1/ Today, we announce our vision for Uniswap v4 We view Uniswap as core financial infrastructure and believe it should be built openly, with a space for feedback and contributions from the community. An early implementation of the code can be found here: https://github.com/Uniswap/v4-core

2/ Uniswap v4 enables powerful new ways to customize liquidity pools through the introduction of hooks. Hooks add entirely new functionality to the pool, such as dynamically adjusting fees or creating new order types

Pegs and Custom Pools Every Uniswap liquidity pool has a life cycle. During the life cycle of a pool, several things happen. Create a pool with default fee levels. Add, remove or realign liquidity. Of course, users exchange tokens. In Uniswap v3, these lifecycle events are tightly coupled and executed in a very strict order. To create space for customizable liquidity in Uniswap v4, we want to create a way for pool deployers to introduce code that performs specified actions at key points throughout the lifecycle of the pool - such as before or after a swap, or LP position changed before or after. Enter hooks, which are plugins that customize how pools, swaps, fees, and LP positions interact. Developers can innovate on top of the liquidity and security of the Uniswap protocol, creating custom AMM pools through hooks integrated with v4 smart contracts.

In the future, if all developers want to implement any function, they can deploy a hook, and the hook will be followed by Uni's liquidity. You can play various trading tricks in various ways and set the pool parameters. You can call this hook a filter or middleware, whatever you like. Hook + back-end liquidity contract = previous LP pool + features and functions. It is foreseeable that the future will be an era of "Battle of Hundred Hooks". Binance is the liquidity end point for most centralized exchanges, and small exchanges must place orders on Binance for hedging. UniV4 will be the liquidity end point for most currency pairs on the chain. You can also deploy a fork DEX yourself and write a hook.

3/ We wrote some example hooks to demonstrate their expressiveness and functionality:

Time Weighted Average Market Maker (TWAMM)

Customized on-chain oracle

Chain price limit order

4/ Because each pool is customizable, we expect to see pools in a variety of shapes and sizes. We’ve made several architectural improvements to prepare for a world with many pools 🚀 For a deeper dive, check out our draft technical white paper on our v4 vision.

5/ v4 pools will exist in a single contract, reducing the cost of creating a pool by 99% When combined with the new "flash calculation" system, this greatly reduces the cost of routing across multiple pools

6/ With custom pools and singletons, developers can take advantage of Uniswap’s security and network effects without having to build their own AMM from scratch. We hope Uniswap v4 brings fast, expressive AMM innovation in a strong ecosystem.

The characteristic of cloud exchange is that all exchanges share one liquidity. You and he both use Huob Cloud, and your insignificant pending orders will be aggregated with Huob's order book and shared across the entire platform. The hook of Uniswap V4 eliminates xxSwap and yySwap that will appear in the future. When you fork the Uniswap code, do you need to deploy the contract first and then find an LP to provide you with liquidity? Aren’t you still trying to get flat (cut) Taiwan (leeks) coins (vegetables) in the end?

This summary is in place and the analysis is clear. In the future, project parties will come to uni to open exchanges. It is simple, trouble-free and time-saving. I guess dex will never be able to beat uni in the future.