Search
【iPad Mini】之前不幾有人爆料iPad Mini嘅規格，而家Jon Prosser就直情爆料iPad mini 6嘅渲染圖同各項功能！即刻click入內文睇詳情啦！
https://pc3mag.com/ipad-mini-6-maybe-release-napple-pencil%ef%bc%9f/
#iPad #iPadmini #JonProsser #iPadmini6
————————————————————
記得Follow埋小編我哋PC3嘅帳號哦
MeWe:https://bit.ly/3mvanuO
Facebook:https://bit.ly/39zmTG8
Instgram:https://bit.ly/3gZz7b2
Youtube:https://bit.ly/37mQDdG10
————————————————————
設定小編我哋PC3專頁「搶先看」！優先取得科技生活著數玩樂情報
設定教學：https://bit.ly/335Fwwp
📜 [專欄新文章] Uniswap v3 Features Explained in Depth
✍️ 田少谷 Shao
📥 歡迎投稿： https://medium.com/taipei-ethereum-meetup #徵技術分享文 #使用心得 #教學文 #medium
Once again the game-changing DEX 🦄 👑
Image source: https://uniswap.org/blog/uniswap-v3/
Outline
0. Intro1. Uniswap & AMM recap2. Ticks 3. Concentrated liquidity4. Range orders: reversible limit orders5. Impacts of v36. Conclusion
0. Intro
The announcement of Uniswap v3 is no doubt one of the most exciting news in the DeFi place recently 🔥🔥🔥
While most have talked about the impact v3 can potentially bring on the market, seldom explain the delicate implementation techniques to realize all those amazing features, such as concentrated liquidity, limit-order-like range orders, etc.
Since I’ve covered Uniswap v1 & v2 (if you happen to know Mandarin, here are v1 & v2), there’s no reason for me to not cover v3 as well ✅
Thus, this article aims to guide readers through Uniswap v3, based on their official whitepaper and examples made on the announcement page. However, one needs not to be an engineer, as not many codes are involved, nor a math major, as the math involved is definitely taught in your high school, to fully understand the following content 😊😊😊
If you really make it through but still don’t get shxt, feedbacks are welcomed! 🙏
There should be another article focusing on the codebase, so stay tuned and let’s get started with some background noise!
1. Uniswap & AMM recap
Before diving in, we have to first recap the uniqueness of Uniswap and compare it to traditional order book exchanges.
Uniswap v1 & v2 are a kind of AMMs (automated market marker) that follow the constant product equation x * y = k, with x & y stand for the amount of two tokens X and Y in a pool and k as a constant.
Comparing to order book exchanges, AMMs, such as the previous versions of Uniswap, offer quite a distinct user experience:
AMMs have pricing functions that offer the price for the two tokens, which make their users always price takers, while users of order book exchanges can be both makers or takers.
Uniswap as well as most AMMs have infinite liquidity¹, while order book exchanges don’t. The liquidity of Uniswap v1 & v2 is provided throughout the price range [0,∞]².
Uniswap as well as most AMMs have price slippage³ and it’s due to the pricing function, while there isn’t always price slippage on order book exchanges as long as an order is fulfilled within one tick.
In an order book, each price (whether in green or red) is a tick. Image source: https://ftx.com/trade/BTC-PERP
¹ though the price gets worse over time; AMM of constant sum such as mStable does not have infinite liquidity
² the range is in fact [-∞,∞], while a price in most cases won’t be negative
³ AMM of constant sum does not have price slippage
2. Tick
The whole innovation of Uniswap v3 starts from ticks.
For those unfamiliar with what is a tick:
Source: https://www.investopedia.com/terms/t/tick.asp
By slicing the price range [0,∞] into numerous granular ticks, trading on v3 is highly similar to trading on order book exchanges, with only three differences:
The price range of each tick is predefined by the system instead of being proposed by users.
Trades that happen within a tick still follows the pricing function of the AMM, while the equation has to be updated once the price crosses the tick.
Orders can be executed with any price within the price range, instead of being fulfilled at the same one price on order book exchanges.
With the tick design, Uniswap v3 possesses most of the merits of both AMM and an order book exchange! 💯💯💯
So, how is the price range of a tick decided?
