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

#HannahEdApplyStory - Nữ sinh chuyên Anh giành 9 học bổng đại học ở Mỹ

Những ngày qua Cẩm Nhiên miệt mài ôn tập cho kỳ thi tốt nghiệp THPT, hoàn thành chương trình học trước khi sang Mỹ vào tháng 8.

Nữ sinh được 9 trường mời gọi với mức học bổng cao gồm Cornell, Denison, DePauw, Drexel, Miami, Mount Holyoke College, Southern Methodist, Umass Amherst, Carleton. Không mất nhiều thời gian quyết định, nữ sinh 18 tuổi chọn Đại học Cornell thuộc nhóm Ivy League - đại học có uy tín nhất trên thế giới với mức tài trợ 254.000 USD (gần 6 tỷ đồng) trong bốn năm.

"Đây là một trong số ít trường quan tâm nhiều về khả năng thực tế của học sinh hơn là điểm số. Ngoài ra, trường có một viện nghiên cứu về nhân lực tại nơi làm việc - vấn đề em rất quan tâm", Nhiên cho biết.

Nhiên kể, biết đại học Mỹ có hai đợt tuyển sinh trong năm, trả kết quả vào tháng 12/2020 và tháng 4/2021. Kỳ vọng nhất vào Đại học Cornell, nữ sinh nộp hồ sơ đợt đầu nhưng nhận kết quả không như mong đợi. Trường chưa nhận ngay mà để hồ sơ xét cùng các ứng viên đợt sau.

"Em rất hụt hẫng, lo ngại. Tỷ lệ trúng tuyển đợt sau thường thấp hơn do số lượng cạnh tranh cao", Nhiên nói về cảm xúc lúc đó. Dù đã nhận được học bổng khá tốt của nhiều trường khác, song niềm ước mơ vào Cornell quá lớn khiến cô quyết tâm đợi kết quả cuối cùng.

Bài luận 650 từ được nữ sinh gửi cho đại học Conell được thực hiện trong 5 tháng, từ quá trình lên ý tưởng, viết nháp và trau chuốt ngôn từ. Ban đầu, cho rằng phải có một chủ đề lớn lao thì bài luận mới nổi bật, cô thường xuyên bị "bí" ý tưởng giữa chừng. Được sự cố vấn và lời khuyên của mọi người, Nhiên nhận ra yếu tố quan trọng là cách bày tỏ đam mê, thế mạnh để trường thấy được con người thật của mình.

"Em dành nhiều thời gian trong hè để định hướng bản thân và thấy may mắn chọn được hướng đi đúng. Đó là khoảng thời gian khá áp lực nhưng rất ý nghĩa, em được hiểu chính mình hơn qua những câu chuyện quá khứ", Nhiên chia sẻ.

Chủ đề bài luận của cô là sự kết hợp giữa hai vấn đề nữ quyền và tranh biện. Lấy cảm hứng từ món đồ chơi yêu thích lúc nhỏ, Nhiên lồng ghép câu chuyện từng bỏ chơi búp bê vì bị chê điệu và việc em tái thành lập câu lạc bộ tranh biện của trường. Từ đó, em khẳng định việc thích sự nữ tính không đồng nghĩa với việc mình không thể theo đuổi những sở thích học thuật khác. "Mỗi người là những cá thể riêng biệt, hoàn thiện và mang sự đối lập", Nhiên nói.

Trong bài luận phụ, ứng viên được yêu cầu trình bày một vấn đề xã hội quan tâm. Nhiên đã kể về hành trình hơn 2 năm tham gia Eunoia Project - dự án được một cựu học sinh trường Lê Hồng Phong thành lập năm 2017, nhằm giúp mọi người có cái nhìn sâu hơn về hội chứng tự kỷ.

Trong bài luận, cô chia sẻ về lần đầu nói chuyện với các bé tự kỷ, cả hai đều gặp khó khăn. Khi đó, Nhiên đã tập cắt ngắn những câu dài, rút thành câu đơn để dễ dàng giao tiếp với các bé. Cô nhận ra rằng, muốn giúp ai đó cần đặt bản thân vào họ để hiểu nhau hơn, rồi kết thúc bài luận bằng việc bày tỏ muốn được hành động để thấu hiểu và giúp đỡ mọi người.

