TL;DR:We empirically evaluate the profitability of liquidity providers (LPs) in Uniswap v3’s ETH–USDC 5 bps (0.05% fee tier) pool on Ethereum. First, we introduce “LP Share Markout” as a metric to calculate each LP’s PnL. We then analyze LP win rates and profit distributions over the four years since Uniswap v3 launched, from 2021 to 2025. Next, we identify traits of the most profitable LPs and explain their specific strategies. Finally, we examine how LP’s price ranges and active provision t...