虽然近期关于 Azuki 的讨论非常多，本人持有 Azuki，但本 thread 无关 Azuki，而是放在一个更大的维度去思考 “NFT 流动性” 这个话题。

Months ago we wrote a analysis on DEX, especially we observed liquidity migration on Uniswap V3, that the liquidity of large trading pair such as WETH/USDC, moving from 0.3% fee tier to 0.05% fee tier, to capture higher trading volume, and thus earn more trading fees. This makes sense, as in reality trading volume of WETH/USDC 0.05% is ~17x more than that of WETH/USDC 0.3%(Thus the LPs on 0.05% fee tier earn 2.8x than those LPs on 0.3%).

I always have one thought in my mind: If we look back at the development history of the Internet, there’s three stages: