關於 for of last index ，我們在網路上蒐集到這些相關的討論、資訊與評價

🌻另一個Zoom會議(第二次貼......有補上一些內容)
繼上次的年報導讀會議後, 讓我們再做另一個會議! 這次很榮幸邀請到一位對估值很有見解的股友前輩來帶大家了解估值(恩, 這次我會是主持人, 不是主講人).
主題: 估值(valuation)分享會(Cat: 這不算基礎的估值會議)
主講人: 小揚(from安泰價值投資)
https://www.facebook.com/antaiinvestment　(此為小揚的粉絲頁)
參與者: 具基本估值能力. 若打算參加者, 請事先跟我(請私訊)提出一個關於估值的case study, 到時候可在會議中分享(最好是以投影片形式呈現, 這樣到時候好跟大家分享). 若有估值的問題, 也可以提出.
Case study可以是美股, 也可以是台股.
時間: 台灣時間07/10 (周六)晚間９點.
預計一個小時(不會像上次那樣冗長了😅): 前30分鐘由小揚做分享, 後30分鐘大家分享估值案例&提問
進行方式: 以Zoom進行(之後會私訊會議資訊給參與者)

🌻Morgan Stanley Mid-year Investor Outlook: A tricky transition

https://www.morganstanley.com/ideas/midyear-2021-global-markets-outlook

🌻在您投資生涯中, 有沒有一些觀念讓您受用很多?
下面這位投資名人的好觀念影響我很深. 他的意思是, 一般投資人, 只要能説出三個買一家公司的理由, 就很夠了. 這也迫使我, 每次在買股票時, 問自己對這家公司的了解有多少. 也會去衡量公司的優點與缺點在哪裡.

"It is vital (重要的) that you know what you own, that if I asked you on the street why you like a certain stock, you can give me three reasons. If you don't know how they make their money, who their key clients are and what they make if, then I will tell you that you are over your head and should not own individual stocks."

全文在此:
Jim Cramer: In Times Like This, Go for the Easy Money
Look at the stocks you own. Can you tell me why you've got them? If you can't answer the following three questions, then have a look at several I like right now.

We've endured the meme stock craziness, with all of its love for heavily shorted stocks. We have watched the collapse of bitcoin to levels viewed as shocking, even if they are still more than double where they were not that long ago. We've dealt with Fed officials making it clear that they are no longer on the side of the bulls or the bears. They are on the side of job growth, but are wary of inflation. We've seen the end of the rush to get vaccines, which means that millions of people are going to get the new COVID variant, because there is no natural immunity to it. We've watched as the hopes for an infrastructure bill have collapsed. We've endured shortages of everything from chips to plastic to imported goods and labor.

And we're still standing, yeah, yeah, yeah.

Yep, we are in one of those halcyon moments, where the masks are off -- even if they shouldn't be -- and Americans are back doing what they do best: consume, spend, go out to eat and then consume and spend some more.

There are times in the stock market where the collective mindset is revealed. This is one of those times: Things are cool, it's not a big moment, there's no real news for a bit, it's the historically strong period and we can reach some conclusions about where we are.

When things are like this, it is important to remember that buyers like to revert to tried-and-true companies that thrive no matter what. These are companies that have an edge and are better at what they do than other companies.

You know that I am a great believer in index funds, that the average person doesn't have the time or the inclination to research individual stocks. It's a difficult barrier. I think you need to make time to read the quarterly report and listen to the conference call, to Google articles and, if possible, get some research about the companies you own. It is vital that you know what you own, that if I asked you on the street why you like a certain stock, you can give me three reasons. If you don't know how they make their money, who their key clients are and what they make if, then I will tell you that you are over your head and should not own individual stocks. I am reminded by this, because, once again, without a mask, I can be recognized and if I am not holding "Nvidia the Second," I can carry on a conversation.

I have had many in the last two weeks and when I have asked this litany of questions, I find myself at a loss as to why almost no one knew what they owned. But they thirsted for individual stocks, because they, like me, think things are better post pandemic. No, that's not a facetious comment. Many, many stocks did better with a stay-at-home economy. A huge number.

