線上課程中我常被問到要怎麼畫樹和葉子,這取決於樹的遠近和想要在畫面中製造什麼氛圍。植物在每個畫面故事中常是個謙虛又重要的存在,隱形的左右圖畫的氣氛。後面幾張圖放大了細節(我的客戶收到圖時也不停放大看樹葉),可以比較前一篇Po文的樹木畫法,很不一樣的白天黑夜吧:)希望這夏日湖水的愜意能緩和疫情和在家上班的緊繃。
#線上課程是這個: https://hahow.in/cr/travel-drawing
I’ve been frequently asked about how to draw leaves on the tree in my online class. It depends on how far the trees are and what kind of atmosphere I want to create in the picture. The plant is a magic touch to portray storytelling narratives in my illustration. Swipe to see the close-up details. You can also compare different techniques with my previous post on Friday.
I hope this summer vibes image can bring some joy in a small way to people who feel too much pressure on WFH.
同時也有11部Youtube影片,追蹤數超過2,820的網紅samguw,也在其Youtube影片中提到,Got my hands on the brand new RF 70-200 F4 IS USM for a couple of days. I tried my best to bring it out on a couple of shoots (not many due to the loc...
「image compare」的推薦目錄:
- 關於image compare 在 Peichi Wu Illustration Facebook 的最佳解答
- 關於image compare 在 Taipei Ethereum Meetup Facebook 的最讚貼文
- 關於image compare 在 Milton Goh Blog and Sermon Notes Facebook 的精選貼文
- 關於image compare 在 samguw Youtube 的最佳貼文
- 關於image compare 在 Lok Cheung Youtube 的精選貼文
- 關於image compare 在 忍の動画 Youtube 的最佳解答
- 關於image compare 在 image-comparison - GitHub Pages 的評價
- 關於image compare 在 image-comparison · GitHub Topics 的評價
- 關於image compare 在 Image Compare Video | Help Manual - YouTube 的評價
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image compare 在 Taipei Ethereum Meetup Facebook 的最讚貼文
📜 [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
image compare 在 Milton Goh Blog and Sermon Notes Facebook 的精選貼文
Don’t compare the speed of your journey with others. There’s always someone else who does it faster or better. Aim for consistent progress, no matter how little. If you’re facing a challenge, keep threshing the mountain until it becomes very small. Finally it’ll be carried away by the wind! (Isaiah 41:15-16)
You can’t be very fast in a race if you keep getting distracted by others, looking left and right. Fix your eyes straight ahead, and see Jesus at the finish line (Hebrews 12:1-2). He is smiling with His arms wide open to hug you. You’ll run better when you are focused on Him. Sprint freely like a child into His loving embrace! Let every step you take in this world exude the fragrant love of Christ!
#SandcastlesDontLastForever
image compare 在 samguw Youtube 的最佳貼文
Got my hands on the brand new RF 70-200 F4 IS USM for a couple of days. I tried my best to bring it out on a couple of shoots (not many due to the lockdown) to test it out. This isn't a review because I believe reviews should come from long term use, but rather and in depth first look/impressions of this lens. I wanted to answer a few questions such as size, weight, bokeh and usability. After a few days of testing out the lens, I feel I have a good idea on what this lens is good at and where it fails. I also briefly compare it to the 2.8 version. Hope this video helps!
All sample photos and videos were shot on the RF 70-200 F4 IS USM
Here are the time stamps:
Intro: 0:00
Some specs: 0:50
Image Quality: 1:44
Image stabilization: 2:52
Autofocus: 4:42
Build Quality: 5:53
Barrel Extension: 8:04
Size & Weight: 9:46
Min focusing distance:12:53
Comparison to the F2.8: 13:37
WHO IS THIS LENS FOR?: 14:50
Outro: 20:15
If you like to support my channel, consider a small donation: https://www.paypal.me/samguw
Gear mentioned/used in this video:
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EF 70-200 F2.8 IS USM iii: https://amzn.to/3b0xhXH
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(these are Amazon Affiliate Links and I get a small commission every-time you purchase from these links. These really help the channel out a lot!)
Main photo/video camera: https://amzn.to/2QQ9ChI
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Favourite lens: https://amzn.to/2DsOVFy
Second favourite lens: https://amzn.to/2Z2HLPR
Best on-camera shotgun mic: https://amzn.to/3jzhPmO
Cheaper version of ^: https://amzn.to/32WlSD7
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image compare 在 Lok Cheung Youtube 的精選貼文
Flip screen! NEW TOUCH MENU SYSTEM! Separated still/video settings! It doesn't have 8K but it don't overheat too! Check out direct compare to a7SII and a7III too!
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-------- Gears that I used in this video --------
[ Main camera and accessories ] ?
Sony a7S II
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Røde Complete Studio Kit (AI-1, NT1) https://geni.us/AI-1
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Loupedeck+ Editing Console
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0:00 Introduction
0:47 All video formats
2:22 10 Annoying Sony Quirks, FIXED!
2:59 1. 8-bit video FIXED
3:06 2. Overheating FIXED
4:05 3. No flip screen FIXED
4:17 4. Impossible menu system FIXED
4:52 5. "Usefulless" of touch screen FIXED
5:20 6. Shared still/video settings FIXED
6:03 7. Single card slot FIXED
7:06 8. Weak image stabilisation FIXED
8:57 9. Too small to grip FIXED
9:32 10. REC button FIXED
10:33 AF system test
11:33 Battery and USB-C power
11:58 Other new features
13:03 Low light performance
16:05 Conclusion
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image compare 在 忍の動画 Youtube 的最佳解答
Here is the contents of the experiment this time with the XPERIA 1 mark 2.
0:44 XPERIA 1 m2 1080p 60fps Ultra wide-angle image stabilization: ON
1:27 XPERIA 1 m2 1080p 60fps Ultra wide-angle image stabilization: OFF
1:34 XPERIA 1 m2 1080p 60fps Ultra wide-angle image stabilization: OFF (FiLMiC Pro)
2:17 XPERIA 1 1080p 60fps Ultra wide-angle image stabilization: ON
2:43 XPERIA 1 1080p 60fps Ultra wide-angle image stabilization: OFF
3:01 XPERIA 1 1080p 60fps Ultra wide-angle image stabilization: OFF (FiLMiC Pro)
3:29 Comparison Standard camera application Image stabilization: ON
3:49 Comparison Standard camera app Image stabilization: OFF
4:09 Comparison FiLMiC Pro Image stabilization: OFF
4:29 Compare XPERIA 1 m2 FiLMiC Pro Standard Camera App
5:40 Can I use a stereo microphone?
7:10 Cinema Pro
7:28 Open Camera
7:44 How to use FiLMiC Pro
8:59 FiLMiC Pro
9:16 Summary
#SONY
#XPERIA1ii
#Verification
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image compare 在 image-comparison · GitHub Topics 的推薦與評價
MulimgViewer is a multi-image viewer that can open multiple images in one interface, which is convenient for image comparison and image stitching. ... <看更多>
image compare 在 Image Compare Video | Help Manual - YouTube 的推薦與評價
![影片讀取中](/images/youtube.png)
Compare and avoid pixel deviations between two versions of your artwork. Use MA One's Image Comparision tool to spot pixel deviations ... ... <看更多>
image compare 在 image-comparison - GitHub Pages 的推薦與評價
image -comparison · Published on Maven Central Java Library that compares 2 images with the same sizes and shows the differences visually by drawing rectangles. ... <看更多>