{"id":1100,"date":"2023-06-13T11:01:00","date_gmt":"2023-06-13T03:01:00","guid":{"rendered":"https:\/\/insights.digift.io\/?p=1100"},"modified":"2024-10-28T11:04:27","modified_gmt":"2024-10-28T03:04:27","slug":"how-to-choose-the-right-amm-algorithm-a-comprehensive-analysis","status":"publish","type":"post","link":"https:\/\/insights.digift.io\/zh\/how-to-choose-the-right-amm-algorithm-a-comprehensive-analysis\/","title":{"rendered":"How to choose the right AMM algorithm? A comprehensive analysis"},"content":{"rendered":"

History of DEX<\/strong><\/p>\n\n\n\n

Markets naturally form within human society’s cooperative systems. Buyers bid to purchase, sellers place orders, and a virtual \u201corder book model\u201d naturally emerges. The market maker’s role is to match transactions for the “order book”. The first market makers appeared in the seventeenth-century spice market, where intermediary merchants would buy from one side and sell to the other, profiting from the price difference. As technology developed, the form of “securities” evolved from paper bills over the counter, to electronic systems, to the current attempts at “tokenization”, increasing scalability.<\/p>\n\n\n\n

In an order book model, users frequently place and withdraw orders, which require the system to calculate the timestamp, price, quantity, etc., and the system shall also keep recording order flows. The traditional centralized order book system demands significant computational overhead, risking server overload and downtime in extreme market conditions.<\/p>\n\n\n\n

Blockchain platforms, like Ethereum, incur a fee for each transaction. Layer 2 solutions like Arbitrum come to solve the performance issues, but still each transaction incurs a cost. Despite the low cost per order, these fees create significant friction and obstacles for high-frequency trading, especially for market makers who need to frequently submit and cancel orders. On Solana, a high-performance blockchain, a DEX called Serum has built an orderbook-based exchange, but still its volume and market depth could not compete with centralized exchanges due to the frictions.<\/p>\n\n\n\n

Ethereum, initially positioned itself as the “world computer,” supports various applications, with financial applications being the first to emerge. The concept of DEX was born alongside Ethereum. In 2017, first-generation decentralized exchanges such as Etherdelta and DDEX, fueled by tens of millions in financing, popularized the concepts of fairness and transparency. However, due to high on-chain overhead and user experience issues such as the need to deposit and withdraw funds within the smart contracts, these first-generation exchanges were short-lived. This marked the advent of the Automated Market Maker (AMM) mode of DEX.<\/p>\n\n\n\n

In fact, AMM has been an academic study topic long before Bitcoin and crypto, with AMM first mentioned in 2002 by Robin Hanson’s Logarithmic Market Scoring Rules. Non-cryptocurrency related AMM studies include Information Aggregation (2004), Prediction Markets (2006), Bayesian Models (2012), and Betting Markets (2012).<\/p>\n\n\n\n

The idea of AMM applications on the blockchain was first proposed by Vitalik Buterin, implemented by Hayden Adams in 2018, and later became the largest decentralized exchange, Uniswap. In this research, we dive into all the AMM models currently in the market, giving you an overview of their design, pros, and cons.<\/p>\n\n\n\n

The evolutions of AMM Evolution<\/strong><\/p>\n\n\n\n

In simple terms, the AMM model is akin to a vending machine for a trading pair. AMM sells tokens on both sides of the trading pair, acting as the counterparty for the buyer and seller. The Liquidity Provider (LP) supplies the vending machine with one or both tokens for sale as per the rules. Traders invest one token and based on the vending machine’s rules and the current token ratio, they can determine the amount of another token they receive in exchange.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source\uff1abancor.network<\/a><\/p>\n\n\n\n

After each transaction, a new price is automatically generated due to the change in the tokens’ proportion inside the vending machine. Trades can only occur at current prices, leading to many AMM-based DEXs being referred to as swaps.<\/p>\n\n\n\n

AMM’s application in the blockchain scene is only five years old, but from the earliest x*y = k model, dozens of different models have emerged. This article will examine the AMM models currently available in the market, including those that have been implemented, market-tested, and even the latest proposed improvements. This research aims to provide inspiration for related business developers, to help them find the most suitable AMM model for their own business model.<\/p>\n\n\n\n

Universal AMM Form<\/strong><\/p>\n\n\n\n

Earliest AMM  Model – Constant Product Function<\/strong><\/p>\n\n\n\n

The well-known x*y = k AMM model is used by many DEXs, including Uniswap V1 and V2. Here, x and y represent the “inventory” of the two tokens in the “vending machine”, and k is the liquidity parameter. K remains constant during each swap, and it increases or decreases during each liquidity deposit or withdrawal. Uniswap V2 allows pool creating to be any pair of ERC20 standard tokens. The token proportion in the pool determines the current exchange price, each liquidity deposit or withdrawal will be in equal proportions according to the current ratio.<\/p>\n\n\n\n

The token price is ultimately decided through each trade. There might be price difference for the same assets in different pools and arbitrageurs maintain price balance by arbitraging between different trading pools.  As shown in the following diagram, the trader inputs A token to exchange for B token, where the length of the line segment represents the amount of exchange. The state of the liquidity pool (contract) is updated from the old state to the new state, completing a swap. The new token ratio in the liquidity pool represents the new price.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source: Ethresearch, Vitalik Buterin<\/p>\n\n\n\n

– Advantages:<\/p>\n\n\n\n

– Liquidity coverage from 0 to infinity supports arbitrary fluctuations in token prices.<\/p>\n\n\n\n

– The liquidity provision method is simple, without requiring active liquidity management.<\/p>\n\n\n\n

– Supports the creation of any ERC20 trading pair.<\/p>\n\n\n\n

– Liquidity provision tokens obtained after providing liquidity are ERC20 tokens and can be embedded in other DeFi applications, such as liquidity incentives or as collateral for lending activities.<\/p>\n\n\n\n

– Disadvantages:<\/p>\n\n\n\n

– Liquidity is dispersed, resulting in high slippage.<\/p>\n\n\n\n

– Only supports swap on the current market price and is incompatible with limit orders.<\/p>\n\n\n\n

– Vulnerable to MEV\/front run attacks (hence slippage limit protection).<\/p>\n\n\n\n

– Liquidity providers must provide bilateral tokens according to the pool ratio.<\/p>\n\n\n\n

– Liquidity providers will incur impermanent loss as their token exposure will change once the price moves.<\/p>\n\n\n\n

Concentrated liquidity AMM – CLMM<\/strong><\/p>\n\n\n\n

Uniswap V3 introduces the concept of Concentrated Liquidity Market Maker (CLMM), allowing liquidity providers to customize their liquidity provision range. In Uniswap V3, for example, the price range is divided into an infinite number of ticks. When the pool is established, the tick step and trading fee ratio are set, and liquidity providers can inject liquidity into several consecutive ticks. Because the range and quantity of liquidity provision vary, Uniswap V3’s liquidity provider token are characterized by NFTs.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source: Uniswap V3 Core whitepaper<\/p>\n\n\n\n

The figure above illustrates the liquidity provision method of Uniswap V3 in comparison to Uniswap V2. Given the same amount of funds, Uniswap V3 offers higher liquidity and price depth than Uniswap V2. Given that in most cases, the price won’t be 0 or approach infinity but instead fluctuates within a certain range, a lot of the liquidity in Uniswap V2 is not utilized. Uniswap V3 allows liquidity providers to offer liquidity within a certain range, thereby improving the shortcomings of Uniswap V2 and increasing the capital efficiency.<\/p>\n\n\n\n

– Advantage<\/p>\n\n\n\n

– Support any ERC20 token trading pair.<\/p>\n\n\n\n

– With the same amount of token, AMM in the form of Uniswap V3 has a higher capital efficiency<\/p>\n\n\n\n

– Compared with AMM in the form of Uniswap v2, CLMM can provide better trading depth and lower slippage under the same liquidity. Can even support stablecoin trading scenarios.<\/p>\n\n\n\n

– Disadvantages<\/p>\n\n\n\n

– Active liquidity management is necessary to prevent inefficiencies when prices are out of the selected range, thus unsuitable for long-tail assets which are highly volatile. When current price goes out of price range of all the liquidity will be ineffective until price moves back to the range.<\/p>\n\n\n\n

– The liquidity provider token is the form of NFT, which is incompatible with most DeFi protocols (generally ERC20).<\/p>\n\n\n\n

– Higher impermanent losses compare with Uniswap v2<\/p>\n\n\n\n

– Still vulnerable to MEV\/front run attacks<\/p>\n\n\n\n

Uniswap V2 vs Uniswap V3 status quo<\/strong><\/p>\n\n\n\n

Uniswap V3, due to its high capital efficiency, saw a concentration of transaction volume after its launch.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source: Uniswap V2\/V3 Comparison (dune.com)<\/a><\/p>\n\n\n\n

However, since Uniswap V3 requires active liquidity management and is only suitable for mainstream assets with a large user base and lower volatility, new pool creations and trading of long-tail assets are still primarily conducted in Uniswap V2. This is also due to the ease of integrating liquidity incentive schemes in Uniswap V2. As illustrated in the figure below, most trading pairs are created in Uniswap V2. In the recent Memecoin wave, Uniswap V2 saw a significant increase in terms of trading volume compared to V3, further showing that Uniswap V2 is a more project-friendly liquidity solution.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source: Uniswap V2\/V3 Comparison (dune.com)<\/a><\/p>\n\n\n\n

The copyright of Uniswap V3 expired in April 2023, after which other platforms could use its open-source code for free. Decentralized exchanges such as Quickswap and Pancakeswap have imitated their design, all adopting CLMM model.<\/p>\n\n\n\n

Order book AMM – DLAMM\/Liquid Book<\/strong><\/p>\n\n\n\n

Uniswap V2 and V3 both offer continuous liquidity in nature, allowing the price to be any point on the curve. The traditional order book model offers discrete liquidity, with each order providing liquidity at a specific price point and the price not being continuous but having at least a minimum scale difference. Uniswap V3 divides the price range into countless small ranges allowing users to choose a range to place liquidity. Can these ranges be further compressed into points, providing liquidity at each point to achieve AMM in order book mode? The DLAMM (Discrete Liquidity Automated Market Maker) proposed by iZUMi Finance was designed with this in mind. Trader Joe’s new Liquid Box also uses this idea.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source: iZiSwap Whitepaper<\/p>\n\n\n\n

When creating a liquidity pool, the creator sets a minimum price scale and trading fee ratio. Liquidity can only be allowed at those price points with no other price value. On each point, trading rule is according to constant sum function x + y =k, if an order can be fulfilled within the liquidity of a certain price point, then there\u2019s no slippage for this trade.<\/p>\n\n\n\n

DLAMM uses a similar approach to CLMM for liquidity provision, where liquidity providers can choose to provide liquidity on one or several consecutive price scales. Since it provides discrete liquidity, DLAMM is compatible with on-chain limit orders. This gives liquidity providers the option to place buys and sell orders at specific prices, a feature not available in Uniswap V2 and V3. As a result, DLAMM can be seen as a hybrid of the traditional order book model and the AMM model, offering the advantages of both.<\/p>\n\n\n\n

In addition, DLAMM gives more control to liquidity providers. They can choose at which price points they want to provide liquidity, and how much liquidity to provide at each point. This means that liquidity providers can effectively manage their risk and returns.<\/p>\n\n\n\n

– Advantage:<\/p>\n\n\n\n

– DLAMM combines the advantages of the order book model and the AMM model, giving traders and liquidity providers more flexible options.<\/p>\n\n\n\n

– Allows liquidity providers to place limit orders.<\/p>\n\n\n\n

– Gives more control to liquidity providers.<\/p>\n\n\n\n

– Others similar to Uniswap v3<\/p>\n\n\n\n

– Disadvantages<\/p>\n\n\n\n

– Including limit orders, trades on DLAMM must occur at a fixed price point (generated when the pool is created), and the user cannot set arbitrary order prices.<\/p>\n\n\n\n

– After the limit order is placed, the funds are directly in the liquidity pool, and an additional transaction is needed to withdraw the filled.<\/p>\n\n\n\n

– Since there is no timestamp for limit orders on the same price, if only partially executed, the amount of the transaction is obtained by the user who first completed the withdrawal transaction.<\/p>\n\n\n\n

– Others are similar to Uniswap V3<\/p>\n\n\n\n

Scenario-specific AMM<\/strong><\/p>\n\n\n\n

Stableswap<\/strong><\/p>\n\n\n\n

In DeFi, many tokens exist that anchor to the same price but come from different sources and serve various applications. There is often a high demand for exchanging these tokens, such as stablecoins or derivatives of ETH in liquid staking. Stableswap, exemplified by platforms like Curve, emerged in this context and plays a vital role in this ecosystem.<\/p>\n\n\n\n

