📜 [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
love serve remember meaning 在 應曉薇祝您幸福 Facebook 的最讚貼文
國際瑜伽日植樹活動
Plantation of Sapling in International Yoga Day
20170620
台北市議員應曉薇新聞稿
國際瑜伽日植樹活動 Plantation of Sapling in International Yoga Day 印度總理納倫德拉.莫迪在聯合國組織的會議中提出世界瑜珈日,在會中有192個國家熱烈通過同意將每年白天最長的一天訂定為國際瑜珈日,因此6月21日就固定成為每年的國際瑜珈日,於是從2015年開始全球的瑜珈愛好者、政府的運動管理單位及瑜珈機構就在這一天聚集起來練習瑜珈體位法,生命能量呼吸法及冥想來慶祝國際瑜伽日。
Indian prime minister Mr. Narendra Modi made an attempt to the UNO meeting for International yoga day, and with utmost heavily happiness 192 countries accepted the appeal 21st June is the longest day of the year. And international yoga day’s date was fixed this very day. Since that time was around the globe all yoga lovers, governments sports and yoga authorities celebrates this day with gathering of yoga lovers, and practice yoga asanas. Pranayama and meditation.
我們應該要認知到瑜珈不僅僅是身體的運動,當然每天練習瑜珈體位法、生命能量呼吸法及冥想會帶來極佳的健康狀態、安詳的心境及敏銳的感官。
But it is very essential to know that yoga is not merely a physical exercise. Yes, this yoga asana practice or pranayama and daily practice of meditation grants excellent health, peaceful mind and deep sense of integrity.
瑜珈這麼好,練習的人這麼少,誤解的人又這麼多;因為瑜珈並不侷限在體位法、生命能量控制或冥想。 瑜珈意謂著和諧、愛,互相尊重及包容。 瑜珈(Yoga)梵文字的意義是聯合、連接,也就是個體本質與宇宙本質的合一;然而我們的愛對於民族、國家、生態、環境又如何呢?
But at the same time it is very essential to know that meaning of yoga is not only confine to yoga asana or physical yogic exercise. Yoga means harmony, mutual love mutual affection and mutual reverence. Yoga means to link, connect. It is called that we connect our individual being with cosmic being; good. But what about our love for our nation, our mother land, our ecology, our surroundings, our nature, our own people.
我們愛自己的國家嗎? 國家第一,社會次之,個人的動機絕不考慮,所以試著愛自己的國家。 這也是瑜珈合一的意義。
Do we love our mother land. Remember mother land is first, society is next, and selfish motive never. So let’s try to love our nation.
受到台北瑜珈境創辦人羅明璋邀請,正在台北訪問的印度上師阿希帝亞曼難陀所主持的施化難陀修道所位於印度古吉拉特邦亞美達巴市也是印度國父甘地及現任總理納倫德拉.莫迪的故鄉。
H. H. Sri Swami Adhyatmanandaji maharaj of Sivananda Asdsam, Ahmedabad, Gujrat (India) a land of Rev. Mahatma Gandhi as well as res. Narendra Modi (P.M. of India) is now a days in Taipei Taiwan upon an invitation of Sivananda yoga studio’s director Yogi James Lo.
這位印度上師對台北市議員應曉薇女士表達了希望在2017年6月21日國際瑜伽日當天在台北市的公園植樹。他也誠執的表示:這棵樹的名字就叫愛國。 截至現在這位印度上師已在全球各國家種植了超過一千萬棵樹,其中包含了美國、英國、加拿大、日本、中國、台灣(這次是第九次造訪台灣教授瑜伽)、德國、荷蘭、南非、尼泊爾和模里西斯等國。
He expressed a desire to Taipei city council Angela Yin for plantation of tree (sapling) on 21st June 2017 upon international yoga day, with his sincere feeling he said “Give a name to this tree “Love your Nation”. As he is planting trees around the globe. So far he planted more than 10 million trees around globe in USA, UK, Canada, Japan, China, Taiwan (This is his ninth visit to Taiwan), Germany, Netherland, South Africa, Nepal, and Marisious etc.
應曉薇議員立刻表示贊同並全力支持此次國際瑜伽日植樹活動。
Council Angela Ying wholeheartedly supports this Plantation of Sapling in International Yoga Day.
她表示除非我們愛自己的國家、愛環境、愛地球,和平、和諧及福氣是不會到來的。
She says until we love our country, our nature, our mother earth, peace, harmony and bliss is not possible.
歡迎大家一起來,一起種樹,讓台北綠意盎然、空氣清新,充滿朝氣。每位參與者都會光彩富饒。 服務台北、愛台北,對國家忠心真誠,這才是對國際瑜伽日最好的慶祝活動。
So come all, come together, plant tree, keep Taipei green, keep Taipei clean, keep Taipei intake, keep Taipei’s integrity. You all will shine and proper, serve Taipei, love Taipei. Be loyal and faithful to Nation. That is the only real celebration of international yoga day.
願神保佑台北及台灣所有的鄉親姊妹兄弟。
May God bless Taipei and brothers and sisters of Taiwan.
6月21日上午9:30在台北市青年公園舉行國際瑜珈日植樹活動,歡迎大家共襄盛舉! 和平安詳 Om Shantih. 大師介紹: 這次來台的阿希帝亞曼難陀上師 (H. H. Sri Swami Adhyatmanandaji Maharaj) 是齊達難陀大師(H. H. Sri Swami Chidanandaji Maharaj)敬愛的弟子,他於1974年出家,從此在其上師的引導與祝福下,傳承宣揚古典瑜珈的精神。他現任古加拉地州艾哈邁達巴德(Ahmedabad)施化難陀修道場主席。 Sri Swami Adhyatmanandaji Maharaj 更是國際認可的瑜珈大師。目前為止已經教授全球787場瑜珈僻靜營、完成39場瑜珈師資培訓 (YTTC),並且超過39場的師資培訓是由古加拉地州立大學主辦。上師經常受邀世界各地國家/國際組織針對壓力管理、自我成長管理、瑜珈暨應用科學等主題上作演說。這些機構包含Ahmedabad 管理協會、Sardar Patel 公共行政組織、國際獅子會和扶輪社。他不只對於社會的奉獻不留餘力,提倡捐血拯救生命的信念,更力行宣導維護生態,至今已種下一千多萬棵樹苗和植物。 Sri Swami Adhyatmanandaji Maharaj 於1999年代表印度參加在新墨西哥恰帕斯州舉辦的世界和平會議。2005年於加拿大温尼伯市獲贈【印度-加拿大文化遺產協會終生成就獎】。2008年被全球和平聯盟封為和平大使。2009年他在中國北京首次舉辦素食大會。近年獲新德里國際教育館理學院頒發【印度國寶】傑出成就獎、古加拉地州政府認定上師為【古加拉地的榮耀】並由州長Sri O.P. Kohliji親手頒發Pujya Swamiji Maharaj榮譽獎。
台北市議員應曉薇研究室
02-27297708*6003
love serve remember meaning 在 蔡正元 Facebook 的最佳解答
川普總統就職演說全文
(英文+中譯對照)
編譯宋凌蘭∕綜合20日電
世界日報
川普總統就職演說的全文如下:
Chief Justice Roberts, President Carter, President Clinton, President Bush, President Obama, fellow Americans and people of the world, thank you.
羅伯茲首席大法官、卡特總統、柯林頓總統、布希總統、歐巴馬總統、美國同胞和世界人民,謝謝。
We, the citizens of America, are now joined in a great national effort to rebuild our country and restore its promise for all of our people.
我們,美國人民,現在加入重建我國,恢復對所有人承諾的一項偉大全國努力。
Together, we will determine the course of America and the world for many, many years to come. We will face challenges, we will confront hardships, but we will get the job done.
團結一致,我們將決定美國和世界未來多年的路線。我們將面臨挑戰,我們將面對困難,但是我們將完成任務。
Every four years, we gather on these steps to carry out the orderly and peaceful transfer of power, and we are grateful to President Obama and First Lady Michelle Obama for their gracious aid throughout this transition. They have been magnificent. Thank you.
每隔四年,我們聚集在此進行井然有序、平和的政權轉移,我們感謝歐巴馬總統和第一夫人米雪兒在過度期間的親切協助。他們太棒了,謝謝。
Today's ceremony, however, has very special meaning because today, we are not merely transferring power from one administration to another or from one party to another, but we are transferring power from Washington, D.C. and giving it back to you, the people.
但是,今天的儀式有特別的意義,因為今天我們不僅只是政府把權力交給下一任政府,或是一個政黨交給另一政黨,而是從華府把權力交回給你們,就是人民。
For too long, a small group in our nation's capital has reaped the rewards of government while the people have borne the cost. Washington flourished, but the people did not share in its wealth. Politicians prospered, but the jobs left and the factories closed. The establishment protected itself, but not the citizens of our country. Their victories have not been your victories. Their triumphs have not been your triumphs. And while they celebrated in our nation's capital, there was little to celebrate for struggling families all across our land.
有太久的時間,一小群人在國家首都獲得政府獎勵,人民卻承受代價。華府欣欣向榮,但是人民卻未共享財富。政客平步青雲,但是工作離開,工廠關閉。既有體制自我保護,卻不保護我國的人民。他們的勝利不是你們的勝利。他們在國家首都慶祝時,全國各地陷入困境的家庭,沒什麼好慶祝。
That all changes starting right here and right now because this moment is your moment, it belongs to you.
所有這些情況,從現在開始改變,因為這個時刻是你們的時刻,屬於你們。
It belongs to everyone gathered here today and everyone watching all across America. This is your day. This is your celebration. And this, the United States of America,is your country.
這個時刻屬於今天在此聚集的每個人,以及美國各地的所有觀眾。這是你們的日子,這是你們的慶祝,美利堅合眾國是你們的國家。
What truly matters is not which party controls our government, but whether our government is controlled by the people.
真正重要的不是哪個政黨控制政府,而是我們政府是否由人民控制。
January 20th, 2017 will be remembered as the day the people became the rulers of this nation again. The forgotten men and women of our country will be forgotten no longer.
2017年1月20日,將被紀念為人民再度成為這個國家統治者的一天。我國被遺忘的男女,將不再被遺忘。
Everyone is listening to you now. You came by the tens of millions to become part of a historic movement, the likes of which the world has never seen before.
每個人都在聽你們,幾百萬人來此以成為歷史性運動的一部分,這個運動將是世界從未見過的。
At the center of this movement is a crucial conviction, that a nation exists to serve its citizens.Americans want great schools for their children, safe neighborhoods for their families, and good jobs for themselves. These are just and reasonable demands of righteous people and a righteous public.
這個運動的中心,是一項關鍵確信,那就是一個國家存在是為了服務人民。美國人想要子女上好學校,家庭住在安全社區,自己有好工作。這些是人民理所當然的合理要求。
But for too many of our citizens, a different reality exists: mothers and children trapped in poverty in our inner cities; rusted out factories scattered like tombstones across the landscape of our nation; an education system flush with cash, but which leaves our young and beautiful students deprived of all knowledge; and the crime and the gangs and the drugs that have stolen too many lives and robbed our country of so much unrealized potential.
但是對我們太多人而言,卻存在一個不同現實:母親和孩子被困在城市貧民區的貧窮,荒廢的工廠像墓碑一樣散布在全國各地,教育系統現金多多,卻讓我們年輕可愛的學生學不到知識,犯罪、幫派和毒品奪走太多人的生命,也搶走我國未能發揮的潛力。
This American carnage stops right here and stops right now.
這場美國大屠殺現在就停止。
We are one nation and their pain is our pain.Their dreams are our dreams. And their success will be our success. We share one heart, one home, and one glorious destiny. The oath of office I take today is an oath of allegiance to all Americans.
我們是同一國,他們的痛苦是我們的痛苦,他們的夢想是的夢想,他們的成功將是我們的成功。我們有同一個心,同一個家,同一個光榮的命運。我今天宣誓的就職誓詞,是效忠所有美國人的誓詞。
For many decades, we've enriched foreign industry at the expense of American industry; subsidized the armies of other countries, while allowing for the very sad depletion of our military. We've defended other nations' borders while refusing to defend our own.
數十年來,我們犧牲美國工業,讓外國工業致富,補助他國的軍隊,卻讓我國軍隊令人難過的耗減,我們捍衛別國的邊界,卻拒絕捍衛我們自己的邊界。
And spent trillions and trillions of dollars overseas while America's infrastructure has fallen into disrepair and decay. We've made other countries rich, while the wealth, strength and confidence of our country has dissipated over the horizon.
在海外不斷花巨款,卻讓美國的基礎設施衰退凋零。我們幫助其他國家變富有,但是美國的財富、力量和信心卻逐漸消散。
One by one, the factories shuttered and left our shores, with not even a thought about the millions and millions of American workers that were left behind. The wealth of our middle class has been ripped from their homes and then redistributed all across the world.
工廠一個接一個關,離開美國,根本未考慮成千上萬的美國工人失業。中產階級的財富從他們家中被奪走,然後重新在全世界分配。
But that is the past. And now, we are looking only to the future.
但這是過去。現在,我們只瞻望未來。
We assembled here today are issuing a new decree to be heard in every city, in every foreign capital, and in every hall of power。
我們今天聚集在此發出一條新法令,要讓每個都市、每個外國首都和每個權力殿堂都聽見。
From this day forward, a new vision will govern our land. From this day forward, it's going to be only America first, America first.
從今天開始,新的願景將會治理我們的土地。從此刻開始,將只是美國優先,美國優先。
Every decision on trade, on taxes, on immigration, on foreign affairs will be made to benefit American workers and American families. We must protect our borders from the ravages of other countries making our products, stealing our companies and destroying our jobs.
在貿易、稅制、移民、外交事務的每項決定,將以惠及美國勞工和美國家庭為目的。我們必須保護我們的邊界,以免其他國家破壞,製造我們產品、竊取我們的公司、以及消滅我們的工作。
Protection will lead to great prosperity and strength. I will fight for you with every breath in my body and I will never ever let you down. America will start winning again, winning like never before. We will bring back our jobs. We will bring back our borders. We will bring back our wealth. And we will bring back our dreams.
保護將會帶來偉大的繁榮和力量。我將會竭力為你們奮戰,我永遠不會讓你們失望。美國將會開始再度勝利,且是以前從未曾有過的勝利。我們將會拿回我們的工作,我們將會恢復我們的邊界,我們將會拿回我們的財富,我們將找回我們的夢想。
We will build new roads and highways and bridges and airports and tunnels and railways all across our wonderful nation. We will get our people off of welfare and back to work, rebuilding our country with American hands and American labor.
我們將會建設新的道路、高速公路、橋樑、機場、隧道,以及遍及我們這個美好國家的鐵路。我們要我們的人民脫離福利,重新工作,用美國人的雙手和勞力,重建我們的國家。
We will follow two simple rules; buy American and hire American.We will seek friendship and goodwill with the nations of the world, but we do so with the understanding that it is the right of all nations to put their own interests first. We do not seek to impose our way of life on anyone,but rather to let it shine as an example. We will shine for everyone to follow.
我們將會遵循兩個簡單的法則:購買美國貨和僱用美國人。我們將會尋求世界各國的友誼和善意,但我們此舉,是基於理解把本身利益置於優先,是所有國家的權利。我們不尋求把我們的生活方式加諸於每個人身上,而是要讓此作為典範發揚光大,以讓所有人效法。
We will reinforce old alliances and form new ones and unite the civilized world against radical Islamic terrorism, which we will eradicate from the face of the Earth. At the bedrock of our politics will be a total allegiance to the United States of America, and through our loyalty to our country, we will rediscover our loyalty to each other. When you open your heart to patriotism, there is no room for prejudice.