So what do I do? I revert to what others do when you are stumped about how to stay in touch with stocks, but want to do less homework. That means buying stocks that are accessible, not stocks like Unity (U) or Snowflake (SNOW) or Twilio (TWLO) or Okta (OKTA) .

I revert to normal businesses people know and I suggest they Google some articles, peruse the conference call, but, above all, like the company's products so you can buy more if it goes down.

Here's some that I have been telling people I like:

First is Ford (F) . I think the Ford lineup is amazing. The electric F-150 series will be incredible. I am eager to get a Maverick for my family, because it is a smaller pickup that will get the job done for the myriad little things I need to do with this farm I bought from that crazy bitcoin foray. I like the competitive edge of the CEO, who says he is going to bury Elon Musk when the Lightning comes out. I even think the Bronco is cool as all get out. Most important, though? I think the chip shortage is ending. My semiconductor friends are telling me the foundries are producing more feature-rich chips and that means Ford can pump out the trucks small business people love and need. Plus, the used car prices at last have plateaued, according to their most important pricing index. Halcyon times.

Second, Costco (COST) : The samples are coming back. Tell me you don't love the samples. You need things in bulk. You want low prices. You want to get all of the things that people don't think of with Costco, like insurance, hearing-aids -- hey, they are a fortune -- jewelry, things around the house. You go and you will buy far more than you first came for. My kind of store.

The kids love this American Eagle Outfitters (AEO) , which we just bought for my charitable trust, which you can follow along by joining the Action Alerts PLUS club. Jay Schottenstein, the CEO, came on "Mad Money" recently and it's clear that his Aerie model has real staying power: 26 consecutive quarters of double digit growth. No flash in the pan, that one. Number one brand in jeans for the 15 to 25 year old group. The best in the mall. How did I know this? I see the credit card bills.

I got up this morning to do my physical therapy. I have been doing it ever since I hurt my back in February. I have this really cool pair of sneakers that fit me perfectly and I love them, but I am fortunate enough to have a vacation house and I am always taking those shoes with me.

So I went on Amazon (AMZN) this morning and lo and behold I saw them for half price. I bought two pairs. Then I went over everything I have bought in the last year and got a bunch of those things. Then I bought a pair of binoculars, because mine were stolen. I paid half price.

Yep, Amazon's universal. I was talking to Alexa, while I was ordering, getting some new music on, asking questions. I saw that despite all of the Sturm und Drang of Amazon being late with things, all the delivery dates were within range. I didn't click on any ads, and I didn't need the speed of Web Services, but the whole thing reminded me about how special the darned company is. I don't care if it's ahead or behind plan for the moment. I would just buy some more when it goes down.

Finally, Apple (AAPL) . I think people who don't own Apple should look what they are holding at this very moment. Yes, right now. Or look at what's in your lap or on the table besides your fork. And then think about the bill you paid last night without knowing it. Think about what you bought in the App store yesterday. Think about what would happen if it would break or get stolen or, left in the Uber (UBER) , or heaven forbid, be dropped into the pool or in the, yes, toilet.

There, that's what you buy in halcyon times. Stocks of companies you know that if they go lower, because things get less halcyon, you are fine with it and buy more. If things go up, believe me, you will participate.

So accept the moment. Don't try for the hard money. Go for the easy kind. That's the best kind.

https://realmoney.thestreet.com/jim-cramer/jim-cramer--15692051

Picture: 牡丹(peony)花開. 恨不得院子裡有一塊地是牡丹園.

