關於 case tool ，我們在網路上蒐集到這些相關的討論、資訊與評價

毋忘五大訴求　公民抗命有理
—10‧20九龍遊行陳情書
（案件編號：DCCC 535/2020）

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「毋忘初衷，活在愛和真實之中」
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胡法官雅文閣下：

　　2012年，我第一次站在法庭上承認違反「公安惡法」，述說對普選的盼望，批評公安惡法不義，並因公民抗命的緣故，甘心樂意接受刑罰。當年我說，如果小圈子選舉沒有被廢除，惡法沒有消失，我依然會一如故我，公民抗命，並且我相信將會有更多學生和市民加入這個行列。想不到時至今日，普選仍然遙遙無期，我亦再次被帶到法庭接受審判，但只是短短７年，已經有數十萬計的群眾公民抗命，反對暴政。今日，我承認違反「未經批准的政府」所訂立「未經批准的惡法」之下的「未經批准集結」罪，我不打算尋求法庭的憐憫，但請容許我佔用法庭些微時間陳情，讓法庭在判刑前有全面考慮。

暴力之濫觴

　　在整個反修例運動如火如荼之際，我正承擔另一宗公民抗命案件的刑責。雖然身在獄中，但仍然心繫手足。我在獄中電視機前見證6月9日、6月16日及8月18日三次百萬港人大遊行，幾多熱愛和平的港人冒天雨冒彈雨走上街頭，抗議不義惡法，今日關於10月20日的案件，亦是如此。可能有人會問，政府已在6月暫緩修例，更在9月正式撤回修例，我等仍然繼續示威，豈非無理取鬧？我相信法官閣下肯定聽過「遲來的正義並非正義」（Justice delayed is justice denied）這句格言。當過百萬群眾走上街頭，和平表達不滿的時候，林鄭政府沒有理睬，反而獨行獨斷，粗暴踐踏港人的意願，結果製造出後來連綿不絕的爭拗，甚至你死我活的對抗。經歷眾多衝突痛苦之後，所謂暫緩撤回，已經微不足道，我們只是更加清楚：沒有民主，就連基本人權都不會擁有！

　　在本案之中，雖然我們都沒有鼓動或作出暴力行為，但根據早前8‧18及10‧1兩宗案件，相信在控方及法庭眼中，案發當日的暴力事件仍然可以算在我們頭上，如此，我有必要問：如果香港有一個公平正義的普及選舉，人民可以在立法會直接否決他們不認可的法律，試問2019年的暴力衝突可以從何而來呢？如果我們眼見的暴力是如此十惡不赦，那麼我們又如何看待百萬人遊行後仍然堅持推行惡法的制度暴力呢？如果我們不能接受人民暴力反抗，那麼我們是否更加不能對更巨大更壓逼的制度暴力沈默不言？真正且經常發生的暴力，是漠視人民訴求的暴力，是踐踏人民意見的暴力，是剝奪人民表達權利的暴力。真正憎恨暴力，痛恨暴力的人，不可能一方面指摘暴力反抗，又容忍制度暴力。如果我需要承擔和平遊行引發出來的暴力事件的刑責，那麼誰應該承擔施政失敗所引發出來的社會騷亂的罪責呢？

社會之病根

　　對於法庭而言，可能2019年所發生的事情只是一場社會騷亂，務必追究違法者個人責任。然而，治亂治其本源，醫病醫其病根，我雖然公民抗命，刻意違法，控方把我帶上法庭，但我卻不應被理解為一個「犯罪個體」。2019年所發生的事情，並不是我一個人或我們這幾位被告可以促成，社會問題的癥結不是「犯罪份子」本身，而是「犯罪原因」。我明白「治亂世用重典」的道理，但如果「殺雞儆猴」是解決方法，就不會在2016年發生旺角騷亂及2017年上訴庭對示威者施以重刑後，2019年仍然會爆發出更大規模的暴力反抗。

