作者：Ryan
author: Ryan
来源：头等仓
Source: First Class warehouse
原文标题：六月份DEX重大进展总结
Original heading:
六月份排名前八的DEX交易额为14.84亿美元，较五月份增长70.66%。交易人数方面，各个项目涨跌互现，总体减少近10%。
The top eight DEX transactions in June were $1,484 million, an increase of 70.66 per cent over May. In terms of the number of transactions, there was an overall decrease of nearly 10 per cent.
最显著的增长来自于Curve和Balancer，前者增加了826.04%，而后者更是增加了2460.84%，同时，Curve的交易人数得到了显著得提升。Curve的交易额和人数双双暴增，得益于DeFi项目Compound在6月中旬上线的借贷挖矿机制（详见头等仓六月份DeFi月报），USDT等稳定币有非常大的交易需求，而Curve又是稳定币间交易滑点最低的交易所。
The most notable increases were in Curve, which increased by 826.04%, and Balancer, which increased by 246.84%, while the number of transactions in Curve increased significantly. Curve’s double volume and number surged, thanks to the deFi project’s Compound lending and mining mechanisms (see DeFi in June for details), stable currencies such as USDT have a very large demand for transactions, while Curve has the lowest ever-stabilized exchange.
Balacner的快速增长得益于流动性挖矿机制，另一方面，我们也需要注意， 6月28日安全漏洞事件导致的当日交易量暴增，也是六月份Balancer交易量显著增加的原因之一。
The rapid growth in Balacner has benefited from mobile mining mechanisms, and on the other hand, we need to note that the surge in transactions on the day of the June 28 security breach was one of the reasons for the significant increase in the trade in Balancer in June.
Uniswap依然是整个市场的龙头，六月份保持了高额的增长，但是同时我们也需要注意到交易人数的显著下滑，这不是一个健康的信号。
Uniswap remains the leader of the entire market, maintaining a high growth rate in June, but at the same time we need to note a significant decline in the number of traders, which is not a healthy signal.
*项目进展以排名顺序整理，排名选取Coinmarketcap网站2020年7月2日的数据。
* Project progress is sorted in order of ranking from Coinmarketcap website, 2 July 2020.
1. Balancer (BAL), #30
6月进展：
Progress in June:
·整合方：通过Dex.ag，1inch.exchange也可以创建流动性池。
:: Integration: a liquid pool can also be created through Dex.ag, 1 inch.exchange.
·BAL代币：北京时间2020年6月1日早8点开始，流动性挖矿开始，流动性提供商不仅能获得交易费用，还能获得BAL代币。6月24日，BAL正式上线以太坊网络，三周的代币总计435,000 BAL（每周145,000 BAL）已经发送给超过1,000个地址。加上创始人、基金等持有的3,500万BAL，目前市场上的BAL总供给量为3,543.5万个BAL，按照Uniswap上的BAL价格11.5 美元计算，BAL的市值为4.09亿美元，已经跃居第29名。
On June 24, BAL officially went online with the Taiku network, with a total of 435,000 BAL (145,000 BAL per week) for three weeks sent to more than 1,000 addresses. Adding to the 35 million BAL held by the founders, foundations, etc., the total supply of BAL on the market is currently 35,435,000 BALs, at the price of $11.5 million on Uniswap, BALs are now in its 29th place.
每周代币的分配不仅仅根据交易手续费的占比。为了提现公平性，团队根据以下三个因素降低BAL的分配比例：1）更高的交易费用；2）不平衡的资产对（25/75，而非50/50）；3）包装代币对（cDAI/DAI）的资金池只能获得0.1倍的BAL。
The distribution of the weekly tokens is not based solely on the ratio of transaction fees. In order to be fair, the team reduces the distribution of BAL according to three factors: 1) higher transaction costs; 2) unbalanced asset pairs (25/75, instead of 50/50); and 3) packaging coins receive only 0.1 times BAL for the cDAI/DAI pool.
