加密貨幣流動性池：深入探討其功能和假池的陰暗面

加密貨幣流動性池對於去中心化金融（DeFi）至關重要，因為它們為交易提供穩定的資金供應，並促進代幣對之間的輕鬆交換。

Crypto liquidity pools are collections of cryptocurrency funds secured by smart contracts that facilitate decentralized trading and other financial operations in decentralized finance (DeFi).

加密貨幣流動性池是由智慧合約保護的加密貨幣資金的集合，可促進去中心化金融（DeFi）中的去中心化交易和其他金融操作。

They enable users to trade directly against the pool’s liquidity, thus eliminating the need for traditional order books. Funds in the liquidity pools are supplied by participants known as liquidity providers (LPs). In exchange for contributing their assets, LPs earn rewards, usually in the form of governance tokens or transaction fees.

它們使用戶能夠直接根據池的流動性進行交易，從而消除了對傳統訂單簿的需求。流動性池中的資金由稱為流動性提供者（LP）的參與者提供。作為貢獻資產的交換，有限合夥人通常會以治理代幣或交易費的形式獲得獎勵。

Liquidity pools are essential to decentralized finance (DeFi) because they provide a steady supply of funds for transactions and facilitate easy swaps between token pairs. They are the core technology behind decentralized exchanges (DEXs), such as Uniswap, and facilitate effective and convenient trading without the need for intermediaries.

流動性池對於去中心化金融（DeFi）至關重要，因為它們為交易提供穩定的資金供應，並促進代幣對之間的輕鬆交換。它們是 Uniswap 等去中心化交易所 (DEX) 背後的核心技術，無需中介機構即可促進有效且便捷的交易。

Thanks to liquidity pools, projects get a decentralized means of generating markets for their tokens, enhance visibility, and draw in users. Investors get an opportunity to earn passive income and diversify investments. Liquidity pools play a key role in driving the growth and accessibility of DeFi ecosystems.

借助流動性池，專案可以採用去中心化的方式為其代幣創造市場，提高知名度並吸引用戶。投資者有機會賺取被動收入和多元化投資。流動性池在推動 DeFi 生態系統的成長和可近性方面發揮關鍵作用。

Did you know? In Uniswap v3, 20% of the pools held 92.46% of the trading volume from March 2021 to April 2023.

你可知道？在 Uniswap v3 中，20% 的礦池持有 2021 年 3 月至 2023 年 4 月 92.46% 的交易量。

Fake liquidity pools demonstrate the dark side of DeFi, where scammers take advantage of the trust and decentralized structure of the ecosystem to cheat unsuspecting investors. One common fraudulent practice is a rug pull scam.

虛假流動性池展示了 DeFi 的陰暗面，詐騙者利用生態系統的信任和去中心化結構來欺騙毫無戒心的投資者。一種常見的詐騙行為是拉地毯騙局。

Crypto startups need to create a market for their newly launched token to facilitate trading. To meet this goal, developers set up a liquidity pool, pairing their token with a widely used asset, such as Ether (ETH), BNB (BNB) or Tether’s USDt (USDT).

加密新創公司需要為其新推出的代幣創建一個市場以促進交易。為了實現這一目標，開發人員建立了一個流動性池，將其代幣與廣泛使用的資產配對，例如以太坊 (ETH)、BNB (BNB) 或 Tether 的 USDt (USDT)。

In a legitimate setup, the liquidity pool enables seamless buying and selling of the token, creating a win-win situation for the project and regular investors. But in a rug pull scam, the developers’ intent is fraudulent. They begin by aggressively promoting the token.

在合法的設定中，流動性池可以實現代幣的無縫買賣，為專案和普通投資者創造雙贏的局面。但在拉地毯騙局中，開發商的意圖是詐欺。他們先積極推廣代幣。

Promising high returns, they try to convince investors to exchange valuable cryptocurrencies like ETH for the new token. Once the pool accumulates significant funds, the scammers withdraw the liquidity, absconding with the valuable tokens. Investors are left holding worthless assets with no recourse.

他們承諾高回報，試圖說服投資者用 ETH 等有價值的加密貨幣兌換新代幣。一旦資金池累積了大量資金，詐騙者就會撤回流動性，並帶著有價值的代幣潛逃。投資者持有毫無價值的資產且沒有追索權。

For instance, Meerkat Finance, launched in March 2021, quickly amassed over $31 million. Days later, the founders claimed a smart contract compromise. However, a swift $20-million drain from the project’s crypto wallets, coinciding with the announcement, cast doubt on the claim. The timing suggests a potential insider job.