In the constant sum curve x + y = k, x and y maintain a 1:1 ratio, suitable for pegged tokens. However, there could be considerable shifts in the pegged token price due to extreme risk situations, such as stablecoin de-pegging. Therefore, the design of an AMM must consider the possibility of de-pegging, to prevent an attack on liquidity providers by arbitrageurs.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source: Curve Whitepaper<\/p>\n\n\n\n

Curve facilitates the exchange of multiple coins within one pool, with xi representing the inventory of i tokens in the pool. In simple terms, Curve’s AMM curve is a fusion of the constant sum curve and constant product curve. D is a constant, meaning the total amount of token when they have an equal price. N is the total number of coins in this pool. \u03c7 serves as an indicator of the balance of token inventory in the pool. When there is a major shift in inventory due to events like stablecoin de-pegging or large selloffs, \u03c7 approaches zero, and the entire formula becomes a constant product curve, similar to Uniswap V2, leading to significant slippage. When the inventory is balanced, tokens should exchange at a 1:1 ratio, \u03c7 approaches positive infinity, and the formula approximates a constant sum curve, achieving a 1:1 token exchange.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source: Curve Whitepaper<\/p>\n\n\n\n

– Advantages:<\/p>\n\n\n\n

– Ideal for exchange between pegged assets or for fixed percentage exchanges.<\/p>\n\n\n\n

– The liquidity provider token is in the form of ERC20, which can be easily integrated into DeFi protocols.<\/p>\n\n\n\n

– Disadvantages:<\/p>\n\n\n\n

– Limited use cases. The asset must anchor to a fixed ratio, without deviation, making it unsuitable for bond scenarios (prices are relatively stable but can change slightly over time).<\/p>\n\n\n\n

– Platforms like Platypus and Wombat, also Stableswaps, are similar to Curve. They introduce the concept of the debt ratio into the formula to calculate the asset deviation in the liquidity pool, which simplifies contract design and reduces gas overhead. They also allow for one-side liquidity deposit and withdraw.<\/p>\n\n\n\n

Curve V2 Tricrypto<\/strong><\/p>\n\n\n\n

Based on the idea of Curve V1, Curve V2 introduces an internal oracle. The price adjusts according to the internal token ratio, and the liquidity concentrates around the new price based on the internal oracle’s price. This process can be seen as dynamic pegging. Each price update leads to a change in liquidity distribution. On the trading side, the platform adjusts fees dynamically\u2014the farther away from the current oracle price, the higher the fee, ranging from 0.04% to 0.4%. This system compensates for higher impermanent losses suffered by liquidity providers at dynamic rates.<\/p>\n\n\n\n

When setting up the liquidity pool, the project party needs to set eight parameters, relating to the concentration of liquidity at the central price, the depth of liquidity at the time of price deviate, the central price trading fee rate, the maximum price deviation rate, the initial price, the price adjustment step, the adjustment time, and so on.<\/p>\n\n\n\n

– Advantage<\/p>\n\n\n\n

– Reducing slippage near the current trading price can provide better market depth for the token.<\/p>\n\n\n\n

– No external oracles or active liquidity management required.<\/p>\n\n\n\n

– Disadvantages<\/p>\n\n\n\n

– Due to the lagging nature of internal oracles, arbitrage is prone to occur under extreme market conditions, so it is more suitable for mainstream tokens with relatively small fluctuations.<\/p>\n\n\n\n

AMM Based on External Oracle Price Feed<\/strong><\/p>\n\n\n\n

This type of DEX has external price inputs, generally using oracles such as Chainlink, and the state of the contract (including price, token inventory) needs to be actively triggered by other external accounts to update the price, so this type of AMM is not strictly an “automatic market maker”. But still it is also being used on a large scale. Projects adopting this mechanism include DoDo, GMX, GNS, and Pika Protocol.<\/p>\n\n\n\n

DoDo’s Automatic Liquidity Adjustment Proactive Market Maker (PMM)<\/strong><\/p>\n\n\n\n

DoDo’s PMM introduces an external reference price through an oracle, concentrating liquidity around the reference price. Its price calculation is adjusted based on the reference price and the inventory of assets in the liquidity pool. Its formula is expressed as follows:<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source: DoDo Whitepaper<\/p>\n\n\n\n

where p is the current price, i is the reference price, and k is the “slippage factor”, which indicates the degree of concentration provided by liquidity in the equilibrium process, B and B0 Represents current inventory and equilibrium inventory (protocol liabilities), respectively. When inventory shifts, the price also shifts with the reference price until it returns to the equilibrium level.<\/p>\n\n\n\n

– Advantages<\/p>\n\n\n\n

– Introduces external price input, automatically adjusts liquidity, and improves market-making efficiency<\/p>\n\n\n\n

– Compared to Curve V2, redeploying liquidity through external pricing does not have impermanent losses and can enable single token liquidity deposit.<\/p>\n\n\n\n

– Disadvantages<\/p>\n\n\n\n

– Given inventory risk, it cannot support long-tail assets<\/p>\n\n\n\n

– Relies on external oracle price input, price discovery cannot be achieved<\/p>\n\n\n\n

– Risks associated with external oracle manipulation<\/p>\n\n\n\n

– Price entry lags, leaving room for arbitrage<\/p>\n\n\n\n

No price impact leveraged trading – GMX, GNS,Pika Protocol, etc<\/strong><\/p>\n\n\n\n

Users use their assets as collateral and liquidity pools as counterparties, executing transactions according to the price provided by external oracles, generally in futures trading or leveraged trading. GMX allows spot trading. Trades are executed according to oracle prices with no slippage and no price impact on the spot market. Fees are determined by the size of the trading order and the offset of the current liquidity pool token ratio – the larger the single trade order, the more unbalanced the liquidity pool ratio, and the higher the fee, up to 0.8% for GMX.<\/p>\n\n\n\n

This type of scheme is more suitable for high-frequency trading scenarios, such as leveraged trading, derivatives trading, and can provide up to tens of times leverage, so it is generally deployed in high-performance blockchain networks such as Arbitrum, Optimism Rollups, and Avalanche.<\/p>\n\n\n\n

– Advantage<\/p>\n\n\n\n

– Capable of supporting high-frequency trading scenarios.<\/p>\n\n\n\n

– LP has no impermanent losses.<\/p>\n\n\n\n

– LP is an ERC20 standard and can be compatible with other DeFi protocols.<\/p>\n\n\n\n

– Disadvantages<\/p>\n\n\n\n

– The price is an external input and price discovery cannot be realized.<\/p>\n\n\n\n

– Oracles have the possibility of manipulation.<\/p>\n\n\n\n

– It is difficult to support the trading of long-tail assets.<\/p>\n\n\n\n

Other Liquidity provision improvement<\/strong><\/p>\n\n\n\n

In addition to improvements at the trading algorithm level, several new types of DEX have made new attempts at the liquidity provision level, including:<\/p>\n\n\n\n

– Trader Joe V2, named Liquid Book, draws inspiration from iZiSwap DLAMM’s design and divides liquidity at each price point into “bins” as units of liquidity distribution. It offers six different liquidity deployment strategies for liquidity providers to choose from, ultimately following a concentrated liquidity deployment approach. Additionally, it provides an automated liquidity deployment tool called Auto-pool to help users automatically rebalance liquidity based on market prices, eliminating the need for manual management.<\/p>\n\n\n\n

– iZUMi\u2019s iZiSwap offers a liquidity mining tool called Liquid Box specifically for Uniswap v3 NFT style LP liquidity mining. It utilizes different liquidity incentive models to attract liquidity.<\/p>\n\n\n\n

– Maverick Protocol features an automated liquidity placement mechanism that provides four different price-following mechanisms. Each liquidity position of liquidity providers will be rebalanced based on their set strategies, automating the concentration of liquidity as price moves, and ensuring sufficient liquidity and lower slippage.<\/p>\n\n\n\n

DEX’s endgame<\/strong><\/p>\n\n\n\n

Due to the characteristics of blockchain, in most cases, the DEX price will lag compared to the CEX, and arbitrage behavior is a significant part of the DEX trading volume and the loss of liquidity providers. Therefore, higher fees and liquidity incentives of DEX are essentially compensating for the risk borne by liquidity providers, while traders benefit from the convenience of trading, including permissionless trading, arbitrary exchange of all the on-chain assets, and so forth.<\/p>\n\n\n\n

Different AMM models will adapt to different scenarios, and at present, there is no one AMM model that can unify all markets. Developers need to select the appropriate AMM trading algorithm according to the characteristics of their assets and the trading needs of users.<\/p>\n\n\n\n

The order book model has relatively fewer defects, but due to the high computational overhead, it is difficult to achieve on-chain. The order book also requires active market making, and long-tail assets need to cooperate with market makers. Currently, some other projects are developing native on-chain order book to reduce computational cost from the infrastructure level, for example, Sei Network tries to reduce the cost of on-chain market making through the built-in orderbook matching engine. Some other order book mode DEXs are more like CEX, DyDx for example, which realize the order book by running a private chain, making it challenging to maintain openness.<\/p>\n\n\n\n

In the long run, DEX will inevitably develop towards high capital efficiency, carrying users to the greatest extent with the lowest liquidity, with new AMM models, or new business models, such as a cross-chain plus order book model.<\/p>\n\n\n\n

Reference<\/strong><\/p>\n\n\n\n

Let\u2019s run on-chain decentralized exchanges the way we run prediction markets : r\/ethereum (reddit.com)<\/a><\/p>\n\n\n\n

The Evolution of AMMs \u2013 by Benny Attar \u2013 Setira Research (substack.com)<\/a>mod<\/p>\n\n\n\n

Understanding Curve v2 \u2013 Curve Finance<\/a><\/p>\n\n\n\n

White Paper | DODO Docs (dodoex.github.io)<\/a><\/p>\n\n\n\n

Introducing Uniswap v3<\/a><\/p>\n\n\n\n

GMX \u2013 GMX (gitbook.io)<\/a><\/p>\n\n\n\n

iZiSwap: Building Decentralized Exchange with Discretized Concentrated Liquidity and Limit Order (izumi.finance)<\/a><\/p>\n\n\n\n

\u95dc\u65bc DigiFT<\/strong><\/p>\n\n\n\n

DigiFT aims to provide regulated decentralized finance solutions on the Ethereum public blockchain. We are operating the first regulation-abiding decentralized digital asset exchange where asset owners can issue blockchain-based security tokens efficiently and cost-effectively. Investors can trade with continuous liquidity via an AMM mechanism and retain control over digital asset tokens in their own wallets. We are a global outfit backed by well-established venture partners. The founding team originates from international financial institutions and has deep blockchain technology knowledge.<\/p>\n\n\n\n

For more information, please contact:<\/strong><\/p>\n\n\n\n

media@digift.com.sg<\/a><\/p>\n\n\n\n

Disclaimer:<\/h2>\n\n\n\n

This article and its contents are prepared solely for informational purposes only and do not replace independent professional judgement. Under no circumstances should the information contained herein be used or considered as an offer to sell, or solicitation of an offer to buy any security. The content of this presentation is proprietary and no part of it may be reproduced or redistributed without the prior written consent of DigiFT Tech (Singapore) Pte. Ltd. (\u201cthe Company\u201d). This article contains public information as of the specified date, and may be stale thereafter. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the article and the information contained herein and no reliance should be placed on it. None of the Company, its advisers, connected persons or any other person accepts any liability whatsoever for any loss howsoever arising, directly or indirectly, from this article or its contents. All information, opinions and estimates contained herein are given as of the date hereof and are subject to change without notice. This material should not be viewed as advice or recommendations with respect to asset allocation or any particular investment.<\/p>\n\n\n\n

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<\/div>\n\n\n\n

\u5982\u4f55\u9009\u62e9\u5408\u9002\u7684<\/strong> AMM <\/strong>\u6a21\u578b\uff1f\u5168\u9762\u5206\u6790<\/strong><\/p>\n\n\n\n

DEX \u53d1\u5c55\u53f2<\/strong><\/p>\n\n\n\n

\u5e02\u573a\u662f\u5728\u4eba\u7c7b\u793e\u4f1a\u7684\u534f\u4f5c\u4f53\u7cfb\u4e2d\u81ea\u7136\u5f62\u6210\u7684\uff0c\u4e70\u5bb6\u51fa\u4ef7\u8d2d\u4e70\uff0c\u5356\u5bb6\u6302\u5355\u51fa\u552e\uff0c\u81ea\u7136\u5f62\u6210\u4e86\u8ba2\u5355\u8584\u5f62\u5f0f\u7684\u4ea4\u6613\u6240\uff1b\u4e3a\u4ea4\u6613\u6240\u64ae\u5408\u4ea4\u6613\uff0c\u5c31\u662f\u505a\u5e02\u5546\u7684\u89d2\u8272\u3002\u6700\u65e9\u7684\u505a\u5e02\u5546\u5728\u5341\u4e03\u4e16\u7eaa\u7684\u9999\u6599\u5e02\u573a\u5c31\u51fa\u73b0\u4e86\uff0c\u9999\u6599\u7684\u4e2d\u4ecb\u5546\u6237\u4ece\u4e00\u65b9\u8d2d\u4e70\uff0c\u5356\u7ed9\u53e6\u4e00\u65b9\uff0c\u8d5a\u53d6\u4e2d\u95f4\u7684\u5dee\u4ef7\u3002\u968f\u7740\u79d1\u6280\u53d1\u5c55\uff0c\u201c\u8bc1\u5238\u201d\u7684\u5f62\u6001\uff0c\u4ece\u67dc\u53f0\u7eb8\u8d28\u7968\u636e\uff0c\u5230\u7535\u5b50\u5316\u7cfb\u7edf\uff0c\u5230\u73b0\u5728\u5c1d\u8bd5\u7684\u201c\u4ee3\u5e01\u5316\u201d\uff0c\u53ef\u6269\u5c55\u6027\u968f\u4e4b\u589e\u5f3a\u3002<\/p>\n\n\n\n

