways it can build value for the Uniswap community. That ends today!
This restriction was in great part due to a hostile regulatory environment that cost thousands of hours and tens of millions in legal fees. Fortunately, the regulatory environment has shifted
This proposal comes from a strong desire to see the Uniswap protocol win as the global decentralized exchange for tokenized value
At a high level, the proposal:
- Turns on protocol fees and uses them to burn UNI
2. Sends @unichain sequencer fees to the UNI burn
- Burns 100M UNI from the treasury representing the protocol fees that could have been burned if fees were turned on at token launch
- Introduces Protocol Fee Discount Auctions, a new way to improve LP outcomes and internalize MEV to the protocol
- Introduces "aggregator hooks” which will turns Uniswap v4 into an onchain aggregator that collects protocol fees on external liquidity sources
- Focus Labs on driving protocol growth and adoption, including a contractual agreement to only pursue initiatives that align with Uniswap governance interests
^ As part of this, Labs will stop collecting fees on its interface, wallet, and API to supercharge distribution and adoption of the Uniswap protocol
- Moves Foundation employees to Labs with a shared goal of accelerating protocol growth, under a growth fund from the treasury
- Move governance-owned Unisocks liquidity to v4 on Unichain and burn the LP position
I believe Uniswap protocol can be the primary place tokens are traded. This proposal sets the stage for the next decade of its growth
@Uniswap will ship relentlessly over the coming years and supercharge the ecosystem of developers, LPs, and traders building on top
I'm so grateful to the community that has made this all possible, and excited for what's next
相关观点
- 反馈：这是个好想法 🙂 CCA 的可定制性非常强，v4 的池子（带 hooks）也是如此，因此这里有一个非常开放、很酷的设计空间可以探索。 我们也很乐意看到，甚至参与一起围绕 CCA 构建大量基础设施和模块，比如用于锁仓、归属（vesting）等功能。 feedback: this is a good idea :) CCA is super customizable as are v4 pools with hooks so there is a very open, cool design space to explore and we'd love to see and even help build out lots of infra and modules around CCA for stuff like locking, vesting, etcHayden Adams · 2025/12/20
- 对 Base / Solana 跨链桥风波的一个延迟看法： Solana 是否把中心化交易所（CEX）上线 Solana 资产，看作是一种“吸血鬼攻击”，试图抽走流动性、并与 Solana 本身形成竞争？ 因为在 Solana 上，CEX 的交易活动本质上是在与 DEX 竞争，只会产生资金的转入和转出交易——在某种程度上，它们的作用就像跨链桥一样。 Delayed take on the Base / Solana bridge drama: Does Solana view CEX listings for Solana assets as vampire attacks trying to siphon liquidity and compete with it? CEX activity competes with DEX on solana, only generating transactions in and out, like bridgesHayden Adams · 2025/12/14
- 观看过程既有趣又令人恼火。以下是几点观察： 1）正如 Amanda Fischer 在推文中所说，一个越来越清晰的事实是：监管方根本没有真正尝试理解这项技术。 他们主要依靠“感觉”，凭表面相似就草率下判断—— 完全没有考虑到自我托管（self-custody）、不可变代码（immutable code）、以及运行在服务器上的东西与运行在区块链上的协议之间的根本差异。 2）他们完全不愿意区分：软件开发者、前端、协议本体、DAO 等不同角色与实体。 3）他对“真正的 DeFi”的定义狭隘到必须用“无瑕受孕（immaculate conception）”这种词来形容。除了比特币以外的其他东西，他基本都视为中心化的。 4）他完全不了解 Uniswap 升级的方式，似乎以为我们会在部署后修改协议代码。事实并非如此。每次部署都是一套全新的代码，旧版本将永远存在，用户必须自行选择是否迁移资金。这已经是最大程度的去中心化，比区块链的硬分叉还要“不可控”。 5）当被问到为何不直接雇佣几个智能合约开发者来理解 Uniswap 如何运作、以及我们是否拥有控制权时，他基本上承认：他们就是不了解，也没有任何尝试去了解的意愿。 他说这会让预算增加三倍。但他们雇了成千上万的律师去起诉别人，而理解我们只需要一个开发者而已，笑话。 6）他说“来登记注册（come in and register）”是真诚的，不是陷阱。那么请指出一个真的这么做了、成功了、并且现在仍然运营良好的加密项目？你举不出来。 7）很高兴他承认：从外界看，Gensler 所有短信“神秘消失”确实非常难看——尽管他试图把这说成是意外。但如果在有保全通知（preservation notice）的情况下，我的两年短信全部消失，他们大概率会建议对我提出刑事指控。 