This past Wednesday, May 5th, Uniswap released version 3 of their automated market maker protocol. This highly anticipated release comes almost exactly one year after the release of v2, which introduced ERC20-ERC20 token swaps, avoiding the need to convert to Eth, and is largely considered one of the main catalysts to last year\u2019s DeFi summer. Uniswap quickly became the most popular decentralized exchange with millions of users and billions of dollars in total locked value and influenced a whole host of copy-cat projects. Let\u2019s take a look at the biggest upgrade with this release, Concentrated Liquidity.This latest release, Uniswap v3, focuses on improving capital efficiency when compared to v2. To accomplish this, Uniswap has implemented concentrated liquidity ranges to which liquidity providers (LPs) can allocate their assets to custom price ranges. For example, Nearly 99% of all USDC\/DAI trades occur in the $0.99-$1.01 range, yet in v2, liquidity would be reserved for all prices from $0 \u2014 infinity, meaning most of the liquidity in this pair is sitting unused. This change allows LPs to provide their coins where they are most needed and most useful. With v3, an LP can devote 100% of their assets to earning fees in that $0.99-$1.01 range.For asset pairs with less predictable trading prices, such as the USDC-ETH pool, an LP could concentrate their assets in the $3,500-$4,000 range allowing LPs to earn higher returns on their capital as long as the assets stay in that chosen price range. If the price ratio drops out of the range, by going higher or lower, the LP will stop collecting fees from trades, and their assets will be entirely composed of the less valuable asset until the price re-enters the LPs price range.So what does this look like in practice? Let\u2019s use the above USDC-ETH example of\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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