分散交流（DEX）已轉變加密交易

去中心化交易所（DEX）通過消除中介機構並使用戶完全控制其資產，從而改變了加密交易。

Decentralized exchanges (DEXs) have transformed the landscape of cryptocurrency trading by eliminating the need for intermediaries and giving users complete control over their assets. Unlike centralized exchanges, DEXs rely on smart contracts to facilitate token swaps, ensuring greater transparency, security, and decentralization.

分散的交易所（DEX）通過消除了中介需要並賦予用戶完全控制其資產的需求，從而改變了加密貨幣交易的景觀。與集中交流不同，DEX依靠智能合約來促進令牌掉期，從而確保更高的透明度，安全性和權力下放。

There are different DEXs that cater to various trading needs. Platforms like Uniswap, PancakeSwap, and Curve Finance have pioneered innovative liquidity models, making it easier for users to trade efficiently. For those looking for seamless cross-chain swaps, THORChain offers interoperability, while Hyperliquid specializes in high-speed perpetual futures trading.

有不同的DEX滿足各種交易需求。 Uniswap，PancakesWap和Curve Finance等平台具有開創性的創新流動性模型，使用戶更容易有效地進行交易。對於那些尋求無縫跨鏈掉期的人來說，Thorchain具有互操作性，而Hyperliquid則專門從事高速永久期貨交易。

Depending on whether you prioritize low fees, governance participation, or deep liquidity, there’s a DEX designed to match your trading strategy.

根據您是優先考慮低費用，治理參與還是深度流動性，有一個DEX旨在符合您的交易策略。

Here’s a closer look at some of the top decentralized exchanges in the DeFi ecosystem:

這是對Defi生態系統中一些頂級分散交流的仔細研究：

1. Uniswap

1。uzap

Uniswap is a DEX that enables seamless crypto token swaps without relying on traditional order books. Instead, it uses an AMM system powered by liquidity pools, where users deposit assets to facilitate trades. This model ensures fast transactions, low fees, and trustless execution.

uniswap是一個DEX，可以在不依賴傳統訂單書籍的情況下實現無縫加密代幣交換。相反，它使用了由流動性池提供動力的AMM系統，用戶將資產存入以促進交易。該模型確保快速交易，低費用和無信任的執行。

At the core of Uniswap’s ecosystem is its native token, UNI – an ERC-20 token that grants holders governance rights, allowing them to vote on protocol upgrades and key decisions.

Uniswap的生態系統的核心是其本地令牌Uni - 一個ERC-20代幣，授予持有人治理權利，使他們能夠對協議升級和關鍵決策進行投票。

The AMM system operates through smart contracts, letting users trade against liquidity pools rather than matching with other traders. Token prices adjust dynamically using the Constant Product Formula, ensuring balance within each pool while liquidity providers earn a share of transaction fees as an incentive.

AMM系統通過智能合約運行，使用戶可以與流動性池進行交易，而不是與其他交易者進行匹配。代幣價格使用恆定的產品公式動態調整，確保每個游泳池內的平衡，而流動性提供商則獲得了一份交易費用作為激勵措施。

To enhance price accuracy, Uniswap integrates oracles that track real-time market data. With the launch of Uniswap v3, TWAP oracles were introduced, further improving pricing reliability.

為了提高價格準確性，UNISWAP集成了跟踪實時市場數據的甲殼。隨著UNISWAP V3的發布，引入了Twap甲骨文，進一步提高了定價可靠性。

2. Aerodrome Finance

2。機場金融

Aerodrome Finance is a DEX built to be the primary liquidity hub for the Base blockchain. Powered by Velodrome V2 technology, it offers advanced features such as customizable liquidity pools, automated veNFT management, and concentrated liquidity.

機場融資是建造的DEX，是基本區塊鏈的主要流動性中心。它由Velodrome V2技術提供動力，提供了高級功能，例如可自定義的流動性池，自動化的VENFT管理和集中流動性。

Since its launch in August 2023, Aerodrome has gained traction by providing traders with low-slippage token swaps, integrating elements from Uniswap V2, Uniswap V3, and Curve’s AMM models for efficient trading. Its native token, AERO, plays a central role in the ecosystem, incentivizing liquidity providers and governance participants.

自2023年8月推出以來，機場已通過為交易者提供低沖洗令牌掉期，集成了UNISWAP V2，UNISWAP V3的元素以及Curve的AMM模型，以進行有效交易。它的原始令牌Aero在生態系統中起著核心作用，激勵流動性提供者和治理參與者。

AERO holders who lock their tokens receive veAERO NFTs, granting them voting rights on reward distribution and a share of protocol fees. With permissionless pools, users can create and manage liquidity freely, adding to the platform’s flexibility.

