Sites to check when you want to migrate your Uniswap LP from v2 to v3
I’m not an active LP (Liquidity Provider) but I’ve had ETH2-FLI (indexcoop’s ETH leveraged token) / ETH pair on Uniswap for quite some time. The reason I had that pair is that both leveraged token and eth token should move in the same direction so should be a less impermanent loss. However, I also know that I shouldn’t be earning much fee once Uniswap v3 is in place.
I still don’t fully know the best strategy yet but I will share the sites I looked through on my way of figuring out.
Checking your profit on L2
(NOTE: This address is some random person’s address I found on uniswap.info)
This site shows how much fee you earned.
Comparing Liquidity between v2 and v3
They are the official uniswap info site. You just need to know that you have to go to both the main site (v3) and old v2 site to compare them. For this pool, I can see that the volume is 10x ($8m on v3 and $800k on v2) as well as 24h fee ($24.53 on v3 and $2,4 on v2).
I also checked the volume of Optimism and Arbitrum but they don’t even have the pairs listed.
If you connect your wallet to v2, it shows the pool you are in and allows you to migrate to v3 with the same pair.
It first allows you to pick fee, either 0.05% (stable), 0.3%(normal), or 1%(exsotic). Since the biggest volume of this pair is 0.3%, it’s a sort of no brainer to pick 0.3%.
Then I get stuck at putting Min / Max price which I had no idea.
V3 Fee Calculator
Quick google search let me to this fee calculator site.
This site looks nice and shows 18–23 as the default range but I find a few issues using this site.
- Finding the pair from dropdown is quite a pain because it doesn’t have search functionality
- The range is only based on the last 5 days
- The page freezes after a few minutes and I have to refresh the page (and pick the correct pair) again.
I did get a basic insight that something between 18–23 can be the range I could add but still not quite sure to decide only based on the past 5 days data.
Show historical price range with BitQuery
Bitquery is a service somewhere between the graph and Dune analytics.
Like TheGraph, you can write a query using GraphQL. Like Dune, schema are pre-indexed and also it lets me write aggregate functions with graph chart which is quite handy. I’ve only used the service a few times before so had to spend good 10 min to learn how to do aggregation by day which was something like timeInterval{ day(count:1) } .
According to the chart, it went to the range of somewhere between 10–35.
Checking the liquidity range .
One of the problems of v3 is that if you have a very narrow range, you may earn a lot of fees while the price is in the range, but you will earn zero once it goes outside of the range.
Let’s go back to the uniswap info page.
This chart shows a huge spike at 0.0767 ( which is the same as 1 / 0.0767 = 13). I am guessing someone set the concentrated liquidity in the small range but he/she didn’t maintain often enough.
I can also see that there is very little liquidy outside of 0.0929 (which is the same as 1/0.0929 = 10)and0.0312 (which is the same as 1/0.0312 = 32) so the market already includes my insight through the bitquery.
Uniswap v3 Simulator
https://uniswap-simulator.vercel.app/simulator
Someone on CT also sent me another simulator.
I still don’t fully understand all features but one important takeaway is on the left bottom. If you set in the range of 10–30, you are more likely to earn 4.2x than just putting your money on V2.
Summary
In this blog post, I quickly went through all the tools I used to figure out the potential range you want to put into v3 pool if you haven’t migrated yet.
I actually haven’t migrated yet because my ledger hw wallet is having some issue so DYOR before you trust my finding and please share any additional info you find on its way of doing the migration.
