Uniswap v1 was launched in November 2018 as a proof of concept for automated market makers (AMMs), a type of exchange where anyone can pool assets into shared market making strategies.

In May 2020, Uniswap v2 introduced new features and optimizations, setting the stage for exponential growth in AMM adoption. Less than one year since its launch, v2 has facilitated over $ 135bn in trading volume, ranking as one of the largest cryptocurrency spot exchanges in the world.

Uniswap now serves as critical infrastructure for decentralized finance, empowering developers, traders, and liquidity providers to participate in a secure and robust financial marketplace.

Today, we are excited to present an overview of Uniswap v3. We are targeting an L1 Ethereum mainnet launch on May 5, with an L2 deployment on Optimism set to follow shortly after.

Uniswap v3 introduces:

• Concentrated liquidity, giving individual LPs granular control over what price ranges their capital is allocated to. Individual positions are aggregated together into a single pool, forming one combined curve for users to trade against

• Multiple fee tiers , allowing LPs to be appropriately compensated for taking on varying degrees of risk

These features make Uniswap v3 the most flexible and efficient AMM ever designed:

• LPs can provide liquidity with up to 4000x capital efficiency relative to Uniswap v2, earning higher returns on their capital

• Capital efficiency paves the way for low-slippage trade execution that can surpass both centralized exchanges and stablecoin-focused AMMs

• LPs can significantly increase their exposure to preferred assets and reduce their downside risk

• LPs can sell one asset for another by adding liquidity to a price range entirely above or below the market price, approximating a fee-earning limit order that executes along a smooth curve

Uniswap ’ s oracles are now far easier and cheaper to integrate. V3 oracles are capable of providing time-weighted average prices (TWAPs) on demand for any period within the last ~9 days. This removes the need for integrators to checkpoint historical values.

Even with these groundbreaking design improvements, the gas cost of v3 swaps on Ethereum mainnet is slightly cheaper than v2. Transactions made on the Optimism deployment will likely be significantly cheaper!

Read on for more details on Uniswap v3. For a deeper technical overview check out the Uniswap v3 Core whitepaper, the Uniswap v3 Core smart contracts.

Concentrated Liquidity

In Uniswap v2, liquidity is distributed evenly along an x * y=k price curve, with assets reserved for all prices between 0 and infinity. For most pools, a majority of this liquidity is never put to use. As an example, the v2 DAI/USDC pair reserves just ~0.50% of capital for trading between $0.99 and $1.01 , the price range in which LPs would expect to see the most volume and consequently earn the most fees.

V2 LPs only earn fees on a small portion of their capital, which can fail to appropriately compensate for the price risk ( ” impermanent loss ” ) they take by holding large inventories in both tokens. Additionally, traders are often subject to high degrees of slippage as liquidity is spread thin across all price ranges.

In Uniswap v3, LP ’ s can concentrate their capital within custom price ranges, providing greater amounts of liquidity at desired prices. In doing so, LPs construct individualized price curves that reflect their own preferences.

V3 LPs can concentrate their liquidity within custom price ranges.

LPs can combine any number of distinct concentrated positions within a single pool. For example, an LP in the ETH/DAI pool may choose to allocate $100 to the price ranges $1,000-$2,000 and an additional $50 to the ranges $1,500-$1,750.

By doing so, an LP can approximate the shape of any automated market maker or active order book.

Users trade against the combined liquidity of all individual curves with no gas cost increase per liquidity provider. Trading fees collected at a given price range are split pro-rata by LPs proportional to the amount of liquidity they contributed to that range.

LPs can combine multiple positions, which are then efficiently aggregated into a single order book.

Capital Efficiency

By concentrating their liquidity, LPs can provide the same liquidity depth as v2 within specified price ranges while putting far less capital at risk. The capital saved can be held externally, invested in different assets, deposited elsewhere in DeFi, or used to increase exposure within the specified price range to earn more trading fees.

Concentrated liquidity allows LPs to provide greater depth in fee generating price ranges.

Let ’ s illustrate with an example:

Alice and Bob both want to provide liquidity in an ETH/DAI pool on Uniswap v3. They each have $ 1m. The current price of ETH is 1,500 DAI.

Alice decides to deploy her capital across the entire price range (as she would have in Uniswap v2). She deposits 500,000 DAI and 333.33 ETH (worth a total of $ 1m).

