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@joequant joequant commented Aug 9, 2025

Negative global real reserves are possible with uniswap v3. This will happen if you have two concentrated liquidity pools and a situation where a swap depletes one liquidity pool and then accesses liquidity for the other. In that case the total real reserve will be negative.

Negative global real reserves are possible with uniswap v3.  This will
happen if you have two concentrated liquidity pools and a situation
where a swap depletes one liquidity pool and then accesses liquidity
for the other.  In that case the total real reserve will be negative.
@joequant
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joequant commented Aug 9, 2025

The test case to show the problem is to have one pool that has liquidity at all prices and then a second pool with concentrated liquidity. Once pool one depletes it should fall back on the second pool. However this will fail in the current swap because the total real reserve goes negative based on the curve from the first pool.

@icmoore
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icmoore commented Aug 16, 2025

Thx for this; I've been away on vacation, then was chasing down a pretty compelling AI problem, which I just resolved; I will be looking at this committing this early this week, thx!

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2 participants