📜 [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
同時也有3部Youtube影片,追蹤數超過12萬的網紅一二三渡辺,也在其Youtube影片中提到,清水寺 京都 桜 さくら https://youtu.be/K4PyQv9MZC0 Kiyomizu Temple (in the water from the cleanness), the Kiyomizu Temple in Higashiyama-ku, Kyoto City, Kyot...
「capital one log in」的推薦目錄:
- 關於capital one log in 在 Taipei Ethereum Meetup Facebook 的最佳貼文
- 關於capital one log in 在 Roundfinger Facebook 的精選貼文
- 關於capital one log in 在 一二三渡辺 Youtube 的最佳貼文
- 關於capital one log in 在 一二三渡辺 Youtube 的精選貼文
- 關於capital one log in 在 一二三渡辺 Youtube 的精選貼文
- 關於capital one log in 在 Capital One - Home | Facebook 的評價
- 關於capital one log in 在 capital one online banking login steps - YouTube 的評價
capital one log in 在 Roundfinger Facebook 的精選貼文
เราคือเพื่อนกัน
1
เพื่อนๆ ผู้อ่านครับ
...Continue ReadingWe are friends
1
Friends, readers.
Supposedly one day, a company is allowed to make gold mines near your house that has been colored for a long time. He started producing and mineral. Not long ago. The chemical used to produces the chemicals used to leak along the public creek. Yours, your village, your neighbors, your parents, siblings, thousands of people. Almost four thousand families are sick and still have to eat chemical contaminated food every day.
What will friends do?
Unfortunately, the incident is a real event that happened at khao luang sub-District, Wang Saphung District, province.
Unfortunately, the voices of villagers there may not be as loud as the voices of fellow communications experts through social media.
In 2556, six villagers gathered on behalf of the homeland rak to file a federal court to order for the minister of industry and commissioner of industry and mining duty to supervise the mining companies to perform the terms. Cards and licenses for mines without impact on the environment and community.
But then the result is to beat the villagers and tie their hands on the back to many injured.
After the coup. Assigned to local military units to take care of gold mine. There are appointed ' Provincial Gold Mines ' committee that villagers disagree with and ask for solutions according to the people's proposal for reasons that the solution that affect the life of the life of the life of They should let them participate in the decision.
But then the result is the leader of homeland and students who call to report to adjust attitude.
And this group of students we know them as 'dao din', students from faculty of law, khon kaen university, who camp to learn society. They are on the area with villagers around the golden mines, Wang Saphung District. Many years from seniors to juniors. Study information and work with villagers all along, not only in this government days.
For villagers in the area, the soil star is not different from children and grandchildren who come to help each other and take care
After coup, the movement to fight gold mines are more restricted and always connected to politics, basically fighting for the quality of life of life.
From the light sound, it can barely make noise. It's easy. City people like us haven't heard about the villagers in wang saphung district.
Once in 2556, while the riot police will break down, villagers who come to gather to hear comments after cuddle states, keep people from commenting. Only allow those who agree to go in one side when it comes to face. Set up a human wall to protect villagers from the force of officers.
Students Help villagers who are in trouble against power of cuddle states and capital power.
Friends, if we were villagers in Wang Saphung District, how would we feel about these students?
...
2
Once upon a time, when I was still studying at the faculty of cuddle, Chulalongkorn University, I had a chance to read the magazine ' special edition of ' 14 October 2516 ' while chasing my eyes on the story in it. I had a question. In mind why young people in that era have strength and aspirations are different from young people in our generation.
Their aspirations are national social level, not a dream of personal success. Want to work in a famous company. Want a lot of salary, want bonus months a year or something.
Their problem is looking forward to change society to more equality. Help be a voice for farmers, poor people to be more justice in life than ever.
So what are we doing?
I've heard many adults say that the problem of education in the post-term is scheduled to serve capitalism, workers, employees log in to work, meet business entrepreneurs. Look at the problems that teachers have given us. We can't deny that it's true. Students like us design expensive chairs, interia, Luxury Hotel, five Star Spa, cool graphics, cool design, almost no design to solve problems for little ones or to solve the problems of disadvantaged people in society.
It seems like we live in different worlds.
It's not that students don't want to use knowledge to help society, but we barely have that mode because we live in a world far away from the problems of those little people.
Of course, the problem that the teacher gives us is a necessary problem for professional assembly. But if we look at the other way, if we live in the same society, we should know the problem and try to use the knowledge that we have studied to figure out how to solve it for friends. Isn't it society? But we have never been taught to look that way. These days may start to have some.
And this is a common thing in Thai University. The bond connects the relationship between students and social problems. The story of society. The misery of social friends is faded.
...
3
After the students of the soil star came out to move and arrested to military court, we heard both adults in the city and comment on Facebook say, " admire students who made a reputation for the country in science, Sports. Come out to this move. Let's stop because it makes the city unpeaceful " or the words like " why are students ranting. Why is the duty of students to study " or even the saying " these look like students, but they look like beast. Say "
I feel sad after listening to Thai society. Students who think about social friends fighting for justice. Become students that adults don't want. What kind of students do we want?
Some people write comments to ask these students, " when the government cheat, why don't you come out to shrink their head which I think this is the same thing, whether the cuddle government, cuddle government, cuddle, the election or government used. The unjust power that comes from taking over should be investigated, and the ground stars have fought both governments.
Arrests of din students is not sad because cuddle government officials arrested a group of students who fight for justice for villagers, but this arrest will scare many students and citizens who wish society. It is a cut off the idea of dreams. And hope is not only for young people, not only for the people, but it is also a cut of the thoughts, dreams and hopes of Thai society.
Because it tells us that this society does not value fighting for justice for fellow society.
If you let this happen, what do we want to see society?
...
4
A society where people laugh at when students who fight for the justice of villagers are arrested. What kind of society is this?
Don't we really need sense citizens for social associates?
If our family has to drink chemical contaminated creek, don't we really need sympathy from anyone? If our friends have to drink chemical contaminated water, we will shrug and say that first cry. Why would we really live like that?
If the soil stars fought for us for our village, would we look at him differently from now?
One day these students may ask for something for us or wait until that day so we think they did the right thing.
For me, din star is an example of students who are hard to find in Thai society. Both their dedication and courage are all up to be salute. I respect them for seeing villagers as ' friend s'. What happens is villagers. See them as ' friend s' as well
Feeling grateful for ' friend s' like this. It's a magical thing with the overall society because it creates an atmosphere of being part of each other. Sympathy for each other. Help each other to happen in society.
This is the ' friend ' that is missing from Thai society because we keep thinking about ' personal issue '
Many people may be bored of politics, bored of movement, calling and like the city is peaceful. But we have to ask who ' peaceful ' is peaceful and peaceful for anyone when there are people who benefit from this ' peace ' and need to make noise for others to hear. Fighting for my own life
Therefore, a peaceful city without contending or disputing is a world that tucked under the carpet. Press over the cries of many people from hearing.
Peace is beyond invisible suffering
Therefore, democracy is important because it opens the opportunity for every voice to speak, make noise.
Every voice speaks the same loud and the same important.
...
5
Before being arrested, these students wear shirts with letters, " we are friends I think this word means another aspect hidden in it. If ' friend ' are the ones who see each other's suffering and don't think about themselves. These students are. Friends of villagers are friends of the people.
'we' are all the people.
As for the real ' Devil ' or ' BEAST ' is the opposite of the people. No matter who they are, no matter how they come, election comes to take power. If the opposite of the people, don't listen to the voice, don't focus, don't think about the benefit of all people Truly, we should stand beside each other to make noise to expel demons together.
Leaders. If you see that we are friends. If we are beside the people, we have to listen to each other. Open the opportunity to comment, not to fix it, but to catch those who come out to warn or adjust attitude.
'we' should fight corps cuddle together and fight against unrighteous power together.
Fighting all kinds of unrighteousness is necessary.
There may be different opinions. If you don't like Mr. Thaksin. If you don't like khun prayut, let's say (which is not strange if anyone doesn't like both of them). But if you see that you shouldn't fight for disadvantaged people who Should let these people express their thoughts. This one would be a big deal.
The peaceful society that we want should be a society where people care about each other's problems and suffering. Listen to exchange civilized opinions, not peaceful because of other people's mouth or neglect. Don't care about suffering
A society like that may seem peaceful just because we can't hear or ignore other people's cries.
As a person who lives in the same society. #Are we friends?
If you are not friends with the people, who will we be friends with?Translated
capital one log in 在 一二三渡辺 Youtube 的最佳貼文
清水寺 京都 桜 さくら
https://youtu.be/K4PyQv9MZC0
Kiyomizu Temple (in the water from the cleanness), the Kiyomizu Temple in Higashiyama-ku, Kyoto City, Kyoto Prefecture. 音羽山 the mountain. Buddha is a multi - armed deity, Motoe Hiraku (founder) is a town extension. Minister of Justice originally belonged to the sect, now proclaim Motoyama Hiroshi independent Northern Justice King. Kannon is a sacred place where the No. 16 amulet thirty-three Saigoku
King Kiyomizudera Justice (one of six King Nara) based in the Temple, 広隆寺, and Kurama Temple, the old capital with a history of ancient Kyoto in Kyoto is one of the few temples. The Ishiyamadera (Otsu, Shiga Prefecture), Hase-dera (Sakurai City, Nara Prefecture), along with other, yin and one of the most sacred place in Japan, 鹿苑寺 (Kinkakuzi), the leading tourist destinations along with other Arashiyama in Kyoto, But many people came to visit, whatever the season. Is registered as a UNESCO World Heritage Historic Monuments of Ancient Kyoto.
