Tech May 14, 2026 11 min Uniswap's x*y=k: product vs sum, short-vol IL, and V3 JIT liquidity Uniswap's constant product x*y=k explained: why product instead of sum, IL as selling volatility, JIT liquidity on V3 concentrated liquidity, and amountOutMinimum against sandwich attacks. 数学 Ethereum Web3 スマートコントラクト