別樹一格的去中心化交易所 還能幫你賺被動收入 “Uniswap”【粵語中字】

Hi everyone, I’m the editor Today’s video is finally ready after a week Introduce a good project that is very popular in Ethereum recently to everyone For the show of this episode I spent a lot of time organizing brief reports and organizing data every night this week I hope that this very interesting Ethereum project Let everyone know in a simple and easy way Before the show starts, I suggest that you don’t jump around and watch the content of this episode. Because the content from the beginning to the end is related Finally, if you think the video is helpful to you, remember to share, subscribe and like About today's show title I believe everyone is most concerned about earning passive income There is nothing wrong with the exchange Uniswap introduced today In addition to being an exchange for users to trade Everyone can also deposit funds in their fund pool By providing liquidity to exchanges So as to earn passive income I would like to follow the introduction of the Compound lending platform by the editor earlier Know one more source of passive income Remember to watch the whole episode of today’s video The editor of the exchange about Uniswap thinks it has six characteristics The editor will first explain briefly and then explain each feature in detail First, its exchange supports multi-currency currency and currency transactions Second on Uniswap You can experience a fast and simple transaction process with a simple interface design The third Uniswap exchange is completely decentralized Fourth, anyone can become an exchange liquidity provider So as to earn passive income Uniswap abandoned the order book system of traditional exchanges (Order Book) It created a unique algorithm to calculate the exchange price between coins Sixth, a new trading currency is listed on Uniswap There are no thresholds and listing fees imposed by exchanges Anyone can list new trading currencies on the exchange On the Uniswap platform, we can use the Swap exchange function For direct exchange between coins The trading currencies supported by the platform include Ethereum to ERC-20 tokens And ERC-20 tokens to ERC-20 tokens The ERC-20 token mentioned by the editor Refers to the issuance of one of the standard tokens issued on Ethereum These listed tokens can all be exchanged on the Uniswap interface Use Select Token to find the relevant token name If it appears, the token exchange supports the exchange of the token Currently, most ERC-20 tokens can be traded on Uniswap As an ordinary trader on the Uniswap platform The exchange interface is very easy to use and clear The redemption procedure is also very simple Different from the trading operations of traditional exchanges No need to place limit orders to issue trading instructions Choose the two currencies you want to exchange directly on its interface Then confirm the instructions according to the exchange price reported to you by the platform to proceed with the transaction However, you need to pay a handling fee to exchange on Uniswap But note that the handling fee is not paid to the development team Then who will be paid to will be revealed later Regarding the transaction fee, the editor has divided the relevant fee details for your reference Ether to ERC-20 token handling fee is 0.3% of Ether The fee for converting ERC-20 tokens to Ether is 0.3% of ERC-20 tokens If the ERC-20 token is exchanged for another ERC-20 token The handling fee is calculated based on the input ERC-20 and charged 0.591% You may be wondering why the exchange fee of 3) is higher than that of 1) and 2) The reason is that Uniswap will first convert the invested ERC-20 tokens into Ether Then exchange the ether for the ERC-20 tokens you wish to exchange Because there have been two transactions in the process So the handling fee will be about 1 times more expensive than 1) and 2) Different from traditional exchanges such as Binance Huobi OKEX Exchange Users do not need to deposit encrypted assets in the exchange to be able to trade On the Uniswap platform No central organization can control or manage our assets To exchange currency on the Uniswap platform Users only need to have a wallet that can communicate with the Ethereum blockchain For example, one of the MetaMask shared by the editor earlier Users can directly connect to the Uniswap exchange through the wallet After connecting, you can use the function to exchange tokens Increase or withdraw liquid funds Or create a new trading pair market Everyone knows that an exchange with higher liquidity means higher market depth The more able to withstand the impact of sudden large transactions on price volatility Also, the price difference between buying and selling will not be too big The reason is that both buyers and sellers have their own active needs Most traditional exchanges There will always be the role of liquidity provider or market maker Generally these roles belong to the project party exchange or big account Usually they will place limit orders with different prices on the buyer and seller So that traders on the exchange only need to work with market makers' orders Can make a deal Without waiting for a counterparty with the opposite needs to appear Thereby increasing market liquidity But on the Uniswap platform In addition to being a normal trader, users Anyone can become a liquidity provider or market maker Assist Uniswap's platform to improve liquidity However, due to the Uniswap platform, there is no pending order system Order Book The exchange price is based on a specific algorithm So the liquidity provider in Uniswap It is not possible to place cap orders at different prices like traditional exchanges It can only provide funds to Uniswap's platform Of course there is no free lunch in the world No one is willing to do charity and provide liquidity for exchanges for free Therefore, the transaction fee mentioned by the editor just now In fact, according to each liquidity provider The contribution to the platform's liquidity reserve is allocated proportionally to the available handling fee The relevant contribution ratio will be calculated with the internal token Uniswap Token Uni When the user injects liquidity Uni tokens into the exchange, it will be generated If the user retrieves its liquidity from the exchange Uni tokens will be converted into corresponding liquidity shares (that is, within the amount withdrawn) When the injected liquidity funds are withdrawn Uni tokens will also be burned But it should be noted that when you want to inject assets into the liquidity pool Can users not only provide liquidity to a single aspect of the trading pair? That is, you have to provide ERC-20 tokens at the same time You also have to provide the corresponding value of Ether in contrast If you provide ether Similarly, you need to provide the corresponding value of ERC-20 tokens So as to increase liquidity for the trading pair between Ether and an ERC-20 token An example will help everyone understand For example, you want to invest $100 in liquidity into the exchange's trading pair ETH and DAI market Half of the DAI equivalent to 50 US dollars will be invested in DAI's fund pool The other half of the Ether equivalent to 50 US dollars will be invested in the Ether capital pool All the new liquidity injected will be stored on the smart contract In other words, it is deposited on the liquidity pool of both ETH and DAI In addition, increasing the liquidity of the exchange will also be rewarded as a liquidity provider When you inject capital at the same time You will get an internal Uni token in proportion to your contribution Liquidity providers can also use Uniswap's user interface Check how many Uni tokens you have earned And check your own contribution to the liquidity of a trading pair The editor has two useful information about Uniswap platform to share for your reference One named Uniswap ROI Everyone just click Find Best Pool You can view the fund pool of which trading pair You can get a better expected return when you inject liquidity Sort from high return to low return from top to bottom You can refer to it Another website contains trading pairs supported by all platforms The number of liquidity pools on both sides of each trading pair Exchange price of each trading pair Recent transaction volume and transaction records of relevant trading pairs, etc.

