On June 13, Uniswap released the code draft of Uniswap V4, which caused waves in the industry. It is believed that it is one of the few important innovations in the current bear market, and may trigger the final battle between DEX and CEX.
The industry generally believes that at the time when Binance, the world's largest CEX, is being investigated and prosecuted by the US SEC, this version of Uniswap, the world's largest DEX, will not only continue to strengthen Uniswap's leading position in DEX, but will also challenge industry competition. The pattern and future development will bring extensive and far-reaching influence.
In the two articles "Our Vision for Uniswap V4" and "Uniswap V4 Core Whitepaper" released by Uniswap, the new liquidity realization framework and innovative mechanism are mainly stated around Hooks and Singelton. Its key points can be summed up in one word: Hooks perform, Singleton sets up the stage, open up space for liquidity innovation, reduce costs and increase efficiency, and improve experience. Uniswap V4 will restart the flywheel for liquidity growth.
**01****Hooks: **Developers customize the flow pool to become the protagonist of innovation
What are Hooks?
Hooks is translated as "hook", which is essentially an external contract created and defined by developers for transaction logic. Through Hooks, developers can call external contracts to perform specified operations at specific points in the life cycle of the liquidity pool (such as adding, adjusting, deleting, exchanging, etc.), such as creating limit orders before trading, and adjusting after the liquidity pool position changes Transaction fee levels, etc.
Currently, Uniswap V4 supports 8 hook calls at specific points:
●beforeInitialize/afterInitialize
●beforeModifyPosition/afterModifyPosition
●beforeSwap/afterSwap
●beforeDonate/afterDonate
Developers can create hook contracts for custom transaction logic at these points, thereby realizing AMM innovation. For example, you can set a limit price before the start of the transaction, and then check whether the limit price is met after the transaction ends. If it is satisfied (True), the transaction will be executed, otherwise (False) the transaction will be cancelled. As shown in Figure 1-1.
Figure 1-1 Schematic diagram of the linked transaction process (picture from Uniswap official website)
Hooks can modify cell parameters, add new functionality, and improve flow cell performance. In order to demonstrate the capabilities of Hooks, Uniswap provides some hook samples:
●Time Weighted Average Market Maker (TWAMM): By splitting and executing large orders within a period of time, the slippage is lower and the transaction is smoother;
●Dynamic fees based on volatility or other inputs: Dynamically adjust transaction fees according to market volatility, which is a more flexible and adaptive fee mechanism;
● Chain Price Limit Order: Automatically execute chain price limit orders when specific price conditions are met;
●Deposit excess liquidity into the loan agreement: Liquidity beyond the scope can also be said to be idle liquidity. Depositing it in the loan agreement provides liquidity for it, improves capital utilization efficiency, and can also increase source of income;
●Customized on-chain oracle: take the implementation of median, truncation or other custom oracle, such as the geometric mean oracle Geomean;
● Internalized MEV profit distribution back to LP: internalize the extractable value of miners for liquidity providers.
Of course, more innovations Uniswap hopes to be realized by developers. In the past, everyone relied on the UNI team to iterate the functions of the Uniswap protocol, which restricted the update speed. Now, based on the liquidity and security of the Uniswap protocol, these hooks allow developers to create more flexible and customized liquidity pools.
The initiative has been handed over to the developers, and the developers will become the main body of innovation in the flow pool. 1,000 people have 1,000 Hamlets and magic wands. Just like the chatGPT open plug-in market, the "Hundred Hooks War" is about to start, which will definitely accelerate innovation Speed, opening up room for innovation in flow pools.
**02****Singleton: **Build a single instance flow pool to promote transaction cost reduction and efficiency increase
In terms of the flow pool architecture, V4 removed the Factory/Pool model of V3 and replaced it with a large contract framework, namely Singleton. The comparison of the two modes is shown in Figure 2-1.
Figure 2-1 V3 Factory/Pool mode vs V4 Singleton mode (picture from Uniswap official website)
The Factory/Pool mode is that each liquidity pool corresponds to a contract, which belongs to the structure of multi-token and multi-contract. Its disadvantage is that deploying a new pool requires deploying a new contract. Multiple contracts, high cost and low efficiency.
Uniswap V4 adopts the Singleton design mode, in which all liquidity pools are managed by one contract, which not only reduces the cost of deploying liquidity pools by 99%, but also makes multi-hop transactions more convenient and efficient.
Multi-hop trading is a common strategy in cryptocurrency trading that allows users to switch from one cryptocurrency to another through a series of token pairs.
In V4, all trading currency pairs are placed in a large contract. When users conduct multi-hop transactions, they only need to call the contract once to complete all exchanges, which greatly improves transaction efficiency and reduces Gas costs. It is very friendly to trading users and has Helps encourage fee-sensitive users to increase transaction frequency.
**03****Flash Accounting: **Combined with EIP-1153 to achieve cost optimization
Flash Accounting, called "Flash Accounting", is a new accounting method introduced on top of the singleton contract structure.
In V3 and previous versions, all assets involved in each transaction must be transferred to/from the liquidity pool during the exchange process, which undoubtedly complicates the process and generates more gas fees.
V4's "Lightning Bookkeeping" is based on the net balance to transfer. This accounting method allows any number of tokens to be lent inside or outside the singleton contract during the transaction, but it must be guaranteed that all borrowed tokens must be repaid at the end of the transaction, and finally will be exchanged after the exchange is completed. The net balance of coins is transferred from the pool. Obviously, this accounting method simplifies complex pool operations such as atomic swaps and adding liquidity, and when combined with the singleton mode, it also simplifies multi-hop transactions.
However, it should be noted that in the current execution environment, because storage updates are required every time the balance changes, the cost of bookkeeping is high. However, these balances can be accounted for using "transient storage" in the manner stipulated in EIP-1153, so that its cost can be further optimized.
In short, the introduction of "lightning bookkeeping" on top of the singleton contract structure not only improves the efficiency of cross-pool routing, but also further reduces the transaction cost across multiple pools. This feature can be very useful when combined with pegged contracts, enabling more complex integrations and innovations, which will greatly increase the number of pools.
**04****Native ETH: **Simplify complexity, lower threshold and improve user experience
According to the "Uniswap v4 Core Whitepaper", due to concerns about implementation complexity and liquidity fragmentation, the native ETH (Native ETH) pairing was removed in V2. However, the implementation of singleton and lightning bookkeeping alleviates these problems, so V4 brings native ETH back to the transaction, allowing WETH and ETH to be paired.
In the V2 and V3 versions, users need to convert their ETH to WETH before trading, which not only raises the entry barrier for beginners, but also incurs additional Gas costs and brings a bad experience. The gas cost of native ETH transfer is about half of that of ERC-20 transfer, ETH is 21k Gas, and ERC-20s is about 40k Gas. In V4, users can directly use native ETH for transactions, thus saving Gas fees. At the same time, since users no longer need to perform additional conversion operations, the convenience of transactions is enhanced.
Therefore, in terms of entry barriers, transaction costs, and convenience, the return of native ETH to liquidity pool transactions has greatly improved user experience.
**05****Uniswap V4: **Reconstruction of the liquidity growth flywheel to determine the future pattern
Uniswap, as the head Dex protocol, aims to realize the exchange of digital assets and the provision of liquidity. Uniswap continues to innovate around liquidity. It can be said that it has been imitated and never surpassed. Here, we make a brief review of the innovations of the V1-V3 versions, and summarize the significance of the V4 innovations to the Uniswap protocol itself and the development of the industry.
●Uniswap V1: In 2018, the Automated Market Maker (AMM) model was introduced, without the need for buyers and sellers to match, and to realize transactions and provide liquidity through fund pools and smart contracts, making transactions simpler and more efficient, and Provides income opportunities for liquidity providers.
● Uniswap V2: In 2020, the flash loan function will be introduced, allowing users to borrow without providing funds. Liquidity LP tokens are also introduced to enable liquidity providers to obtain liquidity mining rewards and use LP tokens in other protocols for staking and rewards.
● UniswapV3: In 2021, use ERC721 NFT to realize a centralized liquidity model, so that liquidity providers can choose to concentrate funds in a narrower price range to achieve higher capital market making efficiency. A tiered fee model has also been introduced, which allows liquidity providers to set different handling fees in different price ranges to increase returns.
It can be seen from the iterative innovation of the three versions that Uniswap focuses on liquidity and has been committed to improving capital efficiency and LP returns, and has maintained its position as the largest DEX. According to Dune.com, the protocol currently has a 60% share of on-chain transaction volume, more than 3 times that of its second-largest competitor.