如果不希望社會動亂，就必須正本清源，逐步落實「五大訴求」，從根本上改革，挽回民心。2019年反修例運動，其實只是2014年雨傘運動的延續而已，縱使法庭可能認為兩個運動皆是「一股歪風」所引起，但我必須澄清，兩個運動的核心就是追求民主普選，人民當家作主。在2019年11月24日區議會選舉這個最類近全民普選的選舉中，接近300萬人投票，民主派大勝，奪得17個區議會主導權，這就是整個反修例運動的民意，民意就是反對政府決策，反對制度暴力，反對推行惡法，不容爭辯，不辯自明。我們作為礦場裡的金絲雀，多次提醒政府撤回修法，並從根本上改革制度，而在10月20日的九龍遊行當然是反映民意的平台契機。如今，法庭對我們施加重刑，其實只不過是懲罰民意，將金絲雀困在鳥籠之內，甚至扼殺於鼓掌之中，窒礙表達自由。

堅持之重要

　　大運動過後的大鎮壓，使我們失去《蘋果日報》，失去教協，失去民陣，不少民主派領袖以及曾為運動付出的手足戰友都囚於獄中，不少曾經熱情投入運動的朋友亦因《國安法》的威脅轉為低調，新聞自由示威自由日漸萎縮，公民社會受到沈重打擊，我亦失去不少摯友，有感傷孤獨的時候，但我仍然相信，2019年香港人的信念，以及所展現人類的光輝持久未變。我不會忘記百萬人民冒雨捱熱抗拒暴政，抵制惡法，展現我們眾志成城；我不會忘記人潮紅海，讓道救護車，展現我們文明精神；我不會忘記年青志士直接行動反對苛政，捨身成仁，展現我們膽色勇氣；我不會忘記銀髮一族走上街頭保護年青人，展現我們彼此關懷；我不會忘記「五大訴求」，不會忘記2019年區議會選舉，展現我們有理有節。

　　法官閣下，我對於當日的所作所為，不感羞恥，毫無悔意。我能夠在出獄後與群眾同行一路，與戰友同繫一獄，實是莫大榮幸。若法治失去民主基石，將使法庭無奈地接受專制政權所訂立解釋的法律限制，隨時變成政治工具掃除異見，因此爭取民主普選，建設真正法治，追求公平正義，仍然是我的理想。在這條路上，如有必要，我仍然會公民抗命，正如終審法院海外非常任法官賀輔明（Lord Hoffmann）所言，發自良知的公民抗命有悠久及光榮的傳統，歷史將證明我們是正確的。我期望，曾與我一起遊行抗命的手足戰友要堅持信念，在艱難歲月裡毋忘初衷，活在愛和真實之中。

　　最後，如9年前一樣，我想借用美國民權領袖馬丁路德金牧師的一番話對我們的反對者說：「我們將以自己忍受苦難的能力，來較量你們製造苦難的能力。我們將用我們靈魂的力量，來抵禦你們物質的暴力。對我們做你們想做的事吧，我們仍然愛你們。我們不能憑良心服從你們不公正的法律，因為拒惡與為善一樣是道德責任。將我們送入監獄吧，我們仍然愛你們。」（We shall match your capacity to inflict suffering by our capacity to endure suffering. We shall meet your physical force with soul force. Do to us what you will, and we shall continue to love you. We cannot in all good conscience obey your unjust laws because noncooperation with evil is as much a moral obligation as is cooperation with good. Throw us in jail and we shall still love you.）

　　願慈愛的主耶穌賜我們平安，與我和我一家同在，與法官閣下同在，與香港人同在。沒有暴徒，只有暴政；五大訴求，缺一不可！願榮耀歸上帝，榮光歸人民！

第五被告
黃浩銘
二零二一年八月十九日

Lest we forget the five demands: civil disobedience is morally justified
- Statement on 10‧20 Kowloon Rally
(Case No.: DCCC 535/2020)

Your Honour Judge Woodcock

In 2012, I stood before the court and admitted to violating the "Public Security Evil Law". I expressed my hope for universal suffrage, criticized the evil law as unjust, and willingly accepted the penalty for civil disobedience. Back then, I said that if the small-circle election had not been abolished and the draconian law had not disappeared, I would still be as determined as I was, and I believe that more students and citizens would join this movement. Today, universal suffrage is still a long way off, and I have been brought before the court again for trial. But in just seven years, hundreds of thousands of people have already risen up in civil disobedience against tyranny. Today, I plead guilty to "unauthorised assembly" under an unapproved evil law enacted by an unauthorised government. I do not intend to seek the court's mercy, but please allow me to take up a little time in court to present my case so that the court can consider all aspects before sentencing me.