\u5728\u4e00\u4e2a\u8ba2\u5355\u8584\u6a21\u578b\u4e2d\uff0c\u53c2\u4e0e\u7684\u7528\u6237\u9891\u7e41\u6302\u5355\u3001\u64a4\u5355\u3001\u5403\u5355\uff0c\u6bcf\u4e00\u7b14\u8ba2\u5355\u9700\u8981\u8ba1\u7b97\u65f6\u95f4\u5e8f\u5217\u3001\u4ef7\u683c\u548c\u6570\u91cf\u7b49\u7b49\uff0c\u5bf9\u8ba2\u5355\u8d44\u91d1\u6d41\u5411\u4e5f\u8981\u8bb0\u5f55\uff1b\u4f20\u7edf\u7684\u4e2d\u5fc3\u5316\u8ba2\u5355\u8584\u6a21\u5f0f\u9700\u8981\u5927\u91cf\u7684\u8ba1\u7b97\u5f00\u9500\uff0c\u5728\u6781\u7aef\u884c\u60c5\u4e2d\u751a\u81f3\u53ef\u80fd\u51fa\u73b0\u670d\u52a1\u5668\u8fc7\u8f7d\u5b95\u673a\u7684\u60c5\u51b5\u3002<\/p>\n\n\n\n

\u4ee5\u4ee5\u592a\u574a\u4e3a\u4ee3\u8868\u7684\u5e95\u5c42\u533a\u5757\u94fe\uff0c\u6bcf\u4e00\u7b14\u4ea4\u6613\u90fd\u9700\u8981\u9ad8\u6602\u7684\u624b\u7eed\u8d39\u5f00\u9500\u3002\u5373\u4f7f\u91c7\u7528\u4e8c\u5c42\u6269\u5c55\u6280\u672f\uff08Layer 2s\uff0c\u5982 Arbitrum\uff09\uff0c\u5c06\u6bcf\u4e00\u7b14\u8ba2\u5355\u7684\u5f00\u9500\u964d\u4f4e\u5230\u51e0\u7f8e\u5206\uff0c\u5bf9\u4e8e\u9ad8\u9891\u4ea4\u6613\u9700\u6c42\uff0c\u5982\u505a\u5e02\u5546\u9891\u7e41\u6302\u5355\u64a4\u5355\uff0c\u4ecd\u7136\u6709\u5de8\u5927\u7684\u4ea4\u6613\u6469\u64e6\u548c\u963b\u788d\u3002\u9ad8\u6027\u80fd\u533a\u5757\u94fe Solana \u4e0a\u7684 DEX Serum \u5c1d\u8bd5\u6784\u5efa\u57fa\u4e8e Orderbook \u7684\u4ea4\u6613\u6240\uff0c\u4f46\u4ea4\u6613\u91cf\u548c\u6df1\u5ea6\u8fd8\u662f\u96be\u4ee5\u548c\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u6bd4\u62df\u3002<\/p>\n\n\n\n

\u4ee5\u592a\u574a\u6700\u521d\u5b9a\u4f4d\u4e3a\u201c\u4e16\u754c\u8ba1\u7b97\u673a\u201d\uff0c\u80fd\u591f\u5728\u5176\u4e0a\u6784\u5efa\u5404\u7c7b\u5e94\u7528\uff0c\u91d1\u878d\u5e94\u7528\u662f\u6700\u65e9\u51fa\u73b0\u7684\uff0cDEX \u7684\u6982\u5ff5\u751a\u81f3\u968f\u7740\u4ee5\u592a\u574a\u7684\u51fa\u73b0\u800c\u8bde\u751f\uff1b2017 \u5e74 Etherdelta\uff0cDDEX \u7b49\u7b2c\u4e00\u4ee3\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff0c\u5343\u4e07\u89c4\u6a21\u7684\u878d\u8d44\uff0c\u5c06 DEX \u516c\u5e73\u3001\u900f\u660e\u7684\u6982\u5ff5\u4f20\u64ad\u5f00\u6765\u3002\u4f46\u7531\u4e8e\u7b2c\u4e00\u4ee3\u4ea4\u6613\u6240\u4ec5\u662f\u6a21\u62df\u4f20\u7edf\u8ba2\u5355\u8584\u6a21\u578b\uff0c\u4e14\u9700\u8981\u5f80\u5408\u7ea6\u5145\u503c\u6216\u63d0\u73b0\u8d44\u91d1\u624d\u80fd\u4ea4\u6613\uff0c\u9ad8\u6602\u7684\u94fe\u4e0a\u5f00\u9500\u4ee5\u53ca\u7528\u6237\u4f53\u9a8c\u95ee\u9898\uff0c\u5bfc\u81f4\u7b2c\u4e00\u4ee3\u4ea4\u6613\u6240\u6619\u82b1\u4e00\u73b0\u3002DEX \u6982\u5ff5\u51b7\u5374\uff0c\u968f\u540e\u66f4\u9002\u7528\u4e8e\u94fe\u4e0a\u573a\u666f\u7684 AMM \uff08Automated Market Maker\uff0c\u81ea\u52a8\u505a\u5e02\u5546\uff09\u6a21\u5f0f\u7684 DEX \u5f00\u59cb\u767b\u4e0a\u821e\u53f0\u3002<\/p>\n\n\n\n

\u65e9\u5728\u6bd4\u7279\u5e01\u51fa\u73b0\u4e4b\u524d\uff0cAMM \u5c31\u88ab\u5b66\u672f\u754c\u6709\u6240\u7814\u7a76\uff0c\u7b2c\u4e00\u6b21\u63d0\u5230 AMM \u7684\u662f 2002 \u5e74 Robin Hanson \u7684\u7814\u7a76\u300aLogarithmic Market Scoring Rules\u300b\uff0c\u5728\u975e\u52a0\u5bc6\u8d27\u5e01\u7684\u8bed\u5883\u91cc\uff0c\u5173\u4e8e AMM \u7684\u7814\u7a76\u8fd8\u6709\u300aInformation Aggregation\u300b\uff082004\uff09\uff0c\u300aPrediction Markets\u300b\uff082006\uff09\uff0c\u300aBayesian Models\u300b\uff082012\uff09\u548c \u300aBetting Markets\u300b\uff082012\uff09\u3002<\/p>\n\n\n\n

AMM \u5e94\u7528\u5728\u533a\u5757\u94fe\u4e0a\u7684\u60f3\u6cd5\u6700\u65e9\u662f Vitalik \u63d0\u51fa\uff0c\u7531 Hayden Adams \u5728 2018 \u5e74\u5b9e\u73b0\uff0c\u540e\u6765\u4e5f\u6210\u4e3a\u6700\u5927\u7684\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 Uniswap\u3002\u5728\u672c\u7bc7\u62a5\u544a\u4e2d\u6211\u4eec\u4f1a\u4ecb\u7ecd\u76ee\u524d\u5e02\u9762\u4e0a\u4e3b\u6d41\u7684 AMM \u6a21\u578b\uff0c\u4ecb\u7ecd\u4ed6\u4eec\u5404\u81ea\u7684\u673a\u5236\u8bbe\u8ba1\u3001\u4f18\u52bf\u548c\u7f3a\u9677\u3002<\/p>\n\n\n\n

\u4ec0\u4e48\u662f AMM\uff1f<\/strong><\/p>\n\n\n\n

\u7b80\u5355\u6765\u8bf4\uff0cAMM \u6a21\u5f0f\u5c31\u5982\u540c\u4e00\u53f0\u81ea\u52a8\u552e\u8d27\u673a\uff0c\u5bf9\u4e8e\u4e00\u4e2a\u4ea4\u6613\u5bf9\u6765\u8bf4\uff0cAMM \u540c\u65f6\u9500\u552e\u4ea4\u6613\u5bf9\u4e24\u8fb9\u7684\u4ee3\u5e01\uff0c\u4f5c\u4e3a\u4e70\u65b9\u548c\u5356\u65b9\u7684\u5bf9\u624b\u65b9\uff1b\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\uff08Liquidity Provider\uff0c\u7b80\u79f0 LP\uff09\u6309\u7167\u89c4\u5219\u4e3a\u8fd9\u53f0\u81ea\u52a8\u552e\u8d27\u673a\u63d0\u4f9b\u4e00\u79cd\u6216\u540c\u65f6\u63d0\u4f9b\u4e24\u79cd\u4ee3\u5e01\u8ba9\u552e\u8d27\u673a\u9500\u552e\u3002\u4ea4\u6613\u8005\u6295\u5165\u4e00\u79cd\u4ee3\u5e01\uff0c\u6839\u636e\u81ea\u52a8\u552e\u8d27\u673a\u7684\u89c4\u5219\u4ee5\u53ca\u5f53\u524d\u4e24\u79cd\u4ee3\u5e01\u7684\u6bd4\u4f8b\u80fd\u591f\u786e\u5b9a\u80fd\u591f\u5151\u6362\u51fa\u7684\u53e6\u4e00\u79cd\u4ee3\u5e01\u6570\u91cf\uff0c\u4ece\u800c\u5b8c\u6210\u4ea4\u6613\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source\uff1a flahub.com<\/a><\/p>\n\n\n\n

\u4ea4\u6613\u5b8c\u6210\u540e\uff0c\u7531\u4e8e\u552e\u8d27\u673a\u5185\u90e8\u7684\u4ee3\u5e01\u6bd4\u4f8b\u53d1\u751f\u53d8\u52a8\uff0c\u81ea\u52a8\u751f\u6210\u4e86\u65b0\u7684\u4ef7\u683c\u3002\u4ea4\u6613\u53ea\u80fd\u6309\u7167\u73b0\u4ef7\u4ea4\u6613\uff0c\u56e0\u6b64\u5f88\u591a\u57fa\u4e8e AMM \u7684 DEX \u79f0\u4e3a Swap\u3002<\/p>\n\n\n\n

AMM \u5e94\u7528\u5728\u533a\u5757\u94fe\u573a\u666f\u4ec5\u4e94\u5e74\u65f6\u95f4\uff0c\u4ece\u6700\u65e9\u7684 x*y = k \u6a21\u578b\uff0c\u6d8c\u73b0\u51fa\u6570\u5341\u79cd\u4e0d\u540c\u7684\u6a21\u578b\uff0c\u672c\u6587\u5c06\u4ece\u6d41\u52a8\u6027\u9700\u6c42\uff0c\u8d44\u91d1\u6548\u7387\uff0c\u4ef7\u683c\u5f71\u54cd\u7b49\u89d2\u5ea6\u5207\u5165\uff0c\u5bf9\u5e02\u573a\u4e0a\u516c\u5f00\u7684 AMM \u6a21\u578b\u505a\u673a\u5236\u7814\u7a76\uff0c\u5176\u4e2d\u5305\u62ec\u5df2\u7ecf\u88ab\u5e94\u7528\u3001\u88ab\u5e02\u573a\u68c0\u9a8c\u7684\u4ea7\u54c1\uff0c\u4e5f\u5305\u62ec\u6700\u65b0\u63d0\u51fa\u7684\u6539\u8fdb\u65b9\u6848\uff0c\u5e0c\u671b\u80fd\u4e3a\u76f8\u5173\u4e1a\u52a1\u7684\u5f00\u53d1\u8005\u63d0\u4f9b\u4e00\u4e9b\u542f\u53d1\u3002<\/p>\n\n\n\n

\u901a\u7528 AMM \u6a21\u578b\uff1f<\/strong><\/p>\n\n\n\n

\u57fa\u7840 AMM \u6a21\u578b \u2013 \u6052\u5b9a\u4e58\u79ef\u6a21\u578b<\/strong><\/p>\n\n\n\n

\u4f17\u6240\u719f\u77e5\u7684 x*y = k \u7684 AMM \u6a21\u578b\u88ab\u8bf8\u591a DEX \u6240\u91c7\u7528\uff0cUniswap V1 \u548c V2 \u4e5f\u91c7\u7528\u4e86\u8fd9\u79cd\u8bbe\u8ba1\u3002\u5176\u4e2d Uniswap V1 \u4e8e 2018 \u5e74\u4e0a\u7ebf\uff0c\u4ec5\u652f\u6301 ETH \u4ea4\u6613\u5bf9\uff1bUniswap V2 \u5728 2020 \u5e74 5 \u6708\u53d1\u5e03\uff0c\u652f\u6301\u4efb\u610f ERC 20 \u4ea4\u6613\u5bf9\u3002<\/p>\n\n\n\n

