Live Training #6 – Uniswap V3
English | Size: 486.92 MB
Category: Tutorial
When the first decentralized exchanges launched in 2017, it was a real revolution. Anyone could create a market for any asset. However, with so many markets, liquidity became a big issue.
On centralized exchanges, liquidity is provided by professional market markets. They provide buy/sell prices at any time. But to be a market maker, you need a lot of capital, and a lot of technical expertise. It’s a small elite that is only interested in big markets.
But on decentralized exchanges, we have a lot of small markets. The traditional approach of market makers is just not going to work there.
Uniswap solved this problem by introducing the concept of automated market makers (AMM). With AMMs, anybody can be a liquidity provider. You just send your tokens to a liquidity pool, and you get a share of the trading fees. Traders can buy an sell by tapping into this liquidity, and the price is calculated programmatically by the code of the smart contract.
Uniswap was an instant success and quickly became the biggest decentralized exchange on Ethereum.
Uniswap V2 brought more flexbility to the protocol, with the possibiliy of creating liquidity pools between any tokens, and not just with ETH as the quote currency.
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