Uniswap V3
简介
Uniswap V3, launched in May 2021, represents a significant evolution in automated market maker (AMM) technology. This version introduces groundbreaking features that dramatically improve capital efficiency and provide liquidity providers with more control over their positions. It maintains the core principles of permissionless trading while offering enhanced functionality compared to its predecessors.
Key Features and Improvements of Uniswap V3
1. Concentrated Liquidity
Comparison with V2:
- V2: Liquidity providers (LPs) funds are distributed across the entire price range (0 to ∞)
- V3: LPs can select specific price ranges for their liquidity, which is only active within that range
- Impact: Same capital amount achieves greater trading depth and lower slippage, up to 4000x capital efficiency
Key Features:
- Custom price range specification
- More granular control over LP positions
- Better execution prices for traders
- Significantly improved capital efficiency
2. Fee Structure
Comparison with V2:
- V2: Fixed trading fee of 0.3%
- V3: Multiple fee tiers for different pair types
- Impact: LPs can choose appropriate fee tiers based on asset volatility and risk profile
Fee Tiers:
- 0.01% for stable pairs
- 0.05% for stable-like pairs
- 0.30% for standard pairs
- 1.00% for exotic pairs