鎖定代幣的Aero持有人會獲得veaero nfts，授予他們對獎勵分配和協議費用的投票權。借助無許可的池，用戶可以自由創建和管理流動性，從而增加了平台的靈活性。

To preserve governance influence, Aerodrome employs an anti-dilution mechanism that ensures veAERO holders maintain their voting power. Its self-optimizing liquidity flywheel further drives liquidity growth, solidifying Aerodrome’s position as a key player in the Base ecosystem for traders, liquidity providers, and governance participants.

為了保護治理的影響，機場採用了一種抗稀釋機制，以確保Veaero持有人保持其投票權。它自我優化的流動性飛輪進一步推動了流動性增長，鞏固了機場在貿易商，流動性提供者和治理參與者基礎生態系統中作為關鍵參與者的關鍵參與者的地位。

3. Orca Exchange

3。逆戟鯨交流

Orca Exchange is a DEX built on Solana, designed for fast, low-cost token swaps. Launched in February 2021 by Grace Kwan and Yutaro Mori, it was created to bypass the congestion and high fees of Ethereum-based DEXs. Orca has become a key player in the Solana ecosystem by offering efficient trading and rewards for liquidity providers.

Orca Exchange是建立在Solana上的DEX，該DEX專為快速，低成本的令牌交換而設計。它是由格蕾絲·誇（Grace Kwan）和尤塔羅·莫里（Yutaro Mori）於2021年2月推出的，是為了繞過以太坊基於以太坊的DEX的擁塞和高費用而創建的。 Orca通過為流動性提供商提供有效的交易和獎勵，成為Solana生態系統中的關鍵參與者。

To maximize capital efficiency, Orca utilizes Whirlpools – concentrated liquidity pools that improve price execution, reduce slippage, and offer higher yields. The Whirlpools smart contract is open-source, enabling developers to build on it and apply for grants through the Whirlpools Builders Program.

為了最大程度地提高資本效率，Orca利用漩渦 - 集中流動性池，以提高價格執行，減少滑倒並提供更高的收益率。惠而浦智能合約是開源的，使開發人員能夠在其基礎上構建並通過漩渦製造商計劃申請贈款。

Beyond performance, Orca focuses on user experience, providing a clean and intuitive interface for mobile and desktop users. The platform also includes a Fair Price Indicator, which alerts traders to high slippage or unfavorable pricing. Additionally, Orca contributes a portion of trading fees to sustainability initiatives through the Orca Impact Fund, reinforcing its commitment to social responsibility.

除了性能之外，Orca還專注於用戶體驗，為移動和桌面用戶提供了乾淨，直觀的接口。該平台還包括一個公平的價格指標，該指標會提醒交易者高度打滑或不利的定價。此外，Orca通過Orca Impact Fund為可持續性計劃貢獻了一部分交易費用，從而加強了其對社會責任的承諾。

4. THORChain

4

THORChain is a Layer 1 blockchain designed to enable seamless cross-chain swaps without relying on wrapped or pegged assets. Often described as a decentralized Binance or Uniswap for multiple chains, THORChain uses Continuous Liquidity Pools (CLPs) to facilitate swaps.

Thorchain是一個1層的區塊鏈，旨在使無縫的跨鏈互換而無需依賴包裹或固定的資產。 Thorchain通常被描述為用於多個鏈的分散式二進製或單次交通，因此使用連續的流動性池（CLP）來促進掉期。

Instead of swapping assets directly, transactions occur in two steps: the first trade converts BTC to RUNE, and the second converts RUNE to ETH. This process is fully automated by THORChain’s state machine, eliminating the need for users to hold RUNE themselves. Using RUNE as an intermediary, THORChain efficiently balances liquidity and adapts to market demand, making it one of the most advanced cross-chain liquidity solutions in DeFi.

交易沒有直接交換資產，而是分為兩個步驟：第一個貿易將BTC轉換為符文，第二個交易將符文轉換為ETH。 Thorchain的狀態機完全自動化了此過程，從而消除了用戶自行保持符文的需求。用符文作為中介機構，Thorchain有效地平衡了流動性並適應市場需求，使其成為DEFI中最先進的跨鏈流動性解決方案之一。

5. PancakeSwap

5。煎餅瓦普

PancakeSwap is a DEX that launched on Binance Smart Chain in September 2020. Using an AMM model allows users to trade tokens directly through liquidity pools rather than through traditional order books. Initially built on BSC, PancakeSwap has since expanded to multiple blockchains, including Ethereum, Polygon zkEVM, zkSync Era, Linea

Pancakeswap是一種DEX，於2020年9月在Binance Smart Chain上發射。使用AMM模型，用戶可以直接通過流動性池而不是通過傳統的訂單書來交易令牌。 pancakeswap最初建立在BSC上，此後已擴展到多個區塊鏈，包括以太坊，Polygon Zkevm，Zksync ERA，Linea