In V4, Uniswap continues to consolidate these advantages. Through innovative measures such as Hooks, Singleton, and Flash Accounting, it builds a high moat and continues to expand its competitive advantages in future development:
●Give developers more freedom to accelerate business innovation
As the core foundation of V4, Hooks will inspire developers to customize innovations for liquidity pools, create various decentralized financial products and services, and provide users with more choices and value, thus bringing a hundredfold flexibility and innovation space.
From the Factory/Pool multi-token multi-contract model to the single-instance large-contract model, Uniswap essentially abstracts the core implementation logic from numerous liquidity product requirements, and gives the initiative and innovation space to the community and development through Hooks It is bound to trigger more participants to enter and innovate more liquidity businesses.
For developers, on the basis of Uniswap's liquidity and security, focusing on business logic and exerting greater freedom will undoubtedly bring more possibilities and application scenarios, such as dynamic handling fees, time-weighted average Market makers use swap orders with lower slippage, customized oracle machines, price limit transactions, on-chain quantitative trading strategies and liquidity adjustment strategies, automatic fee reinvestment, etc.
●Improve capital efficiency, optimize costs and squeeze out the living space of competing products
From the perspective of developers using liquidity pools: All kinds of DeFi applications are similar to a front-end, and the development of business requires the support of underlying liquidity. What is difficult is not the development of DApp, but where does your liquidity come from? Hooks open up the innovation space for developers, and the centralized liquidity pool realized by single-case contracts combined with lightning bookkeeping provides superior guarantees such as liquidity scale, depth, performance, efficiency and cost for innovative businesses. Not only can it promote innovation at the business level, but in turn, various business innovations will also increase the utilization rate of various assets in the liquidity pool.
From managing LP and obtaining income: Liquidity providers only need to add or remove liquidity (LP) in a contract, and then they can participate in all currency pairs in the large contract. You only need to provide liquidity once, and you can choose and switch to various LPs at will. You don’t need to call the contract multiple times to pay the Gas fee, which is high in efficiency and low in cost. At the same time, V4 has better incentives for LP than V3. As mentioned in the white paper, donate() allows users, integrators and hooks to directly pay the liquidity providers in the range with any or two tokens in the pool . This new mechanism can internalize MEV into the return of LP, so that it can benefit from MEV, such as rewarding liquidity providers within the range on TWAMM orders, or a new type of fee system.
From the point of view of reducing transaction user fees: Unlike V3, each individual transaction currency pair corresponds to a contract, and the user must call the contract to charge a gas fee for each currency transaction. In V4, all trading currency pairs are placed in a large contract. When users conduct multi-hop transactions, they only need to call the contract once to complete all exchanges, which saves costs and encourages users to increase transaction frequency.
In terms of competition between protocols: Free innovation space, efficient capital efficiency, simplified operating procedures, optimized costs and handling fees, etc., help to accelerate Uniswap aggregation developers, liquidity providers and trading users , thereby strengthening and expanding the competitive advantage of Uniswap. In addition, for DEX code porters, DEX fork is no longer competitive, because Hooks can directly use existing liquidity resources without having to start all over again; and for some existing DEXs, it will also squeeze the living space, such as cloud exchanges, Routing product applications, etc.
●Shared liquidity acceleration protocol can be combined and infrastructured to promote the return of thousands of streams
The centralized model of Hooks+Singleton is essentially a shared liquidity of various businesses, which will further strengthen the liquidity aggregation of various assets; on this basis, it will promote business aggregation and improve protocol composability, provide various DeFi functions, and lock different Various needs of participants, forming a one-stop experience and service. It can be said that Through V4 innovation, Uniswap will take another step towards infrastructure construction, intending to form a trend of "all streams returning to the ancestors".
Based on the above analysis, we believe that once V4 is officially released, Uniswap will rebuild the liquidity growth flywheel. It is no longer just a DEX, it is moving from the C-end to the C-end and the B-end side by side, and is accelerating to become a new infrastructure for sharing liquidity and an innovative public service platform for DeFi.
We have reason to believe that Uniswap is aiming for a bigger blueprint and bringing more development space for DeFi. The emergence of V4 has triggered the final battle between DEX and CEX in the industry, and Uniswap is announcing the arrival of a new era with its innovative pace.
The future has come, we will wait and see.