Things that you decide to go ahead "with the intention to jump off the stage of Kiyomizu" is to say, according to the study of ancient documents Kiyomizu Temple, 234 between 1694 and 1864 people actually jumped [2] Upstream, the survival rate was 85.4 percent. 1872 (1872) jumped out to the government ban, and it put up a fence decorated measures (which are left in the photograph.), it was burning down.
![post-title](https://i.ytimg.com/vi/AwwYMz60gUA/hqdefault.jpg)
capital one log in 在 一二三渡辺 Youtube 的精選貼文
清水寺 京都 桜 さくら
https://youtu.be/K4PyQv9MZC0
Kiyomizu Temple (in the water from the cleanness), the Kiyomizu Temple in Higashiyama-ku, Kyoto City, Kyoto Prefecture. 音羽山 the mountain. Buddha is a multi - armed deity, Motoe Hiraku (founder) is a town extension. Minister of Justice originally belonged to the sect, now proclaim Motoyama Hiroshi independent Northern Justice King. Kannon is a sacred place where the No. 16 amulet thirty-three Saigoku
King Kiyomizudera Justice (one of six King Nara) based in the Temple, 広隆寺, and Kurama Temple, the old capital with a history of ancient Kyoto in Kyoto is one of the few temples. The Ishiyamadera (Otsu, Shiga Prefecture), Hase-dera (Sakurai City, Nara Prefecture), along with other, yin and one of the most sacred place in Japan, 鹿苑寺 (Kinkakuzi), the leading tourist destinations along with other Arashiyama in Kyoto, But many people came to visit, whatever the season. Is registered as a UNESCO World Heritage Historic Monuments of Ancient Kyoto.
Things that you decide to go ahead "with the intention to jump off the stage of Kiyomizu" is to say, according to the study of ancient documents Kiyomizu Temple, 234 between 1694 and 1864 people actually jumped [2] Upstream, the survival rate was 85.4 percent. 1872 (1872) jumped out to the government ban, and it put up a fence decorated measures (which are left in the photograph.), it was burning down.
![post-title](https://i.ytimg.com/vi/K4PyQv9MZC0/hqdefault.jpg)
capital one log in 在 一二三渡辺 Youtube 的精選貼文
清水寺 京都 桜 さくら
https://youtu.be/_ML4ftVohz4
Kiyomizu Temple (in the water from the cleanness), the Kiyomizu Temple in Higashiyama-ku, Kyoto City, Kyoto Prefecture. 音羽山 the mountain. Buddha is a multi - armed deity, Motoe Hiraku (founder) is a town extension. Minister of Justice originally belonged to the sect, now proclaim Motoyama Hiroshi independent Northern Justice King. Kannon is a sacred place where the No. 16 amulet thirty-three Saigoku
King Kiyomizudera Justice (one of six King Nara) based in the Temple, 広隆寺, and Kurama Temple, the old capital with a history of ancient Kyoto in Kyoto is one of the few temples. The Ishiyamadera (Otsu, Shiga Prefecture), Hase-dera (Sakurai City, Nara Prefecture), along with other, yin and one of the most sacred place in Japan, 鹿苑寺 (Kinkakuzi), the leading tourist destinations along with other Arashiyama in Kyoto, But many people came to visit, whatever the season. Is registered as a UNESCO World Heritage Historic Monuments of Ancient Kyoto.
Things that you decide to go ahead "with the intention to jump off the stage of Kiyomizu" is to say, according to the study of ancient documents Kiyomizu Temple, 234 between 1694 and 1864 people actually jumped [2] Upstream, the survival rate was 85.4 percent. 1872 (1872) jumped out to the government ban, and it put up a fence decorated measures (which are left in the photograph.), it was burning down.
![post-title](https://i.ytimg.com/vi/_ML4ftVohz4/hqdefault.jpg?sqp=-oaymwEbCKgBEF5IVfKriqkDDggBFQAAiEIYAXABwAEG&rs=AOn4CLDHhlz3FVPj3uOAZwzvGsR5FU_-kA)
capital one log in 在 Capital One - Home | Facebook 的推薦與評價
Log In. or. Create New Account. ... <看更多>