【盛夏出遊】我要同陽光玩遊戲

⭐防曬功夫不能懶
⭐即使想曬黑也要預防曬傷
#星期一踢走BlueMonday

夏日防曬解密
太陽在夏天特別熱情奔放，受猛烈的陽光照射除了皮膚曬黑問題，紫外線更會加速皮膚老化，所以夏天護膚首重防曬！防曬方法有兩大類：一、塗沫防曬霜；二、穿著防曬衣物，兩類產品都有不少「密碼」，你都看得懂嗎？

關於防曬霜的「密碼」：
☀️UVA及UVB
陽光中的兩種紫外線，UVA會讓肌膚老化及曬黑，造成皺紋；UVB容易造成肌膚曬紅、曬傷。

☀️SPF
Sun Protection Factor的簡稱，是產品對抗UVB紫外線的防護指數，將曬傷時間延後，一般人在太陽下曝曬10分鐘便會曬傷，如使用SPF15防曬霜，可將曬傷時間延後15倍（SPF15 X 10分鐘 = 150分鐘）。室內活動宜用SPF15，逛街時宜用SPF30，戶外活動時宜用SPF50。

☀️PA
產品對抗UVA紫外線的能力，防止肌膚曬黑、曬老，分為PA+至PA++++四個等級，PA+有效防曬2至4小時，PA++有效防曬4至8小時，PA+++有效防曬8小時以上，PA++++有效防曬16小時以上。

防曬系數越高的產品質感越濃稠黏膩，容易阻塞毛孔，所以不要貪心，宜按場合選擇使用合適的防曬系數產品，出門前30分鐘塗抹一次，然後每2小時補擦一次就最好，濕水、出汗後宜額外補擦。

近年亦流行穿有防曬功效的衣物，你又知道衣物的防曬密碼怎解讀嗎？
☀️UPF
Ultraviolet Protection Factor的簡稱，與SPF概念一樣將曬傷時間延後，一般人在太陽下曝曬10分鐘便會曬傷，如穿著UPF15衣物，可將曬傷時間延後15倍（UPF15 X 10分鐘 = 150分鐘）。不過要注意，衣物的顏色、編織密度及衣物有否沾濕對防曬功能都有影響。

除了外在防曬，中醫理論認為「白色入肺」，適量進食白色食物有助美白肌膚，例如百合、雪耳、淮山、薏米、白朮、白芍、茯苓等，有助從內在潤肺美白。

留言或按讚👍🏻支持一下我們吧！❤️ 歡迎 Follow 我們獲得更多養生資訊。

Understanding sun protection during summer
The sun during summer is exceptionally harsh. When exposed, we do not only become darker, but the ultraviolet (UV) rays that come with it will expedite aging of our skin. This is why sun protective measures are important during summer!

There are two primary methods to protect ourselves from the sun: 1. Apply sunscreen, 2. Wear sun protective clothing. Yet, how well do we understand the science behind them?

Unveiling the science behind sunscreen:

☀️UVA and UVB
There are two different types of UV rays in the sun: UVA, which contributes to premature skin aging and causes wrinkles to develop; UVB, which is responsible for causing sunburn and suntan.

☀️SPF
The abbreviation for Sun Protection Factor; an index that measures the effectiveness of a product in blocking the UVB rays and delaying the process of getting a sunburn. An individual can get sunburnt if he or she stays under the sun for 10 minutes, but if the person uses a product with SPF 15, he or she can avoid getting sunburn for the next 150 minutes (SPF15 X 10 minutes). One should use SPF15 product for indoor activities, SPF30 for shopping trips, and SPF50 for outdoor activities in open spaces.

☀️PA
A protection score that measures a product’s ability to protect the skin from UVA, preventing sunburn and delaying the aging process of the skin. There are four ratings in this system, ranging from PA+ to PA++++. A product with the PA+ rating can last between 2 to 4 hours, PA++ 4 to 8 hours, PA+++ 8 hours and above, and PA++++ 16 hours and above.

Products that are thicker and gooier can clog the pores of our skin easily, so we have to choose the most suitable products according to our environment. Apply sunscreen 30 minutes before leaving the house, and reapply another layer once every 2 hours, especially when we break out in a sweat.

Sun protective clothing has also popular recently. How well do you understand it?

☀️UPF
An abbreviation for Ultraviolet Protection Factor. The concept is more or less the same as SPF as it works by delaying the time it takes to get sunburnt. An individual can get sunburnt if he or she stays under the sun for 10 minutes, but if the person put on the sun protective clothing with UPF15, he or she could avoid getting sunburn for the next 150 minutes (UPF15 X 10 minutes). Do note that the moisture that the garment absorbs as well as its color and density would affect its sun protection properties.

