C&ocirc;ng t&#7855;c thu ph&iacute; c&#7911;a Uniswap &#273;&#432;&#7907;c tr&ocirc;ng &#273;&#7907;i t&#7915; l&acirc;u &#273;&atilde; ch&iacute;nh th&#7913;c ho&#7841;t &#273;&#7897;ng. Tuy nhi&ecirc;n, n&oacute; ch&#432;a mang l&#7841;i s&#7921; r&otilde; r&agrave;ng ngay l&#7853;p t&#7913;c v&#7873; c&aacute;ch UNI c&oacute; th&#7875; t&#7841;o ra gi&aacute; tr&#7883; l&acirc;u d&agrave;i.
D&#7919; li&#7879;u on-chain ban &#273;&#7847;u &#273;&atilde; l&agrave;m d&#7845;y l&ecirc;n tranh lu&#7853;n s&ocirc;i n&#7893;i v&#7873; vi&#7879;c li&#7879;u th&#7883; tr&#432;&#7901;ng c&oacute; v&#7897;i v&agrave;ng &#273;&#432;a ra k&#7871;t lu&#7853;n hay &#273;ang ph&aacute;t hi&#7879;n ra nh&#7919;ng h&#7841;n ch&#7871; c&#417; b&#7843;n trong c&#417; ch&#7871; burn c&#7911;a Uniswap.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-is-uniswap-s-fee-switch-already-failing-or-is-the-market-reading-it-wrong">C&ocirc;ng t&#7855;c ph&iacute; c&#7911;a Uniswap &#273;&atilde; th&#7845;t b&#7841;i hay th&#7883; tr&#432;&#7901;ng &#273;ang hi&#7875;u sai?</h2>

C&aacute;c &#432;&#7899;c t&iacute;nh &#273;&#7847;u ti&ecirc;n t&#7915; nh&#7919;ng nh&agrave; ph&acirc;n t&iacute;ch on-chain cho th&#7845;y ngu&#7891;n thu ph&iacute; giao th&#7913;c m&#7899;i c&#7911;a Uniswap ch&#7881; &#273;&#7841;t kho&#7843;ng 30,000 USD m&#7895;i ng&agrave;y t&iacute;nh b&#7857;ng t&agrave;i s&#7843;n th&#7921;c. Con s&#7889; n&agrave;y th&#7845;p h&#417;n nhi&#7873;u so v&#7899;i m&#7913;c &#432;u &#273;&atilde;i &#273;&atilde; &#273;&#432;&#7907;c <a href="https://x.com/haydenzadams/status/1987990314997739625?s=20" target="_blank" rel="noreferrer noopener nofollow">&#273;&#7873; xu&#7845;t</a> trong c&aacute;c <a href="https://vn.beincrypto.com/uniswap-securing-funding-growth-defi/" target="_blank" rel="noreferrer noopener">k&#7871; ho&#7841;ch qu&#7843;n tr&#7883; g&#7847;n &#273;&acirc;y</a>.
K&#7871;t qu&#7843; ban &#273;&#7847;u n&agrave;y &#273;&atilde; l&agrave;m d&#7845;y l&ecirc;n nhi&#7873;u c&acirc;u h&#7887;i v&#7873; vi&#7879;c li&#7879;u vi&#7879;c ph&aacute;t h&agrave;nh UNI token c&oacute; th&#7875; v&#432;&#7907;t qu&aacute; s&#7889; l&#432;&#7907;ng token b&#7883; &#273;&#7889;t t&#7915; ph&iacute; giao th&#7913;c, &iacute;t nh&#7845;t l&agrave; trong ng&#7855;n h&#7841;n.
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&ldquo;D&#7921;a tr&ecirc;n s&#7889; li&#7879;u hi&#7879;n t&#7841;i, l&#432;&#7907;ng &#432;u &#273;&atilde;i UNI &#273;&#432;&#7907;c k&#7923; v&#7885;ng s&#7869; l&#7899;n h&#417;n l&#432;&#7907;ng token &#273;&#432;&#7907;c &#273;&#7889;t t&#7915; c&ocirc;ng t&#7855;c ph&iacute;,&rdquo; m&#7897;t ng&#432;&#7901;i d&ugrave;ng <a href="https://x.com/ChazSchmidt/status/2005652912660431353" target="_blank" rel="noreferrer noopener nofollow">vi&#7871;t</a>, &#273;&#7891;ng th&#7901;i cho r&#7857;ng d&#7919; li&#7879;u n&agrave;y khi&#7871;n m&#7885;i ng&#432;&#7901;i ph&#7843;i suy ng&#7851;m v&#7873; k&#7883;ch b&#7843;n n&#7871;u c&ocirc;ng t&#7855;c ph&iacute; n&agrave;y &#273;&atilde; &#273;&#432;&#7907;c b&#7853;t t&#7915; tr&#432;&#7899;c kia th&igrave; k&#7871;t qu&#7843; s&#7869; kh&aacute;c ra sao.
