岩漿金融：SUI網絡上的VE（3,3）DEX

分散的金融（DEFI）景觀正在不斷發展，新的創新推動了可能的界限。

The decentralized finance (DeFi) landscape is constantly evolving, with new innovations pushing the boundaries of what’s possible. At the heart of this evolution are decentralized exchanges (DEXs), which have become the backbone of DeFi by enabling trustless, permissionless trading. However, as the space matures, the need for sustainable liquidity, aligned incentives, and scalable infrastructure has never been greater.

分散的金融（DEFI）景觀正在不斷發展，新的創新推動了可能的界限。這種演變的核心是分散交流（DEX），通過實現無信任的，無許可的交易，它們已成為Defi的骨幹。但是，隨著空間的成熟，對可持續流動性，一致激勵措施和可擴展基礎設施的需求從未如此大。

Here we introduce Magma Finance, a next-generation ve(3,3) DEX on the Sui network. Inspired by the success of protocols like Uniswap, Curve, Shadow, and Aerodrome, Magma Finance is designed to bring the power of ve(3,3) to Sui, creating a vibrant and sustainable liquidity ecosystem.

在這裡，我們介紹了SUI網絡上的下一代VE（3,3）DEX的Magma Finance。受UNISWAP，曲線，影子和機場等協議成功的啟發，岩漿融資旨在將VE（3,3）的力量（3,3）帶到SUI，創造出充滿活力且可持續的流動性生態系統。

Why Build on Sui?

為什麼在Sui上建立？

The Sui network is a next-generation Layer 1 blockchain designed for scalability, speed, and security. For a protocol like Magma Finance, Sui offers several key advantages:

SUI網絡是下一代第1層區塊鏈，旨在可擴展性，速度和安全性。對於像岩漿金融這樣的協議，Sui提供了幾個關鍵優勢：

Scalability: Sui's architecture enables high throughput and handles large volumes of transactions without impacting performance. This scalability is crucial for DEX protocols to handle liquidity efficiently and expand their operations.

可伸縮性：SUI的體系結構可實現高吞吐量並處理大量交易而不會影響性能。這種可伸縮性對於DEX協議有效地處理流動性並擴展其運營至關重要。

Speed: Sui's transactions are executed quickly, providing a seamless trading experience to users. In contrast to older chains, Sui isn't slow or congested, even during peak usage periods.

速度：SUI的交易快速執行，為用戶提供無縫的交易經驗。與較舊的連鎖店相反，即使在最高使用期間，SUI也不是緩慢或擁擠的。

Security: Sui uses advanced cryptography and economic models to ensure the safety of user funds and the overall integrity of the network. This focus on security is paramount for a DEX protocol like Magma Finance, which manages and facilitates the flow of significant liquidity.

安全：SUI使用高級密碼學和經濟模型來確保用戶資金的安全以及網絡的整體完整性。對於岩漿融資（Magma Finance）等DEX協議，對安全性的關注至關重要，該協議管理並促進了大量流動性的流動。

Moreover, Sui's ecosystem is rapidly growing, with a diverse range of protocols and applications being developed. This dynamism provides opportunities for collaboration and interoperability, which are essential for the long-term success of DEX protocols. By joining the Sui ecosystem, Magma Finance can contribute to this collective effort in building a decentralized and inclusive financial system.

此外，SUI的生態系統正在迅速增長，並開發了各種協議和應用。這種活力為協作和互操作性提供了機會，這對於DEX協議的長期成功至關重要。通過加入SUI生態系統，Magma Finance可以為建立分散和包容性金融體系的集體努力做出貢獻。

By building on Sui, Magma Finance is positioned to leverage these cutting-edge features to deliver a superior trading experience, attract deep liquidity, and foster a strong community.

通過在SUI上建造，Magma Finance可以利用這些尖端的功能來提供卓越的交易體驗，吸引深厚的流動性並促進一個強大的社區。

The Evolution of DEXs: From Fragmentation to Collaboration

DEXS的演變：從分散到協作

Decentralized exchanges have come a long way since the early days of DeFi. Platforms like Uniswap and SushiSwap introduced automated market-making (AMM) mechanisms, enabling users to trade assets without intermediaries. However, as the DeFi ecosystem grew, so did its challenges:

自從Defi早期以來，分散的交流已經走了很長一段路。諸如UNISWAP和SUSHISWAP之類的平台引入了自動營銷（AMM）機制，使用戶能夠在沒有中介機構的情況下進行交易。但是，隨著Defi生態系統的發展，其挑戰也是如此：

Fragmentation of liquidity across multiple DEXs hampered the overall depth and efficiency of the market.