Bob instead creates a concentrated position, depositing only within the price range from 1,000 to 2,250. He deposits 91,751 DAI and 61.17 ETH, worth a total of about $183,500. He keeps the other $816,500 himself, investing it however he prefers.

While Alice has put down 5.44x as much capital as Bob, they earn the same amount of fees, as long as the ETH/DAI price stays within the 1,000 to 2,250 range.

Bob ’ s custom position also acts as a kind of stop-loss for his liquidity. Both Alice and Bob ’ s liquidity will be entirely denominated in ETH if the price of ETH falls to $0. However, Bob will have lost just $159,000, versus Alice ’ s $1m. Bob can use his additional $816,500 to hedge against downside exposure or to invest in any other conceivable strategy.

Instead of providing equivalent liquidity depth as a v2 LPs with less capital, v3 LPs can choose to provide greater depth with the same amount of capital as their v2 counterparts. This requires taking on more price risk ( ” impermanent loss ” ) while supporting greater amounts of trading and earning higher fees.

LPs in more stable pools will likely provide liquidity in particularly narrow ranges. If the ~$25m currently held in the Uniswap v2 DAI/USDC pair was instead concentrated between 0.99 — 1.01 in v3, it would provide the same depth as $5bn in Uniswap v2 as long as the price stayed within that range. If the ~$25m was concentrated into the 0.999 – 1.001 range it would provide the same depth as $50b in Uniswap v2.

The tool below calculates the capital efficiency gains of a concentrated liquidity position (centered around the current price) relative to allocating capital across the entire price curve.

Liquidity Deposit Value

Value of paired tokens

$

Select ETH price range

Current Price: $1,820

V3 Range Position

Capital Required

$150,000

Fees per $ vs. V2

5.24 x

V2 Position

Capital Required

$785,779

These two positions will earn equal fees and perform idenitcally while the price remains between $ 1200 and $ 2800 .

At launch, capital efficiency gains will max out at 4000x for LPs providing liquidity within a single 0.10% price range. The v3 pool factory is technically capable of supporting ranges as granular as 0.02%, translating to a maximum 20,000x capital efficiency gains relative to v2. However, more granular pools can increase swap gas costs and might be more useful on Layer 2.

Active Liquidity

If market prices move outside an LP ’ s specified price range, their liquidity is effectively removed from the pool and is no longer earning fees. In this state, an LP ’ s liquidity is composed entirely of the less valuable of the two assets, until the market price moves back into their specified price range or they decide to update their range to account for current prices.

LPs only earn fees when the market trades between their specified price range.

In v3, it is theoretically possible for no liquidity to exist in a given price range. However, we expect rational LPs to continuously update their price ranges to cover the current market price.

Range Orders

V3 ’ s LP customizability opens up a novel order feature to complement market orders, which we are calling ’ range orders ’ .

LPs can deposit a single token in a custom price range above or below the current price: if the market price enters into their specified range, they sell one asset for another along a smooth curve while earning swap fees in the process.

Depositing to a narrow range feels similar to a traditional limit order. For example, if the current price of DAI is below 1.001 USDC, Alice could add $ 10m worth of DAI to the range of 1.001 — 1.002 DAI/USDC.

Once DAI trades above 1.002 DAI/USDC, Alice ’ s liquidity will have fully converted into USDC. Alice must withdraw her liquidity (or use a third-party service to withdraw on her behalf) to avoid automatically converting back into DAI if DAI/USDC starts trading below 1.002.

The average execution price of a fully executed range order is the geometric average of the minimum and maximum price: in Alice ’ s case, the execution price equals 1.001499 DAI/USDC for a total of $ 1,001,499. This execution price does not account for additional swap fees earned during the period in which prices trade within the 1.001 — 1.002 DAI/USDC range.

Range orders within wider ranges may prove particularly useful for profit-taking, buying the dip, and primary issuance events: in the later use case, issuers are now able to deposit liquidity in a single asset and specify the exact range of prices across which they wish to sell their tokens.

Non-Fungible Liquidity

As a byproduct of per-LP custom price curves, liquidity positions are no longer fungible and are not represented as ERC20 tokens in the core protocol.

Instead, LP positions will be represented by non-fungible tokens (NFTs). However, common shared positions can be made fungible (ERC20) via peripheral contracts or through other partner protocols. Additionally, trading fees are no longer automatically reinvested back into the pool on LPs ’ behalf.

