關於 income effect example ，我們在網路上蒐集到這些相關的討論、資訊與評價

TỪ VỰNG IELTS - CHỦ ĐỀ THROWAWAY SOCIETY
🎯PHẦN TỪ VỰNG
- throwaway society: xã hội mà trong đó người ta sử dụng đồ đạc trong một thời gian ngắn sau đó vứt chúng đi, mua thứ đồ mới
vpurchase the latest version of things: mua phiên bản mới nhất
- encourage somebody to do something: khuyến khích ai đó làm gì
- to be in good condition and perfectly functional: trong tình trạng tốt và các chức năng hoạt động tốt
- overconsumption = excessive consumption: việc tiêu thụ quá mức
- overproduction = excessive production: việc sản xuất quá mức
- long-lived products = durable products = products that are made to last for a long period of time: những sản phẩm có tuổi thọ dài
- short-lived products = non-durable products = products that are made to last for a short period of time: những sản phẩm có tuổi thọ ngắn
- repurchase = buy again: mua lại
- repeat customers: những khách hàng sẽ mua hàng lại ở cửa hàng họ đã mua
- make a dent in your finance: làm giảm số tiền bạn đang có
- higher profit margins for manufacturers: lợi nhuận biên lớn hơn cho các nhà sản xuất
- tempt customers into buying the latest, novelty items: thu hút khách hàng mua những sản phẩm mới nhất
- disposable products: những sản phẩm dùng 1 lần rồi vứt đi
- solid waste generation rates: tỷ lệ thải ra chất thải rắn
- environmental degradation: sự suy khóa môi trường
- contaminate soil and water: làm ô nhiễm đất và nước
- increase consumer spending: tăng chi tiêu của khách hàng
- bad spending habits: thói quen tiêu xài xấu
- leftover food: đồ ăn thừa
- a new version with more features: phiên bản mới với nhiều tính năng hơn
- have a negative/detrimental/harmful effect on: có ảnh hưởng có hại lên...
- buy things that you do not really need: mua những thứ mà bạn không thực sự cần
- a waste of money: một sự lãng phí tiền của
- buy new things to relieve stress or anxiety: mua đồ mới để giải tỏa căng thẳng và lo âu
- overspend = spend beyond one's income: chi tiêu quá mức
- huge amounts of toxic waste: 1 lượng khổng lồ chất thải
- to be discharged into the environment: bị thải ra môi trường
- encourage people to reuse and recycle more: khuyến khích người dân tái chế và tái sử dụng nhiều hơn.
- get into serious debt: bị mắc nợ nghiêm trọng

🎯PHẦN BÀI MẪU
These days people in some countries are living in a “throwaway” society which means people use things in a short time then throw them away. What are its causes and what impacts can it have?

Dịch đề: Ngày nay người dân ở một số quốc gia đang sống trong một “xã hội bỏ đi” nghĩa là người ta sử dụng đồ đạc trong một thời gian ngắn sau đó vứt chúng đi. Nguyên nhân và ảnh hưởng mà xã hội này gây ra?

The topic of “throwaway society” has been discussed in recent years. In this society, people tend to throw away their old items regardless of whether or not they still work and purchase the latest version of things. This essay will look at some primary reasons for this phenomenon and the adverse impacts that it could have on individuals and the environment.

There are several causes of the throwaway society and I think advertising could be the first culprit. Advertisements encourage people to purchase goods and services that they do not really need by delivering a message that possessing the latest version of an item could improve a person’s self-image, confidence and even social status. For example, many of today’s teenagers spend nearly $1,500 buying iPhone X to show that they are wealthy and fashionable even though their old phones are still in good condition and perfectly functional. Another cause is mass production of non-durable goods which are often used once and thrown away. These products are much cheaper and more convenient than durable ones, hence, attract a large number of customers.

Individuals living in the throwaway society could suffer a great deal. They could easily get into serious debt if they get into the habit of buying the latest, novelty items. Many teens are being burdened with thousands of dollars in credit card debt for their unnecessary purchases, which could lead to depression and anxiety. Environmental degradation is another problem facing the throwaway society. Due to excessive production of disposable goods, huge amounts of hazardous waste are being discharged into the environment, which directly contaminates soil and water.

