📜 [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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Từ vựng topic Society và bài viết Writing Task 2:
Đề bài: Nowadays young people spend too much of their free time in shopping malls. Some people fear that this may have negative effects on young people and the society they live in.
To what extent do you agree or disagree?
‼️TOPIC ANALYSIS
Key words:
- young people, spend, free time, shopping centers: người trẻ hiện nay dành nhiều thời gian trong các trung tâm thương mại
- negative effect, the youths, the society: xu hướng này có ảnh hưởng tiêu cực đến cả giới trẻ và xã hội
- agree/disagree: đồng ý hay không đồng ý
‼️ BRAINSTORMING
Đề bài là dạng Argumentative essay nên chúng ta sẽ đi theo hướng Disagree – không đồng ý với nhận định rằng xu hướng này mang lại những ảnh hưởng tiêu cực đến giới trẻ và xã hội. Trong bài này, chúng ta sẽ chỉ ra rằng xu hướng này mang lại cả lợi ích và bất lợi.
‼️ ESSAY PLAN
+, Mở bài:
Diễn đạt lại nhận định của đề bài và đưa ra ý kiến không đồng ý với nhận định trong đề.
+, Đoạn thân bài 1:
Đưa ra những ảnh hưởng TIÊU CỰC của xu hướng
- Đối với giới trẻ: Dành nhiều thời gian trong trung tâm mua sắm -> tốn nhiều thời gian và tiền bạc vào những đồ không cần thiết có thể gặp khó khăn về tài chính
- Đối với xã hội: Giới trẻ tốn nhiều thời gian cho việc mua sắm -> không thể tham gia vào những hoạt động như học tập và làm việc -> giảm hiệu quả học tập và lao động.
+, Đoạn thân bài 2:
Đưa ra LỢI ÍCH của việc giới trẻ dành thời gian mua sắm
- Đối với giới trẻ: Đây là một cách để thư giãn -> giúp họ tận hưởng cuộc sống và giảm stress một cách hiệu quả
- Đối với xã hội: nhu cầu mua sớm lớn ở thanh niên thúc đẩy sản xuất và thương mại cũng như tạo nhiều việc làm -> thúc đẩy phát triển kinh tế
+, Kết bài:
- Khẳng định lại ý kiến không đồng ý với nhận định ban đầu và xu hướng giới trẻ dành nhiều thời gian ở những trung tâm thương mại mang lại cả lợi ích lẫn bất lợi với giới trẻ và xã hội.
‼️ MODEL ESSAY
The young today spend a large amount of leisure time in shopping centers. It is fear that this trend can bring about negative influences on the youths and the society. Personally, I strongly disagree with this view.
On the one hand, for the young generation spending too much time at the shopping malls can make them waste a great deal of money. As there are dozens of brands with various prices and design for them to choose from, they are easily tempted to buy things impulsively and misspend money on unnecessary stuff. For example, when some big brand names slash the prices, a shopaholic may purchase 10 shirts and jeans in a row and this cost her somewhere $100; however, such items often end up being left in the wardrobe. For the society, because youngsters are unlikely to participate in other activities such as their work or studying, economy may suffer due to less work being done and the youths could slack off their knowledge acquisition, making the national education standard drop significantly.
On the other hand, there are also some advantages of this trend. First, in terms of the young, spending time at the malls is considered a method of relaxation. In modern life these days, young people have to deal with lots of pressure from school or workplace, so this trend helps them enjoy their life and effectively release their stress. Second, the society also benefits from this phenomenon. The increase in the amount of consumption will promote manufacture and commerce in the fashion industry, which afterward will create more jobs and boost the economic growth.
In conclusion, I strongly believe that devoting a huge amount of time in shopping malls could lead to both negative and positive consequences to the young as well as the society.
(299 words)
‼️ USED VOCABULARY AND COLLOCATIONS:
- To buy things impulsively: mua hàng không theo chủ đích
- Big brand names: các thương hiệu lớn
- To slash prices: đại hạ giá
- A shopaholic: người nghiện mua sắm
- To slack off: giảm bớt
- Knowledge acquisition: việc tiếp nhận kiến thức
- National education standard: tiêu chuẩn về giáo dục quốc gia
- Release one’s stress: xả stress
- To boost the economic growth: Thúc đẩy tăng trưởng kinh tế
Để giúp các bạn có vốn từ vựng phong phú hơn khi viết các chủ đề về xã hội, IELTS Fighter sẽ cung cấp tới bạn một số từ và cụm từ, những cách diễn đạt (Vocabulary – Collocations) hay, thông dụng và vô cùng hữu ích. Các bạn hãy cùng xem nhé:
‼️ VOCABULARY
- Sustainable development
Meaning: sự phát triển bền vững
Example: Sustainable development will be the priority for every nation in the world in the near future.