·安全漏洞：北京时间6月29日凌晨，Balancer遭到骇客攻击，它的两个分别由STA和STONK构成的资产池被洗劫一空。STA和STONK都是通缩型的代币，每一次交易，STA和STONK的发送方需要再发送1%的代币到智能合约进行销毁。这意味着，当骇客用WETH交易STA时，代币池地址每次都会多转出一笔STA。原本在AMM模型中，将一个代币完全买尽，需要耗费天量的另一种代币，但是通缩型代币的特性帮助骇客以较低的成本完成了这件事：通过闪电贷贷出ETH，转换为WETH后，在池子中与STA来回进行多次交易，最终使得STA的数量为0。在STA为0时，STA的价格相对于池子的其他代币的价格非常高，骇客多次以1 weiSTA的成本兑换池子中的其它资产（WETH、WBTC、LINK、SNX）。最终，池子的损失达50万美元。 29日夜间 ，Balancer 部分流动性池再次受到了来自dydx的闪电贷攻击，池子中未领取 的COMP 奖励被骇客取走，池子损失达10.8 ETH。
In the early morning hours of June 29, Beijing time, Balancer was hit by hackers, and two of its asset pools, consisting of STA and STONK respectively, were looted. STA and STONK were deflationary tokens, each of which required an additional 1% of the surrogate to be destroyed by an intelligent contract. This meant that when hackers traded STAH for STA with Weth, the number of coins was transferred each time. In the AMM model, the price of one token was fully purchased and another was required to consume a daily amount of coin, but the characteristics of the deflationary tokens helped to do it at a lower cost: the ETH was converted into a WETH loan, and many transactions were made with STA in the pool, resulting in the number of STAs being transferred to zero. At the time of the STM model, the price was very high compared to the price of the other tokens of the ponds, and the price of one weSTA was repeated at a lower cost.
看法：
Perspective:
1）作为4月才上线的AMM，6月发行代币，BAL的市值已经来到前30，这与6月15日Compound发行代币COMP有密切关系：1）COMP价格飞升，由初始的十多美元涨至最高360多美元，对于同一时间，同样是提供流动性挖矿的BAL代币有巨大的刺激；2）Balancer排名第一的资产池由cBAT、cUSDT和COMP构成，达1,133万美元。Compound部分可以参见头等仓6月份DeFi月报。
1) As the AMM, which was launched only in April, issued in June, BAL's market value has reached its top 30, which is closely related to the COMP, which was issued by Compound on 15 June: 1) The COMP price surged from an initial $10 to a maximum of US$ 360, which is also a huge incentive for BAL, which provides liquid mining at the same time; 2) Balancer's first asset pool, consisting of cBAT, cUSDT, and CPP, amounts to US$ 11.33 million. Part of Compound can be found in the DeFi report of the first warehouse in June.
2）BAL的公平性调整，一定程度上提升了交易费用的质量，降低了诸如包装代币之间的交易产生的刷量行为。
2) BAL's fairness adjustments have to a certain extent enhanced the quality of transaction costs and reduced the amounting behaviour resulting from transactions such as transactions between currencies in packaging.
3）对于这次骇客攻击事件，社区有两种声音：
3) There were two kinds of voices in the community about the hacker attack:
a）去中心化就是会面临这些安全问题，白名单黑名单都会损害无需许可的机制，导致项目方操纵项目排名的可能，用户如果不能完全理解协议的运行机制，就不要使用这些去中心化的协议，Balancer只需要作一些警示就行；b）Balancer要对该事件负责，特别是用户的资金出现安全问题的情况，团队不仅要列出代币黑名单，还需要对用户资金做出补偿。
(a) Decentralization is a security problem, and blacklists undermine non-licensed mechanisms, lead to the possibility of project parties to manipulate project rankings, users do not use decentralizing agreements if they do not fully understand the operational mechanisms of the agreements, and Balancer only needs to give a few warnings; and (b) Balancer is responsible for the incident, especially in cases where the funds of the users are in danger, and the team needs not only to list the black lists of the currencies but also to compensate the users for the funds.