In conclusion, there are various factors leading to the advent of our throwaway society and increasing consumer debt and environmental damage are the two major problems which result from this society.

(299 words, written by Nguyen Huyen)

PHẦN VÍ DỤ: https://ielts-nguyenhuyen.com/tu-vung-ielts-chu-de-throwaway-society-dich-tu-chi-tiet/
#ieltsnguyenhuyen

📜 [專欄新文章] Uniswap v3 Features Explained in Depth

✍️ 田少谷 Shao

📥 歡迎投稿： https://medium.com/taipei-ethereum-meetup #徵技術分享文 #使用心得 #教學文 #medium

Once again the game-changing DEX 🦄 👑

Image source: https://uniswap.org/blog/uniswap-v3/

Outline

0. Intro1. Uniswap & AMM recap2. Ticks 3. Concentrated liquidity4. Range orders: reversible limit orders5. Impacts of v36. Conclusion

0. Intro

The announcement of Uniswap v3 is no doubt one of the most exciting news in the DeFi place recently 🔥🔥🔥

While most have talked about the impact v3 can potentially bring on the market, seldom explain the delicate implementation techniques to realize all those amazing features, such as concentrated liquidity, limit-order-like range orders, etc.

Since I’ve covered Uniswap v1 & v2 (if you happen to know Mandarin, here are v1 & v2), there’s no reason for me to not cover v3 as well ✅

Thus, this article aims to guide readers through Uniswap v3, based on their official whitepaper and examples made on the announcement page. However, one needs not to be an engineer, as not many codes are involved, nor a math major, as the math involved is definitely taught in your high school, to fully understand the following content 😊😊😊

If you really make it through but still don’t get shxt, feedbacks are welcomed! 🙏

There should be another article focusing on the codebase, so stay tuned and let’s get started with some background noise!

1. Uniswap & AMM recap

Before diving in, we have to first recap the uniqueness of Uniswap and compare it to traditional order book exchanges.

Uniswap v1 & v2 are a kind of AMMs (automated market marker) that follow the constant product equation x * y = k, with x & y stand for the amount of two tokens X and Y in a pool and k as a constant.

Comparing to order book exchanges, AMMs, such as the previous versions of Uniswap, offer quite a distinct user experience:

AMMs have pricing functions that offer the price for the two tokens, which make their users always price takers, while users of order book exchanges can be both makers or takers.

Uniswap as well as most AMMs have infinite liquidity¹, while order book exchanges don’t. The liquidity of Uniswap v1 & v2 is provided throughout the price range [0,∞]².

Uniswap as well as most AMMs have price slippage³ and it’s due to the pricing function, while there isn’t always price slippage on order book exchanges as long as an order is fulfilled within one tick.

In an order book, each price (whether in green or red) is a tick. Image source: https://ftx.com/trade/BTC-PERP

¹ though the price gets worse over time; AMM of constant sum such as mStable does not have infinite liquidity

² the range is in fact [-∞,∞], while a price in most cases won’t be negative

³ AMM of constant sum does not have price slippage

2. Tick

The whole innovation of Uniswap v3 starts from ticks.

For those unfamiliar with what is a tick:

Source: https://www.investopedia.com/terms/t/tick.asp

By slicing the price range [0,∞] into numerous granular ticks, trading on v3 is highly similar to trading on order book exchanges, with only three differences:

The price range of each tick is predefined by the system instead of being proposed by users.

Trades that happen within a tick still follows the pricing function of the AMM, while the equation has to be updated once the price crosses the tick.

Orders can be executed with any price within the price range, instead of being fulfilled at the same one price on order book exchanges.

With the tick design, Uniswap v3 possesses most of the merits of both AMM and an order book exchange! 💯💯💯

So, how is the price range of a tick decided?

This question is actually somewhat related to the tick explanation above: the minimum tick size for stocks trading above 1$ is one cent.