\u5176\u4e2d x \u548c y \u5206\u522b\u8868\u793a\u201c\u81ea\u52a8\u552e\u8d27\u673a\u201d\u4e2d\u4e24\u79cd\u4ee3\u5e01\u7684\u201c\u5e93\u5b58\u201d\uff0ck \u4e3a\u6d41\u52a8\u6027\u53c2\u6570\uff0c\u5728\u6bcf\u6b21\u4ea4\u6613\u8fc7\u7a0b\u4e2d\u5e93\u5b58\u53d1\u751f\u6539\u53d8\u800c k \u4fdd\u6301\u4e0d\u53d8\uff0c\u6bcf\u6b21\u6d41\u52a8\u6027\u7684\u6dfb\u52a0\u548c\u79fb\u9664\u8fc7\u7a0b\u4e2d k \u5bf9\u5e94\u589e\u52a0\u6216\u51cf\u5c11\uff1bUniswap V2 \u4e2d x \u548c y \u53ef\u4ee5\u662f\u4efb\u610f\u7684 ERC20 \u6807\u51c6\u4ee3\u5e01\u3002\u4ee3\u5e01\u5728\u8d44\u91d1\u6c60\u4e2d\u5e93\u5b58\u6bd4\u4f8b\u5373\u4e3a\u5f53\u524d\u5151\u6362\u4ef7\u683c\uff0c\u6d41\u52a8\u6027\u63d0\u4f9b\u4e5f\u6839\u636e\u5f53\u524d\u6bd4\u4f8b\u7b49\u6bd4\u4f8b\u63d0\u4f9b\u3002<\/p>\n\n\n\n

\u4ee3\u5e01\u7684\u4ef7\u683c\u6700\u7ec8\u901a\u8fc7\u4ea4\u6613\u8def\u7531\u5b9e\u73b0\u8de8\u4ea4\u6613\u5bf9\u4ea4\u6613\uff0c\u7531\u7a33\u5b9a\u5e01\u4f5c\u4e3a\u951a\u5b9a\u786e\u5b9a\u5176\u4ef7\u683c\uff0c\u7531\u5957\u5229\u8005\u5728\u4e0d\u540c\u4ea4\u6613\u6c60\u4e2d\u5957\u5229\u7ef4\u6301\u4ef7\u683c\u5e73\u8861\u3002\u5982\u4e0b\u56fe\u6240\u793a\uff0c\u4ea4\u6613\u8005\u8f93\u5165 A token \u5151\u6362 B token\uff0c\u7ebf\u6bb5\u957f\u5ea6\u8868\u793a\u4ea4\u6362\u7684\u6570\u91cf\uff0c\u8d44\u91d1\u6c60\uff08\u5408\u7ea6\uff09\u7684\u72b6\u6001\u4ece\u65e7\u7684\u72b6\u6001\u66f4\u65b0\u81f3\u65b0\u7684\uff0c\u5373\u5b8c\u6210\u4e00\u6b21\u5151\u6362\uff08Swap\uff09\uff0c\u8d44\u91d1\u6c60\u7684\u65b0\u4ee3\u5e01\u6bd4\u4f8b\u5373\u4e3a\u65b0\u7684\u4ef7\u683c\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source: Ethresearch, Vitalik Buterin<\/p>\n\n\n\n

– \u4f18\u52bf\uff1a<\/p>\n\n\n\n

– \u6d41\u52a8\u6027\u5168\u533a\u95f4\u8986\u76d6\uff080 \u5230\u65e0\u7a77\uff09\uff0c\u53ef\u4ee5\u652f\u6301\u4ee3\u5e01\u4ef7\u683c\u4efb\u610f\u6ce2\u52a8<\/p>\n\n\n\n

– \u6d41\u52a8\u6027\u63d0\u4f9b\u65b9\u5f0f\u7b80\u5355\uff0c\u65e0\u9700\u4e3b\u52a8\u8fdb\u884c\u6d41\u52a8\u6027\u7ba1\u7406<\/p>\n\n\n\n

– \u652f\u6301\u4efb\u610f ERC20 \u4ea4\u6613\u5bf9\u7684\u521b\u5efa<\/p>\n\n\n\n

– \u63d0\u4f9b\u6d41\u52a8\u6027\u540e\u83b7\u5f97\u7684\u6d41\u52a8\u6027\u51ed\u8bc1\uff08LP Token\uff09\u6807\u51c6\u5316\uff0c\u80fd\u591f\u5d4c\u5165\u5176\u4ed6 DeFi \u5e94\u7528\uff0c\u5982\u505a\u6d41\u52a8\u6027\u6fc0\u52b1\uff0c\u6216\u4f5c\u4e3a\u62b5\u62bc\u54c1\u53c2\u4e0e\u501f\u8d37\u6d3b\u52a8<\/p>\n\n\n\n

-\u7f3a\u9677<\/p>\n\n\n\n

– \u6d41\u52a8\u6027\u5206\u6563\uff0c\u540c\u7b49\u8d44\u91d1\u60c5\u51b5\u4e0b\u6ed1\u70b9\u8f83\u5927<\/p>\n\n\n\n

– \u63d0\u4f9b\u6d41\u52a8\u6027\u5fc5\u987b\u63d0\u4f9b\u53cc\u8fb9\u4ee3\u5e01<\/p>\n\n\n\n

– \u4ec5\u80fd\u652f\u6301\u73b0\u4ef7\u4ea4\u6613\uff08swap\uff09\uff0c\u65e0\u6cd5\u517c\u5bb9\u9650\u4ef7\u8ba2\u5355<\/p>\n\n\n\n

– \uff08\u6ed1\u70b9\u5927\uff09\u5bb9\u6613\u906d\u53d7\u4ea4\u6613\u62a2\u8dd1\u653b\u51fb\uff08\u56e0\u6b64\u6709\u6ed1\u70b9\u9650\u5236\u4fdd\u62a4\uff09<\/p>\n\n\n\n

– \u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u4f1a\u906d\u53d7\u65e0\u507f\u635f\u5931\uff0c\u6301\u4ed3\u4f1a\u968f\u4ea4\u6613\u53d1\u751f\u53d8\u5316<\/p>\n\n\n\n

\u96c6\u4e2d\u6d41\u52a8\u6027 AMM – CLMM<\/strong><\/p>\n\n\n\n

Uniswap V3 \u63d0\u51fa\u96c6\u4e2d\u6d41\u52a8\u6027\u6982\u5ff5\uff08Concentrated Liquidity Market Maker\uff09\uff0c\u5141\u8bb8\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u81ea\u5b9a\u4e49\u63d0\u4f9b\u6d41\u52a8\u6027\u7684\u533a\u95f4\uff0c\u4e8e 2021 \u5e74 5 \u6708\u4e0a\u7ebf\u4e3b\u7f51\u3002\u4ee5 Uniswap V3 \u4e3a\u4f8b\uff0c\u4e3a\u5141\u8bb8\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u9009\u62e9\u4ef7\u683c\u533a\u95f4\uff0cUniswap V3 \u5c06\u4ef7\u683c\u533a\u95f4\u5206\u5272\u4e3a\u65e0\u6570\u4e2a\u523b\u5ea6\uff08tick\uff09\uff0c\u523b\u5ea6\u7684\u6b65\u957f\u5728\u6c60\u5b50\u5efa\u7acb\u65f6\u548c\u624b\u7eed\u8d39\u4e00\u8d77\u8bbe\u5b9a\uff0c\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u53ef\u4ee5\u5c06\u6d41\u52a8\u6027\u6ce8\u5165\u67d0\u4e2a\u523b\u5ea6\u6216\u8fde\u7eed\u6570\u4e2a\u523b\u5ea6\u4e2d\uff0c\u4e5f\u5c31\u662f\u67d0\u4e2a\u4ef7\u683c\u533a\u95f4\u3002\u7531\u4e8e\u4e0d\u540c\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u9009\u62e9\u63d0\u4f9b\u6d41\u52a8\u6027\u7684\u533a\u95f4\u548c\u6570\u91cf\u4e0d\u4e00\u81f4\uff0cUniswap V3 \u7684\u6d41\u52a8\u6027\u63d0\u4f9b\u51ed\u8bc1\u7531 NFT \u6765\u8868\u5f81\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source: Uniswap V3 Core whitepaper<\/p>\n\n\n\n

\u4e0a\u56fe\u5206\u522b\u4e3a Uniswap V2\uff0cUniswap V3 \u7684\u6d41\u52a8\u6027\u63d0\u4f9b\u65b9\u5f0f\uff0c\u540c\u6837\u6570\u91cf\u7684\u8d44\u91d1\uff0c\u5728 Uniswap V3 \u4e0a\u63d0\u4f9b\u7684\u6d41\u52a8\u6027\u548c\u4ef7\u683c\u6df1\u5ea6\u9ad8\u4e8e Uniswap V2\uff0c\u8003\u8651\u5230\u7edd\u5927\u591a\u6570\u60c5\u51b5\u4e0b\uff0c\u4ef7\u683c\u5e76\u4e0d\u4f1a\u51fa\u73b0\u5728 0 \u6216\u8005\u63a5\u8fd1\u65e0\u7a77\u7684\u4f4d\u7f6e\uff0c\u800c\u4ec5\u4ec5\u5728\u67d0\u4e00\u4e2a\u533a\u95f4\u5185\u6ce2\u52a8\uff0c\u56e0\u6b64\u5728 Uniswap V2 \u4e2d\u5927\u90e8\u5206\u6d41\u52a8\u6027\u662f\u4e0d\u88ab\u4f7f\u7528\u7684\uff1bUniswap V3 \u5141\u8bb8\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u5728\u67d0\u4e00\u533a\u95f4\u63d0\u4f9b\u6d41\u52a8\u6027\uff0c\u6539\u8fdb\u4e86 Uniswap V2 \u7684\u7f3a\u70b9\uff0c\u63d0\u9ad8\u4e86\u8d44\u91d1\u4f7f\u7528\u6548\u7387\u3002<\/p>\n\n\n\n

– \u4f18\u52bf<\/p>\n\n\n\n

– \u652f\u6301\u4efb\u610f ERC20 \u4ee3\u5e01\u4ea4\u6613\u5bf9<\/p>\n\n\n\n

– \u53ef\u4ee5\u5728\u5f53\u524d\u4ef7\u683c\u7684\u4e00\u4fa7\u94fa\u8bbe\u5355\u4e00\u5e01\u79cd\u7684\u6d41\u52a8\u6027\uff0c\u6216\u8bbe\u7f6e\u66f4\u52a0\u7075\u6d3b\u7684\u7b56\u7565<\/p>\n\n\n\n

– \u76f8\u540c\u6d41\u52a8\u6027\u8d44\u91d1\u7684\u60c5\u51b5\u4e0b\uff0c\u76f8\u6bd4 Uniswap V2 \u5f62\u5f0f\u7684 AMM \u6709\u66f4\u9ad8\u8d44\u91d1\u4f7f\u7528\u6548\u7387<\/p>\n\n\n\n

– \u76f8\u6bd4 Uniswap v2 \u5f62\u5f0f\u7684 AMM\uff0c\u5728\u76f8\u540c\u6d41\u52a8\u6027\u8d44\u91d1\u7684\u60c5\u51b5\u4e0b\uff0cCLMM \u80fd\u63d0\u4f9b\u66f4\u597d\u7684\u4ea4\u6613\u6df1\u5ea6\uff0c\u66f4\u4f4e\u7684\u6ed1\u70b9\uff1b\u751a\u81f3\u80fd\u591f\u652f\u6301\u7a33\u5b9a\u5e01\u7684\u4ea4\u6613\u573a\u666f<\/p>\n\n\n\n

– \u7f3a\u9677<\/p>\n\n\n\n

– \u9700\u8981\u4e3b\u52a8\u7ba1\u7406\u6d41\u52a8\u6027\uff0c\u907f\u514d\u4ef7\u683c\u51fa\u533a\u95f4\u6d41\u52a8\u6027\u5931\u6548\uff0c\u5bf9\u4e8e\u6ce2\u52a8\u7387\u66f4\u9ad8\u7684\u957f\u5c3e\u8d44\u4ea7\u5e76\u4e0d\u53cb\u597d<\/p>\n\n\n\n

– \u6781\u7aef\u884c\u60c5\u4ef7\u683c\u7a81\u7834\u533a\u95f4\uff0c\u533a\u95f4\u4e4b\u5916\u6d41\u52a8\u6027\u5931\u6548\u5f71\u54cd\u4ea4\u6613<\/p>\n\n\n\n