Over time we expect increasingly sophisticated strategies to be tokenized, making it possible for LPs to participate while maintaining a passive user experience. This could include multi-positions, auto-rebalancing to concentrate around the market price, fee reinvestment, lending, and more.

Flexible Fees

Uniswap v3 offers LPs three separate fee tiers per pair — 0.05%, 0.30%, and 1.00%. This array of options ensures that LPs tailor their margins according to expected pair volatility: LPs take on more risk in non-correlated pairs like ETH/DAI and, conversely, take on minimal risk in correlated pairs like USDC/DAI.

Although distinct fee tiers may lead to some degree of liquidity fragmentation, we believe that most pairs will calibrate to an ’ obvious ’ fee tier, which then serves as the canonical market. We expect like-kind asset pairs to congregate around the 0.05% fee tier and pairs like ETH/DAI to use 0.30%, while exotic assets might find 1.00% swap fees more appropriate. governance can add additional fee tiers as needed.

Uniswap v2 introduced a protocol fee switch, which allowed a flat 5 basis point (16.66% of LP fees) fee to be turned on by governance. Uniswap v3 protocol fees are far more flexible. Fees will be off by default, but can be turned on by governance on a per-pool basis and set between 10% and 25% of LP fees.

Advanced Oracles

Uniswap v2 introduced time weighted average price (TWAP) oracles. These oracles serve as a critical piece of DeFi infrastructure, and have been integrated into dozens of projects, including Compound and Reflexer.

V2 oracles work by storing cumulative sums of Uniswap pair prices on a per-second basis. These price sums can be checked once at the beginning of a period and once at the end to calculate an accurate TWAP over that period.

Uniswap v3 offers significant improvements to the TWAP oracle, making it possible to calculate any recent TWAP within the past ~9 days in a single on-chain call. This is achieved by storing an array of cumulative sums instead of just one.

This array of historical price accumulators makes it far easier and cheaper to create more advanced oracles that include simple-moving averages (SMA), exponential moving averages (EMA), outlier filtering, and more.

Despite this major improvement, the gas cost to Uniswap traders for keeping oracles up to date has been reduced by ~50% relative to v2. The costs for calculating TWAPs in external smart contracts is significantly cheaper as well.

License

We strongly believe decentralized financial infrastructure should ultimately be free, open-source software. At the same time, we think the Uniswap community should be the first to build an ecosystem around the Uniswap v3 Core codebase.

With this in mind, Uniswap v3 Core will launch under the Business Source License 1.1—effectively a time-delayed GPL-2.0-or-later license. The license limits use of the v3 source code in a commercial or production setting for up to two years, at which point it will convert to a GPL license into perpetuity.

Uniswap governance can accelerate the change to GPL or grant exemptions to the license at any time by updating the files at v3-core-license-date.uniswap.eth and v3-core-license-grants.uniswap.eth .

Note that the BUSL 1.1 license does not affect integrations. All code that may be needed for external integrations has been licensed under GPL or MIT , including math libraries, peripheral contracts, interfaces, and the developer sdk. Any wallet, interface, mobile app, protocol, or other project will be able to integrate with v3 as expected.

For more information on this license, see this FAQ.

Audits and Bug Bounty

Our team believes security is of the utmost importance — it took hundreds of hours of testing for us to feel comfortable with launching Uniswap v3.

Our security process for v3 included:

• A full-length audit from Trail of Bits
• A full-length audit from ABDK
• A full audit from samczsun (no report)
• An auditing and review process from our engineering team
• A comprehensive test suite, including the automated tools Echidna and Manticore

Major bugs discovered as part of the testing and auditing process were fixed. However, we would like to note that Uniswap v3 is an extremely complex protocol and we cannot guarantee all bugs have already been discovered and resolved.

To help find any open vulnerabilities, a public bug bounty will run over the next 30 days, with up to $ 500,000 offered for critical bugs. More detail on the public bug bounty can be found here.

Launch Details

The Uniswap v3 smart contracts will be deployed to the Ropsten, Rinkeby, Kovan, and Görli testnets in the coming days, giving developers time to begin experimenting with the protocol before the official launch.

• The Uniswap v3 Core repository contains the essential, low-level smart contracts that power the protocol.

• The Uniswap v3 Periphery repository contains a collection of smart contracts designed to ease user interaction with core contracts.

