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Press: On February 23, 2024, the UNISWAP Foundation issued a new proposal to distribute the agreement cost to the pledged UNI token holder. Affected by this news, the price of UNI rose from $ 7 to $ 12 in a short period of time, an increase of more than more than $ 12, an increase of more than more than $ 12, an increase of exceeding more than $ 12, an increase exceeded more than $ 12, an increase exceeded more than $ 12, and the increase exceeded more than more than $ 12, which exceeded more than $ 12.70%.According to CryptoFee data, the UNISWAP agreement fee revenue reached 2.14 million US dollars on February 22, with an average 7 -day income of 2.05 million US dollars. In February, the revenue of the UNISWAP agreement today was nearly 46 million US dollars.UNISWAP’s agreement revenue in January 2024 reached $ 58 million.
So, what exactly did the proposal?Let’s take a look at the latest proposal of the Uniswap Foundation in detail.
summary
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The UNISWAP Foundation proposes a large -scale upgrade of the control governance of the Uniswap protocol to motivate positive, participated and thoughtful authorization.Specifically, we recommend the upgrade agreement to make the cost mechanism reward and the UNI token holder who pledge its token.
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The proposal describes the motivation of this change and describes in detail the technical changes and logistics work required to implement the change.
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Multiple attachments provide extra context.
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Assuming that there is no major obstacle, the snapshot voting of the proposal will be released on March 1, 2024, and the chain voting will be released on March 8, 2024.
Introduction: Activate uniswap governance
The proposal aims to revitalize and strengthen the governance system of Uniswap by stimulating positive, participating and considerate authorization.Specifically, we recommend the upgrade agreement to make the cost mechanism reward and the UNI token holder who pledge its token.
The UNISWAP Foundation team is often asked what the success of Uniswap is like.It is very simple, the success of governance is equivalent to the long -term sustainability and sustainable growth of the agreement.Governance controls the Uniswap vault and the core parameters (such as costs) that are related to the long -term sustainability of the agreement.In 5, 10, and 20 years, the continuous success of Uniswap -and whether it really becomes the liquidity layer of the Internet -it will be the result of its representatives and its decisions.
In the past year, the Uniswap Foundation has given priority to improving the entrustment experience.We provide representatives with opportunities for starting platforms (entrusted representative competitions) and provided them with information required for the correct decision.Next week, we will launch GOVSWAP in ETHDENVER, the first in a series of face -to -face gatherings, aiming to produce good governance results by defining common goals.The subsequent GOVSWAPS will be carried out on ETHCC and DevCon.For the client, we funded and launched Agora 30, a platform that allows the client to find the representatives that best represent their interests.
Due to these efforts, the entrusted activities have increased, and the number of community -driven governance measures continues to increase this.For example, the last three months:
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The upcoming voting successfully pilot a plan to inspire the UNISWAP V3 (with 16 non -main network deployment) on the non -main network chain.
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10 million tokens in the agreement vault have been authorized to span 7 different representatives.
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The second Tuesday of this month of governance conference on behalf of the representative began.
However, there are many things to do.Having a car and indifference is still the sustainable survival risk of the Uniswap protocol.Less than 10% of the circulation UNI is used to vote for a given proposal.In addition, a large part of the existing authorization is “old”.As of February 1, 2024, 14 of the representatives of the top 30 voting rights have not voted for the past 10 proposals, of which only 7 have created a proposal.
We are glad to stimulate governance by linked authorization and agreement costs -not only inspiring authorization, but also inspiring thoughtful and active authorization.Specifically, we believe that UNI token holders will have the power to choose from, and their voting and participation of the agreement will lead to the development and success of the agreement.If the proposal is successful, we believe we will see the influx of the new delegation.And because the existing clients will need to re -entrust their tokens, we will see the existing commission of “old” to the representative of the commitment to support the agreement.In addition, the mechanism can run by itself in the future -continue to motivate participation authorization without any additional convenience.