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C&#7843;nh b&aacute;o n&agrave;y xu&#7845;t hi&#7879;n sau m&#7897;t ph&acirc;n t&iacute;ch chi ti&#7871;t c&#7911;a c&aacute;c nh&agrave; nghi&ecirc;n c&#7913;u on-chain, ban &#273;&#7847;u &#432;&#7899;c t&iacute;nh r&#7857;ng doanh thu giao th&#7913;c m&#7895;i ng&agrave;y ch&#7881; ri&ecirc;ng tr&ecirc;n Ethereum c&oacute; th&#7875; v&agrave;o kho&#7843;ng 95,000 USD n&#7871;u m&#7885;i th&#7913; thu&#7853;n l&#7907;i.
Tuy nhi&ecirc;n, sau khi ph&acirc;n t&iacute;ch t&#7915;ng pool ri&ecirc;ng l&#7867;, con s&#7889; &#432;&#7899;c t&iacute;nh n&agrave;y &#273;&atilde; li&ecirc;n t&#7909;c b&#7883; h&#7841; xu&#7889;ng. Nh&agrave; ph&acirc;n t&iacute;ch ph&aacute;t hi&#7879;n ra r&#7857;ng nhi&#7873;u pool t&#7841;o ra ph&iacute; cao th&#7921;c ch&#7845;t l&#7841;i k&eacute;m thanh kho&#7843;n, m&#7899;i &#273;&#432;&#7907;c tri&#7875;n khai, b&#7883; whitelist ho&#7863;c ti&#7873;m &#7849;n r&#7911;i ro rug. &#272;i&#7873;u n&agrave;y c&oacute; ngh&#297;a l&agrave; doanh thu tr&ecirc;n th&#7921;c t&#7871; kh&oacute; c&oacute; th&#7875; r&uacute;t v&#7873; &#273;&#432;&#7907;c.
Sau khi lo&#7841;i b&#7887; nh&#7919;ng ngu&#7891;n thu kh&ocirc;ng r&otilde; r&agrave;ng, nh&agrave; ph&acirc;n t&iacute;ch n&agrave;y k&#7871;t lu&#7853;n r&#7857;ng ch&#7881; kho&#7843;ng 30,000 USD m&#7895;i ng&agrave;y c&oacute; th&#7875; th&#7921;c s&#7921; l&agrave; t&agrave;i s&#7843;n m&agrave; Uniswap n&#7855;m ch&#7855;c. N&#7871;u nh&acirc;n con s&#7889; n&agrave;y l&ecirc;n h&agrave;ng n&#259;m m&#7897;t c&aacute;ch l&#7841;c quan th&igrave; c&#361;ng ch&#7881; &#273;&#7841;t kho&#7843;ng 22 tri&#7879;u USD doanh thu giao th&#7913;c, k&#7875; c&#7843; trong &#273;i&#7873;u ki&#7879;n kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch cao v&agrave;o ng&agrave;y trong tu&#7847;n v&agrave; c&oacute; th&ecirc;m m&#7897;t ph&#7847;n m&#7903; r&#7897;ng tr&ecirc;n Layer-2.
Trong khi &#273;&oacute;, m&#7913;c &#432;u &#273;&atilde;i UNI &#273;&#7873; xu&#7845;t l&ecirc;n t&#7899;i 125 tri&#7879;u USD, khi&#7871;n t&#7927; l&#7879; gi&#7919;a ph&iacute; thu &#273;&#432;&#7907;c v&agrave; l&#432;&#7907;ng UNI ph&aacute;t h&agrave;nh tr&#7903; n&ecirc;n c&#7921;c k&#7923; b&#7845;t l&#7907;i.
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&ldquo;Nh&#7919;ng d&#7919; li&#7879;u ban &#273;&#7847;u cho th&#7845;y c&ocirc;ng t&#7855;c ph&iacute; n&agrave;y kh&ocirc;ng h&#7873; &#273;&#7911; &#273;&#7875; b&ugrave; l&#7841;i &#432;u &#273;&atilde;i &#273;&atilde; &#273;&#7873; xu&#7845;t,&rdquo; t&agrave;i kho&#7843;n Memelord <a href="https://x.com/jpn_memelord/status/2005456321802633552" target="_blank" rel="noreferrer noopener nofollow">b&igrave;nh lu&#7853;n</a>, cho r&#7857;ng s&#7921; &#273;a d&#7841;ng t&agrave;i s&#7843;n, gi&#7899;i h&#7841;n thanh kho&#7843;n v&agrave; r&#7911;i ro arbitrage c&oacute; th&#7875; khi&#7871;n gi&aacute; tr&#7883; b&#7883; th&#7845;t tho&aacute;t trong giai &#273;o&#7841;n &#273;&#7847;u v&#7853;n h&agrave;nh.
