UNI币兑美元今日价格行情，(UNI／USDT)实时汇率走势分析

Uniswap是建立在以太坊区块链上的首个自动做市交易协议。

Uniswap is the first automatic market exchange agreement to be built on the Etheraya block chain.

建立一个无需信任及高度去中心化的金融基础设施。

To create a financial infrastructure that does not require trust and is highly decentralised.

在区块链世界中，需要用去中心化的方式来重塑中心化的业务模式，交易所只是其中一部分；同时，中心化的交易所面临着权力监管、黑客盗币、交易所自身跑路等风险，尤其是资产控制权并没有在普通用户手中，对于去中介与无需信任第三方的理念而言，去中心化的交易所是更加密世界中必不可少的一环。在Uniswap推出AMM自动做市模型之前，DEX（去中心化交易所）领域延续传统的订单薄做市和柜台交易做市模型、并在交易速度、交易深度等方面均无法支持大量用户使用，同时也缺乏激励模型。

In the block chain world, the centralized business model needs to be recast in a decentralized way, and exchanges are only a part of it; at the same time, centralized exchanges face the risks of power regulation, hacking currency, and running the exchange itself, especially if asset control is not in the hands of ordinary users, and decentralized exchanges are an essential link in a more dense world to the notion of brokering and non-trusting third parties. Prior to Uniswap’s introduction of the AMM automatic market model, the DEX (decentralized exchange) area continued to be used as a market model for traditional orders and counter transactions, and was unable to support a large number of users in terms of speed and depth of transactions, as well as in the absence of incentive models.

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 is an agreement based on ETA to facilitate automatic exchange between ETH and ERC20 digital assets (endorsing arbitrary ERC20 transactions after the release of version V2). Uniswap is fully deployed in a chain where any individual user can freely deposit in a currency for exchange, can freely extract it, and there are no centralized exchange registration, identification and extraction restrictions.

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。

Uniswap supports any individual user to issue ERC20 in Uniswap and to create the corresponding pool. When an ERC20 pool (ETH and ERC20 or ERC20 and ERC20) is created, the platform encourages participants to exchange transactions in the same pool and gives the first liquid provider to provide liquidity to the contract the right to exchange the exchange rate between ERC20 and ETH (or ERC20) and ETS (0.3% of the transaction volume) and to grant the liquid provider the full transaction processing fee (0.3% of the transaction volume). When the exchange rate in the pool and the larger market are inconsistent, there is a arbitrage space in which the arbitrator, by moving bricks, can equalize the price and align it with the large plate.

Uniswap中包含两种类型智能合约：交易合约：一个交易合约支持一种ERC20代币，每一个交易合约都储备持有一定量的ETH以及支持的这种ERC20代币。交易合约也可以实现一种ERC20代币与另一种 ERC20代币的直接交易。工厂合约：可用于部署新的交易合约。任何还没有在Uniswap上面有交易合约的ERC20代币，都可以使用工厂合约来部署一个交易合约，即可以在Uniswap发行ERC20代币。

Uniswap contains two types of smart contracts: a transaction contract that supports an ERC20, each of which reserves a certain amount of ETH and the supporting ERC20. A transaction contract also allows for a direct transaction between an ERC20 and another ERC20. A factory contract: can be used to deploy a new transaction contract. Any ERC20 that does not have a deal on Uniswap can use a plant contract to deploy a transaction contract, i.e., an ERC20 contract that can be issued in Uniswap.

Uniswap的资产流动性：Uniswap利用储备金的流动性来实现协议上的数字资产交易兑换。交易合约中的储备金是由众多“流动性提供者”来提供的。这些流动性提供者将等值的ETH以及ERC20代币充值到这个交易合约中。第一个向此合约中提供流动性的流动性提供者就拥有设置此ERC20代币与ETH之间兑换汇率的权利。当汇率存在套利空间时，套利者搬砖将把不同市场的价差抹平。

Uniswap's asset liquidity: Uniswap uses the liquidity of the reserves to effect the agreement's digital asset transactions. Reserves in the trading contracts are provided by a large number of “liquid providers”. These liquidity providers charge the equivalent ETH and the ERC20 in the trading contracts. The first liquidity provider to provide liquidity in the contract has the right to set the exchange rate between the ERC20 and the ETH.

