{"id":182239,"date":"2026-07-31T17:40:00","date_gmt":"2026-07-31T17:40:00","guid":{"rendered":"https:\/\/cryptonews.com\/fr\/news\/uniswap-v4-hayden-adams-defend-frais-protocole-liquidite\/"},"modified":"2026-07-29T11:58:34","modified_gmt":"2026-07-29T11:58:34","slug":"uniswap-v4-hayden-adams-defend-les-nouveaux-frais","status":"publish","type":"post","link":"https:\/\/cryptonews.com\/fr\/news\/uniswap-v4-hayden-adams-defend-les-nouveaux-frais\/","title":{"rendered":"Uniswap v4 : Hayden Adams d\u00e9fend les nouveaux frais"},"content":{"rendered":"<p class=\"wp-block-paragraph\">Le fondateur d&rsquo;Uniswap, Hayden Adams, a publiquement rejet\u00e9 mardi les critiques concernant les frais de la version 4 (v4) du protocole r\u00e9cemment activ\u00e9s. Il soutient que les affirmations selon lesquelles ce changement r\u00e9duirait les revenus des fournisseurs de liquidit\u00e9 (LP) reposent sur des hypoth\u00e8ses erron\u00e9es. <\/p><p class=\"wp-block-paragraph\">Cette mise au point fait suite \u00e0 l&rsquo;approbation par la gouvernance d&rsquo;Uniswap de l&rsquo;activation des frais de protocole sur plusieurs pools v4 \u00e0 travers diff\u00e9rentes blockchains.<\/p><figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Tons of FUD and misunderstanding around the v4 fee switch:<br><br>&quot;LP fees are getting reduced&quot; &#8211; False. Protocol fees are additive, not subtractive. LPs earning 30bp per swap still earn 30bp<br><br>&quot;The protocol is taking 25% of LP profits&quot; &#8211; Made-up math. On a 30bp pool the protocol fee is\u2026<\/p>&mdash; Hayden Adams \ud83e\udd84 (@haydenzadams) <a href=\"https:\/\/x.com\/haydenzadams\/status\/2082203767399645366?ref_src=twsrc%5Etfw\">July 28, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><p class=\"wp-block-paragraph\">Pour illustrer son propos, Adams a pris l&rsquo;exemple d&rsquo;un pool \u00e0 30 points de base : selon lui, un frais de protocole de 5 points de base repr\u00e9sente environ 14 % du total des frais de swap, et non une ponction sur ce que gagnent les LPs. Son argument central repose sur l&rsquo;id\u00e9e que les frais de protocole s&rsquo;ajoutent \u00e0 la structure de frais existante au lieu d&rsquo;\u00eatre d\u00e9duits des allocations destin\u00e9es aux fournisseurs de liquidit\u00e9.<\/p><h2 class=\"wp-block-heading\">Le diff\u00e9rend technique au c\u0153ur de la controverse<\/h2><span class=\"replacer\"><\/span><p class=\"wp-block-paragraph\">C\u2019est pr\u00e9cis\u00e9ment sur ce cadrage que la pol\u00e9mique s&rsquo;accentue. Des critiques et une partie de la communaut\u00e9 de gouvernance DeFi ont point\u00e9 du doigt la propre documentation de la v4 d&rsquo;Uniswap. Celle-ci d\u00e9crit l&rsquo;application des frais de protocole et des frais LP comme \u00e9tant s\u00e9quentielle : les frais de protocole sont pr\u00e9lev\u00e9s en premier, puis les frais LP sont calcul\u00e9s sur le montant restant.<\/p><p class=\"wp-block-paragraph\">Sous cette structure s\u00e9quentielle, tout frais de protocole positif r\u00e9duit math\u00e9matiquement la base de calcul des frais LP, m\u00eame si le volume de transaction reste constant.<\/p><p class=\"wp-block-paragraph\">La qualification d&rsquo;\u00ab additive \u00bb par Adams et le m\u00e9canisme d&rsquo;application s\u00e9quentielle d\u00e9crit dans la documentation technique constituent des affirmations divergentes sur le fonctionnement r\u00e9el de l&#8217;empilement des frais.<\/p><figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Only to explain its 20x cheaper<\/p>&mdash; Hayden Adams \ud83e\udd84 (@haydenzadams) <a href=\"https:\/\/x.com\/haydenzadams\/status\/2082219255756419252?ref_src=twsrc%5Etfw\">July 28, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure><p class=\"wp-block-paragraph\">La source principale n&rsquo;apporte pas de pr\u00e9cisions sur le raisonnement technique d&rsquo;Adams pour concilier ces deux visions, et aucun d\u00e9tail suppl\u00e9mentaire issu de son post sur X n&rsquo;est disponible. Le point de discorde actuel ne porte pas sur l&rsquo;existence des frais de protocole, mais sur la question de savoir si leur effet structurel sur les rendements des LPs est significatif ou n\u00e9gligeable en pratique.