[爆卦]Narrowed是什麼?優點缺點精華區懶人包

雖然這篇Narrowed鄉民發文沒有被收入到精華區:在Narrowed這個話題中,我們另外找到其它相關的精選爆讚文章

在 narrowed產品中有67篇Facebook貼文,粉絲數超過4,466的網紅賭Sir(杜氏數學),也在其Facebook貼文中提到, He sat down and smoked a couple of rolls with eyes narrowed. "They don't let you (smoke) in England, but in China, you can do what you want. I like it...

 同時也有13部Youtube影片,追蹤數超過4萬的網紅Lockon Starfish,也在其Youtube影片中提到,ลงทะเบียนรับสิทธิ์ทดสอบ The Division Heartland https://register.ubisoft.com/division-experience/en-US?utm_source=narrativ AI ช่วยปรับกราฟิก GTAV ให้ส...

narrowed 在 Nay-o ?️?️?️ Instagram 的最讚貼文

2021-09-17 14:49:22

Get To Know: @Supergoop’s Glowscreen Body SPF 40 Throughout The Day 💛 Over the years, I’ve narrowed down a couple of sunscreens that have kept my skin...

narrowed 在 WENDY VAZ ✰ CONTENT TIPS Instagram 的精選貼文

2021-09-03 17:01:07

If you were to tell me when I was in high school, I can make a living by creating content online. ⁣ ⁣ I wouldn't believe you. ⁣ ⁣ It's not that it's n...

narrowed 在 Daniel Wu 吴 彦 祖 Instagram 的最讚貼文

2021-04-09 20:02:25

I have a special affinity to design of the 60’s. This was the era of modernism, minimal design with an eye towards the future. 60’s sports cars expres...

  • narrowed 在 賭Sir(杜氏數學) Facebook 的精選貼文

    2021-09-02 05:58:09
    有 11 人按讚

    He sat down and smoked a couple of rolls with eyes narrowed. "They don't let you (smoke) in England, but in China, you can do what you want. I like it like that," said O'Sullivan.
    🔴奧蘇利雲於2012年對自由做了一次詮釋

  • narrowed 在 Hapa Eikaiwa Facebook 的最佳貼文

    2021-05-14 13:00:29
    有 46 人按讚

    ☆ネイティブの生の会話からリアルな英語を学ぶ☆
     
    =================================
    1) Censorship(検閲)
    =================================
     
    censorshipはテレビやネット、出版物といった表現物を事前に調べ、取り締まることを意味し、日本語の「検閲」に相当します。censorshipは名詞、censorは動詞です。
     
    <例文>
     
    Are you for or against censorship?
    (あなたは検閲に賛成ですか、反対ですか?)
     
    Recently, YouTube has been censoring controversial videos.
    (最近、YouTubeは物議を醸すような動画を検閲しています。)
     
    There are certain expressions that are censored from mainstream media.
    (大手メディアによって検閲されている表現があります。)
     
     
    =================================
    2) Narrow down(絞り込む)
    =================================
     
    narrow downは、条件を定めて多くの中から絞り込むことを意味します。narrowは「狭い」を意味し、範囲や選択肢がどんどん狭くなっていくニュアンスが含まれます。ネットで調べ物をするときに具体的なキーワードを入力して検索結果を絞り込んだり、旅行中に訪れたい場所を数か所に絞り込むような状況で使えます。
     
    <例文>
     
    You should be more specific and narrow down your search.
    (もっと具体的に絞り込んだ方がいいよ。)
     
    I narrowed down the guest list to ten people.
    (招待客を10人に絞りました。)
     
    There’s no way we can visit all of these places in one day. We have to narrow them down.
    (これだけの場所を1日で回るのは無理だよ。絞り込まないと。)
     
     
    =================================
    3) Go too far(〜をやり過ぎる)
    =================================
     
    go too farは本来、遠くに行き過ぎることを意味しますが、日常会話では「やり過ぎ」や「言い過ぎ」など度が過ぎることを表します。カッとなって言い過ぎてしまったり、冗談の度を過ぎるような状況で使われます。「ちょっとやり過ぎ」はgo a little too farのように、a littleを加えるだけでOKです。
     
    <例文>
     
    You went too far. You should apologize to her.
    (言い過ぎだよ。彼女に謝った方がいいよ。)
     
    I know you were trying to be funny but you went too far.
    (笑いを取ろうとしていたのは分かるけど、やり過ぎだよ。)
     
    Do you think I went too far? I didn’t mean to offend him.
    (言い過ぎちゃったと思う?彼を傷つけるつもりはなかったんだ。)
     
     
    =================================
    4) Average American(平均的なアメリカ人)
    =================================
     
    この表現は「平均的なアメリカ人」を意味し、特に典型的なアメリカ人と比較をする時に、「____ than your average American.」という表現がよく使われます。例えば、「彼は典型的なアメリカ人より控えめだ」と言う場合は、「He is more reserved than your average American.」と言います。この表現はアメリカ人に限らず、average Japanese person(平均的な日本人)、average child(平均的な子供)、average student(平均的な学生)のように別の名詞に置き換えることができます。
     
    <例文>
     
    She is a lot more mature than your average teenager.
    (彼女は一般的なティーンエイジャーよりもずっと大人びています。)
     
    He’s much bigger than your average Japanese guy.
    (彼は平均的な日本人よりもはるかに大きいよ。)
     
    The burgers here are a little pricy but they’re way bigger than your average burgers at fast food restaurants.
    (ここのハンバーガーはちょっと値段は高いけど、一般的なファストフードのハンバーガーよりもはるかに大きいよ。)
     
     
    =================================
    5) Come on(いい加減にして)
    =================================
     
    come onは使い方によって色々な意味がありますが、今日の会話では「いい加減にして」という意味で使われています。特に、しつこい相手に何かをやめて欲しい時や勘弁して欲しい時などに「Come on!」と言います。
     
    <例文>
     
    Come on! Cut it out.
    (いい加減やめてよ。)
     
    Come on! I’m trying to study. Stop bothering me.
    (いい加減にして!勉強しようとしているのに邪魔しないで。)
     
    Come on, give me a break. I didn’t drop your camera on purpose. It was an accident.
    (勘弁してよ。君のカメラを落としたのはわざとじゃないんだ。間違えて落としちゃったんだよ。)
     
      
     
     
      
    〜〜〜〜〜〜〜〜〜〜〜〜〜〜〜〜〜〜〜
    本日ご紹介したフレーズは、iTunes Japanの「ベストポッドキャスト」に2017から4年連続選出されたHapa英会話の人気コンテンツPodcast第337回「表現の自由と検閲の必要性」の内容の一部です。Podcastの全内容をご覧になりたい方は、Hapa英会話のブログをチェック!会話の全文、会話の要約、ピックアップしたフレーズ、ポッドキャストでは説明できなかった表現や言い回しが掲載されています。
     
    https://hapaeikaiwa.com/podcast337
    〜〜〜〜〜〜〜〜〜〜〜〜〜〜〜〜〜〜〜

  • narrowed 在 Taipei Ethereum Meetup Facebook 的精選貼文

    2021-04-21 13:57:23
    有 4 人按讚

    📜 [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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