木星交流：分散金融（DEFI）市場的新力量

木星交易所是基於Solana區塊鏈的分散交換（DEX）聚合器，致力於解決分散流動性問題

Jupiter Exchange is a decentralized exchange (DEX) aggregator based on the Solana blockchain, dedicated to solving the problem of decentralized liquidity in the DeFi market and providing users with an efficient and transparent digital asset trading experience. Since its launch in 2021, Jupiter Exchange has quickly become an important part of the decentralized finance (DeFi) ecosystem. Recently, Jupiter announced the launch of the full-chain network Jupnet, taking a new step. From the beginning, it only focused on aggregating Solana's liquidity, and now plans to expand its goals to a wider ecosystem and build a full-chain network. "Now we will turn to the next major goal, aggregating everything," said founder meow. In addition, Jupiter has launched a new community website jup.com, which will become an important information platform for the Jupiter community, providing the latest project dynamics from community DAOs to research forums to the Jupiverse project ecosystem.

木星交易所是基於Solana區塊鏈的分散交易所（DEX）聚合器，致力於解決DEFI市場中分散流動性的問題，並為用戶提供有效且透明的數字資產交易經驗。自2021年推出以來，木星交易所已迅速成為分散融資（DEFI）生態系統的重要組成部分。最近，木星宣布啟動全鍊網絡jupnet，邁出了新的一步。從一開始，它只關注匯總Solana的流動性，現在計劃將其目標擴展到更廣泛的生態系統並建立全鍊網絡。創始人Meow說：“現在，我們將轉向下一個主要目標，匯總一切。”此外，木星已經啟動了一個新的社區網站jup.com，該網站將成為木星社區的重要信息平台，從社區DAOS到研究論壇到Jupiverse Project Project Project Ecosystem，提供了最新的項目動態。

The core function of Jupiter Exchange is to help users easily discover and obtain the best trading prices by aggregating data from multiple decentralized exchanges. Users can access multiple liquidity pools on one interface, significantly improving trading efficiency while reducing transaction costs. In order to meet the diverse needs of users, Jupiter has also introduced advanced trading features such as limit orders and dollar cost averaging (DCA), which make it stand out in the fierce market competition.

木星交易所的核心功能是通過從多個分散交易所匯總數據來幫助用戶輕鬆發現和獲得最佳的交易價格。用戶可以在一個接口上訪問多個流動性池，從而顯著提高交易效率，同時降低交易成本。為了滿足用戶的各種需求，木星還引入了高級交易功能，例如限額訂單和美元成本平均（DCA），這使其在激烈的市場競爭中脫穎而出。

As part of the ecosystem, Jupiter's native governance token JUP creates a decentralized community governance framework, which encourages users to participate in the decision-making of the platform and enhances the sense of belonging and participation of the community. Overall, Jupiter Exchange is committed to improving the accessibility and efficiency of DeFi through its flexible technical architecture, providing users with powerful trading tools and opportunities.

作為生態系統的一部分，木星的本地治理令牌jup創建了一個分散的社區治理框架，該框架鼓勵用戶參與平台的決策，並增強社區的歸屬感和參與感。總體而言，木星交易所致力於通過其靈活的技術體系結構來提高DEFI的可訪問性和效率，從而為用戶提供強大的交易工具和機會。

Jupiter Exchange has made in-depth innovations in technical architecture and functions. The following will provide a detailed analysis of its four key functions: "Swap", "Limit Order", "Dollar-Cost Averaging (DCA)" and "Value Averaging (VA)".

木星交易所在技術架構和功能方面進行了深入的創新。以下將對其四個關鍵功能提供詳細的分析：“交換”，“限制順序”，“美元成本平均（DCA）”和“ Value Aweraging（VA）”。

Jupiter's Swap function is one of its core features, which aims to provide users with the best transaction price.

木星的交換功能是其核心功能之一，旨在為用戶提供最佳的交易價格。

Liquidity aggregation: By connecting to multiple DEXs (decentralized exchanges) within the Solana ecosystem, Jupiter aggregates liquidity for different trading pairs. When users exchange assets, the algorithm evaluates the price and liquidity of each DEX in real time to ensure that users get the lowest transaction cost.

流動性匯總：通過連接到Solana生態系統中的多個DEX（分散交易所），Jupiter匯總了用於不同交易對的流動性。當用戶交換資產時，算法會實時評估每個DEX的價格和流動性，以確保用戶獲得最低的交易成本。

Metis is an important part of how Jupiter Swap works, using a heavily modified Bellman-Ford algorithm to dynamically select the best trading path. Metis ensures seamless operation on Solana's ultra-fast block times, and supports fast trade execution through major improvements to the backend infrastructure, effectively finding the most appropriate trading route even in volatile markets.