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The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
The final battle between DEX and CEX? Uniswap V4 Rebuilds the Flywheel of Liquidity Growth
On June 13, Uniswap released the code draft of Uniswap V4, which caused waves in the industry. It is believed that it is one of the few important innovations in the current bear market, and may trigger the final battle between DEX and CEX.
The industry generally believes that at the time when Binance, the world's largest CEX, is being investigated and prosecuted by the US SEC, this version of Uniswap, the world's largest DEX, will not only continue to strengthen Uniswap's leading position in DEX, but will also challenge industry competition. The pattern and future development will bring extensive and far-reaching influence.
In the two articles "Our Vision for Uniswap V4" and "Uniswap V4 Core Whitepaper" released by Uniswap, the new liquidity realization framework and innovative mechanism are mainly stated around Hooks and Singelton. Its key points can be summed up in one word: Hooks perform, Singleton sets up the stage, open up space for liquidity innovation, reduce costs and increase efficiency, and improve experience. Uniswap V4 will restart the flywheel for liquidity growth.
**01****Hooks: **Developers customize the flow pool to become the protagonist of innovation
What are Hooks?
Hooks is translated as "hook", which is essentially an external contract created and defined by developers for transaction logic. Through Hooks, developers can call external contracts to perform specified operations at specific points in the life cycle of the liquidity pool (such as adding, adjusting, deleting, exchanging, etc.), such as creating limit orders before trading, and adjusting after the liquidity pool position changes Transaction fee levels, etc.
Currently, Uniswap V4 supports 8 hook calls at specific points:
●beforeInitialize/afterInitialize
●beforeModifyPosition/afterModifyPosition
●beforeSwap/afterSwap
●beforeDonate/afterDonate
Developers can create hook contracts for custom transaction logic at these points, thereby realizing AMM innovation. For example, you can set a limit price before the start of the transaction, and then check whether the limit price is met after the transaction ends. If it is satisfied (True), the transaction will be executed, otherwise (False) the transaction will be cancelled. As shown in Figure 1-1.
Figure 1-1 Schematic diagram of the linked transaction process (picture from Uniswap official website)
Hooks can modify cell parameters, add new functionality, and improve flow cell performance. In order to demonstrate the capabilities of Hooks, Uniswap provides some hook samples:
●Time Weighted Average Market Maker (TWAMM): By splitting and executing large orders within a period of time, the slippage is lower and the transaction is smoother;
●Dynamic fees based on volatility or other inputs: Dynamically adjust transaction fees according to market volatility, which is a more flexible and adaptive fee mechanism;
● Chain Price Limit Order: Automatically execute chain price limit orders when specific price conditions are met;
●Deposit excess liquidity into the loan agreement: Liquidity beyond the scope can also be said to be idle liquidity. Depositing it in the loan agreement provides liquidity for it, improves capital utilization efficiency, and can also increase source of income;
●Customized on-chain oracle: take the implementation of median, truncation or other custom oracle, such as the geometric mean oracle Geomean;
● Internalized MEV profit distribution back to LP: internalize the extractable value of miners for liquidity providers.
Of course, more innovations Uniswap hopes to be realized by developers. In the past, everyone relied on the UNI team to iterate the functions of the Uniswap protocol, which restricted the update speed. Now, based on the liquidity and security of the Uniswap protocol, these hooks allow developers to create more flexible and customized liquidity pools.
The initiative has been handed over to the developers, and the developers will become the main body of innovation in the flow pool. 1,000 people have 1,000 Hamlets and magic wands. Just like the chatGPT open plug-in market, the "Hundred Hooks War" is about to start, which will definitely accelerate innovation Speed, opening up room for innovation in flow pools.
**02****Singleton: **Build a single instance flow pool to promote transaction cost reduction and efficiency increase
In terms of the flow pool architecture, V4 removed the Factory/Pool model of V3 and replaced it with a large contract framework, namely Singleton. The comparison of the two modes is shown in Figure 2-1.
Figure 2-1 V3 Factory/Pool mode vs V4 Singleton mode (picture from Uniswap official website)
The Factory/Pool mode is that each liquidity pool corresponds to a contract, which belongs to the structure of multi-token and multi-contract. Its disadvantage is that deploying a new pool requires deploying a new contract. Multiple contracts, high cost and low efficiency.
Uniswap V4 adopts the Singleton design mode, in which all liquidity pools are managed by one contract, which not only reduces the cost of deploying liquidity pools by 99%, but also makes multi-hop transactions more convenient and efficient.
