關於 competition meaning ，我們在網路上蒐集到這些相關的討論、資訊與評價

#Congratulations! Director Hsin-Chien Huang's latest VR works, Samsara and The Starry Sand Beach, were nominated for the 78th Venice International Film Festival!

The 78th Venice International Film Festival (VIFF) announced the shortlisted nominees for the category of VR Film. Taiwanese new media artist, Distinguished Professor of NTNU, Hsin-Chien Huang, winner of the BEST VR Experience in 2017 with his work La Camera Insabbiata, will again contest for the Leone d’oro this year with two of his latest, sci-fi inspired works, Samsara and The Starry Sand Beach. While the Taiwanese athletes are striving for the Gold Medals at the Tokyo Olympics as we speak, director Hsin-Chien Huang dazzles the jury of VIFF with his visually-stunning and thought-provoking works — bringing cutting-edge Taiwanese VR films onto the international stage and letting world-wide audience sees Taiwan!

Before being selected for the 78th Venice International Film Festival, Samsara episode 1. has already grabbed the Jury Award at SXSW and Best VR Story at the Cannes XR Competition. This futuristic VR experience teleports the audience onto a journey that spans millions of years. Samsara is a Sanskrit word meaning “ the world ”. In Buddhism, it means what we perceive as the world is actually an endless cycle of karma (cause and effect), a cycle of life, death and rebirth in the six realms of existence. In this fascinating VR work, the audience is reincarnated into the bodies of different persons and creatures, experiencing the universe in their new bodies and in search for the ultimate spiritual transcendence.

Samsara depicts an apocalyptical story in the near future where human greed has depleted the earth’s resource. Catastrophic wars to fight for resource resulted in global destruction. Finally, the remaining humans had to leave the Earth and go on a search in space for a new place to live.

Nevertheless, their desperate, long quest for a new homeland… could it be just a loop in space and time? The cycle of greedy domination and total destruction that then necessitates the search for a new home…. may have hopelessly repeated itself over and over again? The constant evolutionary process and so-called progress, without transformation in consciousness and spiritual advancement, is nothing more than a Möbius strip that leads nowhere, perhaps…?

Samsara is an experiment based on the theory of Embodied Cognition. Through interactivity and VR, the audience gets to live inside the bodies of different persons and creatures, experiencing their feelings from within. Perhaps It is when we can perceive the world in different bodies that we may truly appreciate the thoughts of others and empathize with them. An experience that will also help us better comprehend our own existence and learn to live in harmony with all.

Samsara explores a complex of deeply interconnected issues of ecology, technology, natural resource and war, etc. It's a story about a journey humans are forced to take on, after having destroyed the earth with nuclear disasters. The survivors seek a new planet, in the boundless, interstellar space, to carry on their lives. Gradually they evolve into a new life form artificially. Yet, many years passed and they’ve come to realize that they would never make it to the new planet they’ve been dreaming of. In fact, they have simply been returning to the Earth, in different life forms, time after time.

Director Huang applies the concepts of embodied cognition, offering a unique way to contemplate about the nature of life. As the audience are transported into different bodies each time, they gain a brand new perspective to experience the world views presented in Samsara.

Samsara was produced under the guidance of Taiwan Creative Content Agency (TAICCA) and Kaohsiung Film Archive VR(VR FILM LAB), it’s a sate-of-the-art VR production made 100% in Taiwan. In the VR experience, viewers are transformed into various kinds of animals to interact with the scenes, including species unique and indigenous to Taiwan, such as Taiwan Blue Magpie and Formosan Black Bear.

Samsara Ep.1 features the latest somatosensory technology, including 4D views shooting techniques by the Industrial Technology Research Institute and TAICCA. A digital shooting system comprised of a high-sensitivity 4 million-pixel, full-color CCD sensor and 48 4DV-EX-Z cameras made it possible for Samsara Ep.1 to be taken from an omnidirectional view and shot without any blind spots, creating the ultimate immersive experience.