梅蒂斯（Metis）是木星交換工作方式的重要組成部分，使用重大修改的貝爾曼福音算法來動態選擇最佳交易路徑。 METIS確保在Solana的超快速塊時間上進行無縫操作，並通過對後端基礎設施的重大改進來支持快速的貿易執行，即使在動蕩的市場中，也有效地找到了最合適的交易路線。

To find the best price, Metis streams input tokens in real time, gradually building out routes that split and merge at any stage of the transaction. This innovation enables users to discover better prices for more complex transactions. For example, when a user wants to trade token A for token C, the system can consider multiple routes, such as A→B→C, to determine whether a better price can be obtained. To improve efficiency, Metis even merges route generation and quotation links to avoid generating incorrect routes while providing the best price.

為了找到最佳的價格，METIS流式流動令牌實時輸入令牌，逐漸建立在交易的任何階段分裂和合併的路線。這項創新使用戶能夠發現更複雜的交易的價格更好。例如，當用戶想要將令牌A交易為令牌C時，系統可以考慮多種路線，例如A→B→C，以確定是否可以獲得更好的價格。為了提高效率，METIS甚至合併了路線的發電和報價鏈接，以避免在提供最佳價格的同時產生不正確的路線。

A limit order is a type of trading order set by users through Jupiter Exchange, which provides users with a flexible and efficient way to trade, allowing them to execute trades at a preset price under certain conditions. When placing an order, users specify the price they wish to buy or sell at, and Jupiter uses the Jupiter Price API to continuously monitor on-chain prices and obtain market data in real time. When the on-chain price of SOL reaches the set conditions, the system will automatically execute the limit order.

限制順序是用戶通過木星交易所設定的一種交易訂單，該交易訂單為用戶提供了一種靈活，有效的交易方式，使他們可以在某些條件下以預設價格執行交易。下訂單時，用戶指定了他們希望在以上購買或出售的價格，木星使用木星價格API不斷監視鏈上的價格並實時獲取市場數據。當SOL的鍊鍊價格達到設定條件時，系統將自動執行限制順序。

If the order size is too large and the on-chain liquidity is insufficient, the system will strive to partially execute the order in blocks to ensure that users can complete the transaction with as little market impact as possible until all orders are satisfied. Once the order is executed, whether partially or fully, the system will automatically transfer the traded tokens to the user's wallet to ensure that the user can quickly obtain the transaction assets.

如果訂單規模太大並且鏈上流動性不足，則係統將努力在塊中部分執行訂單，以確保用戶可以在所有訂單滿足所有訂單之前，都能盡可能少地完成交易。執行訂單後，無論是部分還是全部，系統都會自動將交易的代幣轉移到用戶錢包中，以確保用戶可以快速獲得交易資產。

In addition, the expiration time can be set flexibly. Users can set the expiration time for limit orders. If the order is not executed within the specified time, the system will automatically cancel it and return the tokens to the user's wallet, thus avoiding unexpected market risks.

另外，可以靈活地設置到期時間。用戶可以為限制訂單設置到期時間。如果該訂單未在指定的時間內執行，則係統將自動取消該訂單並將令牌返回到用戶錢包中，從而避免出乎意料的市場風險。

Jupiter’s limit order feature minimizes the risk of slippage caused by market fluctuations, ensuring that users can still get the set transaction price during fluctuations. In addition, placing an order using such an order ensures that the transaction will not fail due to market price fluctuations.

木星的限制順序功能最大程度地減少了由於市場波動引起的滑倒風險，從而確保用戶仍然可以在波動期間獲得設定的交易價格。此外，使用這樣的訂單下訂單可確保由於市場價格波動而導致交易不會失敗。

Dollar-Cost Averaging (DCA) is a widely used investment strategy, especially suitable for dealing with market fluctuations. In Jupiter Exchange, the DCA strategy allows you to spread your investment over different periods of time instead of investing a large sum of money in a single transaction, avoiding the risk of buying near the peak,

美元成本平均（DCA）是一種廣泛使用的投資策略，尤其適合處理市場波動。在木星交易所中，DCA策略使您可以在不同時期內傳播投資，而不是在一次交易中投資大量資金，避免在高峰附近購買風險，