A surprising outcome of the Uniswap V3 design is the possibility of executing range orders. Both take-profit orders (sell asset X once it hits a high-enough price) and buy limit orders (buy asset X once it hits a low-enough price) are possible.

One of the feedback points on our recent post on Impermanent Loss in Uniswap V3 was that range orders are a perfect example where impermanent loss actually works in your favor:

This is true and a great starting point to explore how price prediction may affect traders' perception of impermanent loss. …


Earlier this week, I wrote about how to derive the Impermanent Loss formula for Uniswap V1 and V2. We will use the same approach to calculate Impermanent Loss for Uniswap V3 and concentrated liquidity positions.

Impermanent loss is a popular concept when it comes to automated market makers (AMMs) like Uniswap. As a liquidity provider, your position may fall in value with respect to either asset (before fees) and impermanent loss is often defined as the percentage loss an LP would experience for a given price movement.

Uniswap V3 liquidity providers provide liquidity in a fixed price range. This feature…


Impermanent loss is a popular concept when it comes to automated market makers (AMMs) like Uniswap. As a liquidity provider, your position may fall in value with respect to either asset (before fees) and impermanent loss is often defined as the percentage loss an LP would experience for a given price movement.

There are some excellent articles that explain the concept well and provide examples, but they all quote a formula for impermanent loss without offering a derivation:


The V2 to V3 jump in Uniswap has opened up liquidity providers to more choices. These choices in turn create opportunities for active strategy managers.

Projects like Visor, Charm, Lixir and others are looking to manage liquidity on behalf of users, hoping to retain the ergonomics of V1 and V2 while taking advantage of the profitability of V3.

In this article, we look at Uniswap development from V1 to V3 with an eye towards highlighting the additional flexibility offered to users.


Two liquids merging
Photo by Adrien Converse

This post is the product of collaboration between Gauntlet and Peteris Erins (Auditless) in the intersection of formal verification and incentive simulation. We thank Haseeb Qureshi and Charlie Noyes for their review feedback.

We believe that agent-based simulation can help analyze smart contracts and protocol behavior. But other methods exist, such as formal verification. Formal verification makes logical guarantees that appear stronger than the statistical guarantees of simulation. Is it better than incentive simulation at answering security questions we care about? In this post we explore formal verification and argue that it is a strong complement to simulation.

We will…


Photo by Sweet Ice Cream Photography

Originally published in http://www.peteriserins.com/posts/2019/7/20/become-an-enterprise-product-manager-in-1nbspweek.

In order to help up-and-coming enterprise Product Managers, I’ve put together a set of content that illustrates key breakthroughs in the practice of enterprise Product Management. My goal is to bootstrap anyone — an Engineer, Marketing Manager, aspiring Founder — who has found themselves promoted into a B2B Product Management role and make them effective from week 1.

Obviously, you will not reach your full potential as a Product Manager in one week. …


tl:dr; Around the Block is getting more personal and focused on long-term value for you. Subscribe to my personal newsletter for all new writing on crypto, tech and beyond!

Around the Block is now over five months old. I'm reflecting on what I've learned, what audience I want to be writing for and how this publication can be the best thing for you to read. I'm taking a number of steps to make sure this is true.

Writing every week has been a significant motivator to keep learning and synthesizing and has allowed me to get up to speed in…


In the 1930s, investment portfolios were allocated based on the perceived “goodness” of a company and the price in relation to that.

Robert F. Wiese is credited with inventing intrinsic value in “Investing for True Values” (1930).

The proper price of any security, whether a stock or bond, is the sum of all future income payments discounted at the current rate of interest in order to arrive at the present value.

Only one significant refinement was made by John Burr Williams in his 1938 book “The Theory of Investment Value”.

Earnings are only a means to an end, and the…


The Blockchain revolution started with a little white-paper in 2010. Since then, key ideas have been primarily expressed in this academic format. If you want to understand crypto technology, crypto economics as a developer, investor or enthusiast, you need to be able to effectively prioritize and read white-papers.

I have recently developed an approach to reading white-papers, driven by the latest thinking on effective learning, and want to share it in this note.

P.S.For those who enjoyed reading about naming systems last week and want to dive deeper into how ENS and Handshake work, I would recommend Imran Khan’s post


This issue is coming a week late as I spent some time in Santorini. Among other things, it allowed me to catch-up on reading, so in place of last week's issue, here is a tweet thread with all the relevant book reviews.

The Handshake Naming System was announced about a week ago and I think it's important to put it in the context of the history of naming.

If you're a visual person, feel free to skip to the table at the bottom.

The first names

The earliest recorded name for a person is believed to be “Kushim”, the signed…

Peteris Erins

Founder @auditless Prev @mckinsey @twitter @google · @p_e · peteriserins.com

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store