Ngoài ra, trong thời gian chờ đợi, từ cuối năm ngoái đến nay, Nhiên tham gia vào chương trình Nhà lãnh đạo trẻ châu Á (Asia Youth Leaders), thành đại diện Việt Nam giao lưu với những học sinh nước khác. Nữ sinh còn liên lạc và trao đổi với hai giáo sư của trường Cornell về cách xây dựng hệ thống nhân sự cho một doanh nghiệp để đảm bảo bình đẳng trong môi trường làm việc. Em gửi thêm một lá thư cho ban tuyển sinh cập nhật những hoạt động em làm được và bày tỏ khao khát được học tại trường (letter of continued interest).

Không uổng công, hồi đầu tháng 4, cô nhận tin nhắn thông báo kết quả đậu từ Đại học Cornell. Mở điện thoại, nữ sinh hồi hộp đến mức gõ sai liên tiếp email của mình. Vừa thấy dòng chữ chúc mừng, em gọi điện báo tin cho mẹ - người luôn ủng hộ và sát cánh trong "cuộc chiến săn học bổng".

Nhận thấy đa số du học sinh chọn khối STEM (Science - Khoa học, Technology - Công nghệ, Engineering - Kỹ thuật, Mathematic - Toán học), Nhiên băn khoăn vì đó không phải là sở trường của mình. "Đại học là khoảng thời gian sinh viên được trải nghiệm và hiểu sâu những ngành mình đam mê. Em không muốn lãng phí 4 năm để cố theo đuổi một lĩnh vực không phù hợp", Nhiên bày tỏ quan điểm

Đa số các trường đại học Mỹ không ràng buộc sinh viên phải chọn chuyên ngành cố định trong 1-2 năm đầu. Nhiên muốn thử sức nhiều ngành nghề nhất có thể để xem bản thân có thể phát triển tới đâu, chẳng hạn như Kinh doanh quốc tế, Luật kinh tế, Luật dân sự.

Một đam mê lớn của nữ sinh là học tiếng Anh. Từ cấp hai, Nhiên "cuồng" Harry Potter, từng dành một tháng hè để đọc sách, xem hết 7 phần bộ phim. Nhiều lúc, bản dịch không truyền tải chuẩn xác ý tưởng của tác giả nên em muốn được trải nghiệm bằng bản gốc. Nhiên ham đọc sách, trau dồi vốn ngoại ngữ. Hè năm lớp 9, Nhiên tự tìm tài liệu trên mạng ôn trong ba tháng và thi đạt IELTS 8.0.

Từ nền tảng này, Nhiên đỗ vào chuyên Anh trường THPT chuyên Lê Hồng Phong. Thấy nhiều học sinh có cùng sở thích tranh biện nhưng không có đất thể hiện, Nhiên cùng một bạn trong lớp tái lập câu lạc bộ tranh biện (LHP Debater Club) của trường sau hai năm dừng hoạt động. Nhờ đó, Nhiên học được thêm cả kỹ năng lãnh đạo, làm việc nhóm.

Nữ sinh tích cực tham gia các cuộc thi, tổ chức cộng đồng để mở rộng kiến thức về các vấn đề xã hội và "làm đẹp" hồ sơ xin học bổng. Năm 2019, cô là một trong 3 thí sinh đoạt giải Người nói tốt nhất chương trình The Debaters. Học kỳ một lớp 12, em giành giải đồng của cuộc thi toán học International Youth Math Challenge (IYMC).

Suối thời trung học vừa học vừa tham gia hoạt động ngoại khóa, Nhiên thừa nhận từng gặp khó khăn trong việc cân bằng, phân bổ thời gian. Nữ sinh không coi nhẹ việc nào, tự khích lệ bản thân nghĩ tới kết quả mình sẽ đạt được. "Chỉ tham gia một vài câu lạc bộ, tổ chức nhưng em luôn áp lực bản thân phải cống hiến dài lâu và thực sự để tâm. Khi đó, mình sẽ thấy trưởng thành và phát triển hơn rất nhiều", Nhiên chia sẻ.

