Aerodrome：鏈上流動性引擎

Aerodrome 結合了先前DEX 的最佳功能——受Curve/Convex 啟發的代幣經濟學，用於改善治理和排放；受Uni v3 啟發的集中式自動化做市商(clAMM)，用於資本效率高的交易所；以及對Solidly 程式碼庫的增強。

Original Title: "Aerodrome: The Onchain Liquidity Engine"

原文標題：《機場：鏈上流動性引擎》

Authors: Bryan Tan & Arthur Cheong

作者：Bryan Tan 和 Arthur Cheong

Compiled by: Felix, PANews

編譯：Felix、PANews

Before discussing Aerodrome, let's understand some background knowledge about DEXs.

在討論 Aerodrome 之前，我們先來了解一些關於 DEX 的背景知識。

Breaking the Stalemate of DEXs: Why Traditional Models Fall Short

打破 DEX 僵局：傳統模式為何無法達標

The development of DEXs has been accompanied by a fundamental struggle: balancing the interests of multiple stakeholders while maintaining sustainable growth. Two key challenges have plagued traditional DEX models:

DEX 的發展伴隨著一個根本性的鬥爭：平衡多個利害關係人的利益，同時保持永續成長。傳統 DEX 模式面臨兩個關鍵挑戰：

1. Balancing Interests:

1. 平衡利益：

DEXs must serve three different groups simultaneously: traders seeking efficient markets, liquidity providers (LPs) pursuing yields, and token holders demanding appreciation.

DEX 必須同時服務三個不同的群體：尋求有效市場的交易者、追求收益率的流動性提供者（LP）以及要求升值的代幣持有者。

Uniswap, as a typical representative, directs 100% of the fees to LPs, leaving UNI holders without direct protocol revenue. Meanwhile, Curve adopts a neutral stance, splitting CRV between LPs and veCRV holders. However, as the release volume decreases, this model faces sustainability issues.

Uniswap 作為典型代表，將 100% 的費用直接交給 LP，使得 UNI 持有者沒有直接的協議收入。同時，Curve 採取中立立場，將 CRV 分配給 LP 和 veCRV 持有者。然而，隨著釋放量的減少，這種模式面臨永續性問題。

The result is a continuous tug-of-war, leading to suboptimal returns for all parties involved.

結果是一場持續的拉鋸戰，導致所有相關方的回報都不佳。

2. Issuance Dilemma:

2. 發行困境：

The summer of DeFi in 2020/21 exposed the flaws of strict issuance plans, with countless Uniswap v2 forks attracting liquidity through token inflation, resulting in fierce competition.

2020/21年的DeFi夏天暴露了嚴格發行計畫的缺陷，無數的Uniswap v2分叉透過代幣通膨吸引流動性，導致激烈的競爭。

Curve's innovative veCRV system introduced bribery as a mechanism to guide liquidity, but it produced unintended consequences: voters maximized personal interests through bribery rather than supporting pools that generated sustainable protocol revenue.

Curve 的創新 veCRV 系統引入了賄賂作為引導流動性的機制，但它產生了意想不到的後果：選民透過賄賂實現個人利益最大化，而不是支持產生可持續協議收入的礦池。

Even Andre Cronje's Solidly, which attempted to address these issues, fell victim to its design flaws—early issuance and token whitelisting ultimately undermined its effectiveness.

即使是 Andre Cronje 的 Solidly 試圖解決這些問題，也因其設計缺陷而成為受害者——早期發行和代幣白名單最終削弱了其有效性。

Every iteration of DEX design has attempted to tackle these fundamental challenges, but none have fully resolved them to date.

DEX 設計的每一次迭代都試圖解決這些基本挑戰，但迄今為止還沒有一個能夠完全解決這些挑戰。

Aerodrome: The MetaDEX Revolution

機場：MetaDEX 革命

Aerodrome combines the best features of previous DEXs—tokenomics inspired by Curve/Convex for improved governance and emissions, centralized automated market makers (clAMM) inspired by Uni v3 for capital-efficient exchanges, and enhancements to the Solidly codebase.

Aerodrome 結合了先前DEX 的最佳功能——受Curve/Convex 啟發的代幣經濟學，用於改善治理和排放；受Uni v3 啟發的集中式自動化做市商(clAMM)，用於資本效率高的交易所；以及對Solidly 程式碼庫的增強。

These features provide a solution to align incentives across parties and position it as the preferred venue for user trading.

這些功能提供了一種解決方案，可以協調各方的激勵措施，並將其定位為用戶交易的首選場所。

veAERO holders can earn 100% of the fees and bribes from the pools they vote on as compensation. This incentivizes them to direct emissions and fees toward the pools with the highest returns, ultimately benefiting the protocol.

veAERO 持有者可以從他們投票的礦池中獲得 100% 的費用和賄賂作為補償。這激勵他們將排放和費用直接流向回報率最高的礦池，最終使協議受益。

LPs will receive 100% of AERO emission incentives and will fund the pools with the highest yields.