Multi-hop trading is a common strategy in cryptocurrency trading that allows users to switch from one cryptocurrency to another through a series of token pairs.
In V4, all trading currency pairs are placed in a large contract. When users conduct multi-hop transactions, they only need to call the contract once to complete all exchanges, which greatly improves transaction efficiency and reduces Gas costs. It is very friendly to trading users and has Helps encourage fee-sensitive users to increase transaction frequency.
**03****Flash Accounting: **Combined with EIP-1153 to achieve cost optimization
Flash Accounting, called "Flash Accounting", is a new accounting method introduced on top of the singleton contract structure.
In V3 and previous versions, all assets involved in each transaction must be transferred to/from the liquidity pool during the exchange process, which undoubtedly complicates the process and generates more gas fees.
V4's "Lightning Bookkeeping" is based on the net balance to transfer. This accounting method allows any number of tokens to be lent inside or outside the singleton contract during the transaction, but it must be guaranteed that all borrowed tokens must be repaid at the end of the transaction, and finally will be exchanged after the exchange is completed. The net balance of coins is transferred from the pool. Obviously, this accounting method simplifies complex pool operations such as atomic swaps and adding liquidity, and when combined with the singleton mode, it also simplifies multi-hop transactions.
However, it should be noted that in the current execution environment, because storage updates are required every time the balance changes, the cost of bookkeeping is high. However, these balances can be accounted for using "transient storage" in the manner stipulated in EIP-1153, so that its cost can be further optimized.
In short, the introduction of "lightning bookkeeping" on top of the singleton contract structure not only improves the efficiency of cross-pool routing, but also further reduces the transaction cost across multiple pools. This feature can be very useful when combined with pegged contracts, enabling more complex integrations and innovations, which will greatly increase the number of pools.
**04****Native ETH: **Simplify complexity, lower threshold and improve user experience
According to the "Uniswap v4 Core Whitepaper", due to concerns about implementation complexity and liquidity fragmentation, the native ETH (Native ETH) pairing was removed in V2. However, the implementation of singleton and lightning bookkeeping alleviates these problems, so V4 brings native ETH back to the transaction, allowing WETH and ETH to be paired.
In the V2 and V3 versions, users need to convert their ETH to WETH before trading, which not only raises the entry barrier for beginners, but also incurs additional Gas costs and brings a bad experience. The gas cost of native ETH transfer is about half of that of ERC-20 transfer, ETH is 21k Gas, and ERC-20s is about 40k Gas. In V4, users can directly use native ETH for transactions, thus saving Gas fees. At the same time, since users no longer need to perform additional conversion operations, the convenience of transactions is enhanced.
Therefore, in terms of entry barriers, transaction costs, and convenience, the return of native ETH to liquidity pool transactions has greatly improved user experience.
**05****Uniswap V4: **Reconstruction of the liquidity growth flywheel to determine the future pattern
Uniswap, as the head Dex protocol, aims to realize the exchange of digital assets and the provision of liquidity. Uniswap continues to innovate around liquidity. It can be said that it has been imitated and never surpassed. Here, we make a brief review of the innovations of the V1-V3 versions, and summarize the significance of the V4 innovations to the Uniswap protocol itself and the development of the industry.
●Uniswap V1: In 2018, the Automated Market Maker (AMM) model was introduced, without the need for buyers and sellers to match, and to realize transactions and provide liquidity through fund pools and smart contracts, making transactions simpler and more efficient, and Provides income opportunities for liquidity providers.
● Uniswap V2: In 2020, the flash loan function will be introduced, allowing users to borrow without providing funds. Liquidity LP tokens are also introduced to enable liquidity providers to obtain liquidity mining rewards and use LP tokens in other protocols for staking and rewards.
● Uniswap V3: In 2021, use ERC721 NFT to realize a centralized liquidity model, so that liquidity providers can choose to concentrate funds in a narrower price range to achieve higher capital market making efficiency. A tiered fee model has also been introduced, which allows liquidity providers to set different handling fees in different price ranges to increase returns.
It can be seen from the iterative innovation of the three versions that Uniswap focuses on liquidity and has been committed to improving capital efficiency and LP returns, and has maintained its position as the largest DEX. According to Dune.com, the protocol currently has a 60% share of on-chain transaction volume, more than 3 times that of its second-largest competitor.
