DEX 聚合器：彌合去中心化加密貨幣交易所的流動性缺口

DEX 聚合器是去中心化金融 (DeFi) 的重要組成部分，可以緩解去中心化交易所 (DEX) 固有的低流動性問題。他們透過匹配多個 DEX 的流動性池來優化代幣互換訂單，確保最佳的執行價格並最大限度地減少滑點。透過連接到廣泛的流動性來源網絡，DEX 聚合器為用戶提供了存取大量代幣的機會，甚至可以有效且匿名地執行大額交易。

DEX Aggregators: Bridging the Liquidity Gap in Decentralized Cryptocurrency Exchanges

DEX 聚合器：彌合去中心化加密貨幣交易所的流動性缺口

Introduction

介紹

Decentralized exchanges (DEXs), exemplified by the groundbreaking Uniswap protocol on the Ethereum network, have revolutionized the cryptocurrency trading landscape. Unlike centralized exchanges (CEXs), DEXs empower users to become liquidity providers, enabling them to passively earn rewards by facilitating token swaps. However, DEXs face a persistent challenge: the liquidity of token pairs depends heavily on user interest and market conditions, potentially leading to slippage issues, where executed swap prices deviate significantly from expected prices.

以以太坊網路上突破性的 Uniswap 協議為代表的去中心化交易所 (DEX) 徹底改變了加密貨幣交易格局。與中心化交易所（CEX）不同，DEX 使用戶能夠成為流動性提供者，使他們能夠透過促進代幣交換被動地獲得獎勵。然而，DEX 面臨持續的挑戰：代幣對的流動性在很大程度上取決於用戶興趣和市場狀況，可能導致滑點問題，即執行的掉期價格與預期價格顯著偏離。

The Importance of Liquidity

流動性的重要性

Liquidity is the lifeblood of any trading environment. It represents the ease with which assets can be bought and sold without significantly affecting their prices. Ample liquidity ensures that market participants can swiftly execute trades, while scarcity can hinder transactions and negatively impact asset prices. In traditional financial markets, specialized institutions known as market makers play a crucial role in enhancing liquidity. However, such intermediaries are absent from the decentralized DEX landscape.

流動性是任何交易環境的命脈。它代表了在不顯著影響其價格的情況下購買和出售資產的難易程度。充足的流動性確保市場參與者能夠迅速執行交易，而稀缺性則會阻礙交易並對資產價格產生負面影響。在傳統金融市場中，被稱為做市商的專業機構在增強流動性方面發揮著至關重要的作用。然而，去中心化 DEX 領域中並不存在此類中介機構。

DEXs and the Liquidity Problem

DEX 和流動性問題

DEXs operate on a fully automated basis, relying on smart contracts to facilitate token swaps. Users can become liquidity providers (LPs) by depositing funds into liquidity pools associated with specific token pairs. In return, LPs receive a portion of the transaction fees generated by trades involving those tokens.

DEX 在完全自動化的基礎上運行，依靠智慧合約來促進代幣交換。用戶可以透過將資金存入與特定代幣對相關的流動性池來成為流動性提供者（LP）。作為回報，有限合夥人會收到涉及這些代幣的交易所產生的部分交易費用。

While this permissionless approach to monetization is innovative, it places the onus of liquidity on the popularity of individual platforms. Even on prominent DEXs like Uniswap, sparsely traded altcoins with small market capitalizations may have limited liquidity.

雖然這種無需許可的貨幣化方法是創新的，但它將流動性的責任歸咎於各個平台的受​​歡迎程度。即使在像 Uniswap 這樣的知名 DEX 上，交易稀少、市值較小的山寨幣的流動性也可能有限。

The Role of DEX Aggregators

DEX 聚合器的作用

DEX aggregators address the liquidity problem by simultaneously accessing multiple DEXs and their respective liquidity pools. These platforms act as intermediaries, seamlessly connecting users to the most optimal liquidity sources for their desired token swaps. By searching across hundreds of DEXs, even for infrequently traded token pairs, DEX aggregators minimize slippage and ensure the best possible execution prices for users.

