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Joe V2 is a decentralized exchange based on Liquidity Book, a novel AMM protocol.

It has the following improvements from the Joe V1 Dex:

  • Zero 0% slippage for swaps between ticks
  • Dynamic fees to improve liquidity provider profitability

Liquidity Book vs Uniswap V3‚Äč

Both Liquidity Book and Uniswap V3 are concentrated liquidity AMMs with some subtle differences:

  • Price ranges are discretized into bins instead of ticks
  • Bin steps (or tick sizes) can be more than 1 basis point
  • Bins use constant sum invariant instead of constant product
  • Liquidity is aggregated vertically instead of horizontally
  • Liquidity positions are fungible
  • Liquidity positions are not restricted to uniform distribution across its price range; they can be distributed in any shape desired
  • Swap fees have fixed + variable pricing, which allows the AMM to charge more fees when market experiences high volatility.