最终Balancer选择观点b的解决方案，他们已经决定将所有通缩型的代币加入黑名单，并且对于BAL的分配代币，增加了白名单，即只有在白名单上的代币所形成的交易量才有获得BAL代币的资格。
In the end, Balancer opted for a solution for pointb, where they had decided to blacklist all deflationary currencies and, in the case of BAL, to add a white list in which the amount of transactions generated by the currency on the white list would be eligible for BAL.
7月计划：
Planned July:
未来还会就BAL的分配公平性做进一步的调整，白名单、分配数量和硬顶最终会交由社区决定。另外因为出现了安全漏洞，所以团队还会对代码重新进行一次审计。
In the future, further adjustments will be made to the BAL’s distribution equity, and the white list, assigned amount, and hard top will eventually be left to the community. In addition, due to a security gap, the code will be re-audited by the team.
接来下团队应该会进行白银版本（目前是青铜）的开发，优化gas费用以及池子架构。
The team should then develop a silver version (currently bronze) to optimize gas costs and pool structures.
2. 0x (ZRX), #38
6月进展：
Progress in June:
·社区投票：ZEIP-79提议将协议费用常数从150,000减少到70,000。这项调整会将每笔交易的协议费用降低至约0.35~0.70美元。就整体环境而言，DEX交易规模的中位数约为500美元，因此0.35~0.70美元的费用等于中位数交易规模的7至14个基点。
• Community voting: ZEIP-79 proposes to reduce the agreement fee constant from 150,000 to 70,000. This adjustment would reduce the agreement cost per transaction to about US$ 0.35-0.70. In the overall environment, the median transaction size of DEX would be about US$ 500, so that the cost of US$ 0.35-0.70 would be equal to 7 to 14 basis points of the median transaction size.
·Matcha更新：上架了20种代币，可以创建市价单和限价单，7月1日已经正式上线。
Machcha update: 20 currencies have been set up to create market and limit lists, which were officially launched on 1 July.
·0x协议方面更新：可以创建止盈止损限价单，目前已经在Bamboo Relay上实现。
Update on the.0x agreement: A stop-and-lost limit sheet could be created and is now being implemented on Bamboo Relay.
·0x API更新：1）自动解封装WETH；2）元交易，这个技术将解决所有链上交易都必须持有一定量的ETH作手续费的麻烦。3）界面更新：详细地列出一笔交易预计的以太坊费用、Gas折扣（用gas token技术）和0x协议费用。
.0x API update: 1) Auto-dismantling of WETH; 2) meta-trading. This technology will solve the problem of having to hold a certain amount of ETH as a service fee for all transactions on the chain. 3) Interface update: provide details of the estimated cost of a transaction in the Taiku, Gas discount (with gas token technology) and 0x protocol fees.
·0x Labs & Periscope Trading：成立0x Labs组织，Matcha项目归于这个组织名下。同时，该组织成立Periscope Trading部门，Periscope是一个加密货币交易台，将帮助显示具有竞争力的价格，为DeFi和其他P2P项目带来流动性。0x Labs正在招技术类岗位。 ·ZRX现可作为MakerDAO平台的抵押资产。
.0x Labs & Periscope Trading: The 0x Labs Organization, for which the Matcha project belongs, was established. At the same time, the Organization created the Periscope Trading Department, an encrypted currency trading counter that will help show competitive prices and bring liquidity to the DeFi and other P2P projects.
看法：
Perspective:
0x自己的聚合交易所Matcha正式上线。作为DEX聚合交易所，它的竞争对手是1inch和Paraswap。
The competition is 1 inch and Paraswap.