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<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-overeager-and-misleading-hayden-adams-pushes-back-on-early-fee-switch-criticism">&ldquo;Qu&aacute; v&#7897;i v&agrave;ng v&agrave; g&acirc;y hi&#7875;u l&#7847;m&rdquo;: Hayden Adams ph&#7843;n b&aacute;c nh&#7919;ng ch&#7881; tr&iacute;ch v&#7873; vi&#7879;c chuy&#7875;n &#273;&#7893;i ph&iacute; s&#7899;m</h2>

K&#7871;t lu&#7853;n tr&ecirc;n &#273;&atilde; b&#7883; Uniswap v&agrave; nh&agrave; s&aacute;ng l&#7853;p Hayden Adams <a href="https://vn.beincrypto.com/uniswap-ceo-de-xuat-chuyen-doi-ethereum/" target="_blank" rel="noreferrer noopener">ph&#7843;n h&#7891;i m&#7841;nh m&#7869;</a>. &Ocirc;ng cho r&#7857;ng ph&acirc;n t&iacute;ch n&agrave;y l&agrave; &ldquo;sai, v&#7897;i v&agrave;ng v&agrave; g&acirc;y hi&#7875;u l&#7847;m,&rdquo; v&agrave; nh&#7845;n m&#7841;nh nh&#7919;ng ng&#432;&#7901;i ph&ecirc; b&igrave;nh &#273;ang &#273;&aacute;nh gi&aacute; d&#7921;a tr&ecirc;n d&#7919; li&#7879;u ch&#432;a &#273;&#7847;y &#273;&#7911;, khi vi&#7879;c tri&#7875;n khai ch&#7881; m&#7899;i b&#7855;t &#273;&#7847;u.
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&ldquo;Hi&#7879;n t&#7841;i m&#7899;i ch&#7881; m&#7897;t ph&#7847;n nh&#7887; ngu&#7891;n ph&iacute; &#273;&#432;&#7907;c k&iacute;ch ho&#7841;t,&rdquo; &ocirc;ng <a href="https://x.com/haydenzadams/status/2005682134149668938" target="_blank" rel="noreferrer noopener nofollow">chia s&#7867;</a>, &#273;&#7891;ng th&#7901;i gi&#7843;i th&iacute;ch r&#7857;ng nhi&#7873;u tham s&#7889; v&#7851;n c&oacute; th&#7875; &#273;&#432;&#7907;c &#273;i&#7873;u ch&#7881;nh th&ocirc;ng qua c&aacute;c &#273;&#7873; xu&#7845;t qu&#7843;n tr&#7883; trong t&#432;&#417;ng lai.
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&Ocirc;ng Adams c&#361;ng b&aacute;c b&#7887; c&aacute;c nh&#7853;n &#273;&#7883;nh v&#7873; <a href="https://vn.beincrypto.com/uniswap-unification-proposal-fees-uni-token-burn-surge/" target="_blank" rel="noreferrer noopener">vi&#7879;c burn UNI ban &#273;&#7847;u</a>, &#273;&#7891;ng th&#7901;i l&#432;u &yacute; r&#7857;ng c&#417; ch&#7871; token jar c&#7911;a giao th&#7913;c v&#7851;n ch&#432;a &#273;&#432;&#7907;c arbitrage m&#7897;t c&aacute;ch hi&#7879;u qu&#7843;.
Ph&iacute; v&#7851;n &#273;ang &#273;&#432;&#7907;c thu gom t&#7915; h&agrave;ng ng&agrave;n token kh&aacute;c nhau, trong khi vi&#7879;c burn token l&#7841;i di&#7877;n ra theo l&ocirc; nh&#7887;, v&igrave; v&#7853;y d&#7919; li&#7879;u burn ban &#273;&#7847;u ch&#432;a &#273;&#7911; &#273;&#7875; ph&#7843;n &aacute;nh th&#7921;c t&#7871; v&#7873; l&acirc;u d&agrave;i.
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&ldquo;L&#7847;n burn &#273;&#7847;u ti&ecirc;n ch&#432;a n&oacute;i l&ecirc;n &#273;&#432;&#7907;c &#273;i&#7873;u g&igrave; v&#7873; tr&#7841;ng th&aacute;i &#7893;n &#273;&#7883;nh trong t&#432;&#417;ng lai,&rdquo; &ocirc;ng n&oacute;i.
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T&#7893;ng th&#7875;, &ocirc;ng Adams c&#361;ng b&aacute;c b&#7887; vi&#7879;c so s&aacute;nh ng&acirc;n s&aacute;ch ph&aacute;t tri&#7875;n theo &#273;&#7873; xu&#7845;t UNIfication v&#7899;i c&aacute;c &#432;u &#273;&atilde;i khai th&aacute;c thanh kho&#7843;n truy&#7873;n th&#7889;ng.
L&atilde;nh &#273;&#7841;o Uniswap cho bi&#7871;t giao th&#7913;c n&agrave;y v&#7873; b&#7843;n ch&#7845;t kh&ocirc;ng ph&#7909; thu&#7897;c nhi&#7873;u v&agrave;o c&aacute;c kho&#7843;n tr&#7907; c&#7845;p thanh kho&#7843;n. Ng&acirc;n s&aacute;ch ph&aacute;t tri&#7875;n &#273;&#432;&#7907;c d&ugrave;ng &#273;&#7875; m&#7903; r&#7897;ng h&#7879; sinh th&aacute;i l&acirc;u d&agrave;i, ch&#7913; kh&ocirc;ng ph&#7843;i &#273;&#7875; b&ugrave; &#273;&#7855;p cho c&aacute;c LP b&#7857;ng kho&#7843;n ph&iacute; m&agrave; h&#7885; &ldquo;nh&#432;&#7901;ng l&#7841;i&rdquo;.
