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

There are a lot of things happening around the world every single second. Everyone has their own set of challenges and hurdles.

Life is a circle, there are better days, there are worse days. To live in harmony, we should always be considerate of our words and actions. We shouldn't generalise, judge and ridicule, instead we should be more understanding and emphatic.

The world is filled with knowledge. Knowledge will give you power, but having knowledge and character will give you respect. Be a person that is knowledgeable with commendable character, no matter where you go, or what your job is, and you shall be a person of value.

The meaning of success and happiness differs from one to another. We should not equate the same even if we feel strongly about our views. Our perspective about life is different. It's crucial to be humble and learn from each other.

Be humane, sometimes when we have everything, we forgot how it feels when we have nothing. We have scars, we have sacrifices, which some are shared and seen and some remain hidden.

Not everyone shouts. Some remain unspoken or speak when needed. Some through words that could pierce the souls. Never underestimate people because everyone has their superpower.

There's a reason why we are made as a human being. Be more human.

#sfartography #rainbowpegasus #life #motivation #motivational #personaldevelopment #personalgrowth #humanity #behumane #knowledge #character #books #photography

TỪ VỰNG & Ý TƯỞNG WRITING CHỦ ĐỀ ADVERTISING
Chủ đề này cũng khá gần gũi với các bạn, tuy nhiên liệu bạn đã có trong tay từ vựng nào hay ho về Advertising chưa? :) Cô chia sẻ với bạn những từ vựng hay, ý tưởng hữu ích để bạn chữa bệnh ‘bí ý, bí từ’ về chủ đề này nhé.
🐾 inform somebody of/about something (verb)
Meaning: to tell somebody about something
Vietnamese: thông báo với ai đó về việc gì
🐾 make a purchase (verb phrase)
Meaning: to buy something
Vietnamese: mua
🐾 reputation for something/ for doing something (noun)
Meaning: the opinion that people have about what somebody/something is like, based on what has happened in the past
Vietnamese: danh tiếng về cái gì đó
🐾 build customers’ loyalty (verb phrase)
Meaning: to establish or get loyalty from the customers
Vietnamese: xây dựng lòng tin của khách hàng
🐾 job opportunity (compound noun)
Meaning: the chance of getting a job
Vietnamese: cơ hội nghề nghiệp
🐾 appreciate something (verb)
Meaning: to recognize the good qualities of something
Vietnamese: công nhận, thưởng thức, chiêm ngưỡng cái gì đó
🐾 manipulate somebody into doing something (verb)
Meaning: to control or influence somebody/something, often in a dishonest way so that they do not realize it
Vietnamese: kiểm soát hay lôi kéo ai đó làm việc gì đó mà người ta không nhận ra
🐾 exaggerate (verb)
Meaning: to make something seem larger, better, worse, or more important than it really is
Vietnamese: phóng đại
🐾 mislead somebody (into doing something) (verb)
Meaning: to give somebody the wrong idea or impression and make them believe something that is not true
Vietnamese: đánh lừa ai đó
🐾 marketing strategy (compound noun)
Meaning: a plan for advertising a product
Vietnamese: chiến lược tiếp thị

Đọc chi tiết tại đây: https://ielts-thanhloan.com/goc-tu-van/tu-vung-va-y-tuong-ielts-writing-theo-chu-de-advertising.html

📜 [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

(Giveaway info is at the bottom)