THE STARRY SAND BEACH, directed by Hsin-Chien Huang and produced in cooperation with Lucid Reality (France) and Oready 瑞意創科 Oready Innovation Lab (Taiwan), is a scientific fairy tale about a unique ecological wonder in Taiwan and Japan, the shiny starry sand beaches. Foraminifera, from the Latin word “foramen” meaning hole, is a single-celled organism that builds a shell with multiple chambers which intercommunicate with one another through holes. On the Qimei Island, Taiwan and the Yaeyama Islands, Japan, beaches have been formed by a specific species of foraminifera with star-shaped shells made of calcium carbonate. Like the real stars in the legends, grains of the starry sand have also been preserving the earth’s memories for millions of years.

THE STARRY SAND BEACH is a real-time 3D interactive VR adventure into the natural and mythological landscape of the starry sand beaches on Qimei Island in Penghu Archipelago, Xing Sha Wan in Kenting National Park and Taketomi Island in the far south of Japan. The experience is full of aesthetically-amazing elements and enriched with cultural and religious significance like Shintoism in Japan. A beautiful, haunting legend tells the story of the starry sand…

The final winners will be presented at the award ceremony held on Sep11. With great anticipation and hopes, Hsin-Chien Huang is expected to bring home again the grand prize for Taiwan!

https://www.labiennale.org/en/news/selection-complete-works-venice-vr-expanded-0

#黃心健 #HsinChienHuang
#samsara #chalkroom
#LaCameraInsabbiata
#VeniceInternationalFilmFestival #VIFF
#Thestarrysandbeach
#LucidReality
#OreadyInnovationLab

《我的幸福5/2 週末》

*週日下午兩點誠品信義書店「廿世紀典範人物」新書分享會，我下午二時開始演講，離上次在台灣大學公開演説。快半年了！分享會報名一小時預告已額滿，但TVBS電視台慷慨的支持。派出SNG車，屆時TVBS文茜的世界周報YouTube 及世界周報Facebook 都將同步直播。

*新書分享會後我將直奔高雄衛武營，參加劉孟捷（李斯特巡禮之年）鋼琴獨奏會。這是劉孟捷回台，最重要的一場音樂會，我目睹他用盡了一切心力。過去即使21歲時在費城代打缺席大師的音樂會，劉孟捷都未曾如此緊張。他此次回台，手術前為了沒有遺憾，共舉行三場音樂會：其中4/17與5/30皆是與國家交響樂團NSO合作：530那一場指揮是呂紹嘉。但他告訴我，某些曲目對他而言，是Piece of Cake ：惟獨衞武營這一場，曲目由他自己決定，現場錄影，並且找了金曲獎錄音師同步錄音。

5/2衛武營-劉孟捷鋼琴獨奏會《李斯特巡禮之年》購票連結
https://www.opentix.life/event/1384752689074294784

劉夢捷明白他即將面對一個大手術，手術風險之外，他的免疫系統疾病，將使他的康復之路更長。

沒有人可以預知未來，為了圓他的夢，醫院每天都要求他早上、晚上量血壓，報告直接傳給院長。振興醫院院長魏崢雖然是亞洲第一把心臟外科醫師，但也不敢大意。

畢竟這個人的生命那麼脆弱，他的心臟主動脈剝離，那是實質的「心碎」了：但他仍有詩，仍有音樂夢。在生命的交接處，在白日與黑夜的交义口，劉孟捷想為他的音樂生涯，留下最美好的紀錄。

他選擇了李斯特。

在這場音樂會前，他甚至以英文寫下了自己與音樂、疾病的半生回顧：如李斯特的巡禮，有仰望，有沉思，有失落，有幽微的疼痛。他以詩篇般的演奏模式，傾訴，詠嘆。他曾得到天賦，也走過死蔭的幽谷。命運是一層又一層的黑影逼近，老天爺隨時想帶走他。