Summary of the proposed technology change
The UNISWAP Foundation funded the research and development of various components required for the implementation of the proposal.Specifically, we have funded two new smart contracts, which aims to deploy to the existing chain -run Uniswap contract ecosystem and interact with them.If the governance proposal is implemented, they will:
1. Upgrade UNISWAP protocol governance to achieve the cost of agreements that do not require licenses and proceduralization
2. The cost of assigning the agreement to the UNI token holder who has been pledged and commissioned by proportion
3. Allow governance to continue to control the core parameters: which funds charging fees, and the size of the cost
Let’s briefly outline these two new contracts.More technical details can be found in the appendix.
The two new contracts are v3factoryowner.sol and unistaker.sol.
1. V3FactoryOwner.sol allows a mechanism to convert these expenses into universal ERC20 with a programming method and no license to charge the agreement, so that it can be distributed to a pledker who has deposited UNI into UNISAKER.sol.In order to make the contract work, it needs to be the owner of Uniswapv3Factory.
2. Unistaker.sol management commission and cost distribution.The participants in response to the mechanism in V3Factoryowner.sol will deposit ERC20 into unistaker.sol to distribute them to the pledgers.Unistaker.sol is modeling based on Synthetix’s long -tested StakeRewards.sol, but it expands the function of the contract in two key ways: 1) it requires the pledged account to entrust its token currency, 2) it allows (but not required)The pledge account allocates the pledge reward to any other account.
Next action
If governance supports this move, we will promote this vote.Specifically, the owner of the successful chain will update the owner of the main network Uniswapv3Factory to deploy v3FactoryOWner.sol to enable the above -mentioned programmatic charging mechanism.
The next step is:
1. On February 23: According to the governance process, this post will be opened for at least 7 days.
2. February 23: The Code4rena audit competition will last for 10 days.
March 1st Friday: After the Code4rena competition is over, the Uniswap Foundation will release snapshots, including the option “Yes, the owner of the upgrade of Uniswapv3Factory”, “No, the owner of the Uniswapv3Factory” and “abstain”.Any ease, V3Factoryowner and Unistaker instances will be deployed and verified on EtherScan.
April and March 7: Assuming the snapshot is successful, the Uniswap Foundation will vote on the chain, and its successful execution will call Uniswapv3Factory’s Setowner function and pass the V3Factoryowner address to it.
5. ImmuneFi vulnerability bounty will take effect before the end of the successful chain.The detailed information of the bounty (including the link) will be provided before the proposal chain.
These dates may change according to the results of the review and community dialogue.
Assuming the voting on the chain is successful, the community will choose to charge fees.To this end, Gauntlet is preparing a proposed launch process and will be released on the forum.Only after completing the separate governance process can we start charging and distribution fees based on the contract used in this proposal.
Appendix A: UNISWAP Protocol Cost Technology Overview
The detailed description of the current agreement cost mechanism can be found on the Uniswap Foundation blog.The description is as follows:
1. The protocol fee is expressed as part of the LP cost (the range is from 1 to 100 basis points).The specific scores can be adjusted through governance, which can be 0, 1/4, 1/5, 1/6, 1/7, 1/8, 1/9 or 1/10.They are currently set to 0.
2. The cost of the agreement is set according to the pool, and the cost is accumulated in the two token of the pool.
3. Uniswapv3Factory is the core contract of Uniswap V3; it starts a separate pool contract, and users can add liquidity to it and exchange them back and forth.The factory owner is the only contract that can be used in the pool and charges the fee when enabled.At present, the owner is the Timelock 3 contract of Uniswap Governance.
The proposed vote will be changed to the owner of Uniswapv3Factory to the deployment of V3FactoryOwner.sol.
Appendix B: New contract description and parameters
The smart contract part we proposed is composed of two custom contracts, designed and written by Scopelift.This appendix discusses every of them.
V3FactoryOWner.sol
The contract allows to charge the agreement from the pool in a programming method and does not need to be permitted from the pool, while maintaining the control of the UNISWAP governance on whether the cost is turned on and its level control.