You can refer to these two websites for relevant Uniswap exchange information On the screen are the addresses of two websites The editor will also put it in the video introduction column of this episode for your convenience On most traditional exchanges The big prerequisite for placing an order for buying and selling limit orders to allow users to reach a transaction It is whether the needs of buyers and sellers can match The procedure for matching both parties to be able to trade depends on the pending order system So enough trading depth is very important for traditional exchanges Because it is enough to affect the user experience of its exchange But the Uniswap platform does not have a system for pending orders Suppose a trader comes to Uniswap to exchange two currencies The user can not decide the price limit order Users can only refer to the exchange price calculated by Uniswap at that time And decide whether to trade The pricing method design of the Uniswap platform is simple and sophisticated This pricing design also allows its platform to not be confused Concerning traditional exchanges' concerns about insufficient liquidity in their exchanges The pricing can be automatically adjusted purely based on the relationship between supply and demand of its platform users Buy or sell anytime Regarding this novel algorithm, you can remember this formula X * Y = K X represents the number of Ether in the liquidity pool of the trading pair Y represents the number of ERC-20 tokens in the liquidity pool of the trading pair K represents the total amount of X * Y That is, the number of Ether multiplied by the number of ERC-20 tokens Please keep in mind that K is a constant quantity Unless a trader adds/removes the liquidity in the trading pair, namely X and Y From the formula, we observe that since the number of K is constant So if the number of tokens representing X decreases The number of tokens representing Y needs to increase If the number of tokens representing Y decreases The number of tokens representing X needs to increase The editor continues to use the ETH and DAI trading pair example In order to reduce the complexity of the calculation process, the editor will save the transaction fee.

