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📜 [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

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歡迎再度來到桌遊秀!這次要來玩的是Among Us太空狼人殺的桌遊版 The Menace Among Us!
我們究竟能不能在達成目標的情況下存活呢? 快來看看吧!


Among Us》是一款多人電子遊戲，由美國]遊戲工作室InnerSloth開發並於2018年6月15日發布。遊戲以太空為主題，玩家將扮演船員（Crewmate）或入侵者（Impostor）之一。船員的目標找出入侵者並完成任務，而入侵者的目標是殺死所有船員而不被發現。雖然遊戲於2018年發布，但鮮有問津，直到2020年因為眾多Twitch實況主和YouTuber遊玩才流行起來。為回應遊戲的熱度，遊戲開發者於2020年8月宣布將開發續作《Among Us 2》，但是一個月後（9月）宣布取消續作的開發，將重點轉移到改進原版遊戲上
The Menace Among Us is a semi-cooperative game of intrigue and survival in deep space. Adrift and powerless, your crippled vessel is bleeding oxygen. As you effect repairs, every breath you take brings you one step closer to death. You must work together to restore power before the air runs out — but hidden among you, as loyal friends and crew members, are imposters who have infiltrated security and continue to sabotage the ship. Their only goal is to avoid detection and kill the crew, by force or by asphyxiation. Can you identify them in time and eliminate the threat? Or will succumb to the menace among us?

The Menace Among Us is a 40 to 60-minute, asymmetrical card game for 4-8 players. Each player chooses an Agenda at random, either a loyal Crew member, a deadly Menace or the Coward, who’ll take any side just to survive. Your Agenda card sets a Team Goal and an Individual Goal, as well as outlines any special abilities and the card composition of your individual 13-card deck. Then, knowing your Agenda and Goals, you choose a Character who you believe will best help you achieve them or mask your true identity. Characters add 7 new cards to your deck, shuffle-building a unique combination of cards, as well as provide you two specialized Above Deck Actions.

In this hidden traitor game, how you play your cards and abilities is far more important than the meta game aspects of accusations and denials. Cards are played face down and shuffled together as “Below Deck Actions.” Here, Menace players secretly sabotage the ship’s systems and attack crew members, who are trying to save the ship with their cards. If too few crew members risk going below deck to effect repairs, the ship’s Emergency Maintenance Assistant (EmMA) adds cards to the pile to help. However, the system has also been compromised and occasionally places damaging cards into the mix, providing plausible deniability to the Menace players. In contrast, Above Deck Actions are conducted in full view of the crew. Most of these abilities have costs, either in Energy or Oxygen, both resources the crew is trying to increase. So, while The Doctor has the ability to heal a crew member and remove a debilitating effect, a Menace player, who may be secretly in control of The Doctor, cares far more that it costs 2 Oxygen to perform the healing.

At some point, someone’s behavior will raise suspicion. But, did they do so because they are trying to fulfill an Individual Goal – or are they a Menace? You can call a vote to expose their true nature. But if they are a loyal Crew member, you’ve just blown precious Oxygen in the effort to detain them. For that matter, was it a Menace player calling the vote in hopes of wasting the air on purpose?

If the Crew can find and eliminate the Menace players – and raise the Energy to a safe threshold before the air runs out, they win. If the Menace can prevent this or kill the crew outright, their mission succeeds. Special commendations are awarded for surviving and for achieving your Individual Goal.


娛樂百分百
凹鳴狼人殺

こちらも店頭で質問の多い内容に答えてみたシリーズ！
本当に最適なサドルの選び方とは！？

サドル選びは何個も使う事も大事ですが、
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この動画を少しでも良いと思ってもらえたら是非チャンネル登録をお願いします！
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オンライン通販でしか買えない超お得な商品を紹介したり、購入者特典まで付きますので、是非是非ご視聴くださいませ！
オンライン通販の配信を見逃さない為にも、ベルボタンも忘れずに押してくださいね^_^
動画の収益は全てコロナウィルスと戦う医療機関に寄付されます！

各種SNSのフォローも是非お願いします！
ブログやSNSではYOUTUBEでは語られないお得情報が掲載される事も！？

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The Menace Among Us太空狼人殺桌遊版 這裡買: https://www.ruten.com.tw/item/show?22042658513851

講到陣營遊戲 大部分的人想到的應該都是狼人殺、阿瓦隆，但你知道其實有很多比這幾個遊戲更好玩的陣營遊戲嗎? 快來看看吧!

死亡寒冬
CS Files犯罪現場
威脅潛伏 The Menace Among Us (太空狼人殺)
人類懲戒
太空堡壘:卡拉狄加


The Menace Among Us is a semi-cooperative game of intrigue and survival in deep space. Adrift and powerless, your crippled vessel is bleeding oxygen. As you effect repairs, every breath you take brings you one step closer to death. You must work together to restore power before the air runs out — but hidden among you, as loyal friends and crew members, are imposters who have infiltrated security and continue to sabotage the ship. Their only goal is to avoid detection and kill the crew, by force or by asphyxiation. Can you identify them in time and eliminate the threat? Or will succumb to the menace among us?

The Menace Among Us is a 40 to 60-minute, asymmetrical card game for 4-8 players. Each player chooses an Agenda at random, either a loyal Crew member, a deadly Menace or the Coward, who’ll take any side just to survive. Your Agenda card sets a Team Goal and an Individual Goal, as well as outlines any special abilities and the card composition of your individual 13-card deck. Then, knowing your Agenda and Goals, you choose a Character who you believe will best help you achieve them or mask your true identity. Characters add 7 new cards to your deck, shuffle-building a unique combination of cards, as well as provide you two specialized Above Deck Actions.

In this hidden traitor game, how you play your cards and abilities is far more important than the meta game aspects of accusations and denials. Cards are played face down and shuffled together as “Below Deck Actions.” Here, Menace players secretly sabotage the ship’s systems and attack crew members, who are trying to save the ship with their cards. If too few crew members risk going below deck to effect repairs, the ship’s Emergency Maintenance Assistant (EmMA) adds cards to the pile to help. However, the system has also been compromised and occasionally places damaging cards into the mix, providing plausible deniability to the Menace players. In contrast, Above Deck Actions are conducted in full view of the crew. Most of these abilities have costs, either in Energy or Oxygen, both resources the crew is trying to increase. So, while The Doctor has the ability to heal a crew member and remove a debilitating effect, a Menace player, who may be secretly in control of The Doctor, cares far more that it costs 2 Oxygen to perform the healing.

At some point, someone’s behavior will raise suspicion. But, did they do so because they are trying to fulfill an Individual Goal – or are they a Menace? You can call a vote to expose their true nature. But if they are a loyal Crew member, you’ve just blown precious Oxygen in the effort to detain them. For that matter, was it a Menace player calling the vote in hopes of wasting the air on purpose?

If the Crew can find and eliminate the Menace players – and raise the Energy to a safe threshold before the air runs out, they win. If the Menace can prevent this or kill the crew outright, their mission succeeds. Special commendations are awarded for surviving and for achieving your Individual Goal.



娛樂百分百 狼人殺