Uniswap (v3) is a decentralized cryptocurrency exchange. Uniswap v3 introduces: Concentrated liquidity, giving individual LPs granular control over what price ranges their capital is allocated to. Individual positions are aggregated together into a single pool, forming one combined curve for users to trade against; Multiple fee tiers , allowing LPs to be appropriately compensated for taking on varying degrees of risk. These features make Uniswap v3 the most flexible and efficient AMM ever designed: LPs can provide liquidity with up to 4000x capital efficiency relative to Uniswap v2, earning higher returns on their capital; Capital efficiency paves the way for low-slippage trade execution that can surpass both centralized exchanges and stablecoin-focused AMMs; LPs can significantly increase their exposure to preferred assets and reduce their downside risk; LPs can sell one asset for another by adding liquidity to a price range entirely above or below the market price, approximating a fee-earning limit order that executes along a smooth curve.