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&ldquo;N&#7871;u Labs v&agrave; ng&acirc;n s&aacute;ch ph&aacute;t tri&#7875;n bi&#7871;n m&#7845;t, l&#432;&#7907;ng UNI burn nh&#7901; thu ph&iacute; v&#7851;n s&#7869; ti&#7871;p t&#7909;c nh&#432; hi&#7879;n t&#7841;i,&rdquo; &ocirc;ng b&#7893; sung.
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Kh&ocirc;ng &iacute;t th&agrave;nh vi&ecirc;n c&#7897;ng &#273;&#7891;ng c&#361;ng &#273;&#7891;ng t&igrave;nh v&#7899;i quan &#273;i&#7875;m n&agrave;y, cho th&#7845;y t&acirc;m l&yacute; hi&#7879;n t&#7841;i tr&aacute;i ng&#432;&#7907;c ho&agrave;n to&agrave;n v&#7899;i s&#7921; l&#7841;c quan c&#7911;a th&#7883; tr&#432;&#7901;ng ch&#7881; trong v&agrave;i tu&#7847;n tr&#432;&#7899;c &#273;&oacute;.
V&agrave;o th&aacute;ng 11/2023, &#273;&#7873; xu&#7845;t UNIfication c&#7911;a Uniswap &ndash; gi&#7899;i thi&#7879;u thu ph&iacute; giao th&#7913;c, burn 100 tri&#7879;u UNI token v&agrave; h&#7907;p nh&#7845;t ho&#7841;t &#273;&#7897;ng gi&#7919;a Labs v&agrave; Foundation &ndash; t&#7915;ng <a href="https://beincrypto.com/uniswap-unification-proposal-fees-uni-token-burn-surge/" target="_blank" rel="noreferrer noopener">gi&uacute;p UNI b&#7853;t t&#259;ng l&ecirc;n m&#7913;c cao nh&#7845;t trong hai th&aacute;ng</a>.
T&#7841;i th&#7901;i &#273;i&#7875;m &#273;&oacute;, nhi&#7873;u nh&agrave; ph&acirc;n t&iacute;ch nh&#432; CEO CryptoQuant &ndash; Ki Young Ju t&#7915;ng d&#7921; &#273;o&aacute;n n&#7871;u kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch cao duy tr&igrave;, l&#432;&#7907;ng UNI token b&#7883; &#273;&#7889;t m&#7895;i n&#259;m c&oacute; th&#7875; ch&#7841;m t&#7899;i 500 tri&#7879;u USD.
Tuy nhi&ecirc;n, hi&#7879;n t&#7841;i, kho&#7843;ng c&aacute;ch gi&#7919;a k&#7923; v&#7885;ng l&#7841;c quan n&agrave;y v&#7899;i th&#7921;c t&#7871; on-chain ban &#273;&#7847;u l&agrave; r&#7845;t l&#7899;n. Vi&#7879;c c&ocirc;ng t&#7855;c thu ph&iacute; li&#7879;u c&oacute; tr&#7903; th&agrave;nh &#273;&#7897;ng l&#7921;c &#273;&#7889;t UNI b&#7873;n v&#7919;ng hay ch&#7881; l&agrave; s&#7921; k&#7923; v&#7885;ng qu&aacute; m&#7913;c s&#7869; ph&#7909; thu&#7897;c v&agrave;o t&#7889;c &#273;&#7897; Uniswap m&#7903; r&#7897;ng tri&#7875;n khai, &#273;i&#7873;u ch&#7881;nh tham s&#7889; v&agrave; bi&#7871;n quy m&ocirc; ho&#7841;t &#273;&#7897;ng nh&#7887; l&#7867; hi&#7879;n t&#7841;i th&agrave;nh ngu&#7891;n doanh thu giao th&#7913;c &#7893;n &#273;&#7883;nh theo th&#7901;i gian.
<img style="height:400px;width:640px;" decoding="async" src="https://assets.beincrypto.com/img/tz2w2AFehgBEfZhM4_6k2Xu5Qs4=/smart/66ded711f9e341978322f3a1cab865e2" alt="Uniswap (UNI) Price Performance" class="wp-image-786400">Di&#7877;n bi&#7871;n gi&aacute; Uniswap (UNI). Ngu&#7891;n: <a href="https://beincrypto.com/price/uniswap/" target="_blank" rel="noreferrer noopener">BeInCrypto</a>

UNI l&agrave; token ch&iacute;nh c&#7911;a h&#7879; sinh th&aacute;i Uniswap. T&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i, gi&aacute; UNI &#273;ang giao d&#7883;ch &#7903; m&#7913;c 6.01 USD, gi&#7843;m g&#7847;n 6% trong 24 gi&#7901; qua.

