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

MONSTER TAIPEI INTERNATIONAL LOTTERY全球網路抽選活動
Monster Taipei x A Lei x Yesart Gallery - Agogo & Amigo

Monster Taipei在2016年邀請台灣藝術家－阿咧 (A-Lei) 與日本藝術家中村萌 (Moe Nakamura) 於當年的台北國際玩具創作大展「展中展」聯合展出一場華麗的「土木進行曲」，當時的首度合作受到熱烈迴響，現今兩位藝術家在國際藝術舞台上持續大放異彩，時間回到今年，阿咧受椿畫廊邀請，即將與中村萌及其他七位日本藝術家共同於東京椿畫廊聯合展出，展覽資訊：SPES（拉丁文:希望之意）-9 Artists Group Exhibition- 19 June－ 10 July, 2021

這次 Monster Taipei 與友好單位 Yesart Gallery 意識畫廊繼阿咧首件搪膠作品大象多多後，再次攜手合作推出－”Agogo & Amigo”，並由香港 How2work 團隊製作操刀下，趣味感十足的 Agogo 和小夥伴 Amigo 搪膠作品就此誕生！

實體呈現的造型與細節近似還原了阿咧每件陶塑原作中極具療癒姿態的手感，作品包裝上特別開版手工製作，讓每對狗狗們配有獨棟景觀豪宅，包裝俏皮的粉色外牆皆有印刷阿咧童趣的插畫，絕對值得珍藏！雙犬去年 TTF 搶先曝光隨即引發高度詢問，現在正式超萌吸睛登場！

此件作品將採用全球線上抽選寄送方式販售，想入手的朋友們請繼續查看以下抽選資訊。

抽選販售商品：Agogo & Amigo
藝術家: 阿咧 A-Lei
材質: Vinyl Toy
Limited Edition of 250
Monster Taipei x Yesart Gallery 共同出品
售價: NT.5980/set
尺寸: Agogo: 11cm (H) , Amigo: 7.5cm (H)
*每件作品皆為手工上色 ，顏色呈現略有不同，請以實品為準。

抽選表單填寫時間：
2021/06/19(六) 20:00 ~ 2021/06/22(二) 20:00

抽選表單連結：
https://forms.gle/wqh9CRa2W1Fvmegz8

販售規則：
1.此商品採線上抽選方式販售，欲參加抽選的朋友請填寫 Google 表單，需登入 Google 帳號，一人一個帳號限填寫一次，如有重複填寫資料者或資料填寫不齊全者將直接取消抽選資格。

2.請於表單開放時間內填寫，逾時不候。

3.抽選將會使用電腦亂數程式隨機抽選，抽選結果將於 2021/06/24(四) 當天 21:00 前以簡訊及 e-mail 通知中選者，未中選者不另行通知。

4.中選者需於收到中選通知後三日內 2021/06/27(日)
結束前完成付款，如中選者未在時間內完成交易將直接取消購買資格並列入永久黑名單，請務必確認是否能在規定時間內付款再參與抽選活動。

5.中選者付款及取貨方式
(1) 台灣地區中選者 : 提供上海商銀帳戶匯款郵寄。 (運費$80)
(2) 海外地區中選者 : 僅提供 PayPal 付款 (需另加 5% PayPal 手續費)，依所在地區的不同，運費金額將會另行估算，隨中選信通知附上運費金額。

6.抽選表單上填寫的收件人及地址無法更改，欲更改者視同放棄購買資格。

7.申請抽選將視為皆已同意以上規則，Monster Taipei 保有最終販售及修改之權利。

Monster Taipei 台北怪獸國際有限公司

In 2016, Monster Taipei invited Taiwanese artist A-Lei and Japanese artist Moe Nakamura to co-exhibition during the Taipei Toy Festival. The two artists continue to shine on the international art scene.
This year, A-Lei is invited by Tsubaki Gallery to exhibit with Moe Nakamura and seven other Japanese artists at Tsubaki Gallery in Tokyo.
Exhibition information: SPES (Latin: Meaning of Hope)
9 Artists Group Exhibition- 19 June - 10 July, 2021

After A-Lei’ s first Designer vinyl work "大象多多 DoDo", Monster Taipei and Yesart Gallery have co-work again recently, producing by Hong Kong How2work team, and the interesting vinyl work “Agogo and Amigo” was born!

