Ngoku ujongile Yintoni i-AMM, uMenzi weMarike oZimamelayo?

Yintoni i-AMM, uMenzi weMarike oZisebenzelayo?

Ixesha lokufunda: 7 imizuzu

AbaSebenzi beMarike abaSebenzayo bakhuthaza abasebenzisi ukuba babe ngababoneleli bemali yokuhlawula amatyala ngokutshintshiselana nesabelo semali yokuthengiselana kunye neethokheni zasimahla.

Xa u-Uniswap wazalwa ngo-2018, yaba yiplatifomu yokuqala yokusebenzisa ngempumelelo i-automated market maker (AMM) inkqubo.
I-automated market maker (AMM) yi-protocol esisiseko enika amandla zonke ii-decentralized exchanges (DEXs), kunye ne-DEXs zinceda abasebenzisi ukurhweba nge-cryptocurrencies ngokudibanisa ngokuthe ngqo, ngaphandle komlamli. Ukubeka nje ngokulula, abavelisi beemarike ezizenzekelayo ziindlela zokurhweba ezizimeleyo ezisusa imfuno yorhwebo olusembindini kunye neendlela ezinxulumene nokwenza imarike. Kwesi sikhokelo, siza kuphonononga ukuba ii-AMM zisebenza njani.
Kodwa kuqala, makhe sijonge ukuba yintoni abenzi beemarike.

Hayi endaweni yoko, kufuneka ndicacise into enye kuqala: I-Cazoo yidayari yokuhamba, andiyena umcebisi wezezimali. Musa ukwenza impazamo yokutyala imali ongakwaziyo ukuyifikelela. Utyalo-mali lusemngciphekweni omkhulu: ukuba awulumkanga ulahlekelwa ngumkhondo wemali yakho, uyasokola ukuhambisana nemisebenzi ofuna ukuyilandela. Ndingakunika icebiso elinye kuphela, lumka kakhulu.

Index

Yintoni umenzi wemarike?

I-TL: Abenzi beemarike zeDR baququzelela iinkqubo ezifunekayo ukubonelela ngemali yokuhlawula amatyala kwizibini ezirhwebayo.

Umenzi wemarike uququzelela inkqubo yokubonelela ngemali yokuhlawula amatyala kurhwebo ngababini kutshintshiselwano oluphakathi. Utshintshiselwano oluphakathi lulawula imisebenzi yabarhwebi kwaye lubonelela ngenkqubo ezenzekelayo eqinisekisa ukuba imiyalelo yokurhweba ihambelana ngokufanelekileyo. Ngamanye amazwi, xa umrhwebi A ethatha isigqibo sokuthenga i-BTC eyi-1 nge-34.000 yeedola, utshintshiselwano luqinisekisa ukufumana umrhwebi u-B ozimisele ukuthengisa i-1 BTC kwizinga lotshintshiselwano olukhethiweyo lomthengisi A. Ngaloo ndlela, utshintshiselwano oluphakathi lungaphezulu okanye ngaphantsi. phakathi komrhwebi A kunye nomrhwebi B. Umsebenzi wakhe kukwenza inkqubo ibe lula ngokusemandleni kwaye ifanise abathengi bathenge kwaye bathengise iiodolo ngexesha lerekhodi.

Ke, kuthekani ukuba utshintshiselwano lwesitokhwe alukwazi ukufumana iimidlalo ezifanelekileyo zokuthenga kunye nokuthengisa iiodolo ngoko nangoko?
Kwimeko elolo hlobo, masithi ubukho bemali ekhoyo kwii-asethi kuthethwa ngabo buphantsi.

  • La izinto zexabiso, ngokurhweba, kubhekisela kwindlela elula ngayo i-asethi enokuthengwa kwaye ithengiswe. Ubukho bemali ephezulu bucebisa ukuba imarike iyasebenza kwaye baninzi abarhwebi abathengayo nabathengisa i-asethi ethile. Ngokuchaseneyo, imali ephantsi yokuhlawula amatyala ithetha ukuba kukho umsebenzi omncinci kwaye kunzima kakhulu ukuthenga nokuthengisa i-asethi.

Xa imali yokuhlawula amatyala iphantsi, i ukuhluma idla ukwenzeka.

Yintoni ukutyibilika?