Uniswap的流动性提供商将捕获交易费用：流动性提供者向Uniswap池中添加流动性后，交易合约会根据其在资金池中的比例，开采并发送“流动性代币”。这些代币是记录流动性提供商的份额。如有人向资金池再添加了流动性，也将开采新的代币，如有人退出流动性，则会将该开采的代币销毁，使得每位流动性提供商的相对比例保持一致。流动性提供商的收入来自于交易费用，目前是交易量的0.3%，这些交易费用会按比例分配给流动性的提供商。

Uniswap's liquidity provider will capture transaction costs: once the liquid provider adds liquidity to the Uniswap pool, the transaction contract will exploit and send a “liquid currency” based on its share in the pool. These currencies are the share of the liquid provider recorded. If a person adds liquidity to the pool, a new currency will also be mined. If a person withdraws liquidity, the mined currency will be destroyed, making the relative proportion of each liquid provider consistent. The liquid provider's income is derived from transaction costs, which are currently 0.3 per cent of the volume of transactions, and these transaction costs will be distributed proportionately to the liquid provider.

Uniswap【自动做市商（AMM）】模式，即在一个智能合约中放入两种一定数量的加密资产，基于自动做市商算法即可自动计算出代币的交易价格。

The Uniswap [Automated Market Maker (AMM)) model, whereby two specified quantities of encrypted assets are placed in an intelligent contract, automatically calculates the transaction price in a currency on the basis of an automated market algorithm.

该算法的要点是，无论交易量是多少，兑换的两种资产数量的乘积维持为一个常数，即恒定乘积做市商。用公式表示就是 x*y=k， x 和 y 是流动性池中的代币数量，k 是乘积。要想保持 k 恒定，x 和 y 只能相互反向变动。与此同时，向自动做市商（AMM）提供流动性的流动性提供商可能会看到其质押代币会损失价值。这种风险被称为【无常损失】。简单来说，无常损失是指在 AMM 中持有代币和自身钱包中持有代币之间的价值差。当 AMM 中的代币价格向任何方向上发生偏离时，都会发生这种情况。偏离越大，无常损失越大。

The point of the algorithm is that, regardless of the volume of the transaction, the multiplier of the two types of asset converted is maintained as a constant, i.e. the constant multiplier as a marketer. The formula is expressed as x*y=k, x and y are the number of coins in the liquid pool, k is the multiplier. To keep k constant, x and y can only be reversed.

UNI 初始流动性挖矿计划将于北京时间 2020 年 9 月 18 日 08:00 正式启动。第一阶段将运行至北京时间 2020 年 11 月 17 日 08:00。Uniswap v2 上的 ETH/USDT、ETH/USDC、ETH/DAI 以及 ETH/WBTC 四个流动性资金池将支持 UNI 挖矿。

The initial mobile mining program will be launched on September 18, 2020 in Beijing. The first phase will run until November 17, 2020 in Beijing. The ETH/USDT, ETH/USDC, ETH/DAI and ETH/WBTC four liquid financial pools on November 17, 2020 will support UCI mining.

第一阶段每个资金池都将获得共计 5,000,000 UNI，按照提供流动性的比例分配给流动性提供者。即每个池每天将分配 83,333.33 UNI 奖励。这部分奖励的 UNI 将不设锁定期。

Each pool in the first phase will receive a total of 5,000,000 UNI, distributed to liquid providers in proportion to the liquidity provided. That is, 83,333.33 UNI incentives will be distributed daily for each pool.

初始发行：15% 用于社区空投；2% 用于流动性挖矿。（社区空投：15% 的 UNI 代币初始供应量将通过空投分发给 Uniswap 社区，10.06% 的供应量将提供给历史用户，4.92% 分配给存量流动性提供者（根据用户过去提供的流动性按比例分配），存量 SOCKS 用户可索取 0.02%。

Initial distribution: 15 per cent for community air drops; 2 per cent for mobile mining. (Community air drop: 15 per cent of the initial supply of UNI tokens will be distributed to the Uniswap community by air drop, 10.06 per cent will be provided to historical users, 4.92 per cent will be allocated to stock liquidity providers (distributed proportionately to the mobility previously provided by users), and 0.02 per cent will be available to SOCKS users.