Besides adopting sun protection measures, it is important to consume ingredients that are white in color to brighten the skin. This is because Chinese Medicine believes ingredients that are white in color are good for the lungs. These ingredients include lily bulb, snow fungus, Chinese yam, coix seed, atractylodes rhizome, white peony root, and poria. In addition to moistening the lungs, these ingredients can also give us a healthier complexion.

Comment below or like 👍🏻 this post to support us. ❤️ Follow us for more healthy living tips.

#男 #女 #我狀態OK

📜 [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.

👏 歡迎轉載分享鼓掌

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「東京タワー」
"Tokyo Tower"

　texture : パテ風クリアスライム
飾り : イチョウ(三色からランダム)
香り : お馴染みのリンゴ
サイズ : 8oz
　価格 : 1600円

このスライムは１１月２７日金曜日の２１時からＢＡＳＥにて販売します！
詳細はインスタグラムや今後公開される動画でご確認ください♪

BASEショップやインスタグラムのURLはこちらから → https://linktr.ee/mochiyoslime


0:00 〜 OP

0:30 〜 本編開始(BGM有り)
Start of the main movie (with BGM)

0:53 〜 ライトアップ
light up

1:14 〜 触り始め
Start touching

2:27 〜ライトアップ終了(BGM終了)
end of light up (End of BGM)

3:16 〜 容器から出す
take out of a container

3:24 〜 片手で触る　
touch with one hand

3:45 〜 両手でガッツリ遊ぶ　
play with both hands

7:49 〜 あたたたたいむ　
royal straight flush time

7:54 〜 もこもこテクスチャーで遊ぶ
play with a fluffy texture

8:26 〜 もこもこにして容器に還元　fluff up and return to the container

8:31 〜 もこもこテクスチャーで遊ぶ
play with a fluffy texture

明るいところでライトアップするとこんな感じです！
If you light it up in a bright place, it looks like this!

イチョウのチャームは３色からランダムです
Ginkgo charm is available in three colors at random.

唐突のライトアップ撮影いかがでしたでしょうか笑
How was the sudden lighting-up video shooting?

友達のベラちゃんの動画の撮影方法が綺麗だったので参考にしました
My friend's video shooting method was beautiful, so I used it as a
→ https://www.youtube.com/watch?v=sfZLPZ0NilY&t=539s

このスライムは去年の１０月に販売したもののリメイクです
This slime is a remake of what we sold last October.
→ https://www.youtube.com/watch?v=nltPjID0t14&list=PLkG0_hHV7UC-h7W1c6r4J0IMXr0TFhq-l&index=2

前回のものより、手離れ良く、そしてムニムニさせました
It's easier to touch than the previous one.

溶けにくく、触りやすいパテ風に仕上げました
It's made in a putty style that's hard to melt and easy to touch.

飴みたいに見える気がします
I think it looks like candy.

手離れが良いので片手で遊びやすいです
It's easy to play with one hand because it's easy to get rid of.

分厚いバブル音をお楽しみいただけます
Enjoy the thick bubble sound.

この動画ではテンプレでもこもこにして遊んでいますが
In this video, I'm making slime fluffy.

でも実際もこもこにせず、まったりムニムニするのがおすすめです
But I recommend that you touch it gently, not flluff it up.

少しずつ、ちょいちょい突っつくのがオツなスライムです
It's a slime that's nice to pork at little by little.

ハードボイルドに仕上げたので寒い地域だとより硬くなるかも知れません
It's hard-boiled, so it might get harder in cold weather.

硬いなと感じたらしばらくは間接照明としてご利用ください（）
If you feel that it is hard, please use it as indirect lighting for a while ()

インテリアとして皆さんのお部屋の一部に紛れ込めたら嬉しいです（）
I hope you can use it as your interior decoration.

温めてもなかなか手離れは悪くならない方ではあるので温めＯＫです！
It's hard to get sticky even when heated.

でもレンチンは推奨していないので、おコタとかで温めてください♪
Please warm it up with kotatsu or something♪

兎にも角にもゆったりお楽しみいただければ幸いです
Anyway, I hope you will enjoy yourself leisurely.

香りは当店おなじみの甘いリンゴの香りです♪
The scent is the sweet apple scent that we are familiar with♪

アタタタタタタタァァッッ！！
royal straight flush!!!!

もこもこに空気を入れてもあまりベタつきません
Even if you put in a lot of air, it doesn't get sticky.

２倍くらいに膨らみます！
It swells about twice as much!

細かいバブル音も力強くて楽しいです
The fine bubble sound is also powerful and fun.

このスライムは１１月２７日金曜日の２１時からＢＡＳＥにて販売します！ 詳細は概要欄や今後公開される動画でご確認ください♪

それでは引き続きASMRをお楽しみ下さい！
Please continue to enjoy ASMR!

おそまつさまでした！
Thank you for eating.

ご視聴ありがとうございました！
Thank you for watching!



〜＊〜〜＊〜〜＊〜〜＊〜〜＊〜〜＊〜

サブチャンネル【もちよの研究室】はコチラ！
↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓
https://www.youtube.com/channel/UCWmSQDBSNQTX6kpFm6lYLnw

Instagram, twitter, BASE shop, メルカリはこちら！
↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓
https://linktr.ee/mochiyoslimestore

スライムの提供についてはコチラ！
↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓
https://www.instagram.com/s/aGlnaGxpZ2h0OjE3ODQ4ODU4NzU3MDI2MzA3?igshid=1hr3jy34zfnpo&story_media_id=2286885986591781571

イヤフォンやヘッドフォンをして聴いて頂くとよりいい音で楽しめるかとおもいますので、是非に😎

また、画面右上のチョンチョンチョンのとこから画質を1080pに設定して動画を見ていただけると、高画質でお楽しみ頂けます💪💪

どうもこんびんは！
もちよすらいむです🧜🏻‍♀️

有名なスライマーさんのスライムのレビューや、自分で作ったスライムの動画などのASMRを中心に、いろいろなジャンルの動画を上げていきたいと思います！

太古の動画や、short ver.の動画、編集実況などは全てインスタグラムのアカウントの方にあります。インスタライブでスライムを触ったりもします。

興味を持ってくだされば、是非インスタアカウントのもチェックして頂きたいです☺️
↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓ ↓
https://www.instagram.com/mochiyoslime


＊大学に通いつつ資格試験の勉強もしている学生の身ですので、更新が突然途絶える可能性があります🙇‍♀️

＊慢性鼻炎でして、呼吸音が入ってしまうことがあります🤦‍♀️
また、机に爪がコツンと当たる音が入ってしまうことがあります。苦手な方は、ご視聴非推奨です🙇‍♀️

＊自室にて、マイクを使って撮影してます！ですが、多少は「サーー」というホワイトノイズが入っています。また、稀ですが実家ぐらしなので家族の出す生活音が入ってしまう可能性があります。そういったものが苦手な方にも、ご視聴非推奨です🙇‍♀️

＊動画を見てくださりありがとうございます💕そしてこの概要を最後まで読んでくださりありがとうございます💕

是非チャンネル登録をして、これからももちよの動画をお楽しみください💁‍♀️

〜＊〜〜＊〜〜＊〜〜＊〜〜＊〜〜＊〜

#もちよすらいむ #mochiyoslime #べらちゃんのslimeしばき部屋 #slime #asmr #asmrsounds #asmrslime #スライム #音フェチ #音フェチ動画 #音フェチスライム #clayslime #slayslime #butterslime #cloudcream #thickslime #thickie #thickieslime #fluffyslime #clearslime #slusheeslime #slushieslime #fishbowlslime #crunchyslime #slimejapan #スライムジャパン #sakuraslime #さくらスライム #aisu屋さん #tiaslime #slimeogproof #ogslimeproof #aobaslime #awesomeslimeproof #awesomeslime #slimefantasies #slimefantasiesproof
#rodemslime #rodemslimeproof #mooncottonslime #slimebyktmproof