The underlying meaning of a tick size traditionally being one cent is that one cent (1% of 1$) is the basis point of price changes between ticks, ex: 1.02 — 1.01 = 0.1.

Uniswap v3 employs a similar idea: compared to the previous/next price, the price change should always be 0.01% = 1 basis point.

However, notice the difference is that in the traditional basis point, the price change is defined with subtraction, while here in Uniswap it’s division.

This is how price ranges of ticks are decided⁴:

Image source: https://uniswap.org/whitepaper-v3.pdf

With the above equation, the tick/price range can be recorded in the index form [i, i+1], instead of some crazy numbers such as 1.0001¹⁰⁰ = 1.0100496621.

As each price is the multiplication of 1.0001 of the previous price, the price change is always 1.0001 — 1 = 0.0001 = 0.01%.

For example, when i=1, p(1) = 1.0001; when i=2, p(2) = 1.00020001.

p(2) / p(1) = 1.00020001 / 1.0001 = 1.0001

See the connection between the traditional basis point 1 cent (=1% of 1$) and Uniswap v3’s basis point 0.01%?

Image source: https://tenor.com/view/coin-master-cool-gif-19748052

But sir, are prices really granular enough? There are many shitcoins with prices less than 0.000001$. Will such prices be covered as well?

Price range: max & min

To know if an extremely small price is covered or not, we have to figure out the max & min price range of v3 by looking into the spec: there is a int24 tick state variable in UniswapV3Pool.sol.

Image source: https://uniswap.org/whitepaper-v3.pdf

The reason for a signed integer int instead of an uint is that negative power represents prices less than 1 but greater than 0.

24 bits can cover the range between 1.0001 ^ (2²³ — 1) and 1.0001 ^ -(2)²³. Even Google cannot calculate such numbers, so allow me to offer smaller values to have a rough idea of the whole price range:

1.0001 ^ (2¹⁸) = 242,214,459,604.341

1.0001 ^ -(2¹⁷) = 0.000002031888943

I think it’s safe to say that with a int24 the range can cover > 99.99% of the prices of all assets in the universe 👌

⁴ For implementation concern, however, a square root is added to both sides of the equation.

How about finding out which tick does a price belong to?

Tick index from price

The answer to this question is rather easy, as we know that p(i) = 1.0001^i, simply takes a log with base 1.0001 on both sides of the equation⁴:

Image source: https://www.codecogs.com/latex/eqneditor.php

Let’s try this out, say we wanna find out the tick index of 1000000.

Image source: https://ncalculators.com/number-conversion/log-logarithm-calculator.htm

Now, 1.0001¹³⁸¹⁶² = 999,998.678087146. Voila!

⁵ This formula is also slightly modified to fit the real implementation usage.

3. Concentrated liquidity

Now that we know how ticks and price ranges are decided, let’s talk about how orders are executed in a tick, what is concentrated liquidity and how it enables v3 to compete with stablecoin-specialized DEXs (decentralized exchange), such as Curve, by improving the capital efficiency.

Concentrated liquidity means LPs (liquidity providers) can provide liquidity to any price range/tick at their wish, which causes the liquidity to be imbalanced in ticks.

As each tick has a different liquidity depth, the corresponding pricing function x * y = k also won’t be the same!

Each tick has its own liquidity depth. Image source: https://uniswap.org/blog/uniswap-v3/

Mmm… examples are always helpful for abstract descriptions 😂

Say the original pricing function is 100(x) * 1000(y) = 100000(k), with the price of X token 1000 / 100 = 10 and we’re now in the price range [9.08, 11.08].

If the liquidity of the price range [11.08, 13.08] is the same as [9.08, 11.08], we don’t have to modify the pricing function if the price goes from 10 to 11.08, which is the boundary between two ticks.

The price of X is 1052.63 / 95 = 11.08 when the equation is 1052.63 * 95 = 100000.

However, if the liquidity of the price range [11.08, 13.08] is two times that of the current range [9.08, 11.08], balances of x and y should be doubled, which makes the equation become 2105.26 * 220 = 400000, which is (1052.63 * 2) * (110 * 2) = (100000 * 2 * 2).