– \u6d41\u52a8\u6027\u63d0\u4f9b\u51ed\u8bc1\u4e3a NFT\uff0c\u96be\u4ee5\u548c\u5927\u90e8\u5206 DeFi \u534f\u8bae\u517c\u5bb9\uff08\u4e00\u822c DeFi \u534f\u8bae\u90fd\u4ec5\u652f\u6301 ERC 20 \u4ee3\u5e01\u6807\u51c6\uff09<\/p>\n\n\n\n

– \u76f8\u6bd4\u4e8e Uniswap v2 \u65e0\u507f\u635f\u5931\u66f4\u9ad8<\/p>\n\n\n\n

– \u4ecd\u7136\u4f1a\u906d\u53d7 MEV \u548c\u62a2\u8dd1\u4ea4\u6613\u7684\u653b\u51fb<\/p>\n\n\n\n

Uniswap V2 Vs Uniswap V3 \u73b0\u72b6\u5bf9\u6bd4<\/strong><\/p>\n\n\n\n

\u7531\u4e8e Uniswap V3 \u7684\u9ad8\u8d44\u672c\u6548\u7387\uff0c\u5728 V3 \u63a8\u51fa\u4e4b\u540e\u4ea4\u6613\u91cf\u90fd\u96c6\u4e2d\u5728 V3 \u4e2d\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source: Uniswap V2\/V3 Comparison (dune.com)<\/a><\/p>\n\n\n\n

\u4f46\u7531\u4e8e Uniswap V3 \u9700\u8981\u4e3b\u52a8\u7684\u6d41\u52a8\u6027\u7ba1\u7406\uff0c\u4ec5\u9002\u5408\u5177\u6709\u8f83\u5927\u53d7\u4f17\u7684\u4e3b\u6d41\u8d44\u4ea7\uff0c\u5bf9\u4e8e\u957f\u5c3e\u8d44\u4ea7\u7684\u6d41\u52a8\u6027\u521b\u5efa\u548c\u4ea4\u6613\uff0c\u573a\u666f\u4ecd\u5728 Uniswap V2\uff0c\u5e76\u4e14\u5728 Uniswap V2 \u4e2d\u80fd\u65b9\u4fbf\u96c6\u6210\u6d41\u52a8\u6027\u6fc0\u52b1\u65b9\u6848\u3002\u4e0b\u56fe\u4e2d\u53ef\u4ee5\u770b\u5230\uff0c\u5927\u90e8\u5206\u4ea4\u6613\u5bf9\u521b\u5efa\u90fd\u662f\u5728 Uniswap V2 \u4e2d\u3002\u5728\u8fd1\u671f Memecoin \u6d6a\u6f6e\u4e2d Uniswap v2 \u7684\u4ea4\u6613\u91cf\u76f8\u8f83 V3 \u6709\u5927\u5e45\u5ea6\u63d0\u5347\uff0c\u4e5f\u8868\u660e Uniswap V2 \u662f\u5bf9\u957f\u5c3e\u8d44\u4ea7\u66f4\u52a0\u53cb\u597d\u7684\u6d41\u52a8\u6027\u65b9\u6848\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source: Uniswap V2\/V3 Comparison (dune.com)<\/a><\/p>\n\n\n\n

Uniswap V3 \u7684\u7248\u6743\u5728 2023 \u5e74\u56db\u6708\u5230\u671f\uff0c\u6b64\u540e\u5176\u4ed6\u5e73\u53f0\u53ef\u4ee5\u514d\u8d39\u4f7f\u7528\u5176\u5f00\u6e90\u4ee3\u7801\u3002Quickswap\uff0cPancakeswap \u7b49\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u6a21\u4eff\u5176\u8bbe\u8ba1\uff0c\u90fd\u91c7\u7528\u4e86\u96c6\u4e2d\u6d41\u52a8\u6027\u65b9\u6848\uff0c\u4f46\u4e3b\u8981\u4ea4\u6613\u91cf\u96c6\u4e2d\u5728\u5927\u7c7b\u8d44\u4ea7\u4e0a\u3002<\/p>\n\n\n\n

\u8ba2\u5355\u8584 AMM – DLAMM\/Liquid Book<\/strong><\/p>\n\n\n\n

Uniswap V2 \u548c V3 \u672c\u8d28\u4e0a\u90fd\u662f\u8fde\u7eed\u6d41\u52a8\u6027\uff0c\u4ef7\u683c\u53ef\u4ee5\u662f\u66f2\u7ebf\u4e0a\u4efb\u610f\u7684\u70b9\u3002\u800c\u4f20\u7edf\u7684\u8ba2\u5355\u8584\u6a21\u5f0f\u672c\u8d28\u4e0a\u662f\u79bb\u6563\u6d41\u52a8\u6027\uff0c\u4ece\u56fe\u50cf\u4e0a\u6765\u770b\uff0c\u6bcf\u4e2a\u8ba2\u5355\u90fd\u662f\u5728\u67d0\u4e2a\u4ef7\u683c\u70b9\u4e0a\u7684\u6d41\u52a8\u6027\uff0c\u4ef7\u683c\u548c\u4ef7\u683c\u4e4b\u95f4\u4e0d\u662f\u8fde\u7eed\u7684\uff0c\u800c\u4f1a\u81f3\u5c11\u6709\u4e00\u4e2a\u6700\u5c0f\u7684\u523b\u5ea6\u5dee\u3002Uniswap V3 \u5c06\u4ef7\u683c\u533a\u95f4\u5206\u5272\u4e3a\u65e0\u6570\u5c0f\u533a\u95f4\u6765\u5141\u8bb8\u7528\u6237\u9009\u62e9\u533a\u95f4\u653e\u7f6e\u6d41\u52a8\u6027\uff0c\u90a3\u662f\u5426\u53ef\u4ee5\u5c06\u8fd9\u4e9b\u5c0f\u533a\u95f4\u8fdb\u4e00\u6b65\u538b\u7f29\u5230\u70b9\uff0c\u5728\u6bcf\u4e00\u4e2a\u70b9\u4e0a\u63d0\u4f9b\u6d41\u52a8\u6027\uff0c\u6765\u5b9e\u73b0\u8ba2\u5355\u8584\u6a21\u5f0f\u7684 AMM \u5462\uff1fiZUMi Finance \u63d0\u51fa\u7684 DLAMM\uff08Discrete Liquidity Automated Market Maker\uff09\u5c31\u5728\u8fd9\u6837\u7684\u601d\u8def\u4e0b\u88ab\u521b\u5efa\u51fa\u6765\uff0c\u5e76\u4ee5\u6b64\u4e3a\u57fa\u7840\u57282022 \u5e74 5 \u6708\u53d1\u5e03\u4e86\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240 iZiSwap\u3002Trader Joe \u65b0\u63d0\u51fa\u7684 Liquid Box \u4e5f\u662f\u501f\u9274\u4e86\u8fd9\u6837\u7684\u601d\u8def\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source: iZiSwap Whitepaper<\/p>\n\n\n\n

\u5728 iZiSwap\u5728\u521b\u5efa\u6d41\u52a8\u6027\u6c60\u65f6\uff0c\u4ef7\u683c\u7a7a\u95f4\u4f1a\u88ab\u5212\u5206\u4e3a\u4e00\u7cfb\u5217\u7684\u4ef7\u683c\u70b9\u3002\u9664\u4e86\u8fd9\u4e9b\u70b9\uff0c\u4ef7\u683c\u6ca1\u6709\u5176\u4ed6\u53d6\u503c\u3002\u6bcf\u4e00\u4e2a\u70b9\u4e0a\u7684\u4ef7\u683c\u7b26\u5408\u6052\u5b9a\u548c\u66f2\u7ebf\uff0c\u5373 x + y = k\uff0c\u82e5\u4ea4\u6613\u80fd\u591f\u5168\u90e8\u5728\u67d0\u4e00\u4e2a\u4ef7\u683c\u70b9\u4e0a\u6267\u884c\uff08\u5982\u8ba2\u5355\u8f83\u5c0f\u7684\u60c5\u51b5\uff09\uff0c\u5219\u6ca1\u6709\u6ed1\u70b9\u3002<\/p>\n\n\n\n

DLAMM \u5728\u6d41\u52a8\u6027\u63d0\u4f9b\u65b9\u9762\u91c7\u7528\u4e86\u548c CLMM \u7c7b\u4f3c\u7684\u601d\u8def\uff0c\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u53ef\u4ee5\u9009\u62e9\u5728\u4e00\u4e2a\u6216\u6570\u4e2a\u8fde\u7eed\u7684\u4ef7\u683c\u523b\u5ea6\u4e0a\u63d0\u4f9b\u6d41\u52a8\u6027\u3002\u7531\u4e8e\u662f\u79bb\u6563\u6d41\u52a8\u6027\uff0cDLAMM \u517c\u5bb9\u94fe\u4e0a\u9650\u4ef7\u8ba2\u5355\uff0c\u672c\u8d28\u4e0a\u9650\u4ef7\u8ba2\u5355\u4e5f\u662f\u5728\u67d0\u4e2a\u4ef7\u683c\u70b9\u4f4d\u7684\u6d41\u52a8\u6027\uff0c\u53ef\u4ee5\u5982\u4e0a\u56fe b \u4e2d\u6240\u793a\uff0c\u9ec4\u8272\u4e3a\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u7684\u6d41\u52a8\u6027\uff0c\u84dd\u8272\u4e3a\u4ea4\u6613\u8005\u7684\u9650\u4ef7\u8ba2\u5355\uff0c\u4f1a\u6709\u4e0d\u540c\u7684\u6807\u8bb0\u3002\u5f53\u4ef7\u683c\u8fbe\u5230\u9650\u4ef7\u8ba2\u5355\u7684\u4f4d\u7f6e\u65f6\uff0c\u9650\u4ef7\u8ba2\u5355\u6210\u4ea4\u540e\u4f1a\u6807\u8bb0\u4e3a\u6210\u4ea4\u5e76\u4ece\u6d41\u52a8\u6027\u6c60\u4e2d\u79fb\u51fa<\/p>\n\n\n\n

– \u4f18\u52bf\uff1a<\/p>\n\n\n\n

– \u53ef\u4ee5\u5b9e\u73b0\u53bb\u4e2d\u5fc3\u5316\u94fe\u4e0a\u9650\u4ef7\u8ba2\u5355<\/p>\n\n\n\n

– \u76f8\u6bd4 Uniswap V3\uff0c\u82e5\u8ba2\u5355\u8f83\u5c0f\uff0c\u90fd\u80fd\u88ab\u67d0\u4e00\u4ef7\u683c\u7684\u6d41\u52a8\u6027\u6ee1\u8db3\uff0c\u5219\u5b8c\u5168\u6ca1\u6709\u6ed1\u70b9\uff08\u5982\u7a33\u5b9a\u5e01\u5151\u6362\uff0c\u6d41\u52a8\u6027\u4e00\u822c\u96c6\u4e2d\u5728\u6570\u4e2a\u4ef7\u683c\u70b9\u4e0a\uff09<\/p>\n\n\n\n

– \u5176\u4ed6\u540c Uniswap V3<\/p>\n\n\n\n

– \u7f3a\u9677\uff1a<\/p>\n\n\n\n

– \u5305\u62ec\u9650\u4ef7\u8ba2\u5355\uff0cDLAMM \u4e0a\u7684\u4ea4\u6613\u5fc5\u987b\u53d1\u751f\u5728\u8bbe\u5b9a\u7684\u4ef7\u683c\u70b9\u4e0a\uff08\u5728\u6c60\u5b50\u521b\u5efa\u65f6\u6309\u89c4\u5219\u751f\u6210\uff09\uff0c\u7528\u6237\u65e0\u6cd5\u8bbe\u7f6e\u4efb\u610f\u7684\u8ba2\u5355\u4ef7\u683c<\/p>\n\n\n\n

– \u53d1\u5e03\u9650\u4ef7\u8ba2\u5355\u4e4b\u540e\uff0c\u8d44\u91d1\u76f4\u63a5\u5728\u6d41\u52a8\u6027\u6c60\u4e2d\uff0c\u6210\u4ea4\u4e4b\u540e\u9700\u989d\u5916\u4e00\u7b14\u4ea4\u6613\u5c06\u6210\u4ea4\u7684\u8ba2\u5355\u53d6\u51fa<\/p>\n\n\n\n

– \u540c\u4e00\u4e2a\u4f4d\u7f6e\u7684\u9650\u4ef7\u8ba2\u5355\u7531\u4e8e\u6ca1\u6709\u65f6\u95f4\u6392\u5e8f\uff0c\u82e5\u4ec5\u90e8\u5206\u6210\u4ea4\uff0c\u6210\u4ea4\u7684\u91d1\u989d\u7531\u5148\u5b8c\u6210\u53d6\u51fa\u4ea4\u6613\u7684\u7528\u6237\u83b7\u5f97<\/p>\n\n\n\n