The appearance and details approximately re-appears the touch of A-Lei's original pottery sculpture and the healing feeling.
The packaging work is specially hand-made, so that each pair of dogs come with a family landscape mansion. The playful pink walls are all printed with illustrations of A-Lei’s childishness, which are definitely worth collecting! The first TTF exposure of "Agogo & Amigo" last year immediately triggered high levels of asking, and now it is officially released!

"Agogo & Amigo" will be sold by global online lottery delivery, please continue to check the following information.

Lottery merchandise : Agogo & Amigo
Artist : A-Lei
Material : Vinyl Toy
Limited Edition : 250 sets
Presented : Monster Taipei x Yesart Gallery
Price : NT.5980/set
Size : Agogo: 11cm(H), Amigo: 7.5cm(H)
*Each work is hand-painted, and the color is slightly different, please refer to the actual product.

lottery form filling time：
2021/06/19(SAT.) 20:00 ~ 2021/06/22(TUE.) 20:00

Sales rules:
1. This art work is sold by global online lottery. Friends who want to participate in the lottery, please fill out the Google form by your Google account. Each account is limited to one time only. If you fill in the information repeatedly or fill in the information incompletely, you will be directly disqualified from the lottery. .

2. Please fill in the form within the opening hours, overtime filing will not be accepted.

3. The lottery will be randomly selected using a computer random number program. The results of the lottery will be notified on 2021/06/24(THU) by SMS and e-mail before 21:00. Those who lost the chance will not be notified.

4. Winners of the lottery need to complete the payment within three days 2021/06/27(SUN) after receiving the notification. If they didn't complete the payment within the time limit, the purchase qualification will be directly cancelled and be included in the permanent blacklist. Please confirm whether able to pay within the specified time before participating in the lottery.

5. Way of purchase
(1) Winners in Taiwan : Provide Shanghai Commercial Bank Account to remit.( NT$80 for shipping)
(2) Winners from Overseas : Only PayPal payment is available (additional 5% PayPal handling fee is required). Depending on the region, the shipping amount will be estimated separately, and the shipping amount will be attached to the notification.

6. The recipient and address on the lottery form cannot be changed, and those who wish to change will be regard as giving up the qualification.

7. Application for lottery will be deemed to have agreed to the above rules, Monster Taipei reserves the right to final sales and modification.

MONSTER TAIPEI INTERNATIONAL INC.

📜 [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

JOHOR BAHRU, 3rd September 2020 – In conjunction with its 15th Anniversary celebration,
Crossover is presenting its latest collaboration project. This time around Crossover collaboration features the brainchild of a Malaysian singer-songwriter, musician, and record producer, Noh Salleh - the Hikari Riders
This project sees the merging of both brands renowned logos, with Hikari's skull bearing half of the iconic Japanese kanji symbol of Hikari, which brings the meaning of "light". The collection represents the light that both brands wish to celebrate and encourage their fans and supporters to see the light within the darkness and to always look for opportunity among challenges.
The collection comes in 4 merchandises that consist of 2 tees, 1 hoodie and a limited-edition garment dye tee.

Merchandises range from RM149.90 to RM229.90 in price, and the full collection will be exclusively launched at Crossover Sunway, this Saturday, Sept 5th. There will also be a meet & greet session with both Crossover & Hikari Riders founders, and selected lucky customers shall also be treated to a workshop. For more info on the release, do check out crossoverstore.com Hikari Riders & Crossover Link up for Exclusive Capsule "THE LIGHT" BE REASONABLE DEMAND THE IMPOSSIBLE crossoverstore.com
instagram.com/crossoverconceptstore
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#CrossoverTurn15 #WildnAwake
...END...