Chức năng Fee Switch của Uniswap đã hoạt động – nhưng dữ liệu ban đầu đã gây tranh cãi trong giới phân tích

C&ocirc;ng t&#7855;c thu ph&iacute; c&#7911;a Uniswap &#273;&#432;&#7907;c tr&ocirc;ng &#273;&#7907;i t&#7915; l&acirc;u &#273;&atilde; ch&iacute;nh th&#7913;c ho&#7841;t &#273;&#7897;ng. Tuy nhi&ecirc;n, n&oacute; ch&#432;a mang l&#7841;i s&#7921; r&otilde; r&agrave;ng ngay l&#7853;p t&#7913;c v&#7873; c&aacute;ch UNI c&oacute; th&#7875; t&#7841;o ra gi&aacute; tr&#7883; l&acirc;u d&agrave;i.
D&#7919; li&#7879;u on-chain ban &#273;&#7847;u &#273;&atilde; l&agrave;m d&#7845;y l&ecirc;n tranh lu&#7853;n s&ocirc;i n&#7893;i v&#7873; vi&#7879;c li&#7879;u th&#7883; tr&#432;&#7901;ng c&oacute; v&#7897;i v&agrave;ng &#273;&#432;a ra k&#7871;t lu&#7853;n hay &#273;ang ph&aacute;t hi&#7879;n ra nh&#7919;ng h&#7841;n ch&#7871; c&#417; b&#7843;n trong c&#417; ch&#7871; burn c&#7911;a Uniswap.
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-is-uniswap-s-fee-switch-already-failing-or-is-the-market-reading-it-wrong">C&ocirc;ng t&#7855;c ph&iacute; c&#7911;a Uniswap &#273;&atilde; th&#7845;t b&#7841;i hay th&#7883; tr&#432;&#7901;ng &#273;ang hi&#7875;u sai?</h2>

C&aacute;c &#432;&#7899;c t&iacute;nh &#273;&#7847;u ti&ecirc;n t&#7915; nh&#7919;ng nh&agrave; ph&acirc;n t&iacute;ch on-chain cho th&#7845;y ngu&#7891;n thu ph&iacute; giao th&#7913;c m&#7899;i c&#7911;a Uniswap ch&#7881; &#273;&#7841;t kho&#7843;ng 30,000 USD m&#7895;i ng&agrave;y t&iacute;nh b&#7857;ng t&agrave;i s&#7843;n th&#7921;c. Con s&#7889; n&agrave;y th&#7845;p h&#417;n nhi&#7873;u so v&#7899;i m&#7913;c &#432;u &#273;&atilde;i &#273;&atilde; &#273;&#432;&#7907;c <a href="https://x.com/haydenzadams/status/1987990314997739625?s=20" target="_blank" rel="noreferrer noopener nofollow">&#273;&#7873; xu&#7845;t</a> trong c&aacute;c <a href="https://vn.beincrypto.com/uniswap-securing-funding-growth-defi/" target="_blank" rel="noreferrer noopener">k&#7871; ho&#7841;ch qu&#7843;n tr&#7883; g&#7847;n &#273;&acirc;y</a>.
K&#7871;t qu&#7843; ban &#273;&#7847;u n&agrave;y &#273;&atilde; l&agrave;m d&#7845;y l&ecirc;n nhi&#7873;u c&acirc;u h&#7887;i v&#7873; vi&#7879;c li&#7879;u vi&#7879;c ph&aacute;t h&agrave;nh UNI token c&oacute; th&#7875; v&#432;&#7907;t qu&aacute; s&#7889; l&#432;&#7907;ng token b&#7883; &#273;&#7889;t t&#7915; ph&iacute; giao th&#7913;c, &iacute;t nh&#7845;t l&agrave; trong ng&#7855;n h&#7841;n.
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&ldquo;D&#7921;a tr&ecirc;n s&#7889; li&#7879;u hi&#7879;n t&#7841;i, l&#432;&#7907;ng &#432;u &#273;&atilde;i UNI &#273;&#432;&#7907;c k&#7923; v&#7885;ng s&#7869; l&#7899;n h&#417;n l&#432;&#7907;ng token &#273;&#432;&#7907;c &#273;&#7889;t t&#7915; c&ocirc;ng t&#7855;c ph&iacute;,&rdquo; m&#7897;t ng&#432;&#7901;i d&ugrave;ng <a href="https://x.com/ChazSchmidt/status/2005652912660431353" target="_blank" rel="noreferrer noopener nofollow">vi&#7871;t</a>, &#273;&#7891;ng th&#7901;i cho r&#7857;ng d&#7919; li&#7879;u n&agrave;y khi&#7871;n m&#7885;i ng&#432;&#7901;i ph&#7843;i suy ng&#7851;m v&#7873; k&#7883;ch b&#7843;n n&#7871;u c&ocirc;ng t&#7855;c ph&iacute; n&agrave;y &#273;&atilde; &#273;&#432;&#7907;c b&#7853;t t&#7915; tr&#432;&#7899;c kia th&igrave; k&#7871;t qu&#7843; s&#7869; kh&aacute;c ra sao.