Lixabiso le-asethi ethi, ngexesha lokwenziwa kwentengiselwano, ihamba kakhulu phambi kokuba umsebenzi ugqitywe. Oku kwenzeka rhoqo kwiindawo eziguquguqukayo ezifana nemarike ye-cryptocurrency, ngoko ke utshintshiselwano kufuneka luqinisekise ukuba utshintshiselwano lwenziwa ngoko nangoko ukunciphisa iziliphu zexabiso.
Ukufezekisa inkqubo yokurhweba egudileyo, utshintshiselwano oluphakathi luxhomekeke kubathengisi abaziingcali okanye amaziko emali ukubonelela ngemali yokuhlawula amatyala kwizibini zokurhweba. La maqumrhu adala unikezelo kunye nee-odolo zemfuno ezininzi ukuze zitshatise ii-odolo zabarhwebi. Ngale ndlela, ukutshintshiselana kunokuqinisekisa ukuba ii-counterparties zihlala zikhona kuzo zonke iintengiso. Kule nkqubo, ababoneleli bemali yokuhlawula amatyala bathatha indima yomenzi wemarike.

Yintoni umenzi wemarike ozenzekelayo (AMM)?

Ngokungafaniyo notshintshiselwano oluphakathi, i-DEXs ifuna ukuphelisa zonke iinkqubo eziphakathi ezibandakanyekayo kurhwebo lwe-cryptocurrency. Abaxhasi iinkqubo ezihambelana ne-odolo okanye iziseko zokugcinwa (apho utshintshiselwano lubamba zonke izitshixo zangasese ze-wallets, i-wallets). Ngaloo ndlela, i-DEXs ikhuthaza ukuzimela ukuze abasebenzisi bakwazi ukuqalisa ukuthengiselana ngokuthe ngqo kwi-wallets non-custodial (i-wallets apho umntu elawula isitshixo sangasese).

Ukongeza, ii-DEXs zithatha indawo yeenkqubo zokuthelekisa ii-odolo kunye neencwadi zokuodola ezineeprothokholi ezizimeleyo ezibizwa ngokuba I-AMM. Ezi protokoli zisebenzisa iikhontrakthi ezihlakaniphile - iinkqubo zekhompyutha eziziqhubayo - ukuxabisa i-asethi yedijithali kunye nokubonelela ngemali. Nanku umlingo: iprothokholi ibopha ukungabikho kwemali ngokusetyenziswa kweekontraki ezihlakaniphile. Ngokusisiseko, abasebenzisi abarhwebi ngobuchwephesha ngokuchasene namaqela- endaweni yoko, barhweba ngokuchasene nokungabi namali ekhoyo phakathi kweekontraki ezihlakaniphile. Ezi zivumelwano ezihlakaniphile zihlala zibizwa ichibi lokungabi namali.
Ngokukodwa, ngabantu abatyebileyo kuphela okanye iinkampani ezinokuthatha indima yomboneleli wemali kutshintshiselwano lwemveli. Ngokumalunga nee-AM, naliphi na iziko linokuba ngumboneleli wemali yokuhlawula amatyala, ukuba nje liyahlangabezana neemfuno ezichazwe kwikhontrakthi ehlakaniphile. Imizekelo yee-AMM ziquka i-Uniswap, iBalancer, kunye neCurve.

Ngaba iBinance ibonelela ngezisombululo ze-AMM? Sathetha ngayo kweli nqaku: Uyifumana njani imali yeemali zedijithali ngokutshintsha kweBinance Liquid

Kwaye ukuba ufuna ukujoyina uBinance, ukuba awukabhalisi, ngekhowudi yam yokuthunyelwa! Isazisi sam sokuthumela sithi QRH1VIJ8, okanye ungacofa nje apha.

Basebenza njani abaSebenzi beMarike abaZisebenzelayo (AMM)?

Zimbini izinto ezibalulekileyo ekufuneka uzazi ngee-AMM:

  • Izibini zokurhweba eziqhele ukufunyanwa kutshintshiselwano oluphakathi zikhona “njengeechibi zombane” kwii-AMM. Umzekelo, ukuba ufuna ukurhweba nge-Ether ngeTether, kufuneka ufumane i-ETH / USDT echibini lobuncwane.
  • Esikhundleni sokusebenzisa abenzi bemarike abazinikeleyo, nabani na unokubonelela ngemali yokuhlawula amatyala kula machibi ngokufaka zombini ii-asethi ezimelwe equleni. Umzekelo, ukuba ufuna ukuba ngumboneleli wemali yokuhlawula amatyala kwiphuli ye-ETH / USDT, kuya kufuneka ufake idiphozithi ethile eqingqwe kwangaphambili ye-ETH kunye ne-USDT.