- The escalation of social problems
Meaning: sự leo thang của các vấn đề xã hội
Example: The escalation of social problems will be the main problem in the next meeting.
- To hit/ hang out at the mall
Meaning: Dạo chơi ở khu mua sắm
Example: Hanging out at the mall has become one of the common activities for young generation.
- High-street names
Meaning: các cửa hàng nổi tiếng
Example: The youth tend to spend money more on high-street names products rather than cheaper brands.
- Must-have product
Meaning: sản phẩm hot, ai cũng mua/ có
Example: Fashion brands usually advertise their items as must-have products.
- To be on tight budget
Meaning: còn ít tiền
Example: Although they are still on tight budget, many students will spend a lot of money on luxury fashion items.
- Customer services
Meaning: dịch vụ khách hàng
Example: Customer services are now the most impotant factor for a brand to success in the market.
- Window shopping
Meaning: nhìn ngắm hàng hóa, quần áo nhưng không có ý định mua
Example: She often goes window shopping but not buying anything.
- Social net-working sites
Meaning: Các trang mạng xã hội
Example: In the era of high technology, social net-working sites are developing rapidly and attracting more and more people.
- Social services
Meaning: Các dịch vụ xã hội/ Cơ quan dịch vụ xã hội
Example: Social services should pay proper regard to the needs of inner-city areas
Các bạn thử áp dụng nhé!
main product example 在 ลงทุนแมน Facebook 的最佳貼文
ทำไม มาตรการ QE ของสหรัฐ ไม่ทำให้เกิดเงินเฟ้อ ขั้นรุนแรง /โดย ลงทุนแมน
Quantitative Easing หรือที่เรียกสั้นๆ ว่า QE
คือเครื่องมือหนึ่ง ที่ธนาคารกลาง ใช้ในการกระตุ้นเศรษฐกิจ
โดยการอัดฉีดเงิน เพื่อเพิ่มสภาพคล่องให้ระบบเศรษฐกิจ ในภาวะเศรษฐกิจชะลอตัว
...Continue ReadingWhy U.S. QE measures don't cause severe inflation / by investman
Quantitative Easing aka QE
Is one tool that central banks use to stimulate the economy.
By pumping money to increase liquidity for the economic system in slowing economic progress.
But the result that many people worry about is.
Amount of money will rise in the economic system which will bring inflation.
And may be severe to severe inflation aka ′′ Hyperinflation
We have seen many countries do QE hard.
Will this lead to severe inflation in the future?
Investing man will try to analyse it.
╔═══════════╗
Blockdit is a platform of source of thinkers.
Help to update the situation in video article format.
Including podcasts to listen to on the go.
Try it out at Blockdit.com/download
╚═══════════╝
First, let's understand the meaning of Hyperinflation.
Hyperinflation is a condition where product prices rise quickly.
Makes the country's money value go down dramatically
Why the value of money goes down
As a result, lots and lots of money flowing into the economy.
Compared to the same amount of goods and services in the economic system.
Price increases product prices quickly
An example of past severe Hyperinflation incident.
Such as in Hungary and Venezuela
Hyperinflation in Hungary happened in 1946
During that time, Hungary was heavily damaged by WWI.
Especially various infrastructure systems.
The Hungarian Government has shortage of budgets in economic revival.
So I decided to print a lot of money to repair the city's home and stimulate the economy.
Making money in Hungary's system is increasing tremendously.
As much as the amount of money increases, the domestic products are still the same.
So it makes inflation rise quickly
Hungary average product prices increase to 2 times in 15 hours.
By the moment of Hyperinflation
Hungary inflation rate rises to 150,000 % within one day.
Venezuela part of year 2019
Venezuelan inflation rises to 10,000,000
The cause of this story is similar to the case of Hungary
Well there is excessive economic system injection
Both to stimulate a slowing economy from low petrol prices.
Including to use for government's populist policies
We'll see that all 2 events have one thing in common.
Well there is a huge economic system injection.
Which leads to hyperinflation
Back at present COVID crisis-19
Many countries have measures to stimulate the economy.
With lots of money pumping into the economic system
US Central Bank
Using unlimited amount of QE measures
From the original designated price of about 22 trillion baht per year.
Central Bank of Japan
It's another country that uses unlimited amount of QE measures.
From the original designated, about 24 trillion baht per year.
European Central Bank announces more projects
In acquisition of emergency assets worth over 27 trillion baht.
It will see that many countries are now pumping a lot of money into the system.
And in many countries, I used to do heavy QE before.
For example, the case of the USA.
There has been a lot of money pumping into the economic system in the past 10 years.
Since the 2008 US Real Estate Bubble crisis.
Interesting is that US inflation rates aren't adjusted to much higher like the cases of Hungary and Venezuela.
2010 US average inflation rate equates to 1.6 %
2019 US average inflation rate equates to 1.8 %
Japan is another country where xỳāng h̄nạk measures are taken.
But inflation is still at low near 0 % as well.
Why is the story like this?
This phenomenon is partly because
US and Japan central banks make QE through asset purchases.
Both bonds, shares, loan from commercial banks.
And commercial banks are responsible for re-releasing money into the economy.
But what happens is that commercial banks don't forward the money they get from central banks.
To the business and household sector as everyone thought at first.
The cause is because during economic recession or slowdown.
Household sector tends to save money rather than bring money to spend.
Due to insecure future economic
For example, in USA.
The deposit amount in the COVID-19 pre-birth system is around 416 trillion baht.
But when COVID-19 goes viral, deposits in the system increase to almost 500 trillion baht.
Within just a few months
Meanwhile, a bad economic situation.
Making selling business sector products and services difficult.
Making production and service still very much available.
Business sector may not require a loan to expand business.
Enough demand for products and services doesn't increase higher.
Well, things don't go much higher.
Even with lots of money in the system
Another point is.
Countries with large economies like USA and Japan
Own the world's main currency with high credibility.
Most people still believe and still demand to hold these currency.
In conclusion, if you ask for QE making of big countries today.
Will it lead to severe inflation in the future?
I have to say that this problem can be difficult for big countries like USA and Japan.
But the point is, this plague crisis doesn't know when it ends.
And countries inject money log in
For a country which is economically stable as a big country, it might be careful.
Because those countries may have severe inflation, different from this case..
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References
-https://en.wikipedia.org/wiki/Hyperinflation
-https://nomadcapitalist.com/2014/04/20/top-5-worst-cases-hyperinflation-history/
-https://www.businessinsider.com/hungarys-hyperinflation-story-2014-4
-https://en.wikipedia.org/wiki/Hyperinflation_in_Venezuela
-https://www.thestreet.com/investing/federal-reserve-unveils-unlimited-qe-to-confront-coronavirus
-https://www.schroders.com/en/bm/asset-management/insights/economic-views/bank-of-japan-ramps-up-qe-again-amid-dismal-outlook/
-https://www.federalreserve.gov/monetarypolicy/bst_recenttrends.htm
-https://www.focus-economics.com/countries/japan/news/inflation/core-consumer-prices-hold-steady-in-june-in-annual-terms
- https://www.ecb.europa.eu/pub/projections/html/ecb.projections202006_eurosystemstaff~7628a8cf43.en.html#toc3
-https://www.economicshelp.org/blog/2900/inflation/inflation-and-quantitative-easing/
-https://fred.stlouisfed.org/series/DPSACBW027SBOGTranslated
main product example 在 ochikeron Youtube 的精選貼文
Kakiage is Japanese vegetable fritters, sometimes with seafood. Vegetable strips are the main ingredients. Leftover vegetables are okay! Vegan/Vegetarian people can use Kombu Dashi broth for the dipping sauce 👍
Using round aluminum foil molds, you can deep fry the vegetable strips with less batter coated. In this way Kakiage becomes very light and crispy 😋
You can serve it with rice or Udon noodles for example, as a side dish. Or, you can put on top of rice or Udon noodles to make a bowl dish. It is up to you 😉
I used Pink Deep Fryer by Fujihoro
https://amzn.to/2Tqkrps
Other Tempura Recipes:
Tempura Moriawase (Assorted Tempura with Seafood and Vegetables)
https://youtu.be/59PnfxUmNjI
Egg Tempura
https://youtu.be/y0D8nfsZMS8
Quick Tip: How to Store / Reuse / Dispose of Deep Frying Oil
http://www.youtube.com/watch?v=zRyoZ8bybSo
---------------------------------
Light and Crispy Kakiage Tempura (Japanese Vegetable Fritters Recipe)
Difficulty: Easy
Time: 15min
Number of servings: 4 pieces of 8cm (3inch) Kakiage
Ingredients
100g (3.5oz) onion slices
30g (1oz) carrot strips
30g (1oz) whole kernel corn
--Tempura Batter
* 1/2 cup ice-cold water
* 1/2 cup all purpose flour
--Tentsuyu (Tempura dipping sauce)
* 100ml Dashi broth (using packaged dashi powder saves time)
* 2 tbsp. Mirin (sweet Sake)
* 2 tbsp. soy sauce
vegetable oil for deep frying
Directions:
1. Cut aluminum foil about 30cm (12inch) long, fold it into quarters lengthwise. Make a ring then fold the ends together to make 8cm (3inch) circle. (please see the video)
2. Place the cut vegetables in a bowl. Add 1 tbsp. of all purpose flour from Tempura Batter, then coat evenly with your hands.
