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加密貨幣新聞文章

重新思考無常損失:探索分散交流(DEX)不斷發展的景觀

2025/02/23 16:52

在這次採訪中,我們探討了分散交流(DEX)不斷發展的景觀,尤其是專注於市場領導者Uniswap。我們討論了使用數學功能在交易所確定價格的重要性,這與傳統的訂單系統不同。對話強調了恆定產品做市商(CPMM)模型的優勢,並強調了智能合約在分散融資(DEFI)生態系統中其擴散中的作用。值得注意的是,我們介紹了無常收益的概念,該概念在某些條件下為流動性提供者提供了有關無常損失的新觀點。此外,我們解決了用戶教育的關鍵作用以及研究發現對諸如UnisWap之類的既定Defi平台的實際含義。我們還涵蓋了DEX面臨的監管挑戰,以及實施措施以增強用戶和平台之間的信任的重要性。最終,這次訪談為自動化做市商(AMM)的未來以及Uniswap等企業的前景提供了現實的見解,以通過創新來增強盈利能力,並與正在進行的數字金融複雜性所需的持續研究。

重新思考無常損失:探索分散交流(DEX)不斷發展的景觀

This interview delves into the evolving landscape of decentralized exchanges (DEXs), with a particular focus on the market leader, Uniswap. We discuss the significance of using mathematical functions for price determination in exchanges, which diverges from traditional order book systems. The conversation highlights the advantages of the Constant Product Market Maker (CPMM) model and emphasizes the role of smart contracts in its proliferation within the decentralized finance (DeFi) ecosystem. Notably, we introduce the concept of impermanent gain, which provides new perspectives on impermanent loss under certain conditions for liquidity providers. Additionally, we address the crucial role of user education and the practical implications of research findings on established DeFi platforms like Uniswap. We also cover the regulatory challenges facing DEX and the importance of implementing measures to enhance trust between users and platforms. Ultimately, this interview offers realistic insights into the future of Automated Market Makers (AMMs) and the prospects for businesses like Uniswap to enhance profitability through innovation alongside the ongoing research needed to navigate the complexities of digital finance.

這次採訪深入研究了分散交流(DEX)不斷發展的景觀,特別關注市場領導者Uniswap。我們討論了使用數學功能在交易所確定價格的重要性,這與傳統的訂單系統不同。對話強調了恆定產品做市商(CPMM)模型的優勢,並強調了智能合約在分散融資(DEFI)生態系統中其擴散中的作用。值得注意的是,我們介紹了無常收益的概念,該概念在某些條件下為流動性提供者提供了有關無常損失的新觀點。此外,我們解決了用戶教育的關鍵作用以及研究發現對諸如UnisWap之類的既定Defi平台的實際含義。我們還涵蓋了DEX面臨的監管挑戰,以及實施措施以增強用戶和平台之間的信任的重要性。最終,這次訪談為自動化做市商(AMM)的未來以及Uniswap等企業的前景提供了現實的見解,以通過創新來增強盈利能力,並與正在進行的數字金融複雜性所需的持續研究。

The following is a Q&A session with Professor Hyoung Joong Kim from the Business Group for the Next Generation of Communication at Kookmin University.

以下是與Kookmin University的下一代傳播公司的Hyoung Joong Kim教授的問答環節。

Q: Price Determination: Can you explain the importance of using mathematical functions for price determination and how this differs from traditional order book systems in decentralized exchanges?

問:價格確定:您能否解釋使用數學功能進行價格確定的重要性,以及這與分散交易所中傳統的訂單簿系統有何不同?

A: Throughout history, there seems to have never been an instance where prices were determined by mathematical formula. The process of discovering prices has been bypassed, yet it feels surprisingly natural to accept a determined price, similar to buying items at a fixed price. The mathematical price determination was first attempted by Uniswap in 2018, and it has since taken root in the market, making the company a unicorn. This method has been adopted by several decentralized exchanges such as Sushiswap and PancakeSwap. Recently, mathematical pricing has also been applied in prediction markets.

答:在整個歷史上,似乎從未有過通過數學公式確定價格的情況。發現價格的過程已經繞過,但是接受確定的價格很自然,類似於以固定價格購買商品。數學價格確定是在2018年首次由Uniswap嘗試的,此後已在市場上紮根,使該公司成為獨角獸。該方法已被諸如Sushiswap和Pancakeswap等幾個分散的交易所採用。最近,數學定價也已應用於預測市場。

Q: Constant Product Market Maker: What are the key advantages of using the Constant Product Market Maker (CPMM) in decentralized exchanges, and why do you think it has been widely adopted?

問:恆定的產品做市商:在分散交易所中使用恆定產品推銷商(CPMM)的關鍵優勢是什麼?您為什麼認為它已被廣泛採用?

A: It is crucial to understand the meaning of constant product. The constant product refers to keeping the product of the quantity of coin A and the quantity of coin B constant. As the quantity of coin A increases, the quantity of coin B must decrease so that the product is a constant, and vice versa. If the quantity of coin A decreases while that of coin B increases, it indicates that the value of coin A has been relatively higher compared to coin B. In other words, a smaller quantity corresponds to a higher price and a larger quantity to a lower price, a universal truth utilized in price determination. People perceive this method as fair, and it functions through smart contracts, which is significant, suggesting that this approach has the potential for wide use in the future.

答:了解恆定產品的含義至關重要。恆定產物是指保留硬幣A量的產物和硬幣B常數的量。隨著硬幣A的數量增加,硬幣B的數量必須減少,以使產物是常數,反之亦然。如果硬幣A的數量減少而硬幣B的數量增加,則表明與硬幣B相比,硬幣A的價值相對較高價格,在價格確定中使用的普遍真理。人們認為這種方法是公平的,並且它通過智能合約發揮作用,這很重要,這表明這種方法有可能在將來廣泛使用。

Q: Causes of Impermanent Loss: What causes impermanent loss?

問:無常損失的原因:是什麼造成無常損失?

A: It is widely acknowledged that liquidity providers suffer a loss on exchanges utilizing CPMM. This loss is referred