A liquidity provider migration portal will be available at launch, allowing v2 LPs to seamlessly transfer their liquidity to the new protocol.

In the meantime, there are few outstanding items to complete:

• Partners and integrations can begin building on Uniswap v3 immediately, in preparation for mainnet launch!

• The interface, analytics site, API, and developer SDK are being redesigned to work with Uniswap v3.

• The initial Uniswap v3 router and position manager contracts are almost complete. While still subject to change, they are available here.

• Documentation, guides, and further examples are in progress.

• Additional infrastructure to support fungibile positions, liquidity mining, more complex strategies, and various other use cases will be built by Uniswap Labs together with the Uniswap community after mainnet launch

Reach out

On Friday, March 26 at 2pm ET we will host an AMA on the official Uniswap Discord, where we hope to answer any outstanding questions you may have around Uniswap v3. Questions can be submitted ahead of time here.

We will be releasing further updates, additional information, and initial documentation over the coming days and welcome all feedback and involvement from our community.

If you are integrating and wish to get in touch, please fill out this form and we will try to respond as soon as possible. Alternatively, reach out in the #v3-integrations channel in the community Discord

To get involved and stay up to date:

• Join the Uniswap community discord
• Follow Uniswap on Twitter
• Subscribe to the Uniswap blog
• Register as a delegate Sybil
• Participate in Uniswap governance

Uniswap Team
🦄

Have, Has, and Had

Ditulis oleh Aan Setyawan
Dipublikasikan pada November 14th at 3:35pm
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A. Perbedaan have, has, dan had

Ditulis olehDipublikasikan pada November 14th at 3:35pm

Have, has, dan had adalah salah satu kata yang hampir sangat sering muncul di dalam kalimat-kalimat bahasa Inggris. Apa perbedaan antara have, has, dan had? Sebenarnya have, has, dan had adalah satu keluarga, yaitu has dan had adalah turunan dari have. Jika mereka adalah satu keluarga, lantas apa perbedaan antara have, has, dan had tersebut? Have digunakan untuk subjek seperti I, we, you, they, dan subjek lainya yang jamak. Sedangkan has digunakan untuk subjek seperti she,he, it, dan subjek lainnya yang tunggal. Khusus untuk had merupakan bentuk past (V2) dan past participle (V3) dari have. Had digunakan untuk kalimat past tense dan (past) perfect tense serta digunakan untuk semua subjek, baik singular maupun plural.

Have
I, you, they, we,
1. I have an umbrella

2. We have studied English

Has
She, he, it
1. She has a new camera

2. He has visited Jakarta

Had
I, you, they, we,she, he, it
1. I had a bird

2. She had slept

B. Penggunaan have, has, dan had

Hal yang perlu sahabat ingat terhadap have, has, dan had adalah have, has, dan had ini bisa berfungsi sebagai main verb dan juga sebagai auxiliary verb. Main verb adalah kata kerja utama dimana dia berfungsi sebagai kata kerja mandiri. Sedangkan auxiliary verb adalah kata kerja bantu yang memodifikasi makna kata kerja yang diikuti. Dengan kata lain, sebagai auxiliary verb, have, has dan had selalu berpasangan dengan kata kerja yang lain. Pada tabel di atas, semua nomer (1) adalah contoh kata kerja have, has, dan had berfungsi sebagai main verb, sedangkan semua kalimat nomor (2) merupakan contoh have, has, dan had berfungsi sebagai auxiliary verb.

a. I have an umbrella (saya mempunyai sebuah payung)

b. We have studied English (kami telah belajar bahasa Inggris)

Pada kalimat di atas, have pada kalimat (a) berfungsi sebagai main verb ditandai dengan tidak ada kata kerja lain yang mengikuti have. “Have” pada kalimat tersebut memiliki arti “mempunyai” sedangkan pada kalimat (b) “have” berfungsi sebagai auxiliary verb ditandai dengan diikuti kata kerja lain yaitu “studied”, “have” pada kalimat tersebut mempunyai arti “telah”. Khusus sebagai main verb, kata kerja have, has, dan had memiliki beberapa arti. Untuk lebih jelasnya simak beberapa arti have, has, dan had di dalam Bahasa Inggris di bawah ini.

C. Have, has, had sebagai main verb

have, has, dan had selain berarti “mempunyai” mereka juga memiliki beberapa arti lainnya, misalnya:

1. mempunyai sesuatu barang/material

I don’t have plenty of money (saya tidak memiliki banyak uang.)

Sinonimnya adalah own, hold, possess, have got.

2. melahirkan

my mother had me in the hospital. (Ibu saya melahirkan saya di rumah sakit.)

Sinonimnya adalah produce, give birth, breed, clone, reproduce, bear.

3. memiliki hal yang khas (ber-)

Winda has brown eyes and dark hair. (Winda bermata cokelat dan berrambut gelap.)

Indonesia has a population of over 250 million. (Indonesia berpopulasi lebih dari 250 juta.)

Sinonimnya adalah have got, enjoy, posses, boast.

4. makan atau minum

I have Sate for my lunch (Saya makan Sate untuk makan siangku)

Sinonimnya adalah eat, have, swallow, consume, finish, ingest, devour, taste, wolf, stuff.

we had three cups of coffee. (kami minum tiga cangkir kopi.)

Sinonimnya adalah drink, drain, demolish, sink.

5. menderita suatu penyakit.

I have a headache (Saya menderita sakit kepala)

Sinonimnya adalah suffer from, get, develop, catch, contract, come down with.

6. menyuruh, meminta tolong

   I will have someone wash my car (Saya akan menyuruh seseorang mencuci mobil saya)

Sinonimnya adalah get, make, let.

7. menerima, memperoleh

she had a present from me. (dia menerima sebuah hadiah dariku.)

Sinonimnya adalah accept, gain, get, obtain, procure, receive, secure, take.

8. mengalami

I have a shock. (Saya mengalami syok.)

Sinonimnya adalah suffer, experience, receive, feel, undergo, go through, take, encounter, run into, sustain, endure.

9. mengadakan

Let’s have a party to celebrate. (Mari kita mengadakan pesta untuk merayakan.)

Sinonimnya adalah hold, host, call, give, convene, throw.

10. mengizinkan

I won’t have that dog in my house. (Saya tidak akan mengizinkan anjing itu di dalam rumah saya.)

Sinonimnya adalah permit, allow, tolerate, think about, entertain..

Hal yang perlu diperhatikan adalah “have, has, had” termasuk dalam kata kerja “delexical”. Apa itu kata kerja “delexical”? Delexical verb adalah kata kerja yang artinya bergeser pada kata benda yang mengikutinya, misalnya

Have a try mempunyai arti mencoba

Have a think mempunyai arti berfikir

Have a shock mempunyai arti mengalami shok

Have a breakfast mempunyai arti sarapan

Have a bath mempunyai arti mandi

Had a rest mempunyai beristirahat

Catatan penting lainya adalah jika have, has, dan had digunakan di dalam kalimat negatif, maka kita menggunakan have bukan has untuk semua subjek, baik singular maupun plural, misalnya

a. She does not have a book bukan she does not has a book

b. They don’t have many books bukan they don’t has many books

c. I didn’t have some money bukan I didn’t has some money

D. Have, has, had sebagai auxiliary verb

have, has, dan had sebagai auxiliary verb ditandai dengan diikuti kata kerja yang lain. Ketika menjadi auxiliary verb have, has, dan had selalu diikuti kata kerja bentuk ke 3 atau biasa kita sebut sebagai “past participle”. Have dan has digunakan untuk present perfect tense dan had digunakan untuk _past perfect tense. _

Present perfect tense
Past perfect tense

I have visited Marlioboro
I had visited Marlioboro

She has bought a new camera
She had bought a new camera

I have been in Jakarta
I had been in Jakarta

I have had a cough
I had had a cough

Perbedaan antara present perfect dan past perfect adalah pada present tense kejadian diawali dari masa lampau dan memungkinkan sekarang masih berlangsung, sedangkan past perfect tense kejadian juga terjadi pada masa lampau namun sudah selesai. Biasanya pada past perfect terdapat dua kejadian dimana past perfect merupakan kejadian yang terjadi sebelum kejadian yang lain, contoh:

a. When I arrived at my office this morning, I discovered that I had left my laptop on the night before.

Ketika saya sampai di kantor saya tadi pagi, saya menemukan bahwa saya telah meninggalkan laptop saya semalam.

b. When I woke up this morning, my wife had already eaten breakfast.

Ketika saya bangun pagi ini, istri saya telah selesai sarapan.