In V4, Uniswap continues to consolidate these advantages. Through innovative measures such as Hooks, Singleton, and Flash Accounting, it builds a high moat and continues to expand its competitive advantages in future development:
●Give developers more freedom to accelerate business innovation
As the core foundation of V4, Hooks will inspire developers to customize innovations for liquidity pools, create various decentralized financial products and services, and provide users with more choices and value, thus bringing a hundredfold flexibility and innovation space.
From the Factory/Pool multi-token multi-contract model to the single-instance large-contract model, Uniswap essentially abstracts the core implementation logic from numerous liquidity product requirements, and gives the initiative and innovation space to the community and development through Hooks It is bound to trigger more participants to enter and innovate more liquidity businesses.
For developers, on the basis of Uniswap's liquidity and security, focusing on business logic and exerting greater freedom will undoubtedly bring more possibilities and application scenarios, such as dynamic handling fees, time-weighted average Market makers use swap orders with lower slippage, customized oracle machines, price limit transactions, on-chain quantitative trading strategies and liquidity adjustment strategies, automatic fee reinvestment, etc.
●Improve capital efficiency, optimize costs and squeeze out the living space of competing products
From the perspective of developers using liquidity pools: All kinds of DeFi applications are similar to a front-end, and the development of business requires the support of underlying liquidity. What is difficult is not the development of DApp, but where does your liquidity come from? Hooks open up the innovation space for developers, and the centralized liquidity pool realized by single-case contracts combined with lightning bookkeeping provides superior guarantees such as liquidity scale, depth, performance, efficiency and cost for innovative businesses. Not only can it promote innovation at the business level, but in turn, various business innovations will also increase the utilization rate of various assets in the liquidity pool.
From managing LP and obtaining income: Liquidity providers only need to add or remove liquidity (LP) in a contract, and then they can participate in all currency pairs in the large contract. You only need to provide liquidity once, and you can choose and switch to various LPs at will. You don’t need to call the contract multiple times to pay the Gas fee, which is high in efficiency and low in cost. At the same time, V4 has better incentives for LP than V3. As mentioned in the white paper, donate() allows users, integrators and hooks to directly pay the liquidity providers in the range with any or two tokens in the pool . This new mechanism can internalize MEV into the return of LP, so that it can benefit from MEV, such as rewarding liquidity providers within the range on TWAMM orders, or a new type of fee system.
From the point of view of reducing transaction user fees: Unlike V3, each individual transaction currency pair corresponds to a contract, and the user must call the contract to charge a gas fee for each currency transaction. In V4, all trading currency pairs are placed in a large contract. When users conduct multi-hop transactions, they only need to call the contract once to complete all exchanges, which saves costs and encourages users to increase transaction frequency.
In terms of competition between protocols: Free innovation space, efficient capital efficiency, simplified operating procedures, optimized costs and handling fees, etc., help to accelerate Uniswap aggregation developers, liquidity providers and trading users , thereby strengthening and expanding the competitive advantage of Uniswap. In addition, for DEX code porters, DEX fork is no longer competitive, because Hooks can directly use existing liquidity resources without having to start all over again; and for some existing DEXs, it will also squeeze the living space, such as cloud exchanges, Routing product applications, etc.
●Shared liquidity acceleration protocol can be combined and infrastructured to promote the return of thousands of streams
The centralized model of Hooks+Singleton is essentially a shared liquidity of various businesses, which will further strengthen the liquidity aggregation of various assets; on this basis, it will promote business aggregation and improve protocol composability, provide various DeFi functions, and lock different Various needs of participants, forming a one-stop experience and service. It can be said that Through V4 innovation, Uniswap will take another step towards infrastructure construction, intending to form a trend of "all streams returning to the ancestors".
Based on the above analysis, we believe that once V4 is officially released, Uniswap will rebuild the liquidity growth flywheel. It is no longer just a DEX, it is moving from the C-end to the C-end and the B-end side by side, and is accelerating to become a new infrastructure for sharing liquidity and an innovative public service platform for DeFi.
We have reason to believe that Uniswap is aiming for a bigger blueprint and bringing more development space for DeFi. The emergence of V4 has triggered the final battle between DEX and CEX in the industry, and Uniswap is announcing the arrival of a new era with its innovative pace.
The future has come, we will wait and see.