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C&#7843;nh b&aacute;o n&agrave;y xu&#7845;t hi&#7879;n sau m&#7897;t ph&acirc;n t&iacute;ch chi ti&#7871;t c&#7911;a c&aacute;c nh&agrave; nghi&ecirc;n c&#7913;u on-chain, ban &#273;&#7847;u &#432;&#7899;c t&iacute;nh r&#7857;ng doanh thu giao th&#7913;c m&#7895;i ng&agrave;y ch&#7881; ri&ecirc;ng tr&ecirc;n Ethereum c&oacute; th&#7875; v&agrave;o kho&#7843;ng 95,000 USD n&#7871;u m&#7885;i th&#7913; thu&#7853;n l&#7907;i.
Tuy nhi&ecirc;n, sau khi ph&acirc;n t&iacute;ch t&#7915;ng pool ri&ecirc;ng l&#7867;, con s&#7889; &#432;&#7899;c t&iacute;nh n&agrave;y &#273;&atilde; li&ecirc;n t&#7909;c b&#7883; h&#7841; xu&#7889;ng. Nh&agrave; ph&acirc;n t&iacute;ch ph&aacute;t hi&#7879;n ra r&#7857;ng nhi&#7873;u pool t&#7841;o ra ph&iacute; cao th&#7921;c ch&#7845;t l&#7841;i k&eacute;m thanh kho&#7843;n, m&#7899;i &#273;&#432;&#7907;c tri&#7875;n khai, b&#7883; whitelist ho&#7863;c ti&#7873;m &#7849;n r&#7911;i ro rug. &#272;i&#7873;u n&agrave;y c&oacute; ngh&#297;a l&agrave; doanh thu tr&ecirc;n th&#7921;c t&#7871; kh&oacute; c&oacute; th&#7875; r&uacute;t v&#7873; &#273;&#432;&#7907;c.
Sau khi lo&#7841;i b&#7887; nh&#7919;ng ngu&#7891;n thu kh&ocirc;ng r&otilde; r&agrave;ng, nh&agrave; ph&acirc;n t&iacute;ch n&agrave;y k&#7871;t lu&#7853;n r&#7857;ng ch&#7881; kho&#7843;ng 30,000 USD m&#7895;i ng&agrave;y c&oacute; th&#7875; th&#7921;c s&#7921; l&agrave; t&agrave;i s&#7843;n m&agrave; Uniswap n&#7855;m ch&#7855;c. N&#7871;u nh&acirc;n con s&#7889; n&agrave;y l&ecirc;n h&agrave;ng n&#259;m m&#7897;t c&aacute;ch l&#7841;c quan th&igrave; c&#361;ng ch&#7881; &#273;&#7841;t kho&#7843;ng 22 tri&#7879;u USD doanh thu giao th&#7913;c, k&#7875; c&#7843; trong &#273;i&#7873;u ki&#7879;n kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch cao v&agrave;o ng&agrave;y trong tu&#7847;n v&agrave; c&oacute; th&ecirc;m m&#7897;t ph&#7847;n m&#7903; r&#7897;ng tr&ecirc;n Layer-2.
Trong khi &#273;&oacute;, m&#7913;c &#432;u &#273;&atilde;i UNI &#273;&#7873; xu&#7845;t l&ecirc;n t&#7899;i 125 tri&#7879;u USD, khi&#7871;n t&#7927; l&#7879; gi&#7919;a ph&iacute; thu &#273;&#432;&#7907;c v&agrave; l&#432;&#7907;ng UNI ph&aacute;t h&agrave;nh tr&#7903; n&ecirc;n c&#7921;c k&#7923; b&#7845;t l&#7907;i.
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&ldquo;Nh&#7919;ng d&#7919; li&#7879;u ban &#273;&#7847;u cho th&#7845;y c&ocirc;ng t&#7855;c ph&iacute; n&agrave;y kh&ocirc;ng h&#7873; &#273;&#7911; &#273;&#7875; b&ugrave; l&#7841;i &#432;u &#273;&atilde;i &#273;&atilde; &#273;&#7873; xu&#7845;t,&rdquo; t&agrave;i kho&#7843;n Memelord <a href="https://x.com/jpn_memelord/status/2005456321802633552" target="_blank" rel="noreferrer noopener nofollow">b&igrave;nh lu&#7853;n</a>, cho r&#7857;ng s&#7921; &#273;a d&#7841;ng t&agrave;i s&#7843;n, gi&#7899;i h&#7841;n thanh kho&#7843;n v&agrave; r&#7911;i ro arbitrage c&oacute; th&#7875; khi&#7871;n gi&aacute; tr&#7883; b&#7883; th&#7845;t tho&aacute;t trong giai &#273;o&#7841;n &#273;&#7847;u v&#7853;n h&agrave;nh.
