Uniswap v3: reactions to DeFi’s most anticipated DEX upgrade

There’s quite a bit to say about the details of Uniswap’s v3 release. But if Uniswap’s core intention was to improve capital-efficiency and “to prove AMMs can outcompete traditional exchanges on all fronts,” v3 accomplishes about as much as could have been expected on that front.

To understand this, we can compare the main innovation in v3, custom price ranges, with other AMM developments since Uniswap’s original v1 launch in November 2018. First, an explanation of how AMMs work to conceptually understand the design space.