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Groupe d'étude de marché

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Artemy Biryukov
Artemy Biryukov

Dex V3 WORK



The company behind the Uniswap protocol announced version 3 was coming in late March and now the automated market maker (AMM) is rolling it out in the middle of a crypto bull run that has pushed ether (ETH) to all-time highs. ETH is the second-largest cryptocurrency by market cap and the native token of Ethereum, where DeFi was born and much of the action still takes place.




Dex V3



"Uniswap v3 is a big step forward for the protocol," Peter Johnson of Jump Capital wrote via email. "The increased flexibility it provides market makers on how they provide liquidity into the protocol makes liquidity provisioning more attractive, and should make trading on Uniswap more efficient for traders." Jump Capital is the venture arm launched by the principals behind Jump Trading, the influential high-frequency and algorithmic trading firm founded in 1999.


Concentrated liquidity makes the basic functionality of an AMM more efficient for all users. A basic AMM allows market participants to deposit two tokens into any given liquidity pool. Each pool then offers a price for both tokens. That price is determined simply by the ratio of the two tokens.


For example, if there's 100 DAI in a pool with 100 USDC, then 1 DAI is worth 1 USDC and vice versa. These markets depend on arbitrageurs to trade them back in line with the market when this simple system goes out of whack.


This approach leaves a lot of liquidity effectively unusable, though, because if someone tried to buy 70 USDC from our pool above, it would knock the average price for the trade way above the market price. So no one would ever make that large of a trade there.


Concentrated liquidity allows people lending funds to a pool, known as liquidity providers (LP), to define a band in which their deposits will trade. They might deposit 100 USDC and 100 DAI, but with the caveat their USDC will never trade for less than 0.99 DAI and never more than 1.01 DAI.


It's also a clever solution to the problem of "impermanent loss," a persistent bugbear for liquidity providers to AMMs. In a classic AMM, a liquidity provider can lose money over shorter periods of time when one token in a pool of two gains too much against the other.


Bancor and THORChain provide insurance against impermanent loss. With Uniswap v3, however, a liquidity provider can simply not allow deposits to be traded in ranges where an impermanent loss would occur.


\"Uniswap v3 is a big step forward for the protocol,\" Peter Johnson of Jump Capital wrote via email. \"The increased flexibility it provides market makers on how they provide liquidity into the protocol makes liquidity provisioning more attractive, and should make trading on Uniswap more efficient for traders.\" Jump Capital is the venture arm launched by the principals behind Jump Trading, the influential high-frequency and algorithmic trading firm founded in 1999.


It's also a clever solution to the problem of \"impermanent loss,\" a persistent bugbear for liquidity providers to AMMs. In a classic AMM, a liquidity provider can lose money over shorter periods of time when one token in a pool of two gains too much against the other.


As of last week, Uniswap v3 is supported in Amberdata APIs, Websockets & more. This brings a big upgrade to the Uniswap ecosystem, building off of the foundation previously highlighted last year. The biggest change for V3 is the liquidity logic that allows liquidity providers to focus collateral on a range of the constant product, rather than bearing exposure to the wider range of prices.


No other platform provides deep actionable APIs for accessing DEX & DeFi like Amberdata.Uniswap has a track record of being the largest growth and best UX of Ethereum DeFi, as previously highlighted here. With the deep integration available in Amberdata APIs, anyone can easily integrate the best DeFi data with the fastest time to market and lowest learning curve.


With Uniswap v3, there is a way to migrate tokens. This allows tokens traded on V2 to utilize a quick method for upgrade & transfer into V3 compatible pairs. This is interesting, since we can now have both completely new liquidity positions in V3 while also having migrated pairs.


Taking a look at the migration transaction 0x52c8d13aca777d527c2da0021859f6953e67a405e9348d9b4f5ce5d5f452c0c5 you can see a string of events where the liquidity from V2 was migrated into V3, burning DAI holdings on V2 and then minting DAI holdings in V3. Lastly, you will see an NFT being created to represent the liquidity position of the V3 collateral.


In Ethereum, the ERC20 standard allows for duplicate token symbols, which actually breaks the traditional pair and ticker symbol standards. The important takeaway for using DEX data: Use Contract Addresses rather than Pair Names


A combination of factors is behind the momentum. For one, Trader Joe launched a new model for users to provide liquidity, called Liquidity Book in November, and has progressively been adding tradable tokens to the feature since then.


Trader Joe also launched on Arbitrum at the end of December. Like Gains Network, a leveraged trading platform, trading activity on Trader Joe has increased since launching onthe Ethereum scaling solution.


Trader Joe originally launched in July 2021 on Avalanche, another blockchain generally seen as a competitor to Ethereum. Trader Joe is still the clear leader on Avalanche with its $274M in volume over the past week nearly 10 times larger than the next biggest exchange on Avalanche, called WOOFi, according to DeFi Llama.


While many seem to be praising Uniswap v3, Sergej Kunz, co-founder of DEX aggregator 1inch, told Cointelegraph that in comparison to v2 and most other automated market makers, the new version has become a specialized instrument that caters more to sophisticated market makers rather than amateur liquidity providers, adding:


In spite of opposition from its largest investor Andreessen Horowitz (a16z), the deployment of Uniswap v3 on the BNB Chain has been approved by community members, with Wormhole serving as the cross-chain bridge for the new version of the platform.


According to data from Tally, a total of 500 addresses participated in voting on the controversial proposal. These addresses cast a combined 84.8 million votes, with 65.89% of the votes supporting the proposal, 33.57% opposing it, and only 0.53% abstaining.


Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.


Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.


Since the inception of distributed ledger technologies (DLT), the idea that no single entity controls the ecosystem has been at the center of decentralized finance(DeFi) growth and development. The introduction of automated market makers (AMMs) to blockchain systems expanded that idea by resolving liquidity challenges early DeFi pioneers faced.


As of today, AMMs are the primary way to trade digital assets within the DeFi sphere, allowing users to create liquidity pools, which incentivize liquidity providers (LPs) to supply pools with tokens or assets. Therefore, the more assets a pool has the more liquidity within that pool increases, which makes crypto trading easier.


Two years later, the ambitious Uniswap team again disrupted the international DeFi ecosystem with Uniswap v2, a better and new implementation of the Uniswap algorithm based on the same formula, with new highly-desirable optimizations, setting the stage for exponential growth in AMM adoption.


V2 enabled the creation of ERC-20 to ERC20 liquidity pools in addition to the previous ERC20 to ETH pools within the DEX, which facilitated over $135 billion in trading volume, becoming the top cryptocurrency exchange in the world.


Uniswap v3 is a noncustodial automated market maker implemented for the Ethereum Virtual Machine. In comparison to earlier versions of the protocol, Uniswap v3 provides increased capital efficiency and fine-tuned control to liquidity providers, as well as improves the accuracy and convenience of its price oracle, with a more flexible fee structure. 041b061a72


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