它的优势：1）UX/UI非常简洁漂亮；2）智能订单路由（Smart Order Routing）：一笔订单可以分别来自多个交易所，比如35%来自Kyber，65%来自Uniswap，从而获得最优的价格。
Its advantages are: 1) UX/UI is very simple and beautiful; 2) Smart Order Routes (Smart Order Roading): an order can come from various exchanges, e.g. 35% from Kyber and 65% from Uniswap, thereby obtaining the best price.
它的劣势：1）目前上架的代币很少，只有20个，但鉴于项目刚刚启动，这不是什么大问题；2）1inch有寻找代币最佳存储协议的功能，Matcha暂时还没有。
Its disadvantages are: 1) The number of tokens currently on board is small, at 20, but this is not a big problem given the fact that the project has just started; 2) 1 inch has the function of finding the best storage protocol for the money, and Matcha is not yet in place.
0x的其他进展都是围绕着0x协议和0x API的改进，提升效率，改进流程，优化费率，这种抠细节地研发是值得赞赏的。
Other advances in 0x revolved around improvements in 0x protocols and 0x APIs, efficiency improvements, process improvements and optimization of rates, and such detailed research and development was commendable.
0x协议费用的降低有助于提高0x协议的竞争力，但有可能会打击做市商们的积极性。目前ZRX的大部分投票权都掌握在这几个做市商手中，所以ZEIP-79是否会通过还是个未知数。
The reduction in the cost of 0x agreements has helped to improve the competitiveness of 0x agreements, but it is likely to discourage marketers. The majority of ZRX’s voting rights are currently in the hands of these marketers, so whether or not ZEIP-79 will pass or not is known.
7月计划：
Planned July:
0x协议方面：1）交易合约的架构改进部署；2）借贷协议的流动性桥：包括Chai Bridge和dYdX Bridge；3）链上的掉期交易。上述2、3都是值得期待的功能，但目前开发缓慢。
With respect to 0x agreements: 1) Improved deployment of trading contracts; 2) Liquidity bridges of loan agreements: including Chai Bridge and dYdX Bridge; 3) Swap transactions on the chain.
抹茶协议交易所正式上线之后的动作预计就是不断上新币。关键点是，他们未来会不会增加新的功能。
The move is expected to be a new currency when the tea agreement exchange is officially online. The key point is whether they will be able to add new functions in the future.
3. Kyber (KNC), #40
6月进展：
Progress in June:
·社区投票：KyberDAO网络费用分配的初始参数投票，最终结果为1）奖励65%，返利30%，销毁5%，196票；2）奖励55%，返利40%，销毁5%，65票；3）奖励35%，返利35%，销毁30%，161票。
• Community voting: the initial parameters of the KyberDAO network fee allocation were voted and the result was 1) the reward was 65 per cent, the return 30 per cent, the destruction 5 per cent, the destruction 196 votes; 2) the reward was 55 per cent, the return 40 per cent, the destruction 5 per cent, the destruction 65 votes; 3) the reward was 35 per cent, the return 35 per cent, the destruction 30 per cent, the destruction 161 votes.
·上架代币：自动化价格储备库（APR）新成员：Quant（QNT），联邦价格储备库（FPR）新成员：pNetwork Token（PNT）。
• Previous Currency: Automated Price Reserve (APR) new member: Quant (QNT), Federal Price Reserve (FPR) new member: pNetwork Token (PNT).
·新的整合方：RX钱包添加了KNC的代币支持 ；KyberSwap宣布将集成Chainlink喂价系统。在此之前，KyberSwap的资产价格完全来自于Kyber网络，而集成Chainlink等外部喂价系统，有助于Kyber向用户提供最接近市场的真实价格，减小滑点，提升安全性；Kyber用Origin Protocol构建了商城，上面都是印有Kyber Logo的衣服、杯子等周边产品，价格在20刀左右，可以用KNC、DAI、ETH和信用卡支付。
• New integration: the RX wallet added KNC's proxy support; KyberSwap announced that it would integrate the Chainlink food system. Prior to that, KyberSwap's asset price came entirely from the Kyber network, while the integration of external feeder systems such as Chainlink helped Kyber provide the user with the nearest market real price, reduced slide points and enhanced security; Kyber built the shopping mall with Origin Protocol, which was surrounded by Kyber Logo's clothes, cups, etc., at a price of around 20 bucks, and could be paid for by KNPC, DAI, ETH and credit cards.