我們將加強原有的聯盟,並組成新的聯盟,同時團結文明世界以對抗激進伊斯蘭恐怖主義,我們將會把他們從地球完全消滅。我們政治的基本原則將是完全效忠美國,以及透過我們對國家的忠誠,重新發現我們對彼此的忠誠。在你們開啟愛國之心後,偏見將無地自容。
The bible tells us how good and pleasant it is when God's people live together in unity. We must speak our minds openly, debate our disagreements honestly,but always pursue solidarity. When America is united, America is totally unstoppable.
聖經告訴我們,當上帝的子民和睦同居,是何等的善、何等的美。我們必須坦誠發言,誠實地辯論歧見,但永遠追求團結,當美國團結一致,無人能擋。
There should be no fear. We are protected and we will always be protected.We will be protected by the great men and women of our military and law enforcement. And most importantly, we will be protected by God.
我們應當無所懼怕。我們受到保護,而且我們一直將受到保護。我們得到我們國家偉大的男女軍人及執法界的保護,更重要的是,我們受到上帝的保護。
Finally, we must think big and dream even bigger. In America, we understand that a nation is only living as long as it is striving. We will no longer accept politicians who are all talk and no action, constantly complaining, but never doing anything about it. The time for empty talk is over. Now arrives the hour of action.
最後,我們應思考做大事,有更大的夢想。在美國,我們瞭解一個國家只有生氣蓬勃的成長,才能生存。我們不再接受只有空談而不做事的政治人物,他們不斷地抱怨,卻從未見到他們拿出行動來。空談的時代已經過去了,現在是拿出行動的時候了。
Do not allow anyone to tell you that it cannot be done. No challenge can match the heart and fight and spirit of America. We will not fail. Our country will thrive and prosper again.
別讓任何人告訴那是辦不到的事。對有熱情,肯奮戰與有鬥志的美國人來說,沒有任何挑戰是太困難的。我們不會失敗,我們國家將再度蓬勃繁榮。
We stand at the birth of a new millennium, ready to unlock the mysteries of space, to free the earth from the miseries of disease, and to harness the energies, industries and technologies of tomorrow. A new national pride will stir ourselves, lift our sights and heal our divisions.
我們站在一個千禧世代興起之初,準備解開太空神祕的時代,解放地球受到疾病之苦的時代,並且將運用未來能源、工業與技術的時代。新的國家榮譽將激勵我們,提高我們的眼界,治癒我們的分裂
It's time to remember that old wisdom our soldiers will never forget, that whether we are black or brown or white,we all bleed the same red blood of patriots.We all enjoy the same glorious freedoms and we all salute the same great American flag.
我們應該記取我們士兵永誌不忘的座右銘,那就是不論我們是黑色、是棕色或白色皮膚,我們所流的都是相同的愛國熱血,我們享有的是相同的崇高自由,我們致敬的是相同的偉大美國國旗。
And whether a child is born in the urban sprawl of Detroit or the wind-swept plains of Nebraska, they look up at the same night sky, they will their heart with the same dreams, and they are infused with the breath of life by the same almighty Creator.
不論兒童是在底特律郊區或內布拉斯加平原出生,他們仰望的是相同的夜空,他們內心所有的是相同的夢想,他們被同一個偉大造物主的生命氣息充滿。
So to all Americans in every city near and far, small and large, from mountain to mountain, from ocean to ocean, hear these words. You will never be ignored again.
對不論遠近、不論大小的每個城市的美國人,從此山到彼山,從此海到彼海,我要對你們說:你們不會再被漠視。
Your voice, your hopes, and your dreams will define our American destiny. And your courage and goodness and love will forever guide us along the way.
你們聲音,你們的希望,你們的夢想,將決定美國的命運。你們的勇氣、善良和愛心,將永遠引導我們。
Together, we will make America strong again. We will make America wealthy again. We will make America proud again. We will make America safe again.And yes, together we will make America great again. Thank you. God bless you. And God bless America.
團結一致,我們將讓美國再度強大,我們將讓美國再度富裕,我們將讓美國再度驕傲,我們將讓美國再度安全。是的,團結一致,我們會讓美國再度偉大。謝謝,天佑你們,天佑美國。