Web3 老尘
Web3 老尘
2017年入圈，经历了各种起起伏伏活到了现在，不认命，但认输
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Uniswap v4's protocol fees no longer set a fixed rate for all pools.
It introduces V4FeePolicy and V4FeeAdapter, which can apply different fee rules based on pool type, hooks, and other conditions.
This means that in the future, even with the same trading volume, different pools may contribute different fees to the protocol.
What I'm more curious about is: which types of v4 pools ultimately contribute the most protocol revenue?
This might be more worthwhile to study than simply focusing on how much UNI is burned daily.
South Korean exchange GOPAX suddenly suspended trading and deposits/withdrawals today, but the reason is not confirmed to be a theft.
On November 6, after receiving a hacker threat email, GOPAX took emergency measures:
• 14:55 KST, suspended regular deposits and withdrawals
• 15:53, suspended trading and canceled all open orders
• Transferred exchange assets to cold wallets
• No announcement yet on when trading will resume
According to South Korea's Kyunghyang Shinmun, GOPAX confirmed receiving the hacker threat email but stated that no actual attack or asset theft attempt has been detected so far.
There is a noteworthy point here:
The exchange proactively shut down, possibly to prevent a larger security incident; however, for users, being unable to trade or freely withdraw funds is itself a risk that needs attention.
Especially when funds are already deposited on the exchange, users cannot independently decide when liquidity will be restored.
Currently, there is no evidence proving that GOPAX experienced asset theft today, so the preventive shutdown should not be interpreted as a successful hacker attack.
If you use GOPAX, first verify the service status through official channels, do not continue transferring coins to addresses that may not credit properly, and do not trust urgent withdrawal links sent via private messages.
Reuters:
https://t.co/lPa4POtOsS
South Korea's Kyunghyang Shinmun:
https://t.co/G8U3A890CI
Seeing Uniswap's latest plan launched in November feels more noteworthy than simply announcing a new partnership.
The Uniswap Foundation Security Fund is now accepting a new round of applications. Eligible ecosystem projects can receive up to 100% subsidy for smart contract audit fees.
According to official disclosures, over 35 projects have been supported so far.
Initially, this plan focused on serving v4 Hooks developers, but now it also covers ecosystem projects like Trading API integration.
What’s interesting about this is that Uniswap is not only expanding product features but also trying to reduce the security costs for other teams using its infrastructure.
There are three notable changes in BSC's Jenner upgrade plan:
BEP-702: Introduces an asset standard supporting compliance control.
BEP-703: Reserves 5% block Gas by default for eligible payment transactions.
BEP-706: Allows smart contracts to read millisecond-level timestamps.
Looking at these three together, the direction is clear: besides improving performance, it is also laying the infrastructure for payments, tokenized assets, and more refined financial applications.
The plan is to activate on the mainnet on December 8, and it has not been executed yet.
Uniswap's strength lies in spot liquidity and infrastructure, Hyperliquid has established its own ecosystem in the perpetual contracts field, while Aster attempts to compete for users through spot, perpetual contracts, and multi-chain deployment.
Although these projects all belong to the decentralized trading sector, they are actually competing in somewhat different markets.
Real fee revenue, user retention after incentives are deducted, and where the revenue ultimately flows.
Especially for platforms with high trading incentives, short-term trading volume may look impressive, but the more important question is how much genuine demand remains after the incentives end.
The GOOGLc collateral market of Aave V4 has 189 supply positions, with a collateral scale of about 3.7 million USD.
Interestingly, the top 20 positions account for about 96% of the collateral amount, among which 16 borrow USDC through these collaterals.
Tokenized stocks are moving from "on-chain holding" to "on-chain financing."
However, the current usage is highly concentrated; the next step to watch is the number of independent borrowers, not just TVL.
Tokenization of stocks has encountered an interesting resistance.
OKX and the parent company of the New York Stock Exchange, ICE, plan to launch a 24-hour trading platform for tokenized U.S. stocks.
But as of October 30, 50 listed companies have raised objections, including Nvidia, Microsoft, Google, JPMorgan, Nike, Costco, and Reddit.
Among them, 43 belong to the 62 companies initially proposed to be included on the platform.
Why can listed companies say no?
Because the relevant temporary exemption framework of the U.S. SEC stipulates that a third party wanting to tokenize a company's stock and trade it on a specific venue must notify the issuer in advance. The company can object within the specified period.
Here is an easily overlooked distinction:
A company allowing its securities to enter a regulated on-chain custody and settlement system does not mean it agrees to unrelated third parties issuing and trading corresponding stock tokens on their own.
This also gives another perspective to the recent news about DTCC advancing securities tokenization.
Wall Street is not simply for or against putting stocks on-chain; it is debating who has the right to issue, who controls the trading, and what rights investors actually have.
Currently, these objection announcements do not disclose the specific reasons of each company, so no conclusions can be drawn on their behalf.
Source:
https://t.co/6DO2HekL8f
https://t.co/QgyAKU4Yl8
The tokenization of securities on Wall Street has begun to enter the practical operation stage.
On October 28, DTCC officially launched its securities tokenization service.
Twenty institutions including JPMorgan Chase, Citibank, Morgan Stanley, and Bank of America have signed access agreements, with the first batch involving 34 eligible securities.
These tokens are not simply synthetic assets tracking stock prices.
They correspond to securities actually held in custody by DTC, designed to retain all original ownership, economic rights, and investor protections, and can be converted between traditional securities and on-chain forms.
Moreover, DTCC's token contracts include compliance controls such as suspension, destruction, and recovery.
This is very different from the fully free-floating, non-intervenable on-chain stocks many imagine.
Wall Street is integrating blockchain into the existing securities system, rather than simply replacing the original custody and regulatory structures with blockchain.
What is truly worth watching is whether these tokens can bring actual efficiency improvements in cross-institution collateralization, clearing, and settlement.
Official:
https://t.co/NR5LLlZ0HB
Product mechanism:
https://t.co/fU06w2hbf2
Uniswap recently launched a pretty interesting tool called TJAR.
Originally developed for protocol fee conversion and the UNI burn mechanism, it is now open for use by other applications.
After applications receive various token fees, they can hand them over to TJAR, where third parties compete to complete the conversion, ultimately receiving the tokens they specify.
According to official disclosures, this mechanism handled over $15.3 million in conversions last month and has been deployed on 7 chains.
Even more interestingly, Robinhood is already using it to convert fees collected through the Uniswap API into USDC and USDG.
Uniswap is turning a mechanism originally used internally into infrastructure that other applications can also reuse.
What’s worth watching next is how many applications actually adopt it and whether it will develop an independent business model.
