UNISWAP recently announced on its official Twitter that V4 is about to launch. The biggest difference between V4 and V3 is the introduction of Hooks in V4, which allows users to customize their own DEX or other DeFi projects based on the framework provided by UNISWAP V4. This will lead to a surge of new DeFi projects. Since all TVL exists in the singleton contract of UNISWAP V4, project teams do not control the TVL, making hook projects more secure and sharing liquidity.

The UNISWAP Foundation recently granted a total of $1.2 million to 9 projects, selected through interviews and screenings conducted by its investment bank Areta (which helped UNISWAP acquire Genie and Sudoswap at high prices). The grants can be used for two purposes:

1. Full reimbursement of audit fees.

2. Legal assistance for open-source projects implementing BUSL v1.2. It is worth noting that BUSL v1.2 is stricter than the use of BUSL v1.1 in UNISWAP V4, as it updates the following provisions:

Any entity that uses innovative key mathematical formulas or substantially similar mathematical formulas to construct the same or similar functions without authorization and declaration constitutes an infringement of relevant intellectual property rights. The term "innovative key mathematical formulas" refers to mathematical methods or algorithms that are original, novel, and capable of achieving specific DeFi functions.

Exclusions:

This statement does not apply to the following situations:

1. Mathematical formulas or algorithms used by existing decentralized finance (DeFi) projects;

2. Financial mathematical principles or papers and methods that are well-known and widely used or have been publicly published;

3. Situations that comply with legal provisions for fair use, independent research and development, or have obtained legal authorization.

This means that not only does forking at the code level constitute an infringement of intellectual property rights, but forking at the principle level also constitutes an infringement of intellectual property rights, unless it is declared on the homepage that the principles of these 9 hook projects are used, further protecting the innovative leading advantage of UNISWAP V4 and its ecosystem.

Now let's analyze these 9 projects and potential airdrop opportunities one by one:

1. likwid.fi: This project is interesting as it uses (x+x')*(y+y')=k instead of xy=k to achieve a simple, non-audited, oracle-free spot margin trading function natively in web3. This means that meme coins can start margin trading at the moment of pool creation, including shorting functionality. Its testnet UI is extremely simple, but the team's capabilities appear strong based on the documentation, gradually implementing the following features around minimal functionality:

   (1) Spot margin trading: While everyone is focused on swap and prep tracks, likwid.fi is currently the only margin trading project.

   (2) Multiple LP earnings: LPs earn not only from transaction fees but also from lending income and liquidation penalties, improving capital efficiency and yield.

   (3) Truncated oracle: UNISWAP was innovated in 2021 with a new pricing mechanism to prevent flash loan attacks by using UNISWAP prices as oracles for multiple DeFi projects. Likwid is the first project to implement this mechanism, thus defending against flash loan attacks and malicious price manipulation leading to liquidations.

   (4) Structured liquidity: LP providers can choose whether their tokens are lent out.

   (5) Dual liquidation mechanism: There are both repayment-based and transaction-based simplified liquidation mechanisms to ensure timely liquidation.

   (6) Anti-arbitrage and MEV variable fee mechanism: Returns the MEV and arbitrage profits generated from liquidations back to LPs.

   Likwid's testnet is already live, and users can experience the first non-audited margin trading platform in web3.

   According to Twitter information, Likwid's Day 0 operational activities for UNISWAP V4 are also interesting. Users can earn points simply by adding liquidity to the default pool of V4 and confirming in the Likwid wallet without taking on risks. Completing testnet tasks can double the points earned, so everyone can stay tuned.

2. bunni: Currently, there is a version based on V3, and the V4 version of bunni will provide other functional forms of Liquidity Density Functions (LDFs). Its token LIT has already launched, and there is an opportunity to stake V4 to obtain LIT. However, the annualized returns for Pool 1 are generally below 2%, and for Pool 2 below 30%, making the yield relatively low and the staking cost-effectiveness not high.

3. collarprotocol: A decentralized lending protocol incubated by a16z crypto and Orange DAO, aiming to provide lending services through market makers rather than liquidators. It utilizes a financial protocol called "Prepaid Variable Forward," allowing borrowers to eliminate liquidation risk by setting a potential profit cap. This trading structure is similar to a collar option strategy, hence the name Collar Protocol.

   Borrowers connect with market makers through Collar's on-chain Request for Quote (RFQ) process. After reaching an agreement, market makers create quotes on-chain, and once accepted by the borrower, both parties provide collateral as needed. This method is known as "timely liquidity supply." Market makers need to hedge the collateral themselves to eliminate liquidation risk.

   Key features include:

   (1) High Loan-to-Value (LTV): Collar offers industry-leading LTV, allowing users to borrow a higher proportion of their asset's value.

   (2) Fully Collateralized: Market makers provide collateral in advance; if asset prices rise, they bear the loss; if prices fall, they profit.

   (3) Asset Independence: Users can borrow any asset provided by market makers.

   (4) Credit Independence: No need to worry about default risk or counterparty risk.

   Investors in Collar Protocol include Z Fellows, Arbitrum Foundation, Druid Ventures, Orange DAO, Nailwal Fellowship, Mac Venture Capital, Long Run Capital, a16z Crypto Startup Accelerator (CSX), J17 Capital, Fun.XYZ, EV3, L2IV, Wilson Sonsini, MH Ventures, and angel investors from Orange DAO, Harvard University, and Goldman Sachs.

