AMM：推動去中心化金融革命的引擎

自動做市商 (AMM) 透過使去中心化交易所 (DEX) 發揮作用，徹底改變了去中心化金融 (DeFi)。與中心化交易所不同，DEX 直接連接用戶，無需中介機構。 AMM 作為自主交易機制運作，透過創建流動性池來確保流動性，激勵用戶將資產存入智能合約並獲得被動收入作為回報。透過利用 AMM，DEX 提供流動性，而無需承擔傳統做市商帶來的風險，從而使 DeFi 在沒有中心化實體的情況下蓬勃發展。了解做市商的演變和 AMM 的作用對於理解去中心化金融的成長和成功至關重要。

Automated Market Makers: The Backbone of Decentralized Finance

自動化做市商：去中心化金融的支柱

Automated Market Makers (AMMs) have revolutionized the decentralized finance (DeFi) landscape, empowering decentralized exchanges (DEXes) with the ability to operate seamlessly and efficiently. Their introduction in 2018, pioneered by Uniswap, marked a pivotal moment in the evolution of DeFi, transforming the way digital currencies are traded.

自動做市商 (AMM) 徹底改變了去中心化金融 (DeFi) 格局，使去中心化交易所 (DEX) 能夠無縫、有效率地運作。它們於 2018 年由 Uniswap 率先推出，標誌著 DeFi 發展的關鍵時刻，改變了數位貨幣的交易方式。

Understanding Market Makers: The Liquidity Enhancers

了解做市商：流動性增強劑

Prior to the advent of DeFi, decentralized exchanges struggled to gain traction due to insufficient liquidity. Liquidity, the ease with which assets can be bought and sold, is crucial for trading. Without adequate liquidity, traders face challenges in executing orders promptly, capitalizing on favorable price movements, and mitigating losses.

在 DeFi 出現之前，去中心化交易所由於流動性不足而難以獲得關注。流動性，即資產買賣的難易度，對於交易至關重要。如果沒有足夠的流動性，交易者在及時執行訂單、利用有利的價格變動和減少損失方面面臨挑戰。

Centralized exchanges (CEXes) addressed this issue through market makers, entities responsible for providing liquidity to listed trading pairs. CEXes act as intermediaries, facilitating transactions between buyers and sellers and ensuring order matching. This approach has proven effective in traditional finance for years, but DEXes sought a more decentralized solution.

中心化交易所（CEX）透過做市商（負責為上市交易對提供流動性的實體）解決了這個問題。 CEX 充當中介機構，促進買家和賣家之間的交易並確保訂單匹配。多年來，這種方法在傳統金融領域已被證明是有效的，但去中心化交易所尋求更去中心化的解決方案。

The AMM Solution: Smart Contracts and Liquidity Pools

AMM 解決方案：智慧合約與流動性池

AMMs, unlike market makers on CEXes, utilize smart contracts to automate order matching. Smart contracts are self-executing programs that establish asset prices based on supply and demand and provide liquidity. To overcome the liquidity constraint, AMMs introduced liquidity pools, smart contracts holding substantial amounts of deposited assets.

與 CEX 上的做市商不同，AMM 利用智慧合約來自動化訂單配對。智能合約是自動執行的程序，根據供需確定資產價格並提供流動性。為了克服流動性限制，AMM 引入了流動性池，即持有大量存入資產的智慧合約。

Retail users, known as liquidity providers, contribute their dormant assets to these pools, earning passive income in return. AMMs also employ mathematical equations to maintain balance within liquidity pools, eliminating price discrepancies. Users can deposit and withdraw assets at will, with some platforms imposing penalties for premature withdrawals.

零售用戶（稱為流動性提供者）將其休眠資產貢獻給這些資金池，從而賺取被動收入作為回報。自動做市商也利用數學方程式來維持流動性池內的平衡，從而消除價格差異。用戶可以隨意存入和提取資產，有些平台會對提前提取進行處罰。

Governance Tokens: Empowerment for Users

治理代幣：為用戶賦能

Many AMM platforms issue governance tokens, granting holders voting rights in project governance. These tokens empower users to propose and vote on changes that enhance the platform's functionality and community. The weight of each vote is typically proportional to the number of governance tokens held.

許多AMM平台都會發行治理代幣，並賦予持有者在專案治理中的投票權。這些代幣使用戶能夠提出提案並投票，以增強平台的功能和社群。每次投票的權重通常與持有的治理代幣數量成正比。

Impermanent Loss: A Potential Risk

無常損失：潛在風險

Liquidity pools carry an inherent risk known as impermanent loss, which arises when the price ratio of pooled assets fluctuates. When the price ratio changes from the initial deposit ratio, the pool incurs losses. The magnitude of these losses increases with the extent of price changes.

流動性池具有被稱為無常損失的固有風險，當池資產的價格比率波動時就會出現這種風險。當價格比率與初始存款比率改變時，資金池就會產生損失。這些損失的幅度隨著價格變動的程度而增加。

Impermanent loss is particularly prevalent in pools containing highly volatile cryptocurrencies. However, it is important to note that the loss is "impermanent" as the price ratio may revert to its original state. This underscores the volatile nature of digital currencies and the potential for gains or losses when assets are deposited in liquidity pools.

在包含高度波動性加密貨幣的池中，無常損失尤其普遍。然而，值得注意的是，損失是“無常的”，因為價格比率可能會恢復到原來的狀態。這凸顯了數位貨幣的波動性以及資產存入流動性池時可能產生收益或損失的可能性。

Conclusion: AMMs as Pillars of DeFi

Automated Market Makers have become indispensable components of decentralized finance. By providing liquidity, automating order matching, and enabling community governance, AMMs have empowered DEXes to compete with their centralized counterparts. They have unlocked new possibilities for trading digital assets and fostered the growth of the DeFi ecosystem, paving the way for further innovation and adoption in the years to come.

自動化做市商已成為去中心化金融不可或缺的一部分。透過提供流動性、自動化訂單匹配和實現社區治理，AMM 使 DEX 能夠與中心化交易對手競爭。他們開啟了數位資產交易的新可能性，促進了 DeFi 生態系統的發展，為未來幾年的進一步創新和採用鋪平了道路。