RANDONAUTICA
恐怖遊戲實況

Instagram: https://www.instagram.com/dw_kid12/

Facebook: https://www.facebook.com/deepwebkid/?modal=admin_todo_tour

訂閱: https://www.youtube.com/channel/UCKC6E5s6CMT5sVBInKBbPDQ?sub_confirmation=1

暗網? 陰謀論?: https://www.youtube.com/watch?v=W5RVLpFkAKQ&list=PLGzW5EwcApFuqKoowMHS9v8W34vIPyrtk

鬼故事: https://www.youtube.com/watch?v=H4rmkFI1ik0&list=PLglqLngY6gv5BCwaoP-q6DOwUmw1lIusF

我的100K成長故事: https://www.youtube.com/watch?v=Kdhtp6A6YJE

破解Kate yup事件是假的! 不是綁架! 不要被騙! (Facebook上的證據): https://www.youtube.com/watch?v=2NJVt56ORWo&t=2s

曼德拉效應: https://www.youtube.com/watch?v=OMutzRIE_uE&list=PLglqLngY6gv5BCwaoP-q6DOwUmw1lIusF&index=17&t=5s

深刻個人經歷: https://www.youtube.com/watch?v=4Roa6Vs1qWc&list=PLglqLngY6gv4mm_doLUUJx4zq5KvLJ2VE


在外國試驗恐怖Randonautica App能碰到什麼?
會帶你到異度空間的靈異App
會帶你到異度空間的靈異APP
會帶你到異度空間的電話APP
會帶你到異度空間的恐怖APP

你相信世界有巧合嗎? 你在街上一日chait身而過的人有數百個, 是什麼能讓我們uw yue, ying sik, kauw gun?
旅遊恐怖app ‘Randonautica’ 令到douyin那班leng jai在公園揭發一douy死人wuy tuy,
Randonaut會信是宇宙萬物中的量子yun ling他們到那個地方.

Randonautica跟Pokémon GO相似: 在現實世界進行探索任務. 唯一分別是你探索緊的那樣東西由你念力出發. 他們腦子又是想什麼的呢? 根據量子物理學, 電話app會吸收你腦粒子加上靈性學你用個app時的intention=你去到的最終目的地.

‘Randonautica’ 拿了你地址後會有3種不同分bo模式.

‘Attractor’ 模式: 會到量子點很擠迫的地方.
‘void’ 模式: 量子點極少的地方.
‘anomaly’ 模式, 如果你心裡面有強烈信念, 一些答案就會找到.

網上有Randonaut用了這個app去到自己爺爺的fun mo. 而暗網仔今天要出街希望找到人生的意義.

現在你聽到的聲音 , 6個ging點我已經去過. 當中lui ching不jook yi改變我一生, 但神奇地也有不可思議的地方.

朋友
(Say Maslows hierarchy of needs love and belonging is #3. Quarantine has been hard and friendship has been difficult to maintain... finding friendship.)
全名:暗網仔. 年齡: 27身高: 181cm. 職業: Youtuber.
這是啊暗第一個被yun ling到的地點: 43.599747, -79.595291.
所以啊暗食了一條蕉( 還放上IG!!!) 照了照鏡子make sure自己有Indiana jones的氣質就出門口.

Yik情的關係令我想 ‘朋友’ 這個koy nim好多. 朋友’ 定義是: 要天天boon cheuy你身邊一定做不到, 所以只好在你生日時pooy你fung kwong一晚就是 ‘朋友’? 啊暗猜不到命運第一達帶他去的地方會是一dung 大ha. Google map確切的位置是大ha pong been的一po植物. 其實啊暗知道app指ling他發現的是一位拿著高爾夫球裝備, 剛剛做完運動的大約50多歲的白人男子. 他面dai笑yung, 好奇望著啊暗在sow yiw那po jik mut..
那位大sook好快就上了友人的車離去. 啊暗回到車後承認自己不夠勇敢, 沒有真實地dap出第一步. 有時d friend可能就要你call一call佢
但Randonautica怎會知道我在想什麼?

(-found a guy playing golf. Smiled at me but was a bit hostile. I was too afraid to go make contact. Maybe that’s what life is like, friendships you have to reach out.)