而他已不再流淚，不再沉浸於悲愴告別：因為對他而言活著並不容易，他要讓自己更深刻的抓住每一分時光之美。

如果時間和空間，正如哲人們所形容的
都是不實際存在的東西：那從不感到衰敗的太陽，也不會比我們了不起多少！

他如艾略特的詩句中所形容的：我們為什麼要如此貪心總在祈禱，想活上整整一個世紀？

蝴蝶雖僅活了一天，已經歷了永恆。

當他的身軀如露水還在藤蔓顫抖時，他送給我們一場「完全浪漫又超技的李斯特」。

等音樂會結束了，至少有一張CD，一段YouTube 影像：不論孟捷代表生命的那朵鮮花是否枯萎，他彈奏如天使的音聲不會飛離，它會停留在那夜，繼續釋放芬芳。

這是盡生命之力、之情獨奏的音樂會。劉孟捷説：這樣當他走進手術室時，會少一點悲傷。

或許快樂的日子本來就不多，但讓這場「完全李斯特．完全劉孟捷」的獨奏會放出神聖的光彩吧！

我必將赴會，不會錯過！我知道此刻的獨奏會，很難複製，因為它綜合了太多的情感、愛念，釋放與生命的抒情。

*劉孟捷為此次獨奏會寫下的文字：This past year has seen some unprecedented changes in the world. Many lives have been lost and many have changed. The world has changed while many of us confront the uncertainty of the future.

For most musicians, life has changed. For months, we have been conducting our lessons online, and concerts have mostly stopped or become an online experience as well. More time has been spent learning how to improve the online teaching experience than one could have imagined. While I have felt the duty to continue teaching, the format the pandemic requires for teaching leaves me unwilling to spend more time than I have to.

And truly, I have had other things to deal with. When the pandemic started to worry the American public in March, I was in the middle of a tour with the String Quartet-in-Residence at Curtis, the Vera Quartet. However, our concerts were canceled, and everything came to a sudden halt.

I felt the universe had sent me an unexpected gift, as I had also just received some terrible news concerning my worsening aortic arches and a diagnosis of kidney cancer. The sudden halt in my professional schedule seemed perfect in its timing. I was able to settle into a monastic existence, to simply practice and attempt to heal.

I see many musicians itching to be concertizing again, and many stepped into new territory, performing on the internet. Many took time to develop new podcasts, and to write new materials for their art. Sadly, many have struggled as they have fallen into desperation without any concert incomes. Altogether the music industry seems to be in peril, and many worry about how music and musicians will survive.

However, I had my own survival to think about. Having been through many difficult experiences in my life, I knew this might be the most difficult I would encounter. My Doctors describe me as a walking time bomb. My condition could be lethal at any moment if my blood pressure gets out of control. So while others wrestle with the fate of the music industry, I’ve needed to face my own fate and mortality.

Playing concerts can mean many things to people. At different times throughout my life, I’ve felt the need to express different aspects of myself. When I was young, I wanted to embody the spirit of romanticism, playing lots of Chopin and Schumann. Then there was a period of time when I wanted to challenge myself by showing off pyrotechnics. I had a brooding period where I turned to the pathos of Rachmaninoff, and then felt the need to return to the purity of Schubert and nobility of Brahms. Throughout this pandemic, I wanted to play Bach. Through Bach’s music I found a kind of spiritual sanctuary.

In considering the program for this concert, I felt again the urge to play music that reflects my current feelings and state of mind. The title of today’s recital, “Years of Pilgrimage” seems to fit exactly what I am experiencing.

Liszt wrote several volumes of “Années de pèlerinage” throughout his life to reflect on thoughts he had during his travels. He links his philosophical thoughts to the scenery which inspired them. “Au Bord d’un Source” describes feelings of rejuvenation while standing next to a clear stream of water, a symbol and source of life and energy. It seems to say, when the stream is so pure, life can be so full of joy.