Ukuqinisekisa ukuba umlinganiselo wee-asethi kwii-asethi zokuhlawula amatyala uhlala ulungelelene kangangoko kwaye ukuphelisa ukungangqinelani kwexabiso le-asethi edityanisiweyo, ii-AMM zisebenzisa iequation zemathematika ezichazwe kwangaphambili. Umzekelo, u-Uniswap kunye nezinye iiprothokholi ezininzi zokurhweba zeDeFi zisebenzisa i-equation elula xy = k ukuseta unxulumano lwemathematika phakathi kwee-asethi ezithile ezigcinwe kumanzi ombane.

Apha, u-x umele ixabiso lika-A olungileyo, u-y ubonisa ixabiso lika-B olungileyo, ngelixa u-k engatshintshi. Iiphuli ze-liquidity ze-Uniswap zihlala zigcina imo apho ukuphindaphinda kwexabiso le-Asethi A kunye nexabiso le-B lihlala lilingana nenani elifanayo.

Ukuqonda indlela oku kusebenza ngayo, makhe sisebenzise i-ETH / USDT i-pool ye-liquidity njengesifundo somzekelo: xa i-ETH ithengwa ngabahwebi, bongeza i-USDT kwi-pool kwaye basuse i-ETH. Oku kunciphisa inani le-ETH echibini, elithe, linyusa ixabiso le-ETH ukwanelisa umphumo wokulinganisa we-xy = k. Ngokwahlukileyo, njengoko i-USDT eninzi yongezwa kwi-pool, ixabiso le-USDT liyancipha. Xa i-USDT ithengwa, kwenzeka okuchaseneyo - ixabiso le-ETH liwela echibini ngelixa ixabiso le-USDT likhuphuka.

Ukuhlengahlengisa kwi-Cash Pool kwi-AMM

Xa ii-odolo ezinkulu zibekwe kwii-AMM kwaye inani elikhulu lomqondiso lisusiwe okanye lifakwe echibini, kunokubakho ukungafani okuphawulekayo phakathi kwexabiso le-asethi kwi-pool kunye nexabiso layo lemarike (ixabiso apho kuthengiswa khona. Utshintshiselwano oluninzi). Ngokomzekelo, ixabiso lemarike ye-ETH ingaba yi-3.000 yeedola kodwa echibini, ingaba yi-$ 2.850 kuba umntu wongeza i-ETH eninzi kwi-pool ukususa enye ithokheni.

Oku kuthetha ukuba i-ETH iya kurhweba ngesaphulelo kwi-pool, idala ithuba le-arbitrage. I urhwebo arbitrage sisicwangciso sokufumana umahluko phakathi kwexabiso le-asethi kutshintshiselwano oluninzi, ukuyithenga eqongeni apho inexabiso eliphantsi kancinane kwaye uyithengise eqongeni apho ingaphezulu kancinci.

Kwi-AMMs, abarhwebi be-arbitrage bakhuthazwa ngokwezimali ukuba bafumane ii-asethi ezithengiswa ngezaphulelo kumachibi okuhlawula amatyala kwaye bazithenge de ixabiso le-asethi libuyele ngokuhambelana nexabiso layo lemarike.

Ngokomzekelo, ukuba ixabiso le-ETH kwi-liquidity pool liphantsi ngokumalunga nezinga lotshintshiselwano kwezinye iimarike, abathengisi be-arbitrage banokuthatha inzuzo yokuthenga i-ETH echibini ngexabiso eliphantsi kwaye bayithengise ngexabiso eliphantsi. iingxowa zangaphandle. Ngorhwebo ngalunye, ixabiso le-ETH elidityanisiweyo liya kuphinda liphinde libe lihambelana nezinga lemarike eliqhelekileyo.