<\/p><p class=\"wp-block-paragraph\">Il convient \u00e9galement de noter que l&rsquo;arithm\u00e9tique d&rsquo;Adams m\u00e9rite examen : 5 points de base sur 30 repr\u00e9sentent 16,7 % du total des frais de swap par simple division, et non 14 %. Le rapport ne pr\u00e9cise pas si Adams utilise une m\u00e9thode de calcul diff\u00e9rente, se r\u00e9f\u00e9rant peut-\u00eatre au rendement effectif des LPs apr\u00e8s certains ajustements. Ce chiffre de 14 % \u00e9mane de lui et n&rsquo;a pas \u00e9t\u00e9 v\u00e9rifi\u00e9 ind\u00e9pendamment dans les sources disponibles.<\/p><h2 class=\"wp-block-heading\">L&rsquo;envergure d&rsquo;Uniswap et les enjeux pour les LPs<\/h2><span class=\"replacer\"><\/span><p class=\"wp-block-paragraph\">Les enjeux ici sont consid\u00e9rables. Uniswap d\u00e9tient environ 3,06 milliards de dollars en valeur totale verrouill\u00e9e (TVL), ce qui en fait la plus grande plateforme d&rsquo;\u00e9change d\u00e9centralis\u00e9e selon <a href=\"https:\/\/defillama.com\/protocol\/uniswap?dexVolume=false&#038;events=false\" target=\"_blank\" rel=\"noreferrer noopener\">DefiLlama<\/a>. Les modifications de la structure des frais \u00e0 cette \u00e9chelle ont des cons\u00e9quences directes pour les fournisseurs de liquidit\u00e9 concentr\u00e9e qui g\u00e8rent des positions sur les principaux pools du protocole.<\/p><figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/cryptonews.com\/fr\/wp-content\/uploads\/sites\/3\/2026\/07\/content-inline-1-52.jpg\" alt=\"\"><\/figure><p class=\"wp-block-paragraph\">Une tension plus large existe entre les d\u00e9tenteurs de jetons UNI, qui profitent de la capture des revenus par le protocole, et les LPs, qui fournissent la liquidit\u00e9 g\u00e9n\u00e9rant ces m\u00eames frais.<\/p><p class=\"wp-block-paragraph\">En tant que DEX dominant sur Ethereum, et alors que la dynamique du prix de l&rsquo;ETH continue d&rsquo;influencer largement l&rsquo;activit\u00e9 DeFi, la capacit\u00e9 d&rsquo;Uniswap \u00e0 maintenir une profondeur de liquidit\u00e9 comp\u00e9titive tout en extrayant des revenus de protocole est la question \u00e9conomique centrale que la gouvernance vient de rouvrir avec cette activation.<\/p><p class=\"wp-block-paragraph\">Pour les LPs actifs, la question concr\u00e8te est de savoir si le rendement net r\u00e9el du capital d\u00e9ploy\u00e9 changera une fois que les frais de protocole seront g\u00e9n\u00e9ralis\u00e9s \u00e0 un plus grand nombre de pools.<\/p><p class=\"wp-block-paragraph\">La position d&rsquo;Adams est que ce ne sera pas le cas. Cependant, les calculs ancr\u00e9s dans la documentation du protocole sugg\u00e8rent que la r\u00e9ponse est plus nuanc\u00e9e qu&rsquo;un simple d\u00e9menti. <\/p><p class=\"wp-block-paragraph\">Les votes de gouvernance pour \u00e9tendre les frais de protocole v4 \u00e0 d&rsquo;autres d\u00e9ploiements devraient se poursuivre, ce qui signifie que ce diff\u00e9rend ne se r\u00e9soudra probablement pas uniquement par les d\u00e9clarations du fondateur ; il se r\u00e9glera \u00e0 mesure que les donn\u00e9es de performance des LPs s&rsquo;accumuleront.<\/p>","protected":false},"excerpt":{"rendered":"<p>Hayden Adams rejette les critiques sur les frais Uniswap v4, affirmant qu&rsquo;ils n&rsquo;impactent pas les revenus des LPs malgr\u00e9 les doutes de la communaut\u00e9 DeFi.<\/p>\n","protected":false},"author":605,"featured_media":182231,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"editors":[2551],"sponsored_companies":[],"class_list":["post-182239","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","editors-julien-leroy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Uniswap v4 : Hayden Adams d\u00e9fend les nouveaux frais<\/title>\n<meta name=\"description\" content=\"Hayden Adams rejette les critiques sur les frais Uniswap v4, affirmant qu&#039;ils n&#039;impactent pas les revenus des LPs malgr\u00e9 les doutes de la communaut\u00e9 DeFi.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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