In the Les jeux d'eaux à la Villa d'Este (The Fountains of the Villa d'Este), the water has a magical and supernatural quality, as Liszt himself wrote in the inscription: "But the water that I shall give him shall become in him a well of water springing up into eternal life,"( from the Gospel of John.)

For me, I have never felt more connected to Liszt than when he looked upon the valley of Obermann and questioned the meaning of existence. At this moment in my life, I often find myself reflecting my experiences of what I see and read into philosophical musings. Perhaps many people come to a time when this is so.

In all this I have felt gratitude for the love stories and sonnets that one can romantically indulge in, and for storms so violent that they threaten to destroy one’s spirit, even the hell-bound journey which brings up questions about the purpose of life…

On this journey, I felt full and alive as a human being. Looking back on this journey, I am grateful for everything, whether happy or sad, to have made an impact, found and imparted meaning to this life.

The unusual time of this pandemic has marked a milestone for me. I have journeyed back home, and as it happened, this is the first time I have spent so much time in my hometown Kaohsiung in over 35 years. It’s particularly nostalgic to play these pieces as some of them were significant in my early musical career. Vallée d’Obermann was the piece I played in my first competition at the junior high school level, in which I won first prize on the national level, which allowed me to be qualified to apply for a special permission to study abroad. This meant my dream to be educated as a musician could be continued in an environment where I could develop fully. In the following year when I was 13, I won the first Asia-Pacific Youth PIano Competition with the Dante Sonata. The competition catapulted me into national attention as I was headlined in several newspapers, and especially since it was held in Kaohsiung, I became a local hero as well. During the same event, I had a fateful meeting with one of the important influences in my life, Mr. Gary Graffman, who then mentored me throughout not only the years when I was studying at Curtis, but throughout my illness and recovery as a pianist. Right before I departed to study in Philadelphia, I played my first solo recital throughout Taiwan, and along with the Dante Sonata, I also performed the three sonnets.

It’s perfect that now, back in Kaohsiung, all these memories have flooded back into my head. I feel so lucky to have been born here, and to have met my first teacher, Chin-Li Lee, who inspired me on the path to become a musician. Prof. Alexander Sung filled me with dreams of becoming an artist. I am grateful for his belief in my talent, when he chose to give a 12 year old such philosophical pieces to play.

Having once again spent some months in Kaohsiung, I can freshly appreciate the source of inspiration it once was for me. I have returned to the source to heal. Having already glimpsed hell’s gate several times, battered and weathered by the storms of life, I know there is a reason life is this way, and it all will be alright.

Meng-Chieh Liu
April, 2021

*劉孟捷衛武營《李斯特巡禮之年》演奏會中，包括李斯特以佩脫拉克三首情詩譜寫的鋼琴琴詩：這三首情詩是從大詩人佩脫拉克一百多首情詩挑出來的，詩本身就很優美，依此激發李斯特的浪漫主義創作靈感，成為琴藝上最困難演奏，但也特別細膩溫柔的琴詩。

這三首分別是：
〈佩脫拉克第47號十四行詩〉〈佩脫拉克第104號十四行詩〉及〈佩脫拉克第123號十四行詩〉。
Franz Liszt（1811-1886）: Sonetto 47 del Petrarca, Sonetto 104 del Petrarca, Sonetto 123 del Petrarca, from Années de pèlerinage, Deuxième année: Italie