*use attractor.

“It was my first time randonauting. So I just manifested seeing something red and the coordinates led me here...”

性&食物
(Physiological needs)
*use void

(Sex: the place is an isolated location, or a void. Their was a sign on the door of the place called ‘just shoot it!’ -a hockey club. Maybe the place is a good one to take a date for sex?)
啊暗在想著性被帶到一些工廠背後一達地方. 調查後發現tit門上有 ‘just shoot it!’ 3個英文字. 可能這個地方不是尋找性的一個地方. 也許是帶人來 “just shoot it” 的一個地方.

下一個神奇地啊暗想著食物後, 就帶了他去到平時喜歡食的Five guys burger的那一個soing cheung. 不是確切地點, 但啊暗實在太肚餓.

iPhone等Apple產品有都市傳聞說會偷聽用戶的對話. 我第一個地點是有講過 ‘找朋友’ 這句說話, 之後也有講過 “找東西吃” 這句說話, 但我整程車根本沒有講過’five guys burger’ 這個地方名字. Randonautica會不會kuy用你部iPhone的Google map偷看我平時到開車到達最多的chan teng呢? 電話整天都跟身, 10足10跟jung器.
Ping goh隱私權政策有提到 “we may collect and store details, including search queries. This information may be used to improve the relevancy of results provided by our searches”

(Food was just food. Went to five guys and got some food. Even though it wasn’t directly at the place. It’s usually where I buy my food anyways.)


工作
(Safety needs)
這裡, 這裡, 這裡...公園內的一大peen空地是啊暗要找 ‘工作’ 的地方. Randonautica能這麼短時間受歡迎起來因為他破壞城市人一般的jit juw帶你到平日不會去的地方.
*use attractor
(Park )
(Video of girl witnessing someone getting shot)
[破解] 影片中的女生發現一個恐怖案法現場然後bung kwooy. 但為什麼這不是一件好事呢? 有分sik Randonautica的網友用Despair-meme法juk段定Randonautica的最後結果. 如果在經歷跟自己日常生活變化時, 對世界多一份敏感是好事. 但如果整天看負面新聞, hoi怕改變, 可能就會好像這個女生, manifest 生活以外一些悲劇的發生.

名氣
(Esteem needs) (say this is something you truly want and you crave for. Extremely important to you.)
*use anomaly
(Someone’s house. So disappointing)
這個是啊暗好想要的. 失望地只是一間屋的門口. 又是不敢去看看. 啊暗的想法是: 我相念不夠keung嗎?

[真相]
Randonautica創辦人表示app根據Fatum project去geen jo. Fatum project原本的用意研究我們每一個人以外有可能jook poong到的reality. 根據我們每一個人的lo chup, jap gwan, 人生ging lik, 條件及外在因素我們在生ming會到達的地方永遠ley不開那幾個.

Sierpinski三角形是最好representation. 無論你在三角型任何一個點開始chong jo三角形, 也到不了一些blindspot. (好像我由細到大都經過的那座大樓) 那個行為由如到達另一個星球一樣.
唯一是kauw randonautica ley hoi ‘static’s field’ 甚至影響你自己生命道路的那一條線.

人生的意義
(Self actualization)
*use anomaly
(Someone’s house again)
人生的意義最終也是人家的屋子. 雖然我最後也是um yeen ley hoi但可能...這就是人生的意義. 有些事你是suey yiw dap出第一步的. 即使你不是玩這個game的時候人生才會不停有duk po. 可能我就是要be reminded of 這個道理. 有不可思議的地方, 學到了新東西, 流了一些hon: a good summer day well spent.

(Need to take the first step to change your life and change your pattern. So I will be trying new things. First is to wake up earlier.)

(Last story: I used the app with a friend the next day...we ended up at a house with a pool. She said that although her intent was buying a present, in reality she wanted to swim. So we were suppose to knock on the door and ask the family if we could swim with them?)
之後一天跟朋友再玩. 原本這位朋友想找一份生日禮物, 但我們到了一個wing chi. 因為原本他心底想著是yuw水. 而最尾...