DEX 聚合器透過同時存取多個 DEX 及其各自的流動性池來解決流動性問題。這些平台充當中介機構，將用戶無縫連接到最佳的流動性來源，以實現其所需的代幣交換。透過搜尋數百個 DEX，甚至是不經常交易的代幣對，DEX 聚合器可以最大限度地減少滑點並確保為用戶提供最佳的執行價格。

Benefits of DEX Aggregators

DEX 聚合器的好處

• Enhanced Liquidity: DEX aggregators combine the liquidity pools of numerous DEXs, significantly increasing the available liquidity for any given token pair. Even for large-volume trades, aggregators can identify optimal liquidity sources, reducing the risk of slippage and ensuring a smooth trading experience.
• Optimal Execution Prices: DEX aggregators scour multiple DEXs to find the most favorable execution prices for trades. They identify liquidity pools with lower fees and advantageous token pair ratios, allowing users to maximize their returns on swaps.
• Anonymity: DEX aggregators preserve user anonymity throughout the trading process, eliminating the need for identity verification procedures (KYC) employed by CEXs.

Top DEX Aggregators

增強流動性：DEX 聚合器結合了眾多 DEX 的流動性池，顯著增加了任何給定代幣對的可用流動性。即使對於大額交易，聚合器也可以識別最佳的流動性來源，降低滑點風險並確保流暢的交易體驗。他們確定費用較低且有利的代幣對比率的流動性池，使用戶能夠最大限度地提高掉期回報。採用的身份驗證程序(KYC) 的需要。頂級DEX 聚合器

Several reputable DEX aggregators exist in the market, each with its own strengths and features:

市場上存在幾個信譽良好的 DEX 聚合器，每個聚合器都有自己的優勢和特點：

• 1inch: The market leader, 1inch boasts the most comprehensive coverage of token pairs across a wide range of blockchain networks. It supports multiple liquidity sources and has its own native token (CHI) for gas fee optimization.
• OpenOcean: A pioneer in DEX aggregation, OpenOcean integrates with over 200 liquidity sources across 18 blockchain networks. It also incorporates liquidity from CEXs like Binance, further enhancing the depth of its liquidity pools.
• ParaSwap: Known for its low slippage tolerance, ParaSwap operates its own liquidity pool (ParaSwapPool) in addition to connecting with external sources. It offers a range of integration options for popular DeFi wallets and dApps.

Conclusion

1inch：市場領導者，1inch 擁有涵蓋廣泛區塊鏈網路最全面的代幣對。它支援多種流動性來源，並擁有自己的原生代幣(CHI)，用於優化Gas 費。 。它還融入了幣安等中心化交易所的流動性，進一步增強了其流動性池的深度。性池（ParaSwapPool）。它為流行的 DeFi 錢包和 dApp 提供了一系列整合選項。結論

DEX aggregators are integral components of the decentralized finance (DeFi) ecosystem, operating seamlessly alongside DEXs to enhance liquidity and provide users with the best possible trading experiences. By bridging the gap between fragmented liquidity pools, aggregators mitigate slippage risks, optimize execution prices, and preserve user anonymity. With their ease of use and numerous benefits, DEX aggregators are indispensable tools for participants in the rapidly evolving world of cryptocurrency trading.

DEX 聚合器是去中心化金融 (DeFi) 生態系統不可或缺的組成部分，與 DEX 無縫運行，以增強流動性並為用戶提供最佳的交易體驗。透過彌合分散的流動性池之間的差距，聚合器可以降低滑點風險，優化執行價格並保持用戶匿名。憑藉其易用性和眾多優勢，DEX 聚合器成為快速發展的加密貨幣交易世界中參與者不可或缺的工具。