We can observe the following two points from the above example:

Trades always follow the pricing function x * y = k, while once the price crosses the current price range/tick, the liquidity/equation has to be updated.

√(x * y) = √k = L is how we represent the liquidity, as I say the liquidity of x * y = 400000 is two times the liquidity of x * y = 100000, as √(400000 / 100000) = 2.

What’s more, compared to liquidity on v1 & v2 is always spread across [0,∞], liquidity on v3 can be concentrated within certain price ranges and thus results in higher capital efficiency from traders’ swapping fees!

Let’s say if I provide liquidity in the range [1200, 2800], the capital efficiency will then be 4.24x higher than v2 with the range [0,∞] 😮😮😮 There’s a capital efficiency comparison calculator, make sure to try it out!

Image source: https://uniswap.org/blog/uniswap-v3/

It’s worth noticing that the concept of concentrated liquidity was proposed and already implemented by Kyper, prior to Uniswap, which is called Automated Price Reserve in their case.⁵

⁶ Thanks to Yenwen Feng for the information.

4. Range orders: reversible limit orders

As explained in the above section, LPs of v3 can provide liquidity to any price range/tick at their wish. Depending on the current price and the targeted price range, there are three scenarios:

current price < the targeted price range

current price > the targeted price range

current price belongs to the targeted price range

The first two scenarios are called range orders. They have unique characteristics and are essentially fee-earning reversible limit orders, which will be explained later.

The last case is the exact same liquidity providing mechanism as the previous versions: LPs provide liquidity in both tokens of the same value (= amount * price).

There’s also an identical product to the case: grid trading, a very powerful investment tool for a time of consolidation. Dunno what’s grid trading? Check out Binance’s explanation on this, as this topic won’t be covered!

In fact, LPs of Uniswap v1 & v2 are grid trading with a range of [0,∞] and the entry price as the baseline.

Range orders

To understand range orders, we’d have to first revisit how price is discovered on Uniswap with the equation x * y = k, for x & y stand for the amount of two tokens X and Y and k as a constant.

The price of X compared to Y is y / x, which means how many Y one can get for 1 unit of X, and vice versa the price of Y compared to X is x / y.

For the price of X to go up, y has to increase and x decrease.

With this pricing mechanism in mind, it’s example time!

Say an LP plans to place liquidity in the price range [15.625, 17.313], higher than the current price of X 10, when 100(x) * 1000(y) = 100000(k).

The price of X is 1250 / 80 = 15.625 when the equation is 80 * 1250 = 100000.

The price of X is 1315.789 / 76 = 17.313 when the equation is 76 * 1315.789 = 100000.

If now the price of X reaches 15.625, the only way for the price of X to go even higher is to further increase y and decrease x, which means exchanging a certain amount of X for Y.

Thus, to provide liquidity in the range [15.625, 17.313], an LP needs only to prepare 80 — 76 = 4 of X. If the price exceeds 17.313, all 4 X of the LP is swapped into 1315.789 — 1250 = 65.798 Y, and then the LP has nothing more to do with the pool, as his/her liquidity is drained.

What if the price stays in the range? It’s exactly what LPs would love to see, as they can earn swapping fees for all transactions in the range! Also, the balance of X will swing between [76, 80] and the balance of Y between [1250, 1315.789].

This might not be obvious, but the example above shows an interesting insight: if the liquidity of one token is provided, only when the token becomes more valuable will it be exchanged for the less valuable one.

…wut? 🤔

Remember that if 4 X is provided within [15.625, 17.313], only when the price of X goes up from 15.625 to 17.313 is 4 X gradually swapped into Y, the less valuable one!

What if the price of X drops back immediately after reaching 17.313? As X becomes less valuable, others are going to exchange Y for X.

The below image illustrates the scenario of DAI/USDC pair with a price range of [1.001, 1.002] well: the pool is always composed entirely of one token on both sides of the tick, while in the middle 1.001499⁶ is of both tokens.

Image source: https://uniswap.org/blog/uniswap-v3/

Similarly, to provide liquidity in a price range < current price, an LP has to prepare a certain amount of Y for others to exchange Y for X within the range.