This question is actually somewhat related to the tick explanation above: the minimum tick size for stocks trading above 1$ is one cent.
The underlying meaning of a tick size traditionally being one cent is that one cent (1% of 1$) is the basis point of price changes between ticks, ex: 1.02 — 1.01 = 0.1.
Uniswap v3 employs a similar idea: compared to the previous/next price, the price change should always be 0.01% = 1 basis point.
However, notice the difference is that in the traditional basis point, the price change is defined with subtraction, while here in Uniswap it’s division.
This is how price ranges of ticks are decided⁴:
Image source: https://uniswap.org/whitepaper-v3.pdf
With the above equation, the tick/price range can be recorded in the index form [i, i+1], instead of some crazy numbers such as 1.0001¹⁰⁰ = 1.0100496621.
As each price is the multiplication of 1.0001 of the previous price, the price change is always 1.0001 — 1 = 0.0001 = 0.01%.
For example, when i=1, p(1) = 1.0001; when i=2, p(2) = 1.00020001.
p(2) / p(1) = 1.00020001 / 1.0001 = 1.0001
See the connection between the traditional basis point 1 cent (=1% of 1$) and Uniswap v3’s basis point 0.01%?
Image source: https://tenor.com/view/coin-master-cool-gif-19748052
But sir, are prices really granular enough? There are many shitcoins with prices less than 0.000001$. Will such prices be covered as well?
Price range: max & min
To know if an extremely small price is covered or not, we have to figure out the max & min price range of v3 by looking into the spec: there is a int24 tick state variable in UniswapV3Pool.sol.
Image source: https://uniswap.org/whitepaper-v3.pdf
The reason for a signed integer int instead of an uint is that negative power represents prices less than 1 but greater than 0.
24 bits can cover the range between 1.0001 ^ (2²³ — 1) and 1.0001 ^ -(2)²³. Even Google cannot calculate such numbers, so allow me to offer smaller values to have a rough idea of the whole price range:
1.0001 ^ (2¹⁸) = 242,214,459,604.341
1.0001 ^ -(2¹⁷) = 0.000002031888943
I think it’s safe to say that with a int24 the range can cover > 99.99% of the prices of all assets in the universe 👌
⁴ For implementation concern, however, a square root is added to both sides of the equation.
How about finding out which tick does a price belong to?
Tick index from price
The answer to this question is rather easy, as we know that p(i) = 1.0001^i, simply takes a log with base 1.0001 on both sides of the equation⁴:
Image source: https://www.codecogs.com/latex/eqneditor.php
Let’s try this out, say we wanna find out the tick index of 1000000.
Image source: https://ncalculators.com/number-conversion/log-logarithm-calculator.htm
Now, 1.0001¹³⁸¹⁶² = 999,998.678087146. Voila!
⁵ This formula is also slightly modified to fit the real implementation usage.
3. Concentrated liquidity
Now that we know how ticks and price ranges are decided, let’s talk about how orders are executed in a tick, what is concentrated liquidity and how it enables v3 to compete with stablecoin-specialized DEXs (decentralized exchange), such as Curve, by improving the capital efficiency.
Concentrated liquidity means LPs (liquidity providers) can provide liquidity to any price range/tick at their wish, which causes the liquidity to be imbalanced in ticks.
As each tick has a different liquidity depth, the corresponding pricing function x * y = k also won’t be the same!
Each tick has its own liquidity depth. Image source: https://uniswap.org/blog/uniswap-v3/
Mmm… examples are always helpful for abstract descriptions 😂
Say the original pricing function is 100(x) * 1000(y) = 100000(k), with the price of X token 1000 / 100 = 10 and we’re now in the price range [9.08, 11.08].
If the liquidity of the price range [11.08, 13.08] is the same as [9.08, 11.08], we don’t have to modify the pricing function if the price goes from 10 to 11.08, which is the boundary between two ticks.
The price of X is 1052.63 / 95 = 11.08 when the equation is 1052.63 * 95 = 100000.
However, if the liquidity of the price range [11.08, 13.08] is two times that of the current range [9.08, 11.08], balances of x and y should be doubled, which makes the equation become 2105.26 * 220 = 400000, which is (1052.63 * 2) * (110 * 2) = (100000 * 2 * 2).