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<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-overeager-and-misleading-hayden-adams-pushes-back-on-early-fee-switch-criticism">&ldquo;Qu&aacute; v&#7897;i v&agrave;ng v&agrave; g&acirc;y hi&#7875;u l&#7847;m&rdquo;: Hayden Adams ph&#7843;n b&aacute;c nh&#7919;ng ch&#7881; tr&iacute;ch v&#7873; vi&#7879;c chuy&#7875;n &#273;&#7893;i ph&iacute; s&#7899;m</h2>

K&#7871;t lu&#7853;n tr&ecirc;n &#273;&atilde; b&#7883; Uniswap v&agrave; nh&agrave; s&aacute;ng l&#7853;p Hayden Adams <a href="https://vn.beincrypto.com/uniswap-ceo-de-xuat-chuyen-doi-ethereum/" target="_blank" rel="noreferrer noopener">ph&#7843;n h&#7891;i m&#7841;nh m&#7869;</a>. &Ocirc;ng cho r&#7857;ng ph&acirc;n t&iacute;ch n&agrave;y l&agrave; &ldquo;sai, v&#7897;i v&agrave;ng v&agrave; g&acirc;y hi&#7875;u l&#7847;m,&rdquo; v&agrave; nh&#7845;n m&#7841;nh nh&#7919;ng ng&#432;&#7901;i ph&ecirc; b&igrave;nh &#273;ang &#273;&aacute;nh gi&aacute; d&#7921;a tr&ecirc;n d&#7919; li&#7879;u ch&#432;a &#273;&#7847;y &#273;&#7911;, khi vi&#7879;c tri&#7875;n khai ch&#7881; m&#7899;i b&#7855;t &#273;&#7847;u.
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&ldquo;Hi&#7879;n t&#7841;i m&#7899;i ch&#7881; m&#7897;t ph&#7847;n nh&#7887; ngu&#7891;n ph&iacute; &#273;&#432;&#7907;c k&iacute;ch ho&#7841;t,&rdquo; &ocirc;ng <a href="https://x.com/haydenzadams/status/2005682134149668938" target="_blank" rel="noreferrer noopener nofollow">chia s&#7867;</a>, &#273;&#7891;ng th&#7901;i gi&#7843;i th&iacute;ch r&#7857;ng nhi&#7873;u tham s&#7889; v&#7851;n c&oacute; th&#7875; &#273;&#432;&#7907;c &#273;i&#7873;u ch&#7881;nh th&ocirc;ng qua c&aacute;c &#273;&#7873; xu&#7845;t qu&#7843;n tr&#7883; trong t&#432;&#417;ng lai.
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&Ocirc;ng Adams c&#361;ng b&aacute;c b&#7887; c&aacute;c nh&#7853;n &#273;&#7883;nh v&#7873; <a href="https://vn.beincrypto.com/uniswap-unification-proposal-fees-uni-token-burn-surge/" target="_blank" rel="noreferrer noopener">vi&#7879;c burn UNI ban &#273;&#7847;u</a>, &#273;&#7891;ng th&#7901;i l&#432;u &yacute; r&#7857;ng c&#417; ch&#7871; token jar c&#7911;a giao th&#7913;c v&#7851;n ch&#432;a &#273;&#432;&#7907;c arbitrage m&#7897;t c&aacute;ch hi&#7879;u qu&#7843;.
Ph&iacute; v&#7851;n &#273;ang &#273;&#432;&#7907;c thu gom t&#7915; h&agrave;ng ng&agrave;n token kh&aacute;c nhau, trong khi vi&#7879;c burn token l&#7841;i di&#7877;n ra theo l&ocirc; nh&#7887;, v&igrave; v&#7853;y d&#7919; li&#7879;u burn ban &#273;&#7847;u ch&#432;a &#273;&#7911; &#273;&#7875; ph&#7843;n &aacute;nh th&#7921;c t&#7871; v&#7873; l&acirc;u d&agrave;i.
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&ldquo;L&#7847;n burn &#273;&#7847;u ti&ecirc;n ch&#432;a n&oacute;i l&ecirc;n &#273;&#432;&#7907;c &#273;i&#7873;u g&igrave; v&#7873; tr&#7841;ng th&aacute;i &#7893;n &#273;&#7883;nh trong t&#432;&#417;ng lai,&rdquo; &ocirc;ng n&oacute;i.
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T&#7893;ng th&#7875;, &ocirc;ng Adams c&#361;ng b&aacute;c b&#7887; vi&#7879;c so s&aacute;nh ng&acirc;n s&aacute;ch ph&aacute;t tri&#7875;n theo &#273;&#7873; xu&#7845;t UNIfication v&#7899;i c&aacute;c &#432;u &#273;&atilde;i khai th&aacute;c thanh kho&#7843;n truy&#7873;n th&#7889;ng.
L&atilde;nh &#273;&#7841;o Uniswap cho bi&#7871;t giao th&#7913;c n&agrave;y v&#7873; b&#7843;n ch&#7845;t kh&ocirc;ng ph&#7909; thu&#7897;c nhi&#7873;u v&agrave;o c&aacute;c kho&#7843;n tr&#7907; c&#7845;p thanh kho&#7843;n. Ng&acirc;n s&aacute;ch ph&aacute;t tri&#7875;n &#273;&#432;&#7907;c d&ugrave;ng &#273;&#7875; m&#7903; r&#7897;ng h&#7879; sinh th&aacute;i l&acirc;u d&agrave;i, ch&#7913; kh&ocirc;ng ph&#7843;i &#273;&#7875; b&ugrave; &#273;&#7855;p cho c&aacute;c LP b&#7857;ng kho&#7843;n ph&iacute; m&agrave; h&#7885; &ldquo;nh&#432;&#7901;ng l&#7841;i&rdquo;.