·投票池：合作池：Stake Capital，ParaFi Capital；Protofire加入KyberDao的生态，它允许任何人创建KyberDAO的质押池并成为管理人，这期间不用进行智能合约的开发。质押池管理人可以代表KNC持有者投票，并收取一部分的费用；Kyber社区池：KCP（Kyber Community Pool），KCP用Protofire制作，由社区讨论投票，与其他投票池的区别是，KCP是免费的。
• Voting pool: Cooperation pool: Stake Capital, ParaFi Capital; Protofire joined the ecology of KyberDao, which allows anyone to create a pledge pool for KyberDao and become a manager, without the need to engage in intellectual contract development during this period. The pledge pool manager can vote on behalf of the KNC holder and charge a portion of the fee; Kyber Community Pool: KCP (Kyber Community Pool), produced by KCP using Protofire, which is discussed by the community and voted, unlike other voting pools, KCP is free of charge.
·交易对：1）币安于6月12日16:00上线了KNC/USDT、KNC/BUSD两个交易对；2） FTX交易所新上线KNC，支持现货KNC/USD和KNC/USDT交易对，期货当季、次季和永续合约，以及杆杠交易；3）两家瑞士交易所Bitcoin Suisse和Smartvalor分别上架了KNC代币。 ·KNC现可作为MakerDAO平台的抵押资产。
• Trading pairs: 1) The currency went on line on 12 June at 16:00 between KNPC/USDT, KNC/BUSD; 2) The new FTX Exchange went on line between KNPC/USD and KNC/USDT, supporting the spot trade pairs between futures during the current season, the next season and the continuation of contracts, as well as bar dealings; 3) The two Swiss exchanges, Bitcoin Suisse and Smartvalor, went on board with KNPC tokens, respectively; KNC is now a collateral asset for the MakerDAO platform.
看法：
Perspective:
社区投票的结果表明，社区需要一个与之前销毁机制完全不同的制度。现在的网络协议费用分发机制为：70%用于销毁KNC，30%用于奖励渠道商。新的初始参数为65%用于奖励KNC质押者，30%用于流动性提供者的返利（它们缴纳网络费用），5%用于销毁KNC。这说明比起KNC供应量减少这种间接的好处，KNC质押者希望得到更直接的收益。
The results of the community voting show that the community needs a system that is completely different from the previous destruction mechanism. The current network agreement fee distribution mechanism is 70% for the destruction of KNPC and 30% for the reward of channelers. The new initial parameter is 65% for the reward of KNPC pledgeers, 30% for the return of mobile providers (who pay network fees) and 5% for the destruction of KNPC. This means that KNPC pledgeers want more direct benefits than the indirect benefit of a reduced supply of KNPC.
7月计划：
Planned July:
7月7日上线Katalyst。
July 7 on Katalyst.
4. Bancor (BNT), #88
6月进展：
Progress in June:
·交易对：CoinEx，BKEX上架BNT。
The deal is: CoinEx, BKEX on the BNT.
·v2技术细节更新：1）Chainlink创建BNT/USD报价；2）减少滑点是通过放大20倍资金池规模来实现的，设计依靠Chainlink价格预言机来动态更新池的定价曲线，以便资产的指数价格跟踪其市场价格。
.v2 Technical Details Update: 1) Chainlink created BNT/USD quotations; 2) The reduction of slide points was achieved by increasing the size of the 20-fold pool, with the design relying on the Chainlink Price Prospector to dynamically update the pool's pricing curve so that the index price of the asset can track its market price.