多種DEX的流動性分裂阻礙了市場的整體深度和效率。

The distribution of value wasn't optimized, leading to misaligned incentives between liquidity providers, traders, and the protocol itself.

價值的分佈未優化，導致流動性提供者，交易者和協議本身之間的激勵措施不對。

Scalability became an issue as DEXs struggled to handle the increasing volume of transactions and users.

隨著DEXS努力處理交易和用戶的增加，可伸縮性成為一個問題。

To address these challenges, a new wave of DEXs leveraging the ve(3,3) model has emerged. Protocols like Velodrome, Aerodrome, and Thena have demonstrated the power of this model, fostering deep liquidity, aligned incentives, and strong community engagement.

為了應對這些挑戰，已經出現了一個新的DEX浪潮（3,3）模型。諸如賽車場，機場和THEA之類的協議已經證明了該模型的力量，促進了深厚的流動性，一致的激勵措施和強大的社區參與。

What is ve(3,3)?

什麼是VE（3,3）？

The ve(3,3) model is a unique approach to decentralized exchange design that combines vote-escrowed governance with game theory principles to create a self-reinforcing ecosystem. It is a derivative of the ve(2,2) model, used by protocols like Balancer and voting escrow platforms.

VE（3,3）模型是分散交換設計的獨特方法，它結合了投票式的治理與遊戲理論原則，以創建自我增強生態系統。它是VE（2,2）模型的衍生產品，由平衡器和投票託管平台等協議使用。

At the heart of the ve(3,3) model is the concept of locking, or "slicing," an asset for a period of time to accrue voting power, which can be used to influence the direction of the protocol. In the case of DEXs, this voting power is crucial in guiding the allocation of liquidity and fees, which are the lifeblood of any decentralized exchange.

VE（3,3）模型的核心是鎖定或“切片”的概念，這是一段時間內積累投票能力的資產，可用於影響協議的方向。就DEX而言，這種投票權對於指導流動性和費用的分配至關重要，這是任何分散交易的命脈。

How it works:

它的工作原理：

1. Users lock their tokens to accrue voting power, which can be used to direct liquidity to specific markets or adjust protocol parameters.

1。用戶鎖定其令牌以獲得投票能力，可用於將流動性引向特定市場或調整協議參數。

2. Liquidity providers are rewarded for providing liquidity to the markets that have been selected by the community vote.

2。流動性提供者因向社區投票選擇的市場提供流動性而獲得獎勵。

3. The protocol itself earns a fee from trading activity, which is used to fund further development and expand the ecosystem.

3。該協議本身從交易活動中獲得了費用，該活動用於資助進一步的發展和擴展生態系統。

This feedback loop ensures that the protocol is constantly adapting to the needs of its community and that liquidity providers are incentivized to act in accordance with the community's wishes.

此反饋循環確保該協議不斷適應其社區的需求，並激勵流動性提供者按照社區的意願行事。

Key Benefits of ve(3,3):

VE的主要好處（3,3）：

Sustainable Liquidity: By concentrating liquidity and rewarding providers commensurately, ve(3,3) protocols can attract and retain significant liquidity over time. This deep liquidity is crucial for traders, enabling them to execute large orders easily and efficiently.

可持續流動性：通過集中流動性和獎勵提供商，VE（3,3）協議可以隨著時間的流逝而吸引和保留大量流動性。這種深厚的流動性對於交易者至關重要，使他們能夠輕鬆有效地執行大型訂單。

Aligned Incentives: The ve(3,3) model encourages alignment between liquidity providers, traders, and the protocol itself. When liquidity providers vote for markets they wish to see prioritized, they are making an optimal choice for the protocol's health and their own return on investment.

一致的激勵措施：VE（3,3）模型鼓勵流動性提供者，交易者和協議本身之間的一致性。當流動性提供者投票支持他們希望優先考慮的市場時，他們將為協議的健康和自己的投資回報做出最佳選擇。

Scalable Infrastructure: As ve(3,3) protocols grow, they can handle increasing volumes of transactions and users without encountering bottlenecks. This scalability is a key advantage in the rapidly expanding DeFi landscape

可擴展的基礎架構：隨著VE（3,3）協議的增長，它們可以在不遇到瓶頸的情況下處理不斷增加的交易和用戶。這種可伸縮性是快速擴展的Defi景觀的關鍵優勢