To wrap up such an interesting feature, we know that:

Only one token is required for range orders.

Only when the current price is within the range of the range order can LP earn trading fees. This is the main reason why most people believe LPs of v3 have to monitor the price more actively to maximize their income, which also means that LPs of v3 have become arbitrageurs 🤯

I will be discussing more the impacts of v3 in 5. Impacts of v3.

⁷ 1.001499988 = √(1.0001 * 1.0002) is the geometric mean of 1.0001 and 1.0002. The implication is that the geometric mean of two prices is the average execution price within the range of the two prices.

Reversible limit orders

As the example in the last section demonstrates, if there is 4 X in range [15.625, 17.313], the 4 X will be completely converted into 65.798 Y when the price goes over 17.313.

We all know that a price can stay in a wide range such as [10, 11] for quite some time, while it’s unlikely so in a narrow range such as [15.625, 15.626].

Thus, if an LP provides liquidity in [15.625, 15.626], we can expect that once the price of X goes over 15.625 and immediately also 15.626, and does not drop back, all X are then forever converted into Y.

The concept of having a targeted price and the order will be executed after the price is crossed is exactly the concept of limit orders! The only difference is that if the range of a range order is not narrow enough, it’s highly possible that the conversion of tokens will be reverted once the price falls back to the range.

As price ranges follow the equation p(i) = 1.0001 ^ i, the range can be quite narrow and a range order can thus effectively serve as a limit order:

When i = 27490, 1.0001²⁷⁴⁹⁰ = 15.6248.⁸

When i = 27491, 1.0001²⁷⁴⁹¹ = 15.6264.⁸

A range of 0.0016 is not THAT narrow but can certainly satisfy most limit order use cases!

⁸ As mentioned previously in note #4, there is a square root in the equation of the price and index, thus the numbers here are for explantion only.

5. Impacts of v3

Higher capital efficiency, LPs become arbitrageurs… as v3 has made tons of radical changes, I’d like to summarize my personal takes of the impacts of v3:

Higher capital efficiency makes one of the most frequently considered indices in DeFi: TVL, total value locked, becomes less meaningful, as 1$ on Uniswap v3 might have the same effect as 100$ or even 2000$ on v2.

The ease of spot exchanging between spot exchanges used to be a huge advantage of spot markets over derivative markets. As LPs will take up the role of arbitrageurs and arbitraging is more likely to happen on v3 itself other than between DEXs, this gap is narrowed … to what extent? No idea though.

LP strategies and the aggregation of NFT of Uniswap v3 liquidity token are becoming the blue ocean for new DeFi startups: see Visor and Lixir. In fact, this might be the turning point for both DeFi and NFT: the two main reasons of blockchain going mainstream now come to the alignment of interest: solving the $$ problem 😏😏😏

In the right venue, which means a place where transaction fees are low enough, such as Optimism, we might see Algo trading firms coming in to share the market of designing LP strategies on Uniswap v3, as I believe Algo trading is way stronger than on-chain strategies or DAO voting to add liquidity that sort of thing.

After reading this article by Parsec.finance: The Dex to Rule Them All, I cannot help but wonder: maybe there is going to be centralized crypto exchanges adopting v3’s approach. The reason is that since orders of LPs in the same tick are executed pro-rata, the endless front-running speeding-competition issue in the Algo trading world, to some degree, is… solved? 🤔

Anyway, personal opinions can be biased and seriously wrong 🙈 I’m merely throwing out a sprat to catch a whale. Having a different voice? Leave your comment down below!

6. Conclusion

That was kinda tough, isn’t it? Glad you make it through here 🥂🥂🥂

There are actually many more details and also a huge section of Oracle yet to be covered. However, since this article is more about features and targeting normal DeFi users, I’ll leave those to the next one; hope there is one 😅

If you have any doubt or find any mistake, please feel free to reach out to me and I’d try to reply AFAP!

