Ticks

https://blog.uniswap.org/uniswap-v3-math-primer

Ticks are like checkpoints that divide the price range into smaller parts. They represent small changes in price, like a 0.01% increase or decrease. When people provide liquidity, they need to choose these checkpoints to set the limits of their position.

When you're swapping assets, the system exchanges them within a specific range (tick interval) until it reaches the next checkpoint. When this happens, it activates any available assets within that position. Not all checkpoints are active, and their spacing is related to the fees you pay for swapping. Lower fees mean closer checkpoints and higher fees mean they're more spread out.

Some checkpoints don't affect the cost of swapping, but when you cross an active checkpoint, it can increase the cost because it activates more assets in new positions. In areas where efficiency is crucial, like stable coin pairs, having closer checkpoints can make swapping smoother and potentially reduce costs.