·安全漏洞：2020年6月17日，刚于前一日部署的v0.6出现安全漏洞：v0.6合同错误地将BancorNetwork合约中的safeTransferFrom函数公开，使得原本仅批准用于智能合约转让的代币可以被任何人转让。
• Security gap: on 17 June 2020, a security gap occurred in the first deployment of v0.6 of the previous day: the v0.6 contract erroneously disclosed the safeTransferFrom function in the BancorNetwork contract, making it possible for any person to transfer a token originally authorized only for the transfer of an intelligent contract.
在了解了该漏洞并有风险的情况下，Bancor团队使用相同的漏洞发起了白帽攻击，以便将风险资金转移到安全的钱包中。然后Bancor推送了一个新的网络合约，以确保不会再次出现此类错误，同时Bancor.network取消了无限批准，转而要求确切的金额。
Understanding that gap and the risks involved, the Bancor team launched a white cap attack using the same gap to transfer the risk money to a safe wallet. Bancor then sent a new network contract to ensure that such errors did not occur again, and Bancor.network cancelled the unlimited approval to demand the exact amount.
另外由两名自动领跑交易者（front-running）参与了这一过程，因为他们的自动软件无法区分套利机会和骇客攻击。Bancor团队一共拯救了409,656美元，花费了3.94 ETH的gas费用，两位自动领跑交易者获得了135,229美元，花费了1.92 ETH的gas费用，两者总计544,885美元。Bancor已经联系了两个机器人的所有者，并协商退回资金。
A further two front-running operators were involved in the process, because their automatic software failed to distinguish between arbitrage opportunities and hacker attacks. The Bancor team saved $409,656, at a cost of 3.94 ETH gas, and the two ATMs received $135,229 at a cost of 1.92 ETH gas, for a total of $544,885. Bancor has reached out to the owners of the two robots and negotiated the return of the funds.
V0.6是由Kansolabs审计的，而目前的v2正在由多方审计，包括ConsenSys Due Diligence。
V0.6 was audited by Kansolabs, while the current v2 is being audited by multiples, including ConsenSys Due Diligence.
看法：
Perspective:
安全性问题对于DeFi项目来说是致命的，毕竟流动性提供者需要将资金放在智能合约中，而非自己的钱包里。Bancor曾在2018年就出过一次安全性问题，这次刚进行的版本更新又出现问题，一定程度上减少了用户对项目的信心。
Security issues are deadly for the DeFi project, after all, mobile providers need to put money in smart contracts rather than in their own wallets. Bancor had a security problem once in 2018, and the new version that had just been updated had problems, which in part reduced users’ confidence in the project.
幸运的是：1）Bancor自己及时地发现了安全漏洞，并及时地作了修复；2）出问题的版本不是最关键的v2，而是v0.6；3）v2的代码审计公司不同于v0.6的，v2的审计质量或许较高。也许上述几点能挽回一些此次事件造成的恶劣影响。
Fortunately, 1) Bancor himself discovered the security gaps in a timely manner and repaired them in a timely manner; 2) the problematic version is not the most critical v2, but v0.6; 3) the code audit firm for v2 differs from v0.6 and the quality of the audit for v2 may be high. Perhaps the above points will remedy some of the adverse effects of the incident.
7月计划：
Planned July:
公布技术细节，并正式上线V2。
Publication of technical details and official access to V2.
总结
由于COMP的推动，6月份DEX的交易量由Compound上支持的代币主导，包括稳定币和BAT、ZRX等，所以Curve和Uniswap成了6月份的赢家。7月份，Bancor v2上线，虽然它颠覆性的解决了自动化做市商的几个痛点，但是对流动性提供者的吸引力，是否比得过流动性挖矿的Balancer，我们持保留意见。
Thanks to the COMP’s push, DEX’s trading volume in June was dominated by coins supported by Compound, including the stable currency and BAT, ZRX, etc., Curve and Uniswap became winners in June. In July, Bancor v2, although it was subversively addressing several of the pains of automated marketers, we have reservations as to the attractiveness of mobile providers as compared to Balancer, who was a liquid miner.
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