We can observe the following two points from the above example:
Trades always follow the pricing function x * y = k, while once the price crosses the current price range/tick, the liquidity/equation has to be updated.
√(x * y) = √k = L is how we represent the liquidity, as I say the liquidity of x * y = 400000 is two times the liquidity of x * y = 100000, as √(400000 / 100000) = 2.
What’s more, compared to liquidity on v1 & v2 is always spread across [0,∞], liquidity on v3 can be concentrated within certain price ranges and thus results in higher capital efficiency from traders’ swapping fees!
Let’s say if I provide liquidity in the range [1200, 2800], the capital efficiency will then be 4.24x higher than v2 with the range [0,∞] 😮😮😮 There’s a capital efficiency comparison calculator, make sure to try it out!
Image source: https://uniswap.org/blog/uniswap-v3/
It’s worth noticing that the concept of concentrated liquidity was proposed and already implemented by Kyper, prior to Uniswap, which is called Automated Price Reserve in their case.⁵
⁶ Thanks to Yenwen Feng for the information.
4. Range orders: reversible limit orders
As explained in the above section, LPs of v3 can provide liquidity to any price range/tick at their wish. Depending on the current price and the targeted price range, there are three scenarios:
current price < the targeted price range
current price > the targeted price range
current price belongs to the targeted price range
The first two scenarios are called range orders. They have unique characteristics and are essentially fee-earning reversible limit orders, which will be explained later.
The last case is the exact same liquidity providing mechanism as the previous versions: LPs provide liquidity in both tokens of the same value (= amount * price).
There’s also an identical product to the case: grid trading, a very powerful investment tool for a time of consolidation. Dunno what’s grid trading? Check out Binance’s explanation on this, as this topic won’t be covered!
In fact, LPs of Uniswap v1 & v2 are grid trading with a range of [0,∞] and the entry price as the baseline.
Range orders
To understand range orders, we’d have to first revisit how price is discovered on Uniswap with the equation x * y = k, for x & y stand for the amount of two tokens X and Y and k as a constant.
The price of X compared to Y is y / x, which means how many Y one can get for 1 unit of X, and vice versa the price of Y compared to X is x / y.
For the price of X to go up, y has to increase and x decrease.
With this pricing mechanism in mind, it’s example time!
Say an LP plans to place liquidity in the price range [15.625, 17.313], higher than the current price of X 10, when 100(x) * 1000(y) = 100000(k).
The price of X is 1250 / 80 = 15.625 when the equation is 80 * 1250 = 100000.
The price of X is 1315.789 / 76 = 17.313 when the equation is 76 * 1315.789 = 100000.
If now the price of X reaches 15.625, the only way for the price of X to go even higher is to further increase y and decrease x, which means exchanging a certain amount of X for Y.
Thus, to provide liquidity in the range [15.625, 17.313], an LP needs only to prepare 80 — 76 = 4 of X. If the price exceeds 17.313, all 4 X of the LP is swapped into 1315.789 — 1250 = 65.798 Y, and then the LP has nothing more to do with the pool, as his/her liquidity is drained.
What if the price stays in the range? It’s exactly what LPs would love to see, as they can earn swapping fees for all transactions in the range! Also, the balance of X will swing between [76, 80] and the balance of Y between [1250, 1315.789].
This might not be obvious, but the example above shows an interesting insight: if the liquidity of one token is provided, only when the token becomes more valuable will it be exchanged for the less valuable one.
…wut? 🤔
Remember that if 4 X is provided within [15.625, 17.313], only when the price of X goes up from 15.625 to 17.313 is 4 X gradually swapped into Y, the less valuable one!
What if the price of X drops back immediately after reaching 17.313? As X becomes less valuable, others are going to exchange Y for X.
The below image illustrates the scenario of DAI/USDC pair with a price range of [1.001, 1.002] well: the pool is always composed entirely of one token on both sides of the tick, while in the middle 1.001499⁶ is of both tokens.
Image source: https://uniswap.org/blog/uniswap-v3/
Similarly, to provide liquidity in a price range < current price, an LP has to prepare a certain amount of Y for others to exchange Y for X within the range.
To wrap up such an interesting feature, we know that:
Only one token is required for range orders.
