# 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】

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.