Eidode / Mô phỏng / Uniswap V2
Uniswap V2 Simulator — Bonding Curve x·y=k
Uniswap V2 là AMM đầu tiên thành công ở quy mô lớn. Pool chứa 2 token, swap được định giá bởi công thức x · y = k. Simulator dưới đây mô phỏng đầy đủ.
- 1,974.3161 USDC/ETH
- 2,000 USDC/ETH
- -1.967%
- -1.284%
- 0.03 ETH
Thử nhanh — chọn 1 kịch bản
Chưa có swap nào
Nhấn "Thực hiện swap" ở trên để xem giải thích chi tiết điều gì đã xảy ra trong pool.
Bonding curve x · y = k — the simple explanation
Say a pool holds 1,000 ETH (x) and 2,000,000 USDC (y). k = 2,000,000,000. When you add 10 ETH, x rises to 1,010. To keep k constant, y must fall to 2,000,000,000 / 1,010 ≈ 1,980,198. You receive 2,000,000 − 1,980,198 = 19,802 USDC. The effective rate is 1,980.2 USDC/ETH — worse than the spot 2,000 because the curve bends: the bigger the trade, the worse the price.
How do liquidity providers earn?
Every swap adds 0.3% in fees to the reserves. Reserves grow → each LP share is worth more. On high-volume pools (USDC/ETH) those 0.3% × daily volume can compound to a 10–50% APY. But LPs also bear impermanent loss when price moves — net yield ≈ fees − IL.
Why is V2 capital-inefficient?
In V2, liquidity is spread across all prices from 0 to infinity — but most trades happen in a narrow band around spot. So most of the liquidity sits idle. V3 fixed this by letting LPs concentrate liquidity into a chosen price range.
Câu hỏi thường gặp
+How does Uniswap V2 work?
V2 uses the constant-product formula x · y = k — the product of the two token reserves stays constant (except for fees). When you swap, one reserve grows and the other shrinks along the curve, producing an automatic price.
+What does x · y = k mean?
x and y are the amounts of token A and B in the pool. k is the invariant — unchanged by any swap. The curve x · y = k is a hyperbola; the current point on it is the effective exchange rate between A and B.
+What is price impact?
It's how much the price moves after your swap. A big trade against a small pool pushes you far along the bonding curve → worse price. The deeper the pool, the smaller the price impact.
+Is impermanent loss real?
Yes. If ETH doubles after you add liquidity to an ETH/USDC pool, your LP position is worth about 5.7% less than simply holding the original ETH. The larger the move, the larger the IL. Try the 'Impermanent Loss' tab in the simulator.
+Where does the 0.3% fee go?
On the real Uniswap, 0.3% of every swap is added to the pool reserves — increasing each LP share's value. This simulator uses the V2 default of 0.3%. That's how LPs still earn despite IL.
+Will I lose real money using the simulator?
No. The simulator runs entirely in your browser with simulated math. There's no wallet connection and no on-chain transaction.