李斯特於1846年先出版藝術歌曲《三首佩脫拉克十四行詩》（Tre sonetti del Petrarca），再改成鋼琴獨奏版。

三首佩脫拉克十四行詩
中譯：焦元溥（元溥也是友情贊助，特別準備音樂資料，周日南下，聆賞劉孟捷的樂曲，並且陪同他盯著錄音共三天）

〈第47〉
祝福每天、每月、每年，
所有片刻與鐘點、時間與季節，
在那美麗的原野，

我為一雙眼眸魂縈夢牽。

祝福初遇時的甜，
與愛同在、受苦不停歇，
如弓箭刺穿令我淌血，
傷口永留感動在我心間。

祝福一切我發出的聲音，
當呼喚著我深愛的女郎，
渴望、嘆息、淚濕滿襟。
祝福我寫下的文字遠揚，
歌頌她的芳名，萬古長新。
我心永屬於她，無人能闖。

〈第104〉
我找不到和平，也無意打仗，
我恐懼、我期望，燃燒又冰透。
我向天飛升，卻躺在地上，
我一無所有，卻又擁抱整個宇宙。

我身陷囹圄，監牢又開敞；
我不受囚禁，卻銬著鎖頭。
愛情不讓我死，也不讓我飛翔；
不要我活，也不准我逃離悲愁。

欲看卻無眼，啞口還在發言，
我甘心殞滅，卻仍高聲呼救，
我痛恨自己，但仍愛著他人。

憂傷滋潤我，淚水伴隨笑臉，
生命不足惜，死亡也不煩憂；
我淪落至此，都是妳啊，我的愛人！
〈第123〉

我在塵世見到仙子的美，

她天堂般優雅無與倫比。
想起她讓我悲傷又歡喜，
所見如幻夢迷霧與幽黑。

妳的可愛眼睛使我落淚，
多少次讓太陽也要妒忌。
我還聽到四周發出嘆息，
移動了山嶽停止了河水。

愛情智慧憐憫憂傷財富，
在淚水中形成甜美聲響，
奇妙和諧世上未曾目睹。
天堂追隨著音樂的流淌，
雖然枝上樹葉並未飛舞，
空氣與風息卻充滿芬芳。

5/2衛武營-劉孟捷鋼琴獨奏會《李斯特巡禮之年》購票連結
https://www.opentix.life/event/1384752689074294784

📜 [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

It was established by Arthur and Walter's Dabiddoson brother and William Sylvester Harleys in 1903.

The motorcycle manufacturer in the United States existed in the past and time only of one
company of Harley Davidson existed, too.

An actual pronunciation is near "Hurley Davissn" though an official name in Japan is "Harley
Davidson".
Feature

The feature of the maximum motorcycle made by the Harley Davidson company is a peculiar pulse feeling, externals that large displacement air cooling OHV and V type twin engine bring, and has a lot of charm fans in this. The drive is a belt drive that is converted the crank movement into the belt by the chain in a primary case and told the rear wheel. Most of the category that is called "American" of the domestic production manufacturer is OHC, V type twin engine, and the style that mimics features other than the drive. Blustan CEO of an American headquarters and chairman shows the idea, "Aim at the Harley that everyone can get on from a high-level Harley to a popular Harley" in 2001.

The shift started, twin cam 88B(balancer) was piled up from evolution 1340cc to present engine and twin cam 88.1450cc by the Softal system in 2000 in 1999, and those engines were improved to 1584cc in the boa in 2007(stroke). It is appearance of twin cam 96(cubic inch). The agreement of exhaust emissions regulations became a problem along with the large exhaust. The catalyst technology is introduced into the muffler in 2001, and all models to whom a new car is sold are made an injection in 2007. However, because the feeling etc. of the engine are different along with make to the injection from the one of a past carburetor specification (A peculiar feeling heavy to the cab was canceled), the deep-rooted popularitys are collected in the model of the cab specification. A present system is completed very much and has finished very much high about reliability though keeps sending the fuel even if the distortion occurs in the piston for the injection in 2003, and is reported on the case where Baspakkin of the cylinder mount is burnt.

Moreover, the motorcycle equipped with the first, water-cooled DOHC V twin engine (Revolution engine) was born ..this company in 2002.., too. (Refer to the page of VRSC for details. )

The model where the profit cannot be taken by the competition with the motorcycle manufacturer in Japan reduces the scale as abolition etc. , and the designed model ..straightening now "Run in the long distance with the United States freeway".. is centered though a small scooter etc. also were manufacturing the Harley company before. Therefore, the ability cannot be demonstrated in the mountainous district and the circuit. It was used in the United States for the police traffic management (Recently, a foreign car such as Kawasaki and BMWs is used).