– \u5176\u4ed6\u540c Uniswap V3<\/p>\n\n\n\n

\u7279\u5b9a\u573a\u666f AMM<\/strong><\/p>\n\n\n\n

Stableswap<\/strong><\/p>\n\n\n\n

\u5728 DeFi \u4e2d\u6709\u8bf8\u591a\u4ef7\u683c\u4e00\u81f4\u3001\u4f46\u6765\u6e90\u548c\u5e94\u7528\u573a\u666f\u4e0d\u540c\u7684\u4ef7\u683c\u951a\u5b9a\u4ee3\u5e01\uff0c\u4ed6\u4eec\u4e4b\u95f4\u7684\u5151\u6362\u4e5f\u7531\u4e8e\u5404\u79cd\u539f\u56e0\u9700\u6c42\u65fa\u76db\uff0c\u5178\u578b\u7684\u5982\u7a33\u5b9a\u5e01\u4e4b\u95f4\u7684\u5151\u6362\uff0cLiquid staking \u4e2d ETH \u7684\u6d41\u52a8\u6027\u884d\u751f\u54c1\u7b49\u7b49\u3002Curve \u7b49 stableswap \u4e5f\u662f\u5728\u8fd9\u6837\u7684\u80cc\u666f\u4e0b\u51fa\u73b0\uff0cCurve \u7684 V1 \u5728 2020 \u5e74 1 \u6708\u4e0a\u7ebf\uff0c\u5e76\u5728\u76f8\u5173\u751f\u6001\u4e2d\u8d77\u5230\u81f3\u5173\u91cd\u8981\u7684\u4f5c\u7528\u3002<\/p>\n\n\n\n

\u5728\u6052\u5b9a\u548c\u66f2\u7ebf x+y = k \u4e2d\uff0cx \u3001y \u7684\u548c\u4fdd\u6301\u4e0d\u53d8\uff0c\u6bcf\u6b21\u5e93\u5b58\u7684\u6539\u53d8\uff0cx\u548cy \u7684\u53d8\u52a8\u90fd\u4e3a 1\uff1a1\uff0c\u8be5\u66f2\u7ebf\u9002\u5408\u951a\u5b9a\u4ee3\u5e01\uff0c\u4f46\u7531\u4e8e\u6781\u7aef\u98ce\u9669\u60c5\u51b5\uff0c\u951a\u5b9a\u4ee3\u5e01\u4ef7\u683c\u53ef\u80fd\u51fa\u73b0\u5927\u89c4\u6a21\u504f\u79fb\uff0c\u5982\u7a33\u5b9a\u5e01\u8131\u94a9\uff0cAMM \u8bbe\u8ba1\u4e5f\u9700\u8981\u8003\u8651\u8131\u94a9\u7684\u60c5\u51b5\uff0c\u5426\u5219\u4f1a\u6709\u5927\u91cf\u7684\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u906d\u53d7\u5957\u5229\u8005\u653b\u51fb\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source: Curve Whitepaper<\/p>\n\n\n\n

\u4e0a\u8ff0\u516c\u5f0f\u4e3a Curve Stableswap AMM \u66f2\u7ebf\u7684\u8bbe\u8ba1\u3002Curve \u5141\u8bb8\u591a\u4e2a\u5e01\u79cd\u4e4b\u95f4\u5151\u6362\uff0cxi \u8868\u793a\u6c60\u4e2d\u7684 i \u4ee3\u5e01\u7684\u5e93\u5b58\uff0cD \u8868\u5f81\u6d41\u52a8\u6027\u6c60\u4e2d\u4ee3\u5e01\u5728\u4ef7\u683c\u76f8\u7b49\u7684\u65f6\u5019\u7684\u6570\u91cf\uff0c\u662f\u4e00\u4e2a\u5e38\u6570\uff1bn \u8868\u793a\u6c60\u4e2d\u4ee3\u5e01\u79cd\u6570\u3002\u7b80\u5355\u6765\u8bf4\uff0c\u8be5 AMM \u66f2\u7ebf\u65f6\u6052\u5b9a\u548c\u66f2\u7ebf\u548c\u6052\u5b9a\u4e58\u79ef\u66f2\u7ebf\u7684\u7ed3\u5408\uff0c\u7531 \u03c7 \u4f5c\u4e3a\u6c60\u4e2d\u4ee3\u5e01\u5e93\u5b58\u5e73\u8861\u7684\u6307\u6807\u3002\u5f53\u5e93\u5b58\u51fa\u73b0\u5927\u89c4\u6a21\u504f\u79fb\uff0c\u5982\u67d0\u7a33\u5b9a\u5e01\u8131\u94a9\u88ab\u5927\u91cf\u629b\u552e\uff0c\u6b64\u65f6 \u03c7 \u4f1a\u8d8b\u8fd1\u4e8e 0 \uff0c\u6b64\u65f6\u6574\u4e2a\u516c\u5f0f\u53d8\u6210\u4e86\u4e00\u4e2a\u7c7b\u4f3c Uniswap V2 \u7684\u6052\u5b9a\u4e58\u79ef\u66f2\u7ebf\uff0c\u4f1a\u6709\u8f83\u5927\u7684\u6ed1\u70b9\u3002\u5f53\u5e93\u5b58\u5e73\u8861\u65f6\uff0c\u4ee3\u5e01\u5e94\u8be5\u80fd\u591f 1\uff1a1 \u5151\u6362\uff0c\u6b64\u65f6 \u03c7 \u65e0\u9650\u8d8b\u8fd1\u6b63\u65e0\u7a77\uff0c\u6b64\u65f6\u516c\u5f0f\u8fd1\u4f3c\u4e3a\u6052\u5b9a\u548c\u66f2\u7ebf\uff0c\u4ee3\u5e01\u4e4b\u95f4\u5b9e\u73b0 1\uff1a1 \u7684\u5151\u6362\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source: Curve Whitepaper<\/p>\n\n\n\n

– \u4f18\u52bf<\/p>\n\n\n\n

– \u975e\u5e38\u9002\u7528\u4e8e\u951a\u5b9a\u8d44\u4ea7\u4e4b\u95f4\u7684\u5151\u6362\uff0c\u6216\u662f\u56fa\u5b9a\u6bd4\u4f8b\u7684\u5151\u6362\uff0c\u5982 LSD \u4ee3\u5e01\u7684\u5151\u6362<\/p>\n\n\n\n

– \u6d41\u52a8\u6027\u51ed\u8bc1\u4e3a ERC20\uff0c\u53ef\u4ee5\u65b9\u4fbf\u96c6\u6210\u4e8e\u4e0d\u540c\u7684 DeFi \u534f\u8bae\u4e2d<\/p>\n\n\n\n

– \u7f3a\u9677<\/p>\n\n\n\n

– \u7f3a\u4e4f\u7075\u6d3b\u6027\uff1b\u8d44\u4ea7\u5fc5\u987b\u662f\u56fa\u5b9a\u6bd4\u4f8b\u951a\u5b9a\uff0c\u65e0\u6cd5\u6709\u504f\u5dee\uff0c\u4e0d\u9002\u7528\u4e8e\u503a\u5238\u573a\u666f\uff08\u4ef7\u683c\u76f8\u5bf9\u7a33\u5b9a\uff0c\u4f46\u4f1a\u968f\u65f6\u95f4\u6709\u5c0f\u5e45\u5ea6\u53d8\u52a8\uff09<\/p>\n\n\n\n

Platypus \u548c Wombat \u4e5f\u662f Stableswap\uff0c\u5927\u81f4\u601d\u8def\u548c Curve \u7c7b\u4f3c\uff0c\u5c06\u6052\u5b9a\u548c\u66f2\u7ebf\u548c\u6052\u5b9a\u4e58\u79ef\u66f2\u7ebf\u7ed3\u5408\uff0c\u5728\u516c\u5f0f\u4e2d\u5f15\u5165\u4e86\u8d1f\u503a\u7387\u7684\u6982\u5ff5\u6765\u8ba1\u7b97\u6d41\u52a8\u6027\u6c60\u7684\u8d44\u4ea7\u504f\u79bb\u5ea6\uff0c\u8ba9\u5408\u7ea6\u8bbe\u8ba1\u80fd\u591f\u66f4\u52a0\u7b80\u5355\uff0cGas \u5f00\u9500\u66f4\u4f4e\uff0c\u4e5f\u5141\u8bb8\u5355\u5e01\u7684\u6d41\u52a8\u6027\u6ce8\u5165\u3002<\/p>\n\n\n\n

Curve V2 Tricrypto<\/strong><\/p>\n\n\n\n

\u5728 Curve V1 \u7684\u57fa\u7840\u4e0a\uff0cCurve V2 \u589e\u52a0\u4e86\u5185\u90e8\u9884\u8a00\u673a\uff0c\u6839\u636e\u5185\u90e8\u4ee3\u5e01\u6bd4\u4f8b\u8c03\u6574\u4ef7\u683c\uff0c\u6839\u636e\u5185\u90e8\u9884\u8a00\u673a\u7684\u4ef7\u683c\u5c06\u6d41\u52a8\u6027\u96c6\u4e2d\u5728\u65b0\u4ef7\u683c\u9644\u8fd1\uff0c\u76f8\u5f53\u4e8e\u65f6\u4e00\u4e2a\u52a8\u6001\u951a\u5b9a\u7684\u8fc7\u7a0b\uff0c\u6bcf\u4e00\u6b21\u52a8\u6001\u66f4\u65b0\u90fd\u4f1a\u6709\u6d41\u52a8\u6027\u5206\u5e03\u7684\u6539\u53d8\uff0c\u4e8e 2021 \u5e74 6 \u6708\u4e0a\u7ebf\u3002\u5728\u4ea4\u6613\u7aef\u6709\u52a8\u6001\u7684\u624b\u7eed\u8d39\u8c03\u6574\uff0c\u8ddd\u79bb\u5f53\u524d\u9884\u8a00\u673a\u4ef7\u683c\u8d8a\u8fdc\u624b\u7eed\u8d39\u8d8a\u9ad8\uff0c\u4ece 0.04% \u63d0\u9ad8\u5230 0.4%\uff0c\u4ee5\u52a8\u6001\u8d39\u7387\u8865\u507f\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u906d\u53d7\u7684\u8f83\u9ad8\u7684\u65e0\u507f\u635f\u5931\u3002<\/p>\n\n\n\n

\u5728\u9879\u76ee\u65b9\u8bbe\u5b9a\u6d41\u52a8\u6027\u6c60\u65f6\u4f1a\u9700\u8981\u662f\u8bbe\u5b9a\u516b\u4e2a\u53c2\u6570\uff0c\u5173\u7cfb\u5230\u4e2d\u5fc3\u4ef7\u683c\u6d41\u52a8\u6027\u96c6\u4e2d\u7a0b\u5ea6\u3001\u4ef7\u683c\u504f\u79fb\u65f6\u6d41\u52a8\u6027\u6df1\u5ea6\u3001\u4e2d\u5fc3\u4ef7\u683c\u8d39\u7387\u3001\u4ef7\u683c\u504f\u79fb\u6700\u9ad8\u8d39\u7387\u3001\u521d\u59cb\u4ef7\u683c\u3001\u4ef7\u683c\u8c03\u6574\u6b65\u957f\u3001\u8c03\u6574\u65f6\u95f4\u7b49\u3002<\/p>\n\n\n\n

– \u4f18\u52bf<\/p>\n\n\n\n

– \u964d\u4f4e\u4ea4\u6613\u4ef7\u683c\u9644\u8fd1\u7684\u6ed1\u70b9\uff0c\u80fd\u591f\u4e3a\u4ee3\u5e01\u63d0\u4f9b\u8f83\u597d\u7684\u5e02\u573a\u6df1\u5ea6<\/p>\n\n\n\n

– \u65e0\u9700\u5916\u90e8\u9884\u8a00\u673a\uff0c\u4e5f\u65e0\u9700\u4e3b\u52a8\u6d41\u52a8\u6027\u7ba1\u7406<\/p>\n\n\n\n

– \u7f3a\u9677<\/p>\n\n\n\n

– \u7531\u4e8e\u5185\u90e8\u9884\u8a00\u673a\u7684\u6ede\u540e\u6027\uff0c\u5728\u6781\u7aef\u884c\u60c5\u4e0b\u5bb9\u6613\u51fa\u73b0\u5957\u5229\uff0c\u56e0\u6b64\u66f4\u9002\u7528\u4e8e\u6ce2\u52a8\u76f8\u5bf9\u8f83\u5c0f\u7684\u4e3b\u6d41\u4ee3\u5e01<\/p>\n\n\n\n

– \u65e0\u507f\u635f\u5931\u76f8\u5bf9\u8f83\u9ad8<\/p>\n\n\n\n

\u57fa\u4e8e\u5916\u90e8\u9884\u8a00\u673a\u5582\u4ef7 AMM<\/strong><\/p>\n\n\n\n

