DeFi：警覺無常損失，這是流動性池中的關鍵風險

當自動做市商（AMM）因代幣價格波動而調整池內資產價值時，就會出現無常損失，這是 DeFi 流動性池中的潛在風險。這可能會減少流動性提供者的預期利潤或導致損失。當池中代幣的價值低於市場價值時，就會發生無常損失。為了減輕這種風險，流動性提供者可以增加流動性以穩定價格或等待市場恢復平衡。

Impermanent Loss: A Critical Risk in Decentralized Finance (DeFi)

無常損失：去中心化金融（DeFi）的一個關鍵風險

Impermanent loss, a potential financial setback faced by participants in DeFi liquidity pools, arises due to the dynamic price adjustments implemented by Automated Market Makers (AMMs). These price fluctuations can significantly impact the value of assets stored within liquidity pools.

無常損失是 DeFi 流動性池參與者面臨的潛在財務挫折，是由於自動做市商（AMM）實施的動態價格調整而產生的。這些價格波動可能會嚴重影響流動性池中儲存的資產的價值。

Understanding Automated Market Makers (AMMs)

了解自動做市商 (AMM)

AMMs, pioneered by blockchain visionary Vitalik Buterin, have revolutionized decentralized marketplaces by eliminating the need for direct supply-and-demand interaction. Instead, AMMs leverage software-driven mechanisms to facilitate trading, offering incentives to market participants through fees and yield-generating activities.

由區塊鏈遠見者 Vitalik Buterin 開創的 AMM 透過消除直接供需互動的需要，徹底改變了去中心化市場。相反，AMM 利用軟體驅動的機制來促進交易，透過費用和產生收益的活動為市場參與者提供誘因。

While AMMs provide a decentralized solution for liquidity, they introduce the potential for impermanent losses. These losses stem from the dynamic nature of liquidity pools, where AMMs adjust asset prices in response to market fluctuations.

雖然自動做市商為流動性提供了去中心化的解決方案，但它們也帶來了潛在的無常損失。這些損失源自於流動性池的動態性質，AMM 會根據市場波動調整資產價格。

Mechanism of Impermanent Loss

無常損失的機制

Impermanent loss occurs when the value of assets deposited in a DeFi protocol deviates from their corresponding market prices. This discrepancy arises from the inherent design of AMMs, which may not always align with real-time market conditions.

當存入 DeFi 協議的資產價值偏離其相應的市場價格時，就會發生無常損失。這種差異是由 AMM 的固有設計引起的，它可能並不總是與即時市場條件保持一致。

As asset prices fluctuate, AMMs in liquidity pools may not adjust instantaneously, leading to price differences between the pool and the wider market. This divergence triggers arbitrage opportunities, attracting traders who seek to capitalize on the price discrepancies.

隨著資產價格的波動，流動性池中的AMM可能不會立即調整，導致流動性池與更廣泛市場之間的價格差異。這種差異引發了套利機會，吸引了尋求利用價格差異的交易者。

Impact and Management of Impermanent Loss

無常損失的影響和管理

Impermanent loss is akin to unrealized losses encountered in traditional financial markets. It represents a potential financial setback that can negatively impact the value of a DeFi investor's portfolio.

無常損失類似於傳統金融市場中遇到的未實現損失。它代表著潛在的財務挫折，可能會對 DeFi 投資者的投資組合價值產生負面影響。

To mitigate impermanent loss, investors can consider the following strategies:

為了減輕無常損失，投資者可以考慮以下策略：

• Patience: Impermanent loss is typically short-term in nature. Waiting for market conditions to normalize can restore asset values.
• Balanced Liquidity Pairs: Liquidity pools containing asset pairs with relatively stable values, such as sETH/ETH or stablecoins like DAI/USDC, offer reduced impermanent loss.
• Short-Term Liquidity Provision: Adding liquidity to asset pairs during periods of price stability can help minimize impermanent loss.

Case Study: Impermanent Loss in Practice

耐心：無常損失通常是短期的。等待市場狀況正常化可以恢復資產價值。平衡流動性對：包含價值相對穩定的資產對的流動性池，例如sETH/ETH 或DAI/USDC 等穩定幣，可減少無常損失。短期流動性供給：增加流動性在價格穩定期間調整資產對有助於最大限度地減少無常損失。案例研究：實踐中的無常損失

Consider the following scenario: Investor A deposits 1 ETH and 100 DAI into a liquidity pool with a 50:50 ratio, resulting in a total investment of $200.

考慮以下情境：投資者 A 將 1 ETH 和 100 DAI 以 50:50 的比例存入流動性池，總投資為 200 美元。

If the market price of ETH subsequently doubles to $200, arbitrage traders may take advantage of the price discrepancy within the liquidity pool, buying ETH at a discounted rate. This action alters the ratio of assets within the pool, leading to an impermanent loss for Investor A if they were to withdraw their assets at this time.

如果 ETH 的市場價格隨後翻倍至 200 美元，套利交易者可能會利用流動性池內的價格差異，以折扣價購買 ETH。這一行為改變了池內資產的比例，如果投資者 A 此時撤回資產，則會導致他們遭受永久性損失。

Conclusion

結論

Understanding and managing impermanent loss is crucial for navigating the DeFi ecosystem effectively. Investors must balance the benefits of high liquidity and yield-generating opportunities with the potential risks associated with impermanent loss.

了解和管理無常損耗對於有效駕馭 DeFi 生態系統至關重要。投資者必須平衡高流動性和產生收益的機會的好處與與無常損失相關的潛在風險。

By adopting informed investment strategies, exercising patience, and carefully considering market conditions, DeFi participants can optimize their returns while minimizing the impact of impermanent losses.

透過明智的投資策略、保持耐心並仔細考慮市場狀況，DeFi 參與者可以優化回報，同時最大限度地減少無常損失的影響。