https://github.com/nanne007/how-uniswap-works

https://github.com/nanne007/how-uniswap-works

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• Host: GitHub
• URL: https://github.com/nanne007/how-uniswap-works
• Owner: nanne007
• Created: 2020-08-10T03:29:05.000Z (over 4 years ago)
• Default Branch: master
• Last Pushed: 2020-08-12T02:56:58.000Z (over 4 years ago)
• Last Synced: 2023-07-13T19:50:47.841Z (over 1 year ago)
• Size: 1000 Bytes
• Stars: 0
• Watchers: 2
• Forks: 0
• Open Issues: 0
• Metadata Files:
  • Readme: README.md

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README

        
---

marp: true

theme: gaia

footer: by [lerencao](https://github.com/lerencao)

paginate: true

---

# Uniswap 介绍

- 心智模型

- 做市

- 交易

- 费用

- Price Oracle

- 优缺点

---

## 心智模型

- 传统交易所：挂单/吃单

- uniswap：自动做市商（AMM）

  - 底池/底仓/Pool

  - 流动性/Liquidity

  - 交易/Trade/Swap

---

![width:30cm](https://uniswap.org/static/402f9d4fd5e78d4a7977a938e69343f2/df51d/anatomy.jpg)

**恒定乘积模型**

``` ruby

# before:             # after:

x * y = k     ==>     (x + a) * (y - b) = k

```

---

## 做市 (aka 提供流动性)

![width:30cm](https://uniswap.org/static/94f9a497b001a6b27df2c37adadc05b4/824f2/lp.jpg)

- 流动性越高，价格滑动越缓慢。

---

## 交易

![width:30cm](https://uniswap.org/static/40a3fe965d188286abe8502f68ef42a1/4eea2/trade.jpg)

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## 费用

- trading fee: 0.3%

- slipping rate.

- protocol fee: 1/6 of trading fee. (for developers, not enabled for now)

---

## 价格 oracle

![height:16cm](https://uniswap.org/static/305e79bfff0602175a5d2948fc4a820d/97a96/v2_onchain_price_data.png)

---

![width:30cm](https://uniswap.org/static/f134d0d4763a11354a400c3c944aecad/97a96/v2_twap.png)

---

## 和 cex 比较

- cex: 深度不够，容易砸盘。

- dex:

  - 只适用于想*市价交易*的用户，不适用于*限价交易*的用户。

  - 交易费比较高。

  - 做市商需要承受 *impermanent loss*。

---

## 参考

- [uniswap doc](https://uniswap.org/docs/v2/)

- [uniswap paper](https://uniswap.org/whitepaper.pdf)

- [cex and dex](https://www.lichang.io/articleDetail/563924)

- [impermanent loss](https://uniswap.org/docs/v2/advanced-topics/understanding-returns/)