Qaphela ukuba u-Uniswap's x * y = k yenye yeefomyula zemathematika ezisetyenziswa zii-AMM namhlanje. Umzekelo, iBalancer isebenzisa indlela entsonkothileyo yobudlelwane bemathematika evumela abasebenzisi ukuba badibanise ukuya kuthi ga kwii-asethi zedijithali ezisi-8 kwiphuli enye yokungabikho kwemali. Igophe, kwelinye icala, lamkela ifomula yemathematika efanelekileyo yokudibanisa i-stablecoins okanye i-asethi efanayo.

Indima yababoneleli bemali yokuhlawula amatyala kwii-AM

Njengoko kuxoxiwe ngasentla, ii-AMMs zifuna umbane ukuze zisebenze kakuhle. Amadama angafumani nkxaso-mali ngokwaneleyo asengozini yokutyibilika. Ukuthomalalisa ukutyibilika, ii-AMM zikhuthaza abasebenzisi ukuba bafake ii-asethi zedijithali kumachibi otywala ukuze abanye abasebenzisi bakwazi ukurhweba ngokuchasene nale mali.

Njengenkuthazo, iprotocol ivuza ababoneleli bemali yokuhlawula amatyala (LPs) ngeqhezu leekhomishini ezihlawulwe kwiitransekshini ezenziwe echibini. Ngamanye amazwi, ukuba idiphozithi yakho imele i-1% yemali evalelwe echibini, uya kufumana ithokheni ye-LP emele i-1% yemali efunyenweyo yentengiselwano. Xa umboneleli wemali yokuhlawula amatyala enqwenela ukushiya ichibi, bakhulula ithokheni yabo ye-LP kwaye bafumane isabelo sabo semirhumo yokuthengiselana.
Ukongeza koku, ii-AMM zikhupha amathokheni olawulo kwi-LP kunye nabarhwebi. Njengoko igama libonisa, ithokheni yokulawula ivumela umnini ukuba abe namalungelo okuvota kwimiba enxulumene nolawulo kunye nokuphuhliswa kweprotocol ye-AMM.

I-AMM ivelisa amathuba okulima

Ukongeza kwiinkuthazo ezikhankanyiwe ngasentla, ii-LPs zinakho ukuxhamla kumathuba isivuno sokulima abathembisa ukunyusa umvuzo wabo. Ukonwabela olu ncedo, into eyenziwa ngumnikezeli wemali yokuhlawula amatyala kukufaka umlinganiselo ofanelekileyo wee-asethi zedijithali kwindawo yokuhlawula amatyala kwiprothokholi ye-AMM. Emva kokuba idiphozithi iqinisekisiwe, i-protocol ye-AMM iya kuthumela iithokheni ze-LP. Kwezinye iimeko kunokwenzeka ukuba udipozithe - okanye "ukubeka" - lo mqondiso kwiprothokholi yokuboleka eyahlukileyo kwaye ufumane inzala eyongezelelweyo.

Ngale ndlela, kuyenzeka ukuba wandise imivuzo ngokwenza i-capitability, okanye ukusebenzisana, kwe-decentralized finance protocols (DeFi). Gcina ukhumbula ukuba kuya kufuneka uhlawule ithokheni yomnikezeli wemali yokuhlawula amatyala ukurhoxisa imali kwindawo yokuqala yokuhlawula amatyala.

Yintoni ilahleko engapheliyo?

Omnye wemingcipheko eyayanyaniswa namachibi okuhlawula amatyala yi Ilahleko engapheliyo. Oku kwenzeka xa umlinganiselo wexabiso lee-asethi ezidityanisiweyo uguquguquka. I-LP iya kuba nelahleko ngokuzenzekelayo xa umlinganiselo wexabiso le-asethi edityanisiweyo utenxa kwixabiso ediphozithelwe ngalo imali. Okukhona ukuguquguquka okukhulu kwexabiso, kokukhona ilahleko iba nkulu. Ilahleko engapheliyo idla ngokuchaphazela amadama aqulathe ii-asethi zedijithali eziguquguqukayo.

Nangona kunjalo, le lahleko ayipheli ngenxa yokuba kukho ithuba lokuba umlinganiselo wexabiso uya kubuya umva. Ilahleko iba ngokusisigxina kuphela xa uMboneleli weLiquidity erhoxisa iimali ezikhankanywe ngasentla phambi kokuba umlinganiselo wexabiso ujike. Kwakhona, qaphela ukuba iinzuzo ezinokubakho ezivela kwiifizi zentengiselwano kunye ne-LP token stakes ngamanye amaxesha zinokugubungela ezo lahleko.