Only when the current price is within the range of the range order can LP earn trading fees. This is the main reason why most people believe LPs of v3 have to monitor the price more actively to maximize their income, which also means that LPs of v3 have become arbitrageurs 🤯
I will be discussing more the impacts of v3 in 5. Impacts of v3.
⁷ 1.001499988 = √(1.0001 * 1.0002) is the geometric mean of 1.0001 and 1.0002. The implication is that the geometric mean of two prices is the average execution price within the range of the two prices.
Reversible limit orders
As the example in the last section demonstrates, if there is 4 X in range [15.625, 17.313], the 4 X will be completely converted into 65.798 Y when the price goes over 17.313.
We all know that a price can stay in a wide range such as [10, 11] for quite some time, while it’s unlikely so in a narrow range such as [15.625, 15.626].
Thus, if an LP provides liquidity in [15.625, 15.626], we can expect that once the price of X goes over 15.625 and immediately also 15.626, and does not drop back, all X are then forever converted into Y.
The concept of having a targeted price and the order will be executed after the price is crossed is exactly the concept of limit orders! The only difference is that if the range of a range order is not narrow enough, it’s highly possible that the conversion of tokens will be reverted once the price falls back to the range.
As price ranges follow the equation p(i) = 1.0001 ^ i, the range can be quite narrow and a range order can thus effectively serve as a limit order:
When i = 27490, 1.0001²⁷⁴⁹⁰ = 15.6248.⁸
When i = 27491, 1.0001²⁷⁴⁹¹ = 15.6264.⁸
A range of 0.0016 is not THAT narrow but can certainly satisfy most limit order use cases!
⁸ As mentioned previously in note #4, there is a square root in the equation of the price and index, thus the numbers here are for explantion only.
5. Impacts of v3
Higher capital efficiency, LPs become arbitrageurs… as v3 has made tons of radical changes, I’d like to summarize my personal takes of the impacts of v3:
Higher capital efficiency makes one of the most frequently considered indices in DeFi: TVL, total value locked, becomes less meaningful, as 1$ on Uniswap v3 might have the same effect as 100$ or even 2000$ on v2.
The ease of spot exchanging between spot exchanges used to be a huge advantage of spot markets over derivative markets. As LPs will take up the role of arbitrageurs and arbitraging is more likely to happen on v3 itself other than between DEXs, this gap is narrowed … to what extent? No idea though.
LP strategies and the aggregation of NFT of Uniswap v3 liquidity token are becoming the blue ocean for new DeFi startups: see Visor and Lixir. In fact, this might be the turning point for both DeFi and NFT: the two main reasons of blockchain going mainstream now come to the alignment of interest: solving the $$ problem 😏😏😏
In the right venue, which means a place where transaction fees are low enough, such as Optimism, we might see Algo trading firms coming in to share the market of designing LP strategies on Uniswap v3, as I believe Algo trading is way stronger than on-chain strategies or DAO voting to add liquidity that sort of thing.
After reading this article by Parsec.finance: The Dex to Rule Them All, I cannot help but wonder: maybe there is going to be centralized crypto exchanges adopting v3’s approach. The reason is that since orders of LPs in the same tick are executed pro-rata, the endless front-running speeding-competition issue in the Algo trading world, to some degree, is… solved? 🤔
Anyway, personal opinions can be biased and seriously wrong 🙈 I’m merely throwing out a sprat to catch a whale. Having a different voice? Leave your comment down below!
6. Conclusion
That was kinda tough, isn’t it? Glad you make it through here 🥂🥂🥂
There are actually many more details and also a huge section of Oracle yet to be covered. However, since this article is more about features and targeting normal DeFi users, I’ll leave those to the next one; hope there is one 😅
If you have any doubt or find any mistake, please feel free to reach out to me and I’d try to reply AFAP!
Stay tuned and in the meantime let’s wait and see how Uniswap v3 is again pioneering the innovation of DeFi 🌟
Uniswap v3 Features Explained in Depth was originally published in Taipei Ethereum Meetup on Medium, where people are continuing the conversation by highlighting and responding to this story.