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&ldquo;N&#7871;u Labs v&agrave; ng&acirc;n s&aacute;ch ph&aacute;t tri&#7875;n bi&#7871;n m&#7845;t, l&#432;&#7907;ng UNI burn nh&#7901; thu ph&iacute; v&#7851;n s&#7869; ti&#7871;p t&#7909;c nh&#432; hi&#7879;n t&#7841;i,&rdquo; &ocirc;ng b&#7893; sung.
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Kh&ocirc;ng &iacute;t th&agrave;nh vi&ecirc;n c&#7897;ng &#273;&#7891;ng c&#361;ng &#273;&#7891;ng t&igrave;nh v&#7899;i quan &#273;i&#7875;m n&agrave;y, cho th&#7845;y t&acirc;m l&yacute; hi&#7879;n t&#7841;i tr&aacute;i ng&#432;&#7907;c ho&agrave;n to&agrave;n v&#7899;i s&#7921; l&#7841;c quan c&#7911;a th&#7883; tr&#432;&#7901;ng ch&#7881; trong v&agrave;i tu&#7847;n tr&#432;&#7899;c &#273;&oacute;.
V&agrave;o th&aacute;ng 11/2023, &#273;&#7873; xu&#7845;t UNIfication c&#7911;a Uniswap &ndash; gi&#7899;i thi&#7879;u thu ph&iacute; giao th&#7913;c, burn 100 tri&#7879;u UNI token v&agrave; h&#7907;p nh&#7845;t ho&#7841;t &#273;&#7897;ng gi&#7919;a Labs v&agrave; Foundation &ndash; t&#7915;ng <a href="https://beincrypto.com/uniswap-unification-proposal-fees-uni-token-burn-surge/" target="_blank" rel="noreferrer noopener">gi&uacute;p UNI b&#7853;t t&#259;ng l&ecirc;n m&#7913;c cao nh&#7845;t trong hai th&aacute;ng</a>.
T&#7841;i th&#7901;i &#273;i&#7875;m &#273;&oacute;, nhi&#7873;u nh&agrave; ph&acirc;n t&iacute;ch nh&#432; CEO CryptoQuant &ndash; Ki Young Ju t&#7915;ng d&#7921; &#273;o&aacute;n n&#7871;u kh&#7889;i l&#432;&#7907;ng giao d&#7883;ch cao duy tr&igrave;, l&#432;&#7907;ng UNI token b&#7883; &#273;&#7889;t m&#7895;i n&#259;m c&oacute; th&#7875; ch&#7841;m t&#7899;i 500 tri&#7879;u USD.
Tuy nhi&ecirc;n, hi&#7879;n t&#7841;i, kho&#7843;ng c&aacute;ch gi&#7919;a k&#7923; v&#7885;ng l&#7841;c quan n&agrave;y v&#7899;i th&#7921;c t&#7871; on-chain ban &#273;&#7847;u l&agrave; r&#7845;t l&#7899;n. Vi&#7879;c c&ocirc;ng t&#7855;c thu ph&iacute; li&#7879;u c&oacute; tr&#7903; th&agrave;nh &#273;&#7897;ng l&#7921;c &#273;&#7889;t UNI b&#7873;n v&#7919;ng hay ch&#7881; l&agrave; s&#7921; k&#7923; v&#7885;ng qu&aacute; m&#7913;c s&#7869; ph&#7909; thu&#7897;c v&agrave;o t&#7889;c &#273;&#7897; Uniswap m&#7903; r&#7897;ng tri&#7875;n khai, &#273;i&#7873;u ch&#7881;nh tham s&#7889; v&agrave; bi&#7871;n quy m&ocirc; ho&#7841;t &#273;&#7897;ng nh&#7887; l&#7867; hi&#7879;n t&#7841;i th&agrave;nh ngu&#7891;n doanh thu giao th&#7913;c &#7893;n &#273;&#7883;nh theo th&#7901;i gian.
<img style="height:400px;width:640px;"decoding="async" src="https://assets.beincrypto.com/img/tz2w2AFehgBEfZhM4_6k2Xu5Qs4=/smart/66ded711f9e341978322f3a1cab865e2" alt="Uniswap (UNI) Price Performance" class="wp-image-786400">Di&#7877;n bi&#7871;n gi&aacute; Uniswap (UNI). Ngu&#7891;n: <a href="https://beincrypto.com/price/uniswap/" target="_blank" rel="noreferrer noopener">BeInCrypto</a>

UNI l&agrave; token ch&iacute;nh c&#7911;a h&#7879; sinh th&aacute;i Uniswap. T&#7841;i th&#7901;i &#273;i&#7875;m vi&#7871;t b&agrave;i, gi&aacute; UNI &#273;ang giao d&#7883;ch &#7903; m&#7913;c 6.01 USD, gi&#7843;m g&#7847;n 6% trong 24 gi&#7901; qua.