流动性挖矿：Uniswap 通过流动性挖矿向社区分配另外 2% 的 UNI 代币，任何人都可以通过 USDT / ETH，USDC / ETH，DAI / ETH 和 WBTC / ETH 四个池中的一个或多个提供流动性来耕作 UNI 代币（30 天后可能会添加更多流动性池）。在 2020年9月18日至 11月17日期间，将向每个资金池分配 500 万 UNI，并按提供的流动性按比例分配给流动性提供者。）

Liquid mining: Uniswap distributes an additional 2 per cent of UNI tokens to the community through mobile mining, and anyone can provide liquidity for NUI in one or more of the four pools of USDT/ETH, USDC/ETH, DAI/ETH and WBTC/ETH (30 days later may add more liquid pools). Between 18 September and 17 November 2020, $5 million will be allocated to each pool and distributed proportionately to the liquidity provided to liquid providers.

四年内释放：治理库将保留 43% 的 UNI 供应量；团队成员和未来员工将获得 21.51% 的 UNI 供应量；投资者（即 Uniswap 早期风险投资人）将获得 17.80% 的 UNI 供应量；顾问将获得 0.69% 的 UNI 供应量。（官方并未公开披露确切的释放时间表。）

Releases within four years: the Governance Library will retain 43 per cent of the UNI supply; team members and future employees will receive 21.51 per cent of the UNI supply; investors (i.e. Uniswap early risk investors) will receive 17.80 per cent of the UNI supply; consultants will receive 0.69 per cent of the UNI supply. (There is no official public disclosure of the exact release schedule.)

2020年1月8日到4月30日，6名工程师团队审计了Uniswap V2智能合约。（此前该团队负责MakerDAO的智能合约开发和正式验证，并完成对多担保Dai的实施和正式验证。）

Between 8 January and 30 April 2020, a team of six engineers audited the Uniswap V2 Smart Contract. (The team was previously responsible for the development and formal validation of the MakerDAO Smart Contract and the completion of the implementation and formal validation of the multi-guaranteed Dai.)

人们之所以认为 UNI 存在价值，本质上是看中了 Uniswap 在 DEX 领域的领先地位，虽然 UNI 是协议的治理代币，但它有潜在的未来可能性。

The reason why UNI is considered to be valuable is essentially to see Uniswap as a leader in the DEX field, although UNI is the governing token of the agreement, it has potential for the future.

团队和投资人的抛压较大、AMM做市具有无偿损失风险、合约漏洞风险等。

Teams and investors throw more pressure, the AMM market has a risk of loss without compensation, contract gaps, etc.

UNI 目前只有治理作用，是治理代币，Uniswap 上产生的所有交易费用并没有用来销毁 UNI 也没有给予 UNI 持币人。

At present, UNI has only a governance function, which is to govern the currency, and all transaction costs incurred on Uniswap have not been used to destroy UNI nor given to UNI bearers.

当前的 Uniswap 的费用主要是由流动性提供者获得。目前流动性提供者不仅捕获了全部的交易费用，同时还获得四个主要交易对的流动性挖矿的 UNI 代币激励。

The current Uniswap costs are mainly earned by liquidity providers. The current liquidity providers not only capture the full transaction costs, but also receive the GNI token incentives for liquid mining for the four main transactions.

在短期内，根据治理方案可能会有一部分的 Uniswap 协议交易费用分给 UNI，让 UNI 捕获部分费用价值，从而稳定其价格支撑。

In the short term, a portion of Uniswap transaction costs may be allocated to UNI under the governance programme, allowing UNI to capture part of the cost value, thereby stabilizing its price support.

从长期看，实现流动性提供者跟持币人利益的融合，使UNI 捕获全部费用价值，而流动性提供者的收益则通过 UNI 本身来实现。这对于流动性提供者、UNI 持币人、项目方、生态合作方等都是多赢的局面。但这个局面要形成需社区的共同努力，需要从各个方面推进，短期内较难实现。短期内能够尽快实现的是将部分交易费用给到 UNI 代币持有人。

This is a win-win situation for liquidity providers, UNI holders, project players, eco-cooperatives, and so on. But this situation will require community-driven efforts that will be more difficult to achieve in the short term.