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腳本：
上個月我拍一集說 Last month I film this video 我錯了！ I was wrong! 恐慌不好,沒有錯 Panic is not good, true 但是 but 防疫不夠更糟糕！ Not enough prevention is worst! 糟糕到引發 Worst till the point to lead us to 西班牙末日！ The end of Spain! 世界末日 The end of the world 你準備好嗎 Are you ready? 還好，我已經有口罩 Okay, I already have masks 感謝我的朋友 Thanks to my friends 因為你們本來把口罩搶走 Because you took all masks away 搶光光 All of them  COW杯 cow-bei 看來 It seems 疫情很嚴重 The epidemic is serious 靠腰，陰屍路到了 It's "the walking dead " 在這部影片 In this video  我沒有辦法說這句話 I can not say this 因為YouTube 不會讓我賺錢喔 Because YouTube won't make me money 謝謝YouTube  Thanks to YouTube  COW杯 Cowbei 這次我要拍 This video  像一些人的 Like some guy's 比較短的影片 It's short 重點是 The point is 西班牙 Spain 我以前的國家 My previous country 輸給臺灣 Lose to taiwan 西班牙輸了 Spain lost 臺灣 Taiwan 幹得好 Well done  對，沒錯 Yes yes 親愛的朋友 My dear friends  西班牙很糟糕 Spain is bad 臺灣做得非常好 Taiwan is doing very well 我口乾有一點渴 My mouth is a little thirsty 爽 Cool 這個故事告訴我們什麼？ What did this story say? 在這樣 In  世界末日 The end of the world  的情況下 In this situation 恐慌 Panic 有幫助 Works 不要誤會啦 Don't get me wrong 我覺得恐慌是不好的 I think panic is bad 但是在這種情況下 But in this situation  如果你要選 If you need to choose 過度 Over  或是不足 Or insufficient 過度比較好 Over is better 什麼意思？ What dose that mean? 臺灣從一開始 Taiwan from the beginning 好熱 So hot 臺灣人就恐慌了 Taiwanese panic 搶口罩 Grab mask 引發我買不到 So me can't buy any 咳咳 (Coughing) 不是不是 No, no 是我暗示你們很cow杯 I hint you guys are very cow-bei 從一開始 At the first time  臺灣人一直在噴酒精 Taiwanese have been spraying alcohol 但是西班牙人 But the spanish 已經有很多人得病 Already many people got sick 還會去參加很多人的活動 And go to lot of people's events 引發連政治人物 Even politicians 都生病了 Are sick  都得了 They got it 不過西班牙人跟臺灣人 But the Spaniards and Taiwanese 有兩件事做得一模一樣 Two things are done exactly the same 一，政治人物用這個 First, politicians use this 來攻擊彼此 To attack each other 來互罵 Come scolding each other 都是蔡英文的假新聞 It's all fake news from Cai Yingwen 這個是國民黨扯後腿 This is the KMT pulling hind legs 對，西班牙更嚴重 Yes, Spain is worse  真的很cow杯 It's really bad 第二件事 Second 是在這個情況之下 Is in this situation 大家 People  愛 Love 搶衛生紙 Grabbing toilet paper 在臺灣 in Taiwan 民眾狂搶衛生紙 People fight for toilet paper 因為謠言指出 Because rumors point out 衛生紙與醫療口罩原料相同 Toilet paper is the same as medical mask 可能會影響衛生紙產量與價格 May affect tissue production and prices 歐伊系 Yummy 這個算是美食節目嗎？ Is this a food show? 趕快按讚啦 Hurry up and like 百萬YouTuber YouTuber with more than one Million subs 為什麼 why 大家 everyone 愛搶衛生紙？ Love fight for toilet paper? 有人可以幫我解釋嗎？ Can someone explain it for me? 沒有你、沒有你、沒有你 Without you, without you, without you 不能沒有你 Can't live without you 寶貝、寶貝！ Baby Baby! 這樣 is because 比較安全嗎？ Is it safer? 要不要這樣出門？ Should I to go out like this? 也不錯 Not bad 我要告訴你們一個秘密 I want to tell you a secret 今年的新希望 My new goal for this year was 是申請臺灣國籍 Apply for Taiwan nacionality 本來想要回去西班牙辦這件事 I wanted to go back to Spain to do this 現在我不知道什麼時候可以回去 Now i don't know when i can go back 但是有一件事 But one thing 很清楚 is very clear 無論如何 no matter how 我一定 I must 要變成臺灣人 To become Taiwanese 小英，妳聽到嗎？ Little Tsai, do you hear me? 拜託妳 Please 沒問題 no problem 哦給 OK 謝啦 Thanks 因為臺灣表現得很好 Because Taiwan is doing very well 我已經在做這件T恤 I am already making this t-shirt 你們可以告訴大家 You can tell everyone 臺灣安全 Taiwan is safe 你們不是從武漢來的 You are not from Wuhan 為臺灣驕傲 Proud of taiwan 這個就是 This is 靠，我愛台灣 的意思 The meaning of Damn I Love Taiwan 現在懂嗎？ Do you understand now? 不過，要繼續加油 But needs keep fighting 西班牙更加油 Spain need it even more 親愛的家人 Dear family 親愛的朋友 Dear friends 拜託 Please 保持安全 stay safe 不要出門 Don't go out 常常洗手 Wash hands often 吃健康 Eat healthy 多休息 Rest more 常常運動 Exercise often 這個是COW杯 This is Cowbei 我是黑素斯 I´m Jesus 掰 Bye 欸？靠T恤我忘記匯款 Eh? I forgot to do transfer for T-shirt 等我一下 wait for me 掰 bye 我一定 I must 要變成臺灣人 To become Taiwanese 黑素斯沒問題 Jesus, no problem