3. Tempura Batter: Mix ice-cold water and all purpose flour. Make sure to use ice-cold water not to activate the gluten. The batter should be lumpy, do not over-mix.
4. Add the vegetables then toss lightly.
5. Heat 5cm (2inches) of oil in a pan to 170C (340F). Place one or two aluminum foil rings (depending on the size of the pan), then put 1/4 of the vegetables in each ring little by little to form into circles. When the bottoms are cooked, remove the rings, flip them over and cook thoroughly until crisp golden. Then drain well. (Do not deep fry too many at once.)
6. Tentsuyu: In a pan, bring Dashi broth, Mirin, and soy sauce to a boil. You can also microwave until it comes to a boil. **
7. You can eat with salt, with Tentsuyu, or serve on top of rice with Tentsuyu to make Tendon (Tempura rice bowl), etc... it is up to you.
**For tentsuyu, you can use Yamasa's Konbu Tsuyu (3 times concentrated Konbu kelp seaweed soup stock). You just need to dilute it with hot water as directed on the package. This product is very convenient and it is available overseas!
https://amzn.to/2Yc3GEF
レシピ(日本語)
https://cooklabo.blogspot.com/2020/05/light-and-crispy-kakiage-tempura.html
---------------------------------
Music by
YouTube Audio Library
Follow me on social media. If you have recreated any of my food, you can share some pictures #ochikeron. I am always happy to see them.
♥FOLLOW ME HERE♥
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NO MORE hard copies... those who got one are lucky!
♥More Written Recipes are on my BLOG♥
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♥and of course PLEASE SUBSCRIBE♥
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main product example 在 SiennyLoves Drawing Youtube 的最佳解答
Hmm....Continue from Part 1, this vblog for Part 2️⃣ ~ SiennyLovesDrawing?? gonna sharing her own self day makeup ???practice in the workshop, how she did it from theory learnt & then seek guidance from instructor ??? to complete her day makeup ?
From her own learning experience & attendance, this workshop definitely worth the RM100 fee paid for a makeup beginner
Why?
She has gained a lot from the great content delivery, including able to try Focallure USA makeup products. Special thanks to product sponsor ~ Ayu La Bonita Cosmetics, the sole original distributor in Malaysia. Do check out their IG @AyuLaBonita4u for more details & purchase ya
She loves the detailed content delivery by the instructor, moreover she is very friendly & addressed clearly each questions raised to her during the workshop. The instructor also observed & helped each participants during the Part 2 own day makeup preparation
Personally she enjoyed this focus & personal guidance by instructor to help & guide on unsure application of theory to practice. For example, as shared in her vblog, she made mistakes on eyebrows drawing & contouring. Then, instructor has helped & provide clear explanation in guiding her for correct way. Really appreciate the effort by the instructor. Thank you very much, Cikgu Anna. Really enjoyed your session
Sharing some of the makeup tips learnt from the instructor,
- Don't be lazy, must clean/ wash each makeup brushes & tools used after makeup done. This is important to ensure long live usage then
- Don't ever soak your brushes while cleaning them, brushes will be spoilt
- Use of fingers for makeup application as fingers with body heat, so warm to apply shimmer on eyes & stay beautifully from 1st apply
- Use a harder brush to apply concealer when it aims for makeup correction
- When foundation too bright, do use a darken tone loose powder to balance the skin tone, vice versa
- Do apply baby oil on fake lashes 1st, it will get soften & easier to remove the lashes. Also stop the sticky from lashes glue with baby oil application. She has tried it, it works wonder. If your lashes remain pretty after being removed, do keep it for 2nd use
Ohh ya...She has gained an impressive moment before the workshop. She loves the personal reminder sent from the organizer, MPH Publishing to her WhatsApp few days before this workshop with notes for her pre-preparation before attendance as listed below,
• All makeup products & tools, including eyelashes will be provided
• To ensure face is bare, cleansed, toned & moisturized before the workshop begins. This is to avoid waste of time of removing makeup during the workshop.