The roots of violence

At the time when the whole anti-extradition law movement was in full-swing, I was taking responsibility for another civil disobedience case. Although I was in prison, my heart was still with the people. I witnessed the three million-person rallies on 9 June, 16 June and 18 August on television in prison, when many peace-loving people took to the streets despite the rain and bullets, to protest against unjust laws. Some people may ask, "The Government has already suspended the legislative amendments in June and formally withdrew the bill in September, but we are still demonstrating, are we not being unreasonable?" I am sure your Honour has heard of the adage "Justice delayed is justice denied". When more than a million people took to the streets to express their discontent peacefully, the Lam administration ignored them and instead acted arbitrarily, brutally trampling on the wishes of the people of Hong Kong, resulting in endless arguments and even confrontations. After so many conflicts and painful experiences, the so-called moratorium is no longer meaningful. We only know better: without democracy, we cannot even have basic human rights!

In this case, although we did not instigate or commit acts of violence, I believe that in the eyes of the prosecution and the court, the violence on the day of the incident can still be counted against us, based on the August 18 and October 1 case. And now I must ask - If Hong Kong had a fair and just universal election, and the public could directly veto laws they did not approve of at the Legislative Council, then how could the violent clashes of 2019 have come about? If the violence we see is so heinous, how do we feel about the institutional violence that insists on the imposition of draconian laws even after millions of people have taken to the streets? If we cannot accept violent rebellion, how can we remain silent in the face of even greater and more oppressive institutional violence? The true and frequent violence is the kind of violence that ignores people's demands, that tramples on their opinions, that deprives them of their right to express themselves. People who truly hate violence and abhor it cannot accuse violent resistance on the one hand and tolerate institutional violence on the other. If I have to bear the criminal responsibility for the violence caused by the peaceful demonstration, then who should bear the criminal responsibility for the social unrest caused by failed administration?

The roots of society's problems

From a court's point of view, it may be that what happened in 2019 was just a series of social unrest, and that those who broke the law must be held personally accountable. What happened in 2019 was not something that I alone or the defendants could have made possible, and the crux of the social problem was not the 'criminals' but the 'causes of crime'. I understand the concept of " applying severe punishment to a troubled world", but if "decimation" was really the solution, there would not have been more violent rebellions in 2019 after the Mongkok "riot" in 2016 and the heavy sentences handed down to protesters by the Court of Appeal in 2017.

If we do not want social unrest, we must get to the root of the problem and implement the "five demands" step by step, so as to achieve fundamental reforms and win back the hearts of the people. 2019's anti-revision movement is indeed a continuation of 2014's Umbrella Movement, and even though the court may think that both movements are caused by a "perverse wind", I must clarify that the core of both movements is the pursuit of democracy and universal suffrage, and the people being the masters of their own house. In the District Council election on 24 November 2019, which is the closest thing to universal suffrage, nearly 3 million people voted, and the democratic camp won a huge victory, winning majority in 17 District Councils. As canaries in the monetary coal mine, we have repeatedly reminded the government to withdraw the extradition bill and fundamentally reform the system, and the march in Kowloon on 20 October was certainly an opportunity to reflect public opinion. Now, by imposing heavy penalties on us, the court is only punishing public opinion, trapping the canaries in a birdcage, or even stifling them in the palm of their hands, suffocating the freedom of expression.

The importance of persistence

As a result of the crackdown after the mass movement, we lost Apple Daily, the Hong Kong Professional Teachers' Union, and the Civil Human Rights Front. Many of our democratic leaders and comrades who had contributed to the movement were imprisoned, and many of our friends who had been passionately involved in the movement had been forced to lay low under the threat of the National Security Law. I still believe that the faith of Hong Kong people and the glory of humanity seen in 2019 will remain unchanged. I will never forget the millions of people who braved the rain and the heat to resist tyranny and evil laws, demonstrating our unity of purpose; I will never forget the crowds of people who gave way to ambulances, demonstrating our civility; I will never forget the young people who sacrificed their lives, demonstrating our courage and bravery; I will never forget the silver-haired who took to the streets to protect the youth, demonstrating our care for each other; I will never forget the "five demands" and the 2019 District Council election, demonstrating our rationality and decency.

