Uniswap is an open source decentralized exchange protocol built on the Ethereum blockchain and operating under the management of smart contracts. Uniswap leaves behind the traditional architecture of the digital exchange, since there is no order book. The protocol works with the design of Constant Product Market Maker, which is a variant of the model called Automated Market Maker (AMM).

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Want to see concentrated liquidity in action? Researcher @AustinAdams10 dropped new data art 🧑‍🎨

Check out this gif of ETH/USDC pool liquidity vs. ETH price over time.

Want to see concentrated liquidity in action. Researcher @AustinAdams10 dropped new data art.