   Collar Protocol is currently in a private testing phase and will not launch with V4's Day 0.

4. Cork is also a decentralized insurance protocol incubated by a16z crypto and Orange DAO, aimed at providing risk pricing and hedging tools for pegged assets (such as stablecoins, liquid staking tokens, etc.) in decentralized finance (DeFi). Its core product is Depeg Swap, a new financial primitive that allows investors to hedge and trade the de-pegging risk of their pegged assets.

   Cork allows users to trade between Depeg Swap and Cover Token through its customized Automated Market Maker (AMM) model. This AMM uses a Yield Space curve, ensuring that prices gradually stabilize as the expiration date approaches and providing flexibility in the event of a de-pegging event.

   Key features include:

   (1) Depeg Swap: A tool that allows users to hedge the de-pegging risk of pegged assets. Through Depeg Swap, users can exchange pegged assets for underlying assets on a 1:1 basis, thus protecting their asset value in the event of a de-pegging event.

   (2) Cover Token: Holders act as underwriters of risk and can receive all assets in the Peg Stability Module upon protocol expiration. This provides underwriters with risk premium returns while offering protection to buyers of Depeg Swap.

   (3) Peg Stability Module: This module receives underlying assets (such as ETH or USDC) and creates Depeg Swap and Cover Token. It serves as the core of the protocol, ensuring the stability and liquidity of pegged assets.

   (4) Liquidity Vault: Users can deposit underlying assets into the liquidity vault to provide liquidity, mint and sell Depeg Swap, and collect system fees. This provides returns for liquidity providers while reducing the cost of obtaining Depeg Swap protection.

   In September 2024, Cork received support from several well-known investment institutions, including Andreessen Horowitz (a16z), IDEO Ventures, OrangeDAO, Outliers Fund, and Steakhouse Financial.

   Cork is conducting a second testnet trading competition in preparation for its mainnet launch. According to Twitter information, the team does not have Day 0 operational activities based on V4.

5. Gamma Strategies is a limit order hook that allows users to earn maker fees after their limit orders are filled. This is a tool-related and swap-related hook, and it is estimated that there will be no token issuance.

6. Lumis: Can create synthetic ETH and synthetic stablecoins with dynamic impermanent loss hedging features. It is not expected to launch with V4 Day 0, and the project is relatively small, with only 900 Twitter followers.

7. Tenor is a decentralized lending protocol aimed at achieving peer-to-peer fixed-rate lending through an on-chain interest rate order book. Tenor's architecture supports an on-chain interest rate order book, allowing users to trade interest rates in a manner similar to Uniswap trading prices. The order book natively supports limit orders, enabling both lending parties to reach agreements at specific rates before expiration, thus reducing interest rate slippage and reliance on liquidity providers.

   Currently, the Tenor testnet is live, but it is unclear whether it will launch with V4 and staking incentives.

8. Paladin is a decentralized governance protocol aimed at unlocking the value of DeFi through governance rights and markets. Its main product, Quest, allows users to earn rewards by voting for specific liquidity pools (Gauges) in ecosystems such as Curve, Balancer, and Bunni. Users holding CVX, AURA, and LIQ tokens can also delegate their voting rights to Paladin to maximize returns across all incentive platforms.

   Key features include:

(1) Quest Tasks: Users can participate in Quest to earn rewards by voting for specific liquidity pools. Before voting, ensure that your voting power is available and that previous votes have been removed from the corresponding pools (there is a 10-day cooldown period between each vote). Voters can split their voting power to vote for multiple pools and earn rewards from multiple Quests.

(2) Voting Delegation: To simplify the process of earning and claiming voting rewards, Paladin has set up a delegation address to optimize bribery rewards. This is very beneficial for voters who wish to passively earn rewards. Voters holding vlCVX, vlAURA, or vlLIQ can delegate their voting power to Paladin, thereby optimizing their votes across all incentive platforms.

(3) Governance Participation: Paladin's governance voting currently takes place through Paladin's Snapshot space. To create a proposal in this space, your address needs to hold 5% of the circulating PAL. The quorum is 15% of the circulating supply.

Since its token pal has already launched with clear emission rules, there are no potential airdrop opportunities.

9. Unicord: Integrates and maximizes the yield of stablecoin pools through a lending protocol. The testnet has not yet launched, and there is no official website link.

In the current overall downturn of the EVM ecosystem (with Solana's monthly trading volume exceeding $200 billion for the first time, surpassing the total of all EVMs), the EVM ecosystem urgently needs hardcore innovations like Uniswap V4, which are native to Web3, to prove that the EVM ecosystem is the leader in industry innovation. There is a sense of mission that "the burden of the large EVM with 8 chains and 24 L2s rests on Uniswap's shoulders." Therefore, major EVMs, whether L1 or L2, may make significant moves in conjunction with the launch of Uniswap V4.

At the same time, the Trump family has launched a decentralized finance (DeFi) project called World Liberty Financial (WLFI) and is making large purchases of ETH and other DeFi tokens. These actions may trigger an explosion in the narrative of modular DeFi. The aforementioned 9 hook projects have been rigorously selected by Uniswap's official team, making it highly likely that several significant alpha opportunities will emerge. It is recommended to keep a close watch.

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