The key to understanding Uniswap V4 is to comprehend Singleton Pool and Hook. --Singleton Pool. Under the Singleton Pool mechanism, all smart contracts in Uniswap's pools will be a single instance. No matter how many pools Dev deploys, these pools will share a smart contract address. This feature will reduce the cost of deploying pools and adding/removing gas fees for liquidity by 99% compared to V3 version. --Hook. It is best to understand Hook from the perspective of developers, as it allows them to insert custom functional modules into the official smart contract module of Uniswap V4. The attached image is a simple Hook instance, where developers can add a Require condition statement before the foreSwap module to enable transactions only with addresses holding specific NFTs. Unlike the previous three versions targeting Swaper and LPer, V4's Hook feature is more geared towards DeFi protocol developers, giving them unprecedented freedom. However, given the complexity and high security requirements of Hooks, the Uniswap Foundation has partnered with OpenZeppelin to launch a series of open-source Hook security templates. At the same time, the Uniswap Foundation will encourage developers to start snowballing from the following aspects: --Dynamic Fee Hook --Rehydration Hook (Idle Funds Re staking Hook) --Custom Curve Hook --Asynchronous Swap Hook --MEV Mitigating Hooks --Reward Aggregator (Hook) --Liquidity Hooks --Auto Placement Rebalancing Hook --Oracle Hook (Oracle Hook) --Permitted Pool Hook --Auto Hedging Hook --Time Weighted Average Market Maker (TWAMM) Hook If we use analogical thinking for easy understanding, the relationship between the Hook mechanism and the specific examples above is somewhat similar to the relationship between LLM and AI agents. After the official release of V4, which has been promoted for a long time, UNI's coin price remained calm. It seems that the market has already fully realized the benefits of Price in V4 for Uniswap, but the market has not fully realized the benefits of Price in V4 for the Ethereum ecosystem. V4 will greatly reduce the Swap cost of the Ethereum ecosystem (L1+L2), create LP pools, add/remove gas costs for liquidity, and super enhance LP funding efficiency, which may ignite the enthusiasm for MeMe and AI Agent asset issuance and trading in the Ethereum ecosystem. On the other hand, the Solana ecosystem has experienced a 12-month pump fun, and under the influence of the Matthew effect, the concentration of SOL addresses has become increasingly high, making the internal circulation of tokenomics less and less smooth. In contrast, the top sub ecosystems of the Ethereum ecosystem, such as the Ethereum mainnet, Base, and Arbitrarum, are undeveloped virgin land waiting to be developed by various meme coin Dev/coin issuing factories. above.