例如，Meerkat Finance 於 2021 年 3 月推出，很快就籌集了超過 3,100 萬美元。幾天后，創辦人聲稱智能合約妥協了。然而，在該聲明發布之際，該項目的加密錢包迅速流失了 2000 萬美元，這讓人們對這一說法產生了懷疑。這個時機暗示了潛在的內部人員工作。

Additionally, Swaprum, an Arbitrum-based project, executed a rug pull in May 2023, siphoning $3 million from its liquidity pools. The developers, after vanishing with the stolen funds, deleted their social media accounts.

此外，基於 Arbitrum 的專案 Swaprum 於 2023 年 5 月執行了一次撤資行動，從其流動性池中抽走了 300 萬美元。開發商帶著被盜資金消失後，刪除了他們的社群媒體帳號。

Did you know? While the total value lost to digital asset hacks and scams declined by more than 50% in 2023 compared to 2022, reaching approximately $2 billion, the number of incidents remained consistent. However, attacks demonstrated increased sophistication.

你可知道？儘管與 2022 年相比，2023 年數位資產駭客和詐騙造成的總價值下降了 50% 以上，達到約 20 億美元，但事件數量保持不變。然而，攻擊變得越來越複雜。

Red flags of fake liquidity pools

虛假流動性池的危險訊號

You can better protect your money from fake liquidity pool scams by watching for common red flags.

留意常見的危險信號，您可以更好地保護您的資金免受虛假流動性池詐騙。

Here are some red flags you need to know:

以下是您需要了解的一些危險信號：

Did you know? Crypto hacks in the first half of 2024 witnessed a dramatic surge, with losses skyrocketing 900% year-over-year in the second quarter, reaching a staggering volume of nearly $1.4 billion.

你可知道？ 2024 年上半年，加密貨幣駭客攻擊事件急劇增加，第二季損失年減 900%，達到近 14 億美元的驚人金額。

How to avoid fake liquidity pools

如何避免虛假流動性池

Fake liquidity pools can make new tokens on DEXs risky, but conducting thorough due diligence, checking token distribution, verifying locked liquidity and ensuring active community support can help protect against scams.

虛假的流動性池可能會使 DEX 上的新代幣面臨風險，但進行徹底的盡職調查、檢查代幣分佈、驗證鎖定的流動性並確保積極的社區支持可以幫助防止詐騙。

Let’s understand the key protection strategies in a bit more detail:

讓我們更詳細地了解關鍵保護策略：

Are regulators around the world addressing DeFi scams effectively?

世界各地的監管機構是否有效應對 DeFi 詐騙？

Regulators worldwide are increasingly taking notice of DeFi scams to protect investors and promote transparency. Various jurisdictions are following different approaches to deal with DeFi scams.

世界各地的監管機構越來越關注 DeFi 詐騙，以保護投資者並提高透明度。不同的司法管轄區正在採取不同的方法來應對 DeFi 詐騙。

In the United States, DeFi is regulated by several agencies, including the Commodity Futures Trading Commission and the Securities and Exchange Commission. The SEC has been scrutinizing DeFi projects as potential securities offerings. Even the CFTC whistleblower program offers rewards of 10%–30% for original information leading to sanctions of over $1 million.

在美國，DeFi 受到多個機構的監管，包括商品期貨交易委員會和證券交易委員會。 SEC 一直在將 DeFi 專案視為潛在的證券發行進行審查。甚至 CFTC 舉報人計劃也會對原始資訊提供 10% 至 30% 的獎勵，從而導致超過 100 萬美元的製裁。

In Europe, however, the Markets in Crypto-Assets (MiCA) regulation does not fully regulate DeFi. It exempts crypto-asset services that are fully decentralized and lack intermediaries.

然而，在歐洲，加密資產市場 (MiCA) 監管並未完全監管 DeFi。它免除了完全去中心化且缺乏中介機構的加密資產服務。

In Singapore, DeFi platforms are subject to the Payment Services Act (PSA), which covers digital payment token services and aims to reduce risks in crypto transactions. Similarly, Japan has a well-established framework for crypto regulations under the Financial Services Agency (FSA

在新加坡，DeFi 平台須遵守《支付服務法》（PSA），該法涵蓋數位支付代幣服務，旨在降低加密貨幣交易的風險。同樣，日本在金融服務局 (FSA) 下擁有完善的加密貨幣監管框架