根据投资机构Paradigm最新研究表明，与头部中心化加密交易平台相比，在ETH/USD、ETH/BTC、以及其他ETH交易对方面，Uniswap协议V3具有更深的流动性。相关研究显示，基于加密原生的AMM市场结构明显优于基于订单簿的交易模式，而且能把传统金融市场结构变得更具流动性、稳定性和安全性。
According to the latest investment agency, Paradigm 在此查看（pdf文档可以在这里查看），代码和数据都是免费提供的。
The full study and associated open source methods can be viewed at , at (pdf documents can be viewed at ) and both the code and the data are free of charge.
Uniswap v3流动性分析总结：
Uniswap v3 Liquidity Analysis Summary:
1、对于ETH/USD，Uniswap流动性是Binance和Coinbase两个中心化交易平台的2倍。
For ETH/USD, Uniswap is twice as mobile as two central trading platforms, Binance and Coinbase.
2、对于ETH/BTC，Uniswap流动性比Binance高出约3倍，比Coinbase高出约4.5倍。
For ETH/BTC, Uniswap is about three times more mobile than Binance and about 4.5 times more mobile than Coinbase.
3、对于ETH其他交易对，Uniswap流动性平均比其他主流中心化加密交易平台高出约3倍。
For other ETH transactions, Uniswap's liquidity is, on average, about three times higher than that of other mainstream centralized encrypted trading platforms.
下图：ETH/USD稳定币和ETH/BTC市场深度比较
Figure below: ETH/USD Stable Currency and ETH/BTC Market Depth Comparison 
注：ETH/USD交易对分析的取样时间为：2021年6月至2022年3月，ETH/BTC交易对分析的取样时间为：2022年2月至2022年3月，（以百万美元计）日均现货市场深度误差+/- 2%。此外，ETH/USD市场深度分析聚合了ETH/USD（法币）、ETH/USDC、ETH/USDT和ETH/DAI四个交易对。中心化加密交易平台数据由Kaiko提供，由于数据取样不多，本次未将FTX和Bybit交易平台纳入。
Note : The sampling time for analysis of ETH/USD transactions was June 2021 to March 2022, and the sampling time for analysis of ETH/BTC transactions was February 2022 to March 2022, with an average daily spot market depth error +/- 2% (in millions of United States dollars). In addition, ETH/USD market depth analysis brought together four transaction pairs: ETH/USD, ETH/USDC, ETH/USDT and ETH/DAI. Centralized encrypted trading platform data were provided by Kaiko, and the FTX and Bybit trading platforms were not included at this time owing to limited data sampling.
研究还发现，许多稳定币交易对在Uniswap v3上的流动性比中心化加密交易平台高得多，比如USDC/USDT交易，Uniswap v3流动性比Binance高出约5.5倍。
The study also found that many stable currency transactions were much more mobile on Uniswap v3 than centrally encrypted trading platforms, such as USDC/USDT transactions, where Uniswap v3 was about 5.5 times more mobile than Binance.
在交易对价格水平上，Uniswap v3也具有更高的市场深度，这意味着，相对于中心化加密交易平台，用户执行大额交易时Uniswap v3更具优势。举个例子，对于500万美元的ETH/USD交易，考虑到预期价格影响差异，用户在Uniswap v3上执行交易可以节省约24,000美元的费用。（以名义交易额500万美元为例，Uniswap v3上的平均价格影响仅有0.5%，而在Coinbase上的平均价格影响为1%，另外Uniswap v3上的平均费用也比Coinbase低约2个基点。）
Uniswap v3 also has a higher market depth in terms of price levels, which means that users have a better advantage when executing large amounts of transactions than centralised cryptographic platforms. For example, for $5 million in ETH/USD transactions, users can make some $24,000 in cost savings by executing transactions on Uniswap v3. (In the case of $5 million in nominal transactions, the average price impact on Uniswap v3 is only 0.5 per cent, compared to the average price impact on Coinbase 1 per cent, and the average cost on Uniswap v3 is about two basis points lower than Coinbase.)
通常来说，传统市场结构往往由少数几个做市商主导。相比之下，Uniswap v3基于加密原生的AMM市场结构提供了更好的流动性创造，继而进一步降低了加密市场参与和做市障碍，也为社区和个人投资者解锁了更多价值形式。
Often, traditional market structures are dominated by a small number of marketers. By contrast, Uniswap v3 market structures based on cryptography provide better liquidity creation, which in turn further reduces barriers to cryptographic market participation and marketing, and unlocks more forms of value for communities and individual investors.
相关阅读：数据透视Uniswap V3现状：0.05%手续费显优势，多链发展迅速夺回DEX失地
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