The home manufacturer was acquired in the inside and 2001 when the entire two-wheel market reduced and the large-sized car share head position of more suppression 750cc was acquired in a Japanese market. It is assumed to two person in the expressway getting on opening of an automatic two-wheeled vehicle by the Road Traffic Law revision in the license acquisition system establishment in the car driving school by the large-scale automatic operation two-wheeled vehicle license foundation in 1996 and 2005 that a foreign manufacturer such as Harleys demanded in the background strong.

The Harley was a vehicle that enjoyed the sound and the pulse. Environmental protection..viewpoint..twin..cam..balanc er..engine..appearance..catalyst..techno logy..introduction..sound..pulse..model. .suppress.

The installation of an illegal muffler was controlled voluntarily by the notice of Harley Davidson Japan that was the sole agency by Japan in around 2003. The agreement of the installation self-imposed control of an illegal muffler was made also between the agency and the sales network in each administrative divisions. This is a meaning that prevents differences from being in the shop that installs it and the shop that doesn't obtain the defense of the notice in numbers of sales.

It was established by Arthur and Walter's Dabiddoson brother and William Sylvester Harleys in 1903.

The motorcycle manufacturer in the United States existed in the past and time only of one
company of Harley Davidson existed, too.

An actual pronunciation is near "Hurley Davissn" though an official name in Japan is "Harley
Davidson".
Feature

The feature of the maximum motorcycle made by the Harley Davidson company is a peculiar pulse feeling, externals that large displacement air cooling OHV and V type twin engine bring, and has a lot of charm fans in this. The drive is a belt drive that is converted the crank movement into the belt by the chain in a primary case and told the rear wheel. Most of the category that is called "American" of the domestic production manufacturer is OHC, V type twin engine, and the style that mimics features other than the drive. Blustan CEO of an American headquarters and chairman shows the idea, "Aim at the Harley that everyone can get on from a high-level Harley to a popular Harley" in 2001.

The shift started, twin cam 88B(balancer) was piled up from evolution 1340cc to present engine and twin cam 88.1450cc by the Softal system in 2000 in 1999, and those engines were improved to 1584cc in the boa in 2007(stroke). It is appearance of twin cam 96(cubic inch). The agreement of exhaust emissions regulations became a problem along with the large exhaust. The catalyst technology is introduced into the muffler in 2001, and all models to whom a new car is sold are made an injection in 2007. However, because the feeling etc. of the engine are different along with make to the injection from the one of a past carburetor specification (A peculiar feeling heavy to the cab was canceled), the deep-rooted popularitys are collected in the model of the cab specification. A present system is completed very much and has finished very much high about reliability though keeps sending the fuel even if the distortion occurs in the piston for the injection in 2003, and is reported on the case where Baspakkin of the cylinder mount is burnt.

Moreover, the motorcycle equipped with the first, water-cooled DOHC V twin engine (Revolution engine) was born ..this company in 2002.., too. (Refer to the page of VRSC for details. )

The model where the profit cannot be taken by the competition with the motorcycle manufacturer in Japan reduces the scale as abolition etc. , and the designed model ..straightening now "Run in the long distance with the United States freeway".. is centered though a small scooter etc. also were manufacturing the Harley company before. Therefore, the ability cannot be demonstrated in the mountainous district and the circuit. It was used in the United States for the police traffic management (Recently, a foreign car such as Kawasaki and BMWs is used).

The home manufacturer was acquired in the inside and 2001 when the entire two-wheel market reduced and the large-sized car share head position of more suppression 750cc was acquired in a Japanese market. It is assumed to two person in the expressway getting on opening of an automatic two-wheeled vehicle by the Road Traffic Law revision in the license acquisition system establishment in the car driving school by the large-scale automatic operation two-wheeled vehicle license foundation in 1996 and 2005 that a foreign manufacturer such as Harleys demanded in the background strong.