Stay tuned and in the meantime let’s wait and see how Uniswap v3 is again pioneering the innovation of DeFi 🌟

Uniswap v3 Features Explained in Depth was originally published in Taipei Ethereum Meetup on Medium, where people are continuing the conversation by highlighting and responding to this story.

👏 歡迎轉載分享鼓掌

7 Asas Menanam Sayuran Daripada Biji Benih

Di sini kami ingin berkongsi beberapa perkara asas menanam sayuran daripada biji benih. Artikel ini disasarkan kepada mereka yang hendak bermula bercucuk tanam di rumah tetapi ianya mungkin juga bermanfaat bagi mereka yang telah lama berkebun. Banyak lagi sebenarnya perkara-perkara yang boleh dimasukkan ke dalam artikel ini tetapi maklumat di bawah adalah yang utama untuk diketahui bagi memastikan biji benih ditanam dan tumbuh dengan...
Continue Reading7 Basics Planting Veggies From Seeds

Here we want to share some of the basics of planting vegetables from seeds. This article is targeted to those who want to start planting at home but it may also be beneficial for those who have long gardening. Many more are actually things that can be included in this article but the information below is the main thing to be known to ensure seeds are planted and well growing.

1. Quality of seeds is important.

Not all seeds can grow and the addition rate depends on the quality of the seed. Generally more quality seeds contain or have a larger size. To make sure you get quality seeds get from a trusted manufacturer. Seeds treated with antimicrob and antifungus are also better.

2. The time taken for additions is different

Each plant grows at a different rate. Okra is among the plants that are easy and grow fast. Chili grows slowly and grows than okra. There are also seeds that will take long or hard to grow. To help extension, soak the seeds in the water for the night before being infused.

3. Ways of plants are different according to plants.

Plants like spinach and kangkung are easy to be planted, seeds can directly be covered on the plant media but keep the distance between seeds is not too close. For vegetable plants that grow like salad and cabbage need a larger room between plants. Plants like this and other plants such as chili and tomatoes should be sowed in the tray of a seasian and then diverted to the plant media like in a pot or on the ground. The distance between plants and vase size needs to fit the type of plants. For seeds that have low splash rates, sow over the media and then move the seeds that have grown into the tray of the semaian tray.

4. Use medium semaian and medium of suitable plants

Medium that is suitable for a piece of seed is smooth, holding humidity well, has a good ventilation, and hype (loggar). A good medium is also free from any pest, disease (sterile), and weed seeds. An example of a medium that is suitable for a seed of seeds is peat mos. Soil is not suitable to be used for a piece of seed because it's not sterile, too heavy, and doesn't have good irrigation A good medium plant is like a mixed soil that is rich with organic ingredients, has good ventilation and irrigation, optimum pH level and sufficient and balanced nutrients.

5. Make sure the medium is always moist during the extension process

The addition begins when seeds absorb water and roots will start to grow to get nutrients and water. At the extension stage, it's important to ensure the right condition for seed growth as its growth is easily affected when lack of water or too hot. The water should be enough during the period of addition without adding to it. One way to keep the humidity is to put a tray into plastic until the seeds grow.

6. Light is important after addiction

To ensure the right condition for the extension of seeds, seeds are usually sowed in dim and not hot conditions. But after the seeds have grown, the seeds need to be exposed to the sun. Lack of light after addiction will cause seeds to grow long and thin. Morning sunlight is enough to make sure seeds grow well.

7. Plants need to be maintained

Care is also important after the seed has grown and there are 4 things to be prioritized that are, light, water, nutrients and pest control. Plants need sufficient light at least 4-5 hours of sunlight but it also depends on the type of plant, some don't need much light and some need lots of light. Water also needs to be confirmed enough for plants, the frequency of siraman is depending on the weather condition. Pembajaan needs to be done to ensure plants grow fresh and produce satisfactory results, rejuvenation is usually done every 2 weeks.

Pest control is also important and it's not just to be done when there's an attack but controls also need to be made to avoid pest attacks. An example of pest control is using a spray of pest control and biologically control which is one of them by planting plants that can attract predators to plant pests.

We hope this article is beneficial and helpful in your gardening activities. If you have any questions or feedback please use the comment section below.

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