LP 將獲得 100% 的 AERO 排放激勵，並將為收益率最高的池提供資金。

Traders benefit from the high liquidity of the DEX, allowing for better execution compared to other exchanges.

交易者受益於 DEX 的高流動性，與其他交易所相比，可以實現更好的執行。

Notably, since the launch of Aerodrome Slipstream (Uni v3-style clAMM) in April this year, Aerodrome's market share in the Base DEX market has surged to 63%, effectively replacing Uniswap.

值得注意的是，自今年4月推出Aerodrome Slipstream（Uni v3式clAMM）以來，Aerodrome在Base DEX市場的市佔率已飆升至63％，有效取代了Uniswap。

Compared to Uniswap V3 on Base, Aerodrome Slipstream has achieved absolute growth in numbers while overall achieving higher capital efficiency. This dominance becomes even more apparent considering the numerous scam tokens present on Uniswap.

與 Base 上的 Uniswap V3 相比，Aerodrome Slipstream 實現了數量絕對增長，同時整體實現了更高的資本效率。考慮到 Uniswap 上存在大量詐騙代幣，這種主導地位變得更加明顯。

Moreover, Aerodrome is also the highest fee-generating application among all dApps on Base.

此外，Aerodrome 也是 Base 上所有 dApp 中收費最高的應用程式。

The Rapid Rise of Aerodrome

機場的迅速崛起

In the past year, Aerodrome's TVL has skyrocketed 12 times to $1.3 billion, accounting for nearly 50% of Base's TVL. Notably, from March to September, Aerodrome's TVL continued to grow amidst a turbulent market, demonstrating resilience.

過去一年，Aerodrome 的 TVL 飆升了 12 倍，達到 13 億美元，佔 Base TVL 的近 50%。值得注意的是，3月至9月，Aerodrome的TVL在動盪的市場中持續成長，展現了韌性。

At the same time, Aerodrome's monthly trading volume surged 111 times, reaching $16.5 billion by the end of October. Additionally, Aerodrome's share of total DEX trading volume has risen to 8.5%. In recent months, despite an overall decline in DEX trading volume, Aerodrome's trading volume has continued to grow.

與此同時，Aerodrome 的月交易量激增 111 倍，截至 10 月底達到 165 億美元。此外，Aerodrome 在 DEX 總交易量中的份額已上升至 8.5%。近幾個月來，儘管DEX交易量整體下降，但Aerodrome的交易量卻持續成長。

The Coinbase Effect

Coinbase 效應

Base plays a key role in Coinbase's strategy to promote crypto utility and reduce on-chain transaction complexity. They have pioneered several ecosystem initiatives, such as integrating Base into the Coinbase smart wallet, hosting hackathons, and partnering with institutions like Stripe for fiat-to-crypto conversions on Base. As a result, Base is currently the largest rollup by TVL, with approximately $2.7 billion.

Base 在 Coinbase 促進加密實用性和降低鏈上交易複雜性的策略中發揮關鍵作用。他們開創了多項生態系統計劃，例如將 Base 整合到 Coinbase 智慧錢包中、舉辦黑客馬拉松，以及與 Stripe 等機構合作在 Base 上進行法幣到加密貨幣的轉換。因此，Base 是目前 TVL 最大的匯總，價值約 27 億美元。

As the largest dApp on Base, Aerodrome is benefiting from Base's rapid expansion. Base's DAU and daily trading volume have steadily increased over the year, contributing to the usage of Aerodrome.

作為 Base 上最大的 dApp，Aerodrome 正受益於 Base 的快速擴張。 Base的DAU和每日交易量在過去一年中穩步增長，為Aerodrome的使用做出了貢獻。

Protocols on Base hold nearly 10% of veAERO, aiming to enhance the liquidity of their governance tokens by locking AERO and voting to direct issued tokens to their own pools. With the growth of users and economic activity on Base, it is expected that future protocols launched on Base will follow suit, stimulating demand for the $AERO token.

Base 上的協議持有近 10% 的 veAERO，旨在透過鎖定 AERO 並投票直接將發行的代幣放入自己的池中來增強其治理代幣的流動性。隨著 Base 上用戶和經濟活動的成長，預計 Base 上未來推出的協議也將效仿，刺激對 $AERO 代幣的需求。

With Coinbase's decision to launch cbBTC to challenge WBTC, economic activity on Base is

隨著 Coinbase 決定推出 cbBTC 挑戰 WBTC，Base 上的經濟活動