CenturionDEX

v2 and v3

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Two versions of the protocol are deployed on-chain. Both are immutable — as long as the chain is operational, each version will continue to function. Developers and users are free to interact with whichever version suits their needs; the web app, wallet, and browser extension support both.

  • v2 launched in May 2020. It replaced the original single-pair-against-CTN model with direct CRC-20 ↔ CRC-20 pools, significantly broadening the range of tradable pairs. Liquidity is distributed uniformly across the full price curve (0 to ∞). Licensed under GPL.

  • v3, released in May 2021, introduced concentrated liquidity. Providers choose a price range for their capital rather than covering the entire curve, unlocking dramatically higher capital efficiency — at the cost of active management. Licensed as open source with modifications (BSL-1.1 transitioning to GPL).

Quantitative comparison

The core difference is capital efficiency. The table below compares a $10,000 deposit in a CTN/USDC 0.30% pool, assuming $5M daily volume and $2M total in-range TVL.

v2: full-range position

Capital is spread from price 0 to infinity — multiplier is 1×.

Share of liquidity=10,0002,000,000=0.005=0.5%.\text{Share of liquidity} = \frac{10{,}000}{2{,}000{,}000} = 0.005 = 0.5\%. Daily fees=5,000,000⋅0.003⋅0.005=75 USDC.\text{Daily fees} = 5{,}000{,}000 \cdot 0.003 \cdot 0.005 = 75\ \text{USDC}. Fee APR=75⋅36510,000=2.7375=273.75%.\text{Fee APR} = \frac{75 \cdot 365}{10{,}000} = 2.7375 = 273.75\%.

If CTN doubles (r=2r = 2):

IL(r)=2r1+r−1⟹IL(2)=223−1≈−5.72%.\text{IL}(r)=\frac{2\sqrt{r}}{1+r}-1 \quad\Longrightarrow\quad \text{IL}(2)=\frac{2\sqrt{2}}{3}-1\approx -5.72\%. IL in dollars=0.0572⋅10,000=572 USDC.\text{IL in dollars} = 0.0572 \cdot 10{,}000 = 572\ \text{USDC}.

v3: concentrated position (± 25 % range)

Range $1,500-$2,500 at spot $2,000 gives a multiplier of ~4.4x. The $10,000 behaves like $44,000 of v2 liquidity.

Effective share=10,000⋅4.42,000,000=0.022=2.2%.\text{Effective share} = \frac{10{,}000 \cdot 4.4}{2{,}000{,}000} = 0.022 = 2.2\%. Daily fees=5,000,000⋅0.003⋅0.022=330 USDC.\text{Daily fees} = 5{,}000{,}000 \cdot 0.003 \cdot 0.022 = 330\ \text{USDC}. Fee APR=330⋅36510,000=12.045=1,204.5%.\text{Fee APR} = \frac{330 \cdot 365}{10{,}000} = 12.045 = 1{,}204.5\%.

If CTN doubles (still within range):

IL=5.72%⋅4.4=25.17%.\text{IL} = 5.72\% \cdot 4.4 = 25.17\%. IL in dollars=0.2517⋅10,000=2,517 USDC.\text{IL in dollars} = 0.2517 \cdot 10{,}000 = 2{,}517\ \text{USDC}.

Side-by-side

Metricv2v3 (± 25 %)v3 (± 10 %)
Capital efficiency1×4.4×10.5×
Daily fee income$75$330$788
Fee APR (gross)274%1,205%2,876%
IL at 2x price move$572$2,517$6,006
Break-even time (fees vs IL at 2×)7.6 days7.6 days7.6 days
Rebalancing needed?NoOccasionallyFrequently
Management effortNoneLowHigh

The break-even time is identical regardless of concentration — the multiplier amplifies fees and IL equally. The real differences are:

  1. Higher absolute returns for the same capital (4.4× or 10.5× more fees).
  2. Higher absolute risk — dollar losses during large price moves are proportionally larger.
  3. Management overhead — tight v3 ranges exit the active region and stop earning, requiring rebalancing.

For the underlying formulas, see Concentrated Liquidity, Impermanent Loss, and LP Profitability.