Fascinating if a bit infurating to watch. Some takeaways: 1) Just like Amanda Fischer tweets, an increasingly clear picture is coming forward - they didn't make a real attempt to understand the technology, mostly operated off vibes and things seemingly looking similar to other things on first glance - no consideration at all about self-custody, immutable code, the difference between something running on a server vs a blockchain 2) Zero willingness to disambiguate between the software developers, frontend, protocols, DAOs, etc 3) His definition of what "real" DeFi would be is so narrow he had to use the phrase "immaculate conception" to describe it. Basically dismisses everything other than bitcoin as centralized 4) He doesn't not understand how Uniswap upgrades work and seems to assume we make changes to the protocol codebase after deployment. This is not true. Each deployment is an entirely new codebase, old one continues to exist forever, and users have to choose to migrate funds to it. This is maximum decentralization, probably beyond hardforks. 5) When asked why they don't just hire some smart contract devs to understand how Uniswap works and if we have control he basically just acknowledged they dont understand how it works or make any attempt to. Says it would require trippling their budget. They employ literally thousands of lawyers to sue people, and only needed one dev lol 6) He says "come in and register" was in good faith and not a trap. So point to one crypto project that did this, was successful at it, and built a real business that is currently operational (you can't) 7) Glad he acknowledged it LOOKS really bad that all of Genslers texts magically disappeared even if he tried to play it off as an accident. If 2 years of my texts disappeared when they had a preservation notice against me they probably would have recommended criminal chargesHayden Adams · 2025/12/10
- 第一场 CCA（Continuous Clearing Auction，连续清算拍卖） 已经上线并正在撮合订单。 我们花了大量精力思考：什么样的拍卖模型最适合优质项目和优秀团队去启动流动性，并同时确保健康的市场行为与真实的价格发现？ 下面分享一个给参与者的简单心智模型： 买家需要做两件事： * 填入你的总预算（total budget） * 设定你愿意为代币支付的最高价格（max price） 订单会分散到所有剩余区块中，并随着时间逐步执行（类似 TWAP）。 拍卖从一个底价开始，随着时间推移逐渐上升； 每个区块的清算价格取决于： 在该价格下，需求是否超过供给。 执行逻辑：只要某个区块的清算价 低于你设定的最高价格， 你就会用预算的一部分获得对应数量的代币。 一旦清算价 高于你的最高价格，你剩余的 TWAP 订单会被自动取消。 🔍 拍卖的博弈论是什么？ 尽早以真实预算与真实最高价提交订单。 你的最高价确保你不会买到任何超出心理价位的代币； 订单随着剩余拍卖时间自动 TWAP，因此等待不会让你获得更好的平均价格，只会变糟。 只要拍卖参数设置合理（例如持续时间足够长）： * 不会有“抢时机” * 不会有“末秒猎杀（sniping）” * 不会有“捆绑攻击（bundling）” * 不会有“三明治攻击（sandwiching）”等复杂玩法 ✔ 结果是什么？ * 所有人都能以相同的规则、同样的节奏参与购买 * 没有资深用户的优势，也没有 MEV 机器人的优势 * 只有真正的价格发现（real price discovery） The first CCA auction is live and clearing orders We put a lot of thought into what is the ideal auction model for quality projects and teams to bootstrap liquidity, with healthy market behavior and true price discovery Sharing a simple mental model for participants: Buyers specify their total budget and max price they would pay for a token Orders are spread across all remaining blocks and executed over time (like a TWAP) Auction starts at a floor price and goes up over time, with each block clearing at the highest price where demand exceeds supply Each block where the clearing price is lower than your max price, you will receive tokens for a portion of your budget. if your max price is exceeded, the remainder of your twap is cancelled What is the game theory? Bid early with your real max budget and your real max price Your max price ensures you will not buy a single token above what you are willing to pay, and orders TWAP over the remaining duration so waiting only gets you a worse average price With a well parameterized auction (ie not too fast), there are no crazy timing games, sniping, bundling, sandwiching, etc Everyone has equal access to buying at the same rates No advantages for advanced users or MEV bots Just real price discoveryHayden Adams · 2025/12/03