• To also bring own daily make-up items so that instructor can share some advices
• To bring own hairbands/ hairpins to hold own hair for the makeup practice in the workshop
• To bring your own makeup removal, facial cleanser & towel if wish to remove makeup after
More updates ???? via her tweets main thread via ? https://twitter.com/siennylovesdraw/status/1035690689588125696?s=21
Ohh ya…Do refer https://www.facebook.com/MPHGroupPublishing/ for all future MPH publishing’s hosted events, you may attend some with SiennyLovesDrawing too
Hmm...This was her 2nd time attended, do enjoy reading her blogging of 1st workshop experience via ? https://siennylovesdrawing.wordpress.com/2018/08/23/comics-art-workshop/
Let’s continue learning new skills or knowledge ya
#Saturday #sharing #sharingiscaring #workshop #class #beauty #makeup #wellness #bepretty #female #women #females #style #styling #MPH #MPHGroupPublising #siennylovesdrawing #learning #AyuLaBonitaCosmetics #Focallure #focalluremalaysia #focalluremakeup #focallurecosmetics
main product example 在 #ミニマリストライフ Youtube 的最佳貼文
操作用アプリはこちらから(無料)
http://itunes.apple.com/jp/app/belkin-wemo/id511376996
こんにちは、[解放軍]じへいの動画解放軍です。 速報で、コンピュータ周辺機器製造のベルキン社(belkin)が新しい家電制御のアダプターを作りました。 今までのiPhoneからの家電の操作は赤外線信号で行なっていました。 このため、家電側が赤外線リモコンに対応している必要がありました。
このWeMo(ウィーモ?)はコンセントの電源をON/OFFするのでローテクな電気製品でも使用可能です。 照明、電気ストーブ、扇風機、ホットカーペットなどの制御に使えます。 3Gによる操作も可能なので、出先で自宅の家電を操作可能です。
(ビジネスワイヤ提供)
原文
PLAYA VISTA, Calif.--(BUSINESS WIRE)--Belkin today launched WeMo, a line of modular, Wi-Fi-based products that turn an iPhone, iPad, or iPod touch into a remote control for household devices. Consisting of two initial products, the WeMo Switch and the WeMo Motion, WeMo works with the free WeMo app to create a scalable, customizable home control system designed to provide added safety, convenience, and peace of mind.
"WeMo uses familiar technology to create a plug-and-play solution for controlling gadgets and appliances remotely"
"WeMo uses familiar technology to create a plug-and-play solution for controlling gadgets and appliances remotely," said Jamie Elgie, senior director of product management for Belkin. "Designed to address simple automation needs without the hassle or expense of whole home automation, WeMo is an easy and fun way to put your home at your fingertips."
The WeMo Switch is a small device that plugs directly into any electrical outlet and serves as the main building block for WeMo. Once the Switch is connected to the home Wi-Fi network, any device plugged into it can then be turned on or off from anywhere, whether at home or on the go with the WeMo app. The app also enables users to put devices on a timed schedule, so devices will turn on or off at pre-set times.
The WeMo Switch + Motion adds a sensor that reads motion within 10 feet and will turn on or off anything plugged into the switch based on motion. The WeMo app tells any device plugged into the corresponding WeMo Switch what to do when motion is sensed. The app also allows users to create rules or schedules based on customized intervals. For example, turning off a lamp if no motion is sensed in the room after 10 minutes.
WeMo also features integration with IFTTT, an online service that allows you to create tasks combining different Internet-based services from one platform. Through the WeMo channel on IFTTT, you can use a WeMo Switch or Motion to trigger a variety of services, including email, weather, phone calls, Twitter, Facebook, etc. For example, you can set up a motion sensor by your front door and use IFTTT to create a rule that will send a text message to your phone anytime motion is sensed.
"With these two simple devices and the free WeMo app, you can create a variety of tasks or recipes, and integration with IFTTT is just one more way to make WeMo yours," said Elgie. "With WeMo, your home is at your fingertips and there are endless possibilities of what you can create. We are looking forward to seeing what people come up with once WeMo hits the market."
Webサイト
http://www.belkin.com/wemo/
main product example 在 EXAMPLE.Optional-product pricing - Phone Accessories 的推薦與評價
Oct 28, 2013 - EXAMPLE.Optional-product pricing: accessory products sold with the main product. ... <看更多>
main product example 在 What is a By-Product? Uses of By-Products and Difference ... 的推薦與評價
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