👏 歡迎轉載分享鼓掌
【最新資訊】Google自從買咗Fossil專利之後，大家都估佢地會推出自家品牌嘅手錶同Apple黎個大決鬥，而家佢地又好似真係10月出喎。
http://pc3mag.com/google-releasing-pixel-watch-this-october/
#AppleWatch #Google #GooglePixelWatch #PixelWatch
————————————————————
👇記得Follow埋小編我哋PC3嘅帳號哦❤️
MeWe:https://bit.ly/3mvanuO
Facebook:https://bit.ly/39zmTG8
Instgram:https://bit.ly/3gZz7b2
Youtube:https://bit.ly/37mQDdG10
————————————————————
設定小編我哋PC3專頁「搶先看」❗優先取得科技生活著數玩樂情報
設定教學：https://bit.ly/335Fwwp
我已經看到好多的你們傳你們在聽歌的截圖給我IG了...已哭😭
FB: https://goo.gl/TLQqrc
▶ OPEN FOR MORE INFO! /更多資訊在↓↓
-------------------------------------------------✧
▶ listen and download/數位音樂平台上架
[Dena張粹方] - [你愛她 You Love Her]
KKBOX: https://kkbox.fm/Fa2c3x
MyMusic: https://goo.gl/8UWfmS
friDay: https://goo.gl/Lr3wkV
Spotify: https://goo.gl/usDyaj
Apple Music: https://goo.gl/pkGBNE
iTunes: https://goo.gl/iuK1g3
-------------------------------------------------✧
▶ more videos/熱門影片連結
你愛她原版(英文版Shouldn't Be Missing Original Song)
https://youtu.be/cT_bJ9oUhvw
吉他教學Guitar Tutorial
https://youtu.be/7aMavz_xYTk
-------------------------------------------------✧
▶ extra content/補充內容
這首歌是形容懷念一段好不容易放下了的感情。有時候結束一段感情時，自己耗費好大的勇氣去放下後，卻在街頭偶遇的時刻，突然有種好想回到過去的甜蜜 的雜念突然浮起 這尷尬又矛盾的感覺...
很榮幸的可以請到大師李岩修老師填詞，老師精準地把這情緒文字化，把無奈的感覺做了另一種種延伸，讓Dena想起自己在八年前，超級喜歡ㄧ個學長！常會藉機跟他聊天～他卻有一直都有女朋友...自己只能默默在一旁欣賞學長支持著他。（高中耍花癡萬歲）
你愛她 You Love Her
曲music: Dena張粹方
詞lyrics: 李岩修
你愛我嗎 還是還愛著她 Do you actually love me, or is it still her?
我們就這樣子吧 I guess this is it
連面對著面 也不再說話 You’re standing in front of me, but words don’t come out
感情 降溫到冰點了嗎 Have we reached our freezing point
像落地的糖花 沾滿了 Like fallen flower covered in sand
那哽咽的沙
為什麼 每當你說起了她 every time you spoke of her
就要裝作其實我也很喜歡她 why did I pretend to like her
其實你還愛她 承認吧 她和我的不一樣 You still love her, right? We’re not the same to you
你是我的終點站 我只是她短暫的接班 I gave you all of me, but I’m just another rest stop to you
填補你們分手的傷 Here to fix your wounds
我臉上的淚光 等不到你替我擦乾 I know now you will never come back and dry my tears
我不該太樂觀 我是你預定的對象 I should’ve known
這問題 早應該 有答案 I should’ve known from the beginning
我們就這樣子吧 I guess this is it
連面對著面 也不再說話 You’re right in front of me but we’re not talking
感情 降溫到冰點了嗎 Have we reached the freezing point
像落地的糖花 沾滿了 like a fallen flower covered in sand
那哽咽的沙
為什麼 每當你說起了她 every time you spoke of her
就要裝作其實我也很喜歡她 I had to pretend that I like her
其實你還愛她 承認吧 她和我的不一樣 You still love her, admit it, I’m just not like her
你是我的終點站 我只是她短暫的接班 You’re my last destination, but I’m just another rest stop to you
填補你們分手的傷 Here to fix your wounds
我臉上的淚光 等不到你替我擦乾 I know now you will never come back and dry my tears
我不是很堅強 是不想讓你為難 I’m not actually strong, I just don’t want you to hurt too
愛不自私說真的好難 It’s hard to be unselfish in love
也不想 讓自己再勉強 I’m tired of letting myself down again
若愛情變了樣 一片虛無荒涼 but my heart would be a desert without your love
想問 你愛過 我~嗎 不要 再欺騙我 Have you ever loved me? Can you just be honest?