Assuming the initial fund pool for the ETH and DAI trading pair Owning 1,000 Ether Ether is the X in the representative formula Another 100,000 DAI DAI owned is Y in the representative formula After the two are doubled, the total amount of 100 million represents K in the formula Continuing the previous example, the editor now hopes to exchange 10 Ether for DAI The 10 ether coins of the editor will be deposited into the ether fund pool It means that 10 ethers have been added to the ether capital pool of the trading pair The new amount of the Ethereum fund pool is 1,010 Just mentioned that the amount of 100 million total (K) is constant Because the number of Ether coins is 10 more than the original In a disguised form, the amount of the other party’s DAI fund pool needs to be reduced This is the new number of the DAI fund pool after calculation is 99,009.9001 pieces Compared with the original DAI fund pool, the reduced amount is the amount that I can exchange for DAI with 10 Ether.

In other words, the exchange rate of 10 Ether to DAI It is 1 Ether / 99.00999 DAI From the example just now, you can see the exchange price of the trading pair It is defined based on the ratio of the number of liquidity pools between Ether and DAI The exchange price is completely defined based on the supply and demand relationship But if a smart person who is good at computing may find Because K is a constant value If one of the transactions pairs the trader continuously one-way exchange of tokens of the other party Or maybe the trader exchanges large sums at once The exchange price is the price paid will be higher and higher The editor also cited an example to cite what I just said Suppose a trader exchanges different amounts of ether on the screen for DAI at once You will see that the more Ether you put in at a time, the more expensive the exchange price of DAI will be.

That means that the price the trader needs to pay is higher Because Uniswap's quotation does not change according to the external market When the ratio of a transaction to one side is out of balance There will be room for arbitrage on the price of one of the parties Just like the example on the screen A trader invested 200 Ether for DAI at a time After exchange The exchange rate of 1 ETH to DAI on the platform will become approximately 69.44 DAI When the exchange price in the external market (exchange) is 1 Ether / 100 DAI Market arbitrageurs will do the opposite They will invest DAI to exchange for cheap ether on the Uniswap platform Then sell cheap Ether in the external trading market to earn the spread The arbitrageur's operational behavior Will also automatically return the exchange price on Uniswap to normal But to mention everyone The editor does not recommend that you make large transactions on the Uniswap platform Because its project is still at a relatively early stage The size of the fund reserve of the liquidity pool is not too large For large transactions, I recommend using traditional exchanges with sufficient depth.

But if you want to be able to quickly and easily do not want to register an account on the exchange And you want to trade the required tokens Uniswap is quite suitable There is no threshold for listing new coins on Uniswap This situation is simply impossible to happen on traditional exchanges If the project party needs to list its own tokens on traditional exchanges Must be reviewed by the exchange But Uniswap has an anti-censorship feature It is also difficult for de-sino exchanges to achieve this function Because many decentralized exchanges also require project parties to apply for listing first Then after review Their team will make your tokens tradeable on their exchange But any user on Uniswap Just launch the Create Exchange function on the interface of the platform It is very easy to put a token on the trading pair of the platform No one or project team can force the listed tokens to be removed One more thing to add is that the team and the platform will not charge any listing fees The above six points are what the editor believes that Uniswap exchange is unique than other exchanges.

The editor of the innovative model of their exchange thinks it is worth spending time to share Let more friends in the currency circle get to know Some of the editors on the injection of liquidity still have a little content to add This low-threshold and interesting investment opportunity As the editor mentioned earlier Liquidity injection requires the investment of Ether and ERC-20 tokens of equal value between two parties And as a provider of liquidity The choice of injecting funds is of course to choose a trading pair that the most people will trade. So as to earn more transaction fees through more transactions of traders But any investment will also be accompanied by risks Regarding the risk Because each transaction pair will have a ratio of Ether to the number of funds in the respective pool of an ERC-20 token And the number of both will continue to change according to market supply and demand As a provider of liquidity We can’t control the ratio of the two fund pools When we need to get back liquidity It will not be equal to the 50% (Ether) / 50% (ERC-20) ratio of the initial deposit When withdrawing, it will be determined based on the reserve ratio of the trading pair at the time So when we extract The chance to withdraw is 20% (Ether) / 80% (ERC-20) ratio Or 40% (Ether) / 60% (ERC-20) ratio This uncontrollable factor Is a chance to get the coins back Plus the transaction fees you received during this period Its total value may be lower than without investment So everyone must calculate and understand the risks before investing Today’s videos are quite long About Uniswap's platform introduction, come here first There is something I don’t understand about the operation You can leave a message under the video at any time to ask questions If there are many questions The editor will then consider whether to prepare another set of teaching videos for personal demonstration Next week, the editor will introduce another project that can earn passive income.

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