The Harley was a vehicle that enjoyed the sound and the pulse. Environmental protection..viewpoint..twin..cam..balanc er..engine..appearance..catalyst..techno logy..introduction..sound..pulse..model. .suppress.

The installation of an illegal muffler was controlled voluntarily by the notice of Harley Davidson Japan that was the sole agency by Japan in around 2003. The agreement of the installation self-imposed control of an illegal muffler was made also between the agency and the sales network in each administrative divisions. This is a meaning that prevents differences from being in the shop that installs it and the shop that doesn't obtain the defense of the notice in numbers of sales.

It was established by Arthur and Walter's Dabiddoson brother and William Sylvester Harleys in 1903.

The motorcycle manufacturer in the United States existed in the past and time only of one
company of Harley Davidson existed, too.

An actual pronunciation is near "Hurley Davissn" though an official name in Japan is "Harley
Davidson".
Feature

The feature of the maximum motorcycle made by the Harley Davidson company is a peculiar pulse feeling, externals that large displacement air cooling OHV and V type twin engine bring, and has a lot of charm fans in this. The drive is a belt drive that is converted the crank movement into the belt by the chain in a primary case and told the rear wheel. Most of the category that is called "American" of the domestic production manufacturer is OHC, V type twin engine, and the style that mimics features other than the drive. Blustan CEO of an American headquarters and chairman shows the idea, "Aim at the Harley that everyone can get on from a high-level Harley to a popular Harley" in 2001.

The shift started, twin cam 88B(balancer) was piled up from evolution 1340cc to present engine and twin cam 88.1450cc by the Softal system in 2000 in 1999, and those engines were improved to 1584cc in the boa in 2007(stroke). It is appearance of twin cam 96(cubic inch). The agreement of exhaust emissions regulations became a problem along with the large exhaust. The catalyst technology is introduced into the muffler in 2001, and all models to whom a new car is sold are made an injection in 2007. However, because the feeling etc. of the engine are different along with make to the injection from the one of a past carburetor specification (A peculiar feeling heavy to the cab was canceled), the deep-rooted popularitys are collected in the model of the cab specification. A present system is completed very much and has finished very much high about reliability though keeps sending the fuel even if the distortion occurs in the piston for the injection in 2003, and is reported on the case where Baspakkin of the cylinder mount is burnt.

Moreover, the motorcycle equipped with the first, water-cooled DOHC V twin engine (Revolution engine) was born ..this company in 2002.., too. (Refer to the page of VRSC for details. )

The model where the profit cannot be taken by the competition with the motorcycle manufacturer in Japan reduces the scale as abolition etc. , and the designed model ..straightening now "Run in the long distance with the United States freeway".. is centered though a small scooter etc. also were manufacturing the Harley company before. Therefore, the ability cannot be demonstrated in the mountainous district and the circuit. It was used in the United States for the police traffic management (Recently, a foreign car such as Kawasaki and BMWs is used).

The home manufacturer was acquired in the inside and 2001 when the entire two-wheel market reduced and the large-sized car share head position of more suppression 750cc was acquired in a Japanese market. It is assumed to two person in the expressway getting on opening of an automatic two-wheeled vehicle by the Road Traffic Law revision in the license acquisition system establishment in the car driving school by the large-scale automatic operation two-wheeled vehicle license foundation in 1996 and 2005 that a foreign manufacturer such as Harleys demanded in the background strong.

The Harley was a vehicle that enjoyed the sound and the pulse. Environmental protection..viewpoint..twin..cam..balanc er..engine..appearance..catalyst..techno logy..introduction..sound..pulse..model. .suppress.

The installation of an illegal muffler was controlled voluntarily by the notice of Harley Davidson Japan that was the sole agency by Japan in around 2003. The agreement of the installation self-imposed control of an illegal muffler was made also between the agency and the sales network in each administrative divisions. This is a meaning that prevents differences from being in the shop that installs it and the shop that doesn't obtain the defense of the notice in numbers of sales.