Chị Nguyễn Thủy Tiên, cố vấn của Cẩm Nhiên trong quá trình làm hồ sơ du học, nhận xét nữ sinh biết xây dựng kế hoạch chỉn chu và tập trung vào điểm mạnh của bản thân. Nhiên quan tâm tới lĩnh vực luật pháp nên hồ sơ được làm nổi bật sự đam mê của em với chủ đề này.

"Dù không có kết quả học thuật quá cao, Nhiên đã đầu tư vào những thứ em giỏi nhất, đây là điều mà nhiều bạn học sinh cấp ba chưa làm được", chị Tiên nói.

Nguồn: fan page Du Học Sinh Việt

#scholarshipforvietnamesestudents #hannnahed #hannahedapplystory #applystory #duhoc #hocbong

𝙈𝙖𝙢𝙖 𝙞𝙨 𝙫𝙚𝙧𝙮 𝙝𝙖𝙥𝙥𝙮 𝙩𝙤 𝙗𝙪𝙞𝙡𝙙 𝙅𝙤𝙧𝙚𝙚𝙣'𝙨 𝙣𝙪𝙢𝙚𝙧𝙖𝙘𝙮 𝙛𝙤𝙪𝙣𝙙𝙖𝙩𝙞𝙤𝙣 𝙬𝙞𝙩𝙝 @funwithabacus⁣
⁣
⁣
Joreen had great interest in numbers since young. However we did not send Joreen to abacus enrichment class as we're concern that she will be confuse with the school's regular math teaching method, abacus will not benefit her..⁣
Gosh we're so wrong!!⁣
⁣
Thankfully ShuLian from @funwithabacus answered our concerns patiently (sharing the info here, hopefully will help parents with the same concern)⁣
- learning abacus will not conflict with other Math methods as the goals for early childhood Math are to instill a correct & proper Mathematical foundation in students.⁣
- in fact, young children learn best with concrete tools so they use a 𝐬𝐩𝐞𝐜𝐢𝐚𝐥𝐥𝐲 𝐝𝐞𝐬𝐢𝐠𝐧𝐞𝐝 𝟗-𝐛𝐞𝐚𝐝𝐬 𝐀𝐛𝐚𝐜𝐮𝐬 to introduce proper numerical concepts.⁣
- mastering abacus & mental calculations is good for development of the brain - problem-solving, intuitive thinking...⁣
⁣
Mama is confident with the efficacy of their abacus programme, it will train Joreen to be able to count faster & accurately. Most important is she enjoys & always look forward to the loving Teacher Sim's classes. 🥰 Happy & fun learning! ❣️ I also love that after each class, Teacher Sim will share with me about Joreen's progress & tips to help her 👍⁣
⁣
⁣
See comments below for video of Joreen teaching mama about her 1st lesson with @funwithabacus ⁣
It was a joy to watch her increased confidence with her new found intellect😍 In just 3 lessons, she is able to do sums that involved 3 numbers independently.
Mama is so excited to see how Joreen progress to in the months to come! ⁣
⁣
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If you are keen to experience their class,
Dm @funwithabacus &
quote <𝐉𝐎𝐘𝐂𝐄𝟓𝟎> for 𝐚 𝐅𝐑𝐄𝐄 𝐭𝐫𝐢𝐚𝐥 𝐜𝐥𝐚𝐬𝐬 +
If you sign up for 1 term, 𝐟𝐫𝐞𝐞 𝟐 𝐜𝐥𝐚𝐬𝐬𝐞𝐬 & a $𝟓𝟎 𝐯𝐨𝐮𝐜𝐡𝐞𝐫 off that 1st term fees! 🤗⁣
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You may check out my IG @mamasinfinitylove igs highlight under 'fun with abacus' for Joreen's weekly learning journey. ⁣

#funwithabacus #earlynumeracy #abacus #mentalarithmetic #math #learningisfun #septtwo1lo

📜 [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.

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