Your Honour, I have nothing to be ashamed of and no remorse for what I did on that day. It is my great honour to be in prison with my comrades and to be able to walk with the public after my release. If the rule of law were to lose its democratic foundation, the courts would have no choice but to accept the legal restrictions set by the autocratic regime and become a political tool to eliminate dissent at any time. As Lord Hoffmann, a non-permanent overseas judge of the Court of Final Appeal, said, civil disobedience from the conscience has a long and honourable tradition, and history will prove us right. I hope that my comrades in arms who walked with me in protests will keep their faith and live in love and truth in the midst of this difficult time.

Finally, as I did nine years ago, I would like to say something to those who oppose us, borrowing the words of American civil rights leader Reverend Martin Luther King: "We shall match your capacity to inflict suffering by our capacity to endure suffering. We shall meet your physical force with soul force. Do to us what you will, and we shall continue to love you. We cannot in all good conscience obey your unjust laws because noncooperation with evil is as much a moral obligation as is cooperation with good. Throw us in jail and we shall still love you."

Peace be with me and my family, with Your Honour, and with the people of Hong Kong. There are no thugs, only tyranny; five demands, not one less! To god be the glory and to people be the glory!

The Fifth Defendant
Wong Ho Ming
19 August 2021

Grace to Govern your Mouth

“Let no corrupt speech proceed out of your mouth, but only what is good for building others up as the need may be, that it may give grace to those who hear. Don’t grieve the Holy Spirit of God, in whom you were sealed for the day of redemption. Let all bitterness, wrath, anger, outcry, and slander, be put away from you, with all malice. And be kind to one another, tender hearted, forgiving each other, just as God also in Christ forgave you.” (Ephesians‬ ‭4:29-32‬ ‭WEB‬‬)

If we have nothing helpful or constructive to say, most times it is better that we refrain from speaking, in case we release what we might regret.

Things you can consider before speaking:

1. Is what I want to say truthful, and will it build someone up?

2. Does what I want to say come from a pure motive of love and the desire to be a blessing to others, or does it stem from negative feelings and the desire to hurt?

The Holy Spirit dwelling inside you is grieved whenever you speak in a way that is not befitting of your position as a royal priest to God. He is most pleased when you encourage, comfort, and edify others with God’s word.

We can give others what we know we have first received through Christ.

When we learn how forgiven we are, we will be empowered to extend that same kind of forgiveness to others who have sinned against us.

A royal priest’s most-prized asset is probably his mouth, for it is his working tool. Our job is to speak words that impart grace, to be a channel of blessing wherever we go.

Govern your mouth well. What you say matters for you carry God’s authority in your spoken words.

Pray with me: “Dear Abba God, from this day forth, I want to be a good steward of my mouth, and be a royal priest who speaks blessings, comfort, exhortation, encouragement, and edification. Gone are the days where I just speak carelessly as if my words don’t have any effect. I receive Your grace to govern my mouth well, in Jesus’ name, Amen!”

Receive good, fruitful results when you learn the way of faith. In “Messiah’s Miracles”, I explain each of the 37 recorded miracles of Jesus Christ in the four gospels. You will see God’s heart of love and grace for you, and be equipped to receive miraculous breakthroughs in your own life: https://bit.ly/messiahs-miracles

📜 [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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Subjek : CSW 33503 Business Intelligence
Assignment: Case study 1 Business Intelligence Tool
Tool pilihan kami: Datapine
Nama Syarikat: DFA Mart
Kelas: ISMSKPP6
Nama ahli kumpulan
1.Muhammad Farid Bin Nazmi (051138)
2.Mohd Hafizzudin Bin Mohamad Nazi(051300)
3.Muhammad Asyraaf Bin Mat Yussof (051182)