The charging mechanism has established a continuous “competition”, of which the external parties (we believe that this will include MEV robots, arbitrageists, etc.) to conquer the costs incurred by each pool when each pool becomes favorable.The external part that requires the fee to be charged needs to be stored in 10 WetH (in the implementation of our proposal) in the deployment of Unistaker.sol (details as follows).In other words, once the cost of the cost exceeds 10 WETH (plus GAS), rational participants will be motivated to convert the cost to 10 WETH and send it directly to the Unistaker.sol contract.
In addition, V3Factoryowner configures to pass the function call from Uniswap Governance. These function calls are required to open and adjust any pool deployment deployed from the Uniswap V3 Factory contract.These adjustments still need to control voting.
In order to make the contract work, it needs to be the owner of Uniswapv3Factory.The first voting (that is, upgrade voting) will update the owner of Uniswapv3Factory to the deployed address of the deployment instance of V3Factoryowner.sol.
V3Factoryowner has four parameters configured during the contract deployment.
Appendix C: Agreement cost distribution logic
The ratio that should be assigned to the UNI pledged person and the size of the pledker reward shall be determined by multiple variables.Specifically:
1. Reward to tokens (set on Unistaker and V3Factoryowner).This is the denomination of rewards assigned to UNI pledges.
2. Reward amount (set on V3Factoryowner).This is the total reward amount distributed between the stakeholders of each deposit.The higher reward amount means that when all other factors remain unchanged, compared with the lower reward amount, the frequency of obtaining and distribution costs to stakeholders will be lower.
3. Reward duration (set on Unistaker).Given the time length of the assignment of the given reward amount after depositing the unisticr.The longer reward period will inspire pledges to pledge, so that they will be commissioned for a longer period of time to obtain the same amount of the same amount when all other factors remain unchanged.
4. The share of the pledge of pledged in the total pledge of UNI: The agreement cost is assigned to the pledker in proportion to the given block.If the pledgee occupies a large proportion of the total number of UNI pledged in the given block, then they will get relatively more cost rewards without any other factors.
5. Transaction volume.With the same factors of all other factors, the higher transaction volume means that the lower transaction volume is more frequently charged and distributed to the stakeholders.
Please note that every time the deposit occurs, the reward period “clock” will be replaced.All the reward amounts that have not been repaid will be added to the newly deposited reward amount, and the amount will be allocated during the subsequent reward period.
In order to use examples to illustrate these allocation mechanisms, it is assumed that we have defined the contract variables as follows:
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Payment tokens to WETH
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The payment amount is 10
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The reward period is 30 days
Whenever the pool costs more than 10 Weth, the third party will be motivated to collect these costs and allocate 10 WETH into the Unistaker.From then on, they will be assigned to pledges in proportion within 30 days.
Example 1: Simple case
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Suppose that Alice has stored 10 UNI into Unistaker and she is the only person to do this.Her shares account for 100%of UNI’s total shares.
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On the first day of her pledge, the reward was stored in Unistaker.
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The reward amount is about 0.33 WETH per day (10 WETH is divided by 30 days with a reward period).
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Alice earns ~ 0.33 Weth every day, which lasts 30 days
Example 2: New reward allocation
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Suppose that Alice has stored 10 UNI into Unistaker and she is the only person to do this.Her shares account for 100%of UNI’s total shares.
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On the first day of her pledge, the reward was stored in Unistaker.
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Alice earns ~ 0.33 Weth every day.
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10 New Weth’s new reward distribution will be reached on the third day.At this time, the reward paid will be reset to contain this new deposit.On the 3rd day, there were about 9 WetH in the reward 1.At present, there are about 19 Weth who need to pay in the subsequent 30 -day reward period.
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Now, the reward rate received by Alice is about 0.633 WETH per day (about 19 WETH divided by 30 days)
Example 3: New pledgers
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Suppose that Alice receives about 0.633 WETH every day.
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The new pledged BOB pledged 10 UNIs.Alice and BOB each account for 50%of the total UNI pledge.Now, Alice and Bob will distribute 0.633 WETH (0.3165 per day) during this period, or until the new deposit arrives.