就算 不會是我要的答案 But I already know the answer
其實你還愛她 承認吧 You still love her, right?
無論有多沮喪 我會面對和習慣 It’s okay I understand
愛情 本就 會是這麼樣 Isn’t this all what love is about
你還愛她 那就去吧 You still love her, then go
我會在遠方 祝福著你和她 I’ll just be here, hoping you’ll be happy
我的淚光 我自己 想辦法 I’ll dry my own tears, and learn to move on
-------------------------------------------------✧
▶ social media/社群
Facebook Page/粉絲專頁
https://goo.gl/ygpXwC
Instagram
https://goo.gl/nAhXXu @dena_chang
old Youtube/舊頻道
https://goo.gl/J3tjka
-------------------------------------------------✧
▶Business Inquiries/合作洽談
1. [email protected]
-------------------------------------------------✧
credits
【音樂出處】
東聲唱片傳播有限公司 https://goo.gl/e3JPHp
製作人：徐嘉良老師
執行製作：蕭昱峋
編曲：丁天牧
鋼琴：吳柏毅
混音： 李冠彰
詞：李岩修
曲：Dena 張粹方
/
【MV製作團隊】
萌門兔影像工作室 Moment 2 Studio
/
【演員】
上班族花心男：陳彥嘉 George
咖啡店打工女大生： 小潔_Mina
前女友：林思萱
店長：Dollar
/
【場地】
探尋咖啡 Touch Café
-------------------------------------------------✧
新朋友嗎? 嗨我是Dena! 高中開始追求我的音樂之路，畢業於輔仁大學護理系! 畢業後終於有勇氣全程灌注去美國念音樂! 這個頻道是分享著我最真實的故事! 歡迎加入我的dna這個大家庭一起陪伴彼此成長! 頻道中提供著Dena留學分享、音樂作品、彩妝、生活實錄Vlog等等! 有時候還會來點英文教學哦!
Welcome to my channel! I'm a singer/songwriter based in Taiwan! This channel is pretty much about my current life, my experiences studying at Berklee College of Music in the states, things that I love(music and makeup!) um... you will be expecting a lot of some REALLY chatty videos... (you are warned)!
-------------------------------------------------✧
♦ KEYWORDS: dena chang 張粹方 2018 生活紀錄 vlog taiwanese 康熙來了 創作歌手 美國 Berklee School Of Music 英文歌 分享 music favorites favourites faves 自彈自唱 彈唱 化妝 how i learned english 輕鬆 學英文 教英文 美國 美式 腔調 留學 英語 教學 自學 education 台北 台灣 補習班 生活 lifestyle video 你愛她 官方音樂 官方MV official music video Shouldn’t Be Missing singer songwriter taipei taiwan
Facebook Page: https://www.facebook.com/sirandydark/
新年快來了! 今年教大家做年榚, 順便看看我第一次親身示範的片段吧!
Chinese New Year is coming soon! I am going to show you how to make the traditional Chinese New Year's Cake/ Nian Gao this year! Also, watch me doing my first demo in front of real audiences!
Special Thanks to - Les Saveurs Private Kitchen
https://www.facebook.com/lessaveurs.asia
賀年食品 之 油角
http://www.youtube.com/watch?v=bcxrgH1h4qM
椰汁年榚黃金磚 Coconut Chinese New Year Cake
-----------------------------------------------------------------------------------------------------------------------------------------
庶糖 Raw Slab Sugar 2 pc (~175g)
水 Water 200 ml
椰漿 Coconut Cream 100 g
糯米粉 Glutinous Rice Flour 200 g
澄麵粉 Gluten-Free Flour 100 g
菜油 Oil 1 Tbsp
-----------------------------------------------------------------------------------------------------------------------------------------
Be Awesome and Subscribe me @
Facebook Page: https://www.facebook.com/SirAndyDark/
Instagram: http://instagram.com/Andy_Dark/
YouTube Channel: http://www.youtube.com/AndyDark/