\u8fd9\u7c7b DEX \u6709\u6765\u81ea\u5916\u90e8\u7684\u4ef7\u683c\u8f93\u5165\uff0c\u4e00\u822c\u4e3a\u9884\u8a00\u673a\uff0c\u5408\u7ea6\u7684\u72b6\u6001\uff08\u5305\u62ec\u4ef7\u683c\u3001\u4ee3\u5e01\u5e93\u5b58\uff09\u90fd\u9700\u8981\u6709\u5176\u4ed6\u5916\u90e8\u8d26\u6237\u4e3b\u52a8\u89e6\u53d1\uff0c\u6765\u5bf9\u4ef7\u683c\u8fdb\u884c\u66f4\u65b0\uff0c\u56e0\u6b64\u8fd9\u7c7b AMM \u4e25\u683c\u6765\u8bf4\u5e76\u4e0d\u5b8c\u5168\u7b97\u201c\u81ea\u52a8\u505a\u5e02\u5546\u201d\uff0c\u4f46\u4e5f\u662f\u76ee\u524d DEX \u6b63\u5728\u5927\u89c4\u6a21\u5e94\u7528\u7684\uff0c\u5305\u62ec DoDo\u3001GMX\uff0cGNS\uff0c\u4ee5\u53ca Pika Protocol\u3002\u8fd9\u7c7b\u7b97\u6cd5\u6709\u5176\u9002\u5408\u7684\u5e94\u7528\u573a\u666f\uff0c\u4e5f\u6709\u5176\u8bbe\u8ba1\u7684\u7f3a\u9677\u3002<\/p>\n\n\n\n

DoDo \u7684\u81ea\u52a8\u6d41\u52a8\u6027\u8c03\u6574 Proactive Market Maker(PMM)<\/strong><\/p>\n\n\n\n

DoDo \u7684 PMM \u901a\u8fc7\u9884\u8a00\u673a\u5f15\u5165\u5916\u90e8\u53c2\u8003\u4ef7\u683c\uff0c\u5c06\u6d41\u52a8\u6027\u96c6\u4e2d\u5728\u53c2\u8003\u4ef7\u683c\u9644\u8fd1\uff0c\u4e8e 2020 \u5e74 8 \u6708\u4e0a\u7ebf\u4e3b\u7f51\u3002\u5176\u4ef7\u683c\u8ba1\u7b97\u4f1a\u6839\u636e\u53c2\u8003\u4ef7\u683c\u548c\u6d41\u52a8\u6027\u6c60\u4e2d\u8d44\u4ea7\u5e93\u5b58\u8fdb\u884c\u8c03\u6574\u3002\u5176\u516c\u5f0f\u8868\u793a\u5982\u4e0b\uff1a<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Source: DoDo Whitepaper<\/p>\n\n\n\n

\u5176\u4e2d p \u4e3a\u5f53\u524d\u4ef7\u683c\uff0ci \u4e3a\u53c2\u8003\u4ef7\u683c\uff0ck \u4e3a\u201c\u6ed1\u70b9\u7cfb\u6570\u201d\uff0c\u8868\u793a\u5747\u8861\u8fc7\u7a0b\u7684\u6d41\u52a8\u6027\u63d0\u4f9b\u96c6\u4e2d\u7a0b\u5ea6\uff0cB \u548c B0 \u5206\u522b\u4ee3\u8868\u5f53\u524d\u5e93\u5b58\u548c\u5747\u8861\u5e93\u5b58\uff08\u534f\u8bae\u7684\u8d1f\u503a\uff09\u3002\u5e93\u5b58\u504f\u79fb\u65f6\uff0c\u4ef7\u683c\u4e5f\u4f1a\u968f\u53c2\u8003\u4ef7\u683c\u504f\u79fb\uff0c\u76f4\u5230\u56de\u5f52\u5747\u8861\u6c34\u5e73\u3002<\/p>\n\n\n\n

– \u4f18\u52bf<\/p>\n\n\n\n

– \u5f15\u5165\u5916\u90e8\u4ef7\u683c\u8f93\u5165\uff0c\u81ea\u52a8\u8c03\u6574\u6d41\u52a8\u6027\uff0c\u63d0\u9ad8\u505a\u5e02\u6548\u7387<\/p>\n\n\n\n

– \u76f8\u6bd4\u4e8e Curve V2\uff0c\u901a\u8fc7\u5916\u90e8\u5b9a\u4ef7\u91cd\u65b0\u90e8\u7f72\u6d41\u52a8\u6027\uff0c\u53ef\u4ee5\u5355\u5e01\u63d0\u4f9b\u6d41\u52a8\u6027\uff0c\u4e14\u6ca1\u6709\u65e0\u507f\u635f\u5931<\/p>\n\n\n\n

– \u7f3a\u9677<\/p>\n\n\n\n

– \u8003\u8651\u5230\u5e93\u5b58\u98ce\u9669\u56e0\u7d20\uff0c\u65e0\u6cd5\u652f\u6301\u957f\u5c3e\u8d44\u4ea7<\/p>\n\n\n\n

– \u4f9d\u8d56\u5916\u90e8\u9884\u8a00\u673a\u4ef7\u683c\u8f93\u5165\uff0c\u65e0\u6cd5\u5b9e\u73b0\u5b9a\u4ef7<\/p>\n\n\n\n

– \u5916\u90e8\u9884\u8a00\u673a\u4ef7\u683c\u504f\u79fb\u98ce\u9669<\/p>\n\n\n\n

– \u4ef7\u683c\u8f93\u5165\u6ede\u540e\uff0c\u5b58\u5728\u5957\u5229\u7a7a\u95f4<\/p>\n\n\n\n

\u65e0\u4ef7\u683c\u5f71\u54cd\u6760\u6746\u4ea4\u6613 – GMX\u3001GNS\u3001Pika Protocol \u7b49<\/strong><\/p>\n\n\n\n

\u7528\u6237\u4ee5\u81ea\u5df1\u7684\u8d44\u4ea7\u4f5c\u4e3a\u62b5\u62bc\u54c1\uff0c\u4ee5\u6d41\u52a8\u6027\u6c60\u4f5c\u4e3a\u4ea4\u6613\u5bf9\u624b\u65b9\uff0c\u6839\u636e\u5916\u90e8\u9884\u8a00\u673a\u63d0\u4f9b\u7684\u4ef7\u683c\u6267\u884c\u4ea4\u6613\uff0c\u4e00\u822c\u4e3a\u671f\u8d27\u4ea4\u6613\u6216\u6760\u6746\u4ea4\u6613\u3002GMX \u5141\u8bb8\u7528\u6237\u73b0\u8d27\u4ea4\u6613\u3002<\/p>\n\n\n\n

\u4ea4\u6613\u6839\u636e\u9884\u8a00\u673a\u4ef7\u683c\u6267\u884c\uff0c\u6ca1\u6709\u6ed1\u70b9\u548c\u5bf9\u73b0\u8d27\u5e02\u573a\u7684\u4ef7\u683c\u5f71\u54cd\u3002\u4f1a\u6839\u636e\u4ea4\u6613\u8ba2\u5355\u7684\u5927\u5c0f\u548c\u5f53\u524d\u6d41\u52a8\u6027\u6c60\u4ee3\u5e01\u6bd4\u4f8b\u7684\u504f\u79fb\u7a0b\u5ea6\u6536\u53d6\uff0c\u5355\u6b21\u4ea4\u6613\u8ba2\u5355\u8d8a\u5927\uff0c\u6d41\u52a8\u6027\u6c60\u6bd4\u4f8b\u8d8a\u4e0d\u5747\u8861\uff0c\u8d39\u7387\u8d8a\u9ad8\uff0c\u5bf9\u4e8e GMX \u8d39\u7387\u6700\u9ad8\u8fbe\u5230 0.8%<\/p>\n\n\n\n

\u8be5\u7c7b\u65b9\u6848\u66f4\u9002\u5408\u9ad8\u9891\u4ea4\u6613\u573a\u666f\uff0c\u5982\u6760\u6746\u4ea4\u6613\u3001\u884d\u751f\u54c1\u4ea4\u6613\uff0c\u53ef\u4ee5\u63d0\u4f9b\u9ad8\u8fbe\u6570\u5341\u500d\u7684\u6760\u6746\u500d\u7387\uff0c\u56e0\u6b64\u4e00\u822c\u90e8\u7f72\u5728\u9ad8\u6027\u80fd\u533a\u5757\u94fe\u7f51\u7edc\uff0c\u5982 Arbitrum\uff0cOptimism Rollups \u548c Avalanche<\/p>\n\n\n\n

– \u4f18\u52bf<\/p>\n\n\n\n

– \u80fd\u591f\u652f\u6301\u9ad8\u9891\u4ea4\u6613\u573a\u666f<\/p>\n\n\n\n

– \u63d0\u4f9b\u6d41\u52a8\u6027\u6ca1\u6709\u65e0\u507f\u635f\u5931<\/p>\n\n\n\n

– \u6d41\u52a8\u6027\u51ed\u8bc1\u4e3a ERC20 \u6807\u51c6\uff0c\u53ef\u4ee5\u548c\u5176\u4ed6 DeFi \u534f\u8bae\u517c\u5bb9<\/p>\n\n\n\n

– \u7f3a\u9677<\/p>\n\n\n\n

– \u4ef7\u683c\u4e3a\u5916\u90e8\u8f93\u5165\uff0c\u65e0\u6cd5\u5b9e\u73b0\u4ef7\u683c\u53d1\u73b0<\/p>\n\n\n\n

– \u4f9d\u8d56\u5916\u90e8\u9884\u8a00\u673a\u5582\u4ef7\uff0c\u6709\u64cd\u7eb5\u53ef\u80fd\u6027<\/p>\n\n\n\n

– \u96be\u4ee5\u652f\u6301\u957f\u5c3e\u8d44\u4ea7\u4ea4\u6613<\/p>\n\n\n\n

\u5176\u4ed6\u6d41\u52a8\u6027\u90e8\u7f72\u65b9\u5f0f\u6539\u8fdb<\/strong><\/p>\n\n\n\n

\u9664\u4e86\u4ea4\u6613\u7b97\u6cd5\u5c42\u9762\u7684\u6539\u8fdb\uff0c\u6570\u4e2a\u65b0\u578b\u7684 DEX \u5728\u6d41\u52a8\u6027\u90e8\u7f72\u5c42\u9762\u505a\u4e86\u65b0\u7684\u5c1d\u8bd5\uff0c\u5176\u4e2d\u5305\u62ec\uff1a<\/p>\n\n\n\n

– Trader Joe V2 \uff0c\u547d\u540d\u4e3a Liquid Book\uff0c\u8f83\u591a\u53c2\u8003 iZiSwap DLAMM \u7684\u8bbe\u8ba1\uff0c\u5c06\u6bcf\u4e2a\u4ef7\u683c\u70b9\u7684\u6d41\u52a8\u6027\u79f0\u4e3a \u201cbin\u201d \uff0c\u4f5c\u4e3a\u6d41\u52a8\u6027\u5206\u5e03\u7684\u5355\u5143\uff0c\u5176\u6d41\u52a8\u6027\u90e8\u7f72\u63d0\u4f9b\u516d\u79cd\u4e0d\u540c\u6d41\u52a8\u6027\u5f62\u6001\u7684\u7b56\u7565\u4f9b\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u9009\u62e9\uff0c\u672c\u8d28\u8fd8\u662f\u96c6\u4e2d\u6d41\u52a8\u6027\u7684\u90e8\u7f72\u65b9\u5f0f\u3002\u6b64\u5916\u8fd8\u63d0\u4f9b\u81ea\u52a8\u5316\u6d41\u52a8\u6027\u90e8\u7f72\u5de5\u5177 Auto-pool \u5e2e\u52a9\u7528\u6237\u6839\u636e\u5e02\u573a\u4ef7\u683c\u81ea\u52a8\u518d\u5e73\u8861\u6d41\u52a8\u6027\uff0c\u65e0\u9700\u7528\u6237\u624b\u52a8\u7ba1\u7406\u3002<\/p>\n\n\n\n

– iZiSwap \u63d0\u4f9b\u6d41\u52a8\u6027\u6316\u77ff\u5de5\u5177 Liquid Box\uff0c\u662f\u9488\u5bf9 Uniswap v3 NFT \u5f62\u5f0f\u7684 LP \u7684\u6d41\u52a8\u6027\u6316\u77ff\u65b9\u6848\uff0c\u901a\u8fc7\u4e0d\u540c\u6d41\u52a8\u6027\u6fc0\u52b1\u6a21\u578b\u6765\u5438\u5f15\u6d41\u52a8\u6027\u3002<\/p>\n\n\n\n

– Maverick Protocol \u81ea\u52a8\u6d41\u52a8\u6027\u653e\u7f6e\u673a\u5236\uff0c\u63d0\u4f9b\u56db\u79cd\u4e0d\u540c\u7684\u4ef7\u683c\u8ddf\u968f\u673a\u5236\uff0c\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u7684\u6bcf\u4e00\u4e2a\u6d41\u52a8\u6027\u4ed3\u4f4d\uff0c\u4f1a\u6839\u636e\u5176\u8bbe\u5b9a\u7684\u7b56\u7565\uff0c\u8ddf\u968f\u5e02\u573a\u4ef7\u683c\u505a\u518d\u5e73\u8861\uff0c\u4ece\u800c\u80fd\u591f\u66f4\u5927\u7a0b\u5ea6\u4fdd\u6301\u4ea4\u6613\u6709\u5145\u8db3\u7684\u6d41\u52a8\u6027\uff0c\u548c\u8f83\u4f4e\u7684\u6ed1\u70b9\u3002<\/p>\n\n\n\n

