方圆-谈谈 Uniswap.pdf

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1、谈谈 Uniswap Uniswap v2BuyerSellerOrder BookBuyerSellerOrder BookMarket MakerBuyerSellerMarket MakerAutomated Market Maker(AMM)术语PairA smart contract deployed from the Uniswap V2 Factory that enables trading between two ERC20 tokens.PoolLiquidity within a pair is pooled across all liquidity providers.

2、Liquidity provider/LPA liquidity provider is someone who deposits an equivalent value of two ERC20 tokens into the liquidity pool within a pair.Liquidity providers take on price risk and are compensated with fees.FactoryA smart contract that deploys a unique smart contract for any ERC20/ERC20 tradin

3、g pair.Create PoolInject tokens ratio should be price防占坑滑点滑点，般是指预设成交价位与真实成交价位之间的偏差。交易额度越，滑点越，交易者损失越流动性越，滑点越，交易者损失越(成交后价格-初始价格）/初始价格 uniswap V1/V2(成交平均价格-初始价格）/初始价格 uniswap V3滑点常损失什么是常损失，当资产价格剧烈波动时，持有的资产净值损耗减少，就会产暂时性的账损失。但如果将资产投流动性资池提供流动性，由于AMM的机制，价格与外部市场脱离，并不会动调整价格，需要依靠套利者买卖资产来使其达到与外部市场价格的平衡，造成越涨越卖、

4、越跌越买的情况，所以这种套利为的存在，通常将会使常损失变成永久性损失。常损失20 eth 10000 usd price eth 500Price eth=550No Uni 20 eth*550+10000 usd=21000 usdUni 19.069 eth*550+10488.09 usd=20976.04 usd loss is 0.11%Price eth=450No uni20 eth*450+10000 usd=19000 usd Uni21.082 eth*450+9486.63 usd=18973.73 usd loss is 0.13%常损失Uniswap v3Liqui

5、dity Problem of v2eth/usdc10000 usdc/6 ethK=60000P=1667p=15009486/6.324price change 10%Amount of Usdc change 5.15%Concentered Liquidity DesignConcentered Liquidity DesignConcentered Liquidity DesignConcentered Liquidity DesignConcentered Liquidity Designeth/usdc4000 usdc/2 eth K=4000P=2000,Pa=1000,P

6、b=3000=L=305.38p=15002170.33/2.31price change 50%，Amount of Usdc change 46%p=15004/0price change 100%，Amount of Usdc change 100%Concentered Liquidity DesignTickA tick is a measure of the minimum upward or downward movement in the price of a security.A tick can also refer to the c