DEX \u7684\u7ec8\u5c40\u4e4b\u6218<\/strong><\/p>\n\n\n\n

\u7531\u4e8e\u533a\u5757\u94fe\u7684\u7279\u6027\uff0c\u5927\u90e8\u5206\u60c5\u51b5\u4e0b DEX \u4ef7\u683c\u4f1a\u6ede\u540e\u4e8e CEX\uff0c\u5957\u5229\u884c\u4e3a\u662f DEX \u4ea4\u6613\u91cf\u7684\u5f88\u5927\u4e00\u90e8\u5206\uff0c\u5bf9\u4e8e\u67d0\u4e9b\u7528\u6237\u8f83\u5c11\u7684\u533a\u5757\u94fe\u4e0a\u7684 DEX\uff0c\u5957\u5229\u4ea4\u6613\u91cf\u751a\u81f3\u8d85\u8fc7\u603b\u4ea4\u6613\u91cf\u7684 80%\uff0c\u8fd9\u90e8\u5206\u5957\u5229\u8005\u7684\u6536\u76ca\u4e5f\u662f\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u7684\u635f\u5931\uff1b\u56e0\u6b64 DEX \u66f4\u9ad8\u7684\u6536\u8d39\u4ee5\u53ca\u6d41\u52a8\u6027\u6fc0\u52b1\u5b9e\u8d28\u4e0a\u662f\u5bf9\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u627f\u62c5\u98ce\u9669\u7684\u8865\u507f\uff0c\u800c\u4ea4\u6613\u8005\u5728\u5176\u4e2d\u83b7\u5f97\u4ea4\u6613\u7684\u4fbf\u5229\u6027\uff0c\u5305\u62ec\u65e0\u9700\u8bb8\u53ef\u4ea4\u6613\u3001\u4efb\u610f\u5151\u6362\u5168\u94fe\u8d44\u4ea7\u7b49\u3002<\/p>\n\n\n\n

\u4e0d\u540c AMM \u6a21\u578b\u4f1a\u9002\u914d\u4e0d\u540c\u7684\u573a\u666f\uff0c\u76ee\u524d\u6765\u770b\u5e76\u6ca1\u6709\u4e00\u4e2a AMM \u6a21\u578b\u80fd\u7edf\u4e00\u6240\u6709\u5e02\u573a\uff0c\u5f00\u53d1\u8005\u9700\u8981\u6839\u636e\u81ea\u8eab\u8d44\u4ea7\u7684\u7279\u6027\u548c\u7528\u6237\u7684\u4ea4\u6613\u9700\u6c42\u9009\u62e9\u5408\u9002\u7684\u4ea4\u6613\u7b97\u6cd5\u3002<\/p>\n\n\n\n

\u8ba2\u5355\u8584\u6a21\u578b\u76f8\u5bf9\u6765\u8bb2\u7f3a\u9677\u66f4\u5c11\uff0c\u4f46\u7531\u4e8e\u9ad8\u8ba1\u7b97\u91cf\u7684\u9700\u6c42\uff0c\u5728\u94fe\u4e0a\u96be\u4ee5\u5b9e\u73b0\uff0c\u540c\u65f6\u8ba2\u5355\u8584\u4e5f\u6709\u4e3b\u52a8\u505a\u5e02\u7684\u9700\u6c42\uff0c\u957f\u5c3e\u8d44\u4ea7\u9700\u8981\u548c\u505a\u5e02\u5546\u5408\u4f5c\u3002\u76ee\u524d\u94fe\u4e0a\u8ba2\u5355\u8584\u7684\u53d1\u5c55\u65b9\u5411\u4e0a\uff0cSei Network \u5c1d\u8bd5\u901a\u8fc7\u5e95\u5c42\u5185\u7f6e\u4ea4\u6613\u64ae\u5408\u5f15\u64ce\u6765\u5b9e\u73b0\uff0c\u6765\u964d\u4f4e\u94fe\u4e0a\u505a\u5e02\u7684\u6210\u672c\uff0c\u76ee\u524d\u6682\u672a\u4e0a\u7ebf\uff0c\u6709\u5f85\u8003\u5bdf\u5176\u53ef\u884c\u6027\u3002\u5176\u4ed6\u8ba2\u5355\u8584\u6a21\u5f0f DEX \u66f4\u50cf\u662f CEX\uff0c\u901a\u8fc7\u8fd0\u884c\u79c1\u94fe\u6765\u5b9e\u73b0\u8ba2\u5355\u8584\uff0c\u5f88\u96be\u5177\u6709\u5f00\u653e\u6027\u3002<\/p>\n\n\n\n

DigiFT \u4f5c\u4e3a\u7b26\u5408\u76d1\u7ba1\u7684\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff0c\u4e5f\u5c1d\u8bd5\u5728 DEX \u4e0a\u6784\u5efa\u7b26\u5408\u76d1\u7ba1\u7684\u6846\u67b6\u548c\u529f\u80fd\uff0c\u6765\u63a5\u7eb3\u4f20\u7edf\u4e16\u754c\u7684\u91d1\u878d\u9700\u6c42\u3002\u957f\u671f\u6765\u770b\uff0cDEX \u5fc5\u7136\u5411\u9ad8\u8d44\u672c\u6548\u7387\u53d1\u5c55\uff0c\u7528\u6700\u4f4e\u7684\u6d41\u52a8\u6027\u6700\u5927\u7a0b\u5ea6\u627f\u8f7d\u7528\u6237\uff0c\u65b0\u7684 AMM \u6a21\u578b\uff0c\u6216\u662f\u65b0\u7684\u4e1a\u52a1\u6a21\u5f0f\uff0c\u5982\u8de8\u94fe + \u8ba2\u5355\u8584\u7ed3\u5408\u7684\u6a21\u5f0f\u7b49\u3002<\/p>\n\n\n\n

\u53c2\u8003\u6587\u732e<\/strong><\/p>\n\n\n\n

Let’s run on-chain decentralized exchanges the way we run prediction markets : r\/ethereum (reddit.com)<\/a><\/p>\n\n\n\n

The Evolution of AMMs – by Benny Attar – Setira Research (substack.com)<\/a><\/p>\n\n\n\n

Understanding Curve v2 – Curve Finance<\/a><\/p>\n\n\n\n

Whitepaper | DODO Docs (dodoex.github.io)<\/a><\/p>\n\n\n\n

Introducing Uniswap v3<\/a><\/p>\n\n\n\n

GMX – GMX (gitbook.io)<\/a><\/p>\n\n\n\n

iZiSwap: Building Decentralized Exchange with Discretized Concentrated Liquidity and Limit Order (izumi.finance)<\/a><\/p>\n\n\n\n

\u5173\u4e8e DigiFT<\/strong><\/p>\n\n\n\n

\u9879\u76ee\u4ecb\u7ecd: DigiFT \u7531\u5f20\u4e4b\u7693\u2014\u2014\u524d\u534e\u7f8e\u94f6\u884c\u5927\u4e2d\u534e\u533a\u9996\u5e2d\u6267\u884c\u5b98\u3001\u82b1\u65d7\u94f6\u884c\u548c\u6e23\u6253\u94f6\u884c\u4e2d\u56fd\u533a\u526f\u884c\u957f\uff0c\u4e8e 2020 \u5e74\u521b\u7acb\uff0c\u5176\u7ba1\u7406\u56e2\u961f\u5728\u4f20\u7edf\u91d1\u878d\u673a\u6784\u548c\u91d1\u878d\u79d1\u6280\u9886\u57df\u62e5\u6709\u4e30\u5bcc\u7ecf\u9a8c\u3002 DigiFT \u7684\u613f\u666f\u662f\u6574\u5408\u4e2d\u5fc3\u5316\u4e0e\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u7684\u4f18\u52bf\uff0c\u662f\u76ee\u524d\u7b2c\u4e00\u5bb6\uff0c\u540c\u65f6\u4e5f\u662f\u552f\u4e00\u4e00\u5bb6\u8fdb\u5165\u65b0\u52a0\u5761\u91d1\u878d\u7ba1\u7406\u5c40\uff08MAS\uff09\u91d1\u878d\u79d1\u6280\u76d1\u7ba1\u6c99\u76d2\u7684\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u3002DigiFT \u5728\u4ee5\u592a\u574a\u516c\u94fe\u4e0a\u63d0\u4f9b\u7b26\u5408\u76d1\u7ba1\u7684\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u65b9\u6848\uff0c\u90e8\u7f72\u81ea\u52a8\u505a\u5e02\u5546\uff08AMM\uff09\u673a\u5236\uff0c\u4fc3\u8fdb\u7531\u503a\u5238\u3001\u80a1\u6743\u7b49\u91d1\u878d\u8d44\u4ea7\u4f5c\u4e3a\u5e95\u5c42\u652f\u6301\u7684\u8bc1\u5238\u578b\u901a\u8bc1\u7684\u4e8c\u7ea7\u5e02\u573a\u4ea4\u6613\u6d41\u52a8\u6027\u3002<\/p>\n\n\n\n

\u66f4\u591a\u4fe1\u606f\uff0c\u8bf7\u8054\u7cfb<\/strong>:<\/strong><\/p>\n\n\n\n

media@digift.com.sg<\/a><\/p>\n\n\n\n

\u514d\u8d23\u58f0\u660e:<\/strong><\/p>\n\n\n\n

\u672c\u6587\u53ca\u5176\u5185\u5bb9\u4ec5\u4f9b\u4fe1\u606f\u76ee\u7684\u4f7f\u7528\uff0c\u4e0d\u66ff\u4ee3\u72ec\u7acb\u7684\u4e13\u4e1a\u5224\u65ad\u3002\u5728\u4efb\u4f55\u60c5\u51b5\u4e0b\uff0c\u672c\u6587\u6240\u5305\u542b\u7684\u4fe1\u606f\u4e0d\u5e94\u88ab\u89c6\u4e3a\u51fa\u552e\u6216\u8d2d\u4e70\u4efb\u4f55\u8bc1\u5238\u7684\u8981\u7ea6\u6216\u5f81\u6c42\u3002\u672a\u7ecfDigiFT Tech (Singapore) Pte. Ltd.\uff08\u201c\u516c\u53f8\u201d\uff09\u4e8b\u5148\u4e66\u9762\u540c\u610f\uff0c\u4efb\u4f55\u90e8\u5206\u5747\u4e0d\u5f97\u590d\u5236\u6216\u91cd\u65b0\u5206\u53d1\u3002\u672c\u6587\u5305\u542b\u7684\u516c\u5f00\u4fe1\u606f\u4ec5\u622a\u81f3\u6307\u5b9a\u65e5\u671f\uff0c\u5e76\u53ef\u80fd\u5728\u6b64\u540e\u8fc7\u65f6\u3002\u5bf9\u4e8e\u6587\u4e2d\u548c\u5176\u4e2d\u6240\u5305\u542b\u7684\u4fe1\u606f\u7684\u516c\u6b63\u6027\u3001\u51c6\u786e\u6027\u6216\u5b8c\u6574\u6027\uff0c\u4e0d\u4f5c\u4efb\u4f55\u660e\u793a\u6216\u6697\u793a\u7684\u9648\u8ff0\u6216\u4fdd\u8bc1\uff0c\u4e0d\u5e94\u4f9d\u8d56\u4e8e\u6b64\u3002\u516c\u53f8\u3001\u5176\u987e\u95ee\u3001\u5173\u8054\u4eba\u5458\u6216\u4efb\u4f55\u5176\u4ed6\u4eba\u5bf9\u4e8e\u7531\u4e8e\u672c\u6587\u6216\u5176\u5185\u5bb9\u800c\u76f4\u63a5\u6216\u95f4\u63a5\u5f15\u8d77\u7684\u4efb\u4f55\u635f\u5931\u6982\u4e0d\u627f\u62c5\u4efb\u4f55\u8d23\u4efb\u3002\u672c\u6587\u4e2d\u6240\u5305\u542b\u7684\u6240\u6709\u4fe1\u606f\u3001\u89c2\u70b9\u548c\u4f30\u8ba1\u5747\u622a\u81f3\u672c\u65e5\u671f\uff0c\u5e76\u4e14\u53ef\u80fd\u968f\u65f6\u53d8\u52a8\uff0c\u6055\u4e0d\u53e6\u884c\u901a\u77e5\u3002\u672c\u6750\u6599\u4e0d\u5e94\u88ab\u89c6\u4e3a\u5173\u4e8e\u8d44\u4ea7\u914d\u7f6e\u6216\u4efb\u4f55\u7279\u5b9a\u6295\u8d44\u7684\u5efa\u8bae\u6216\u63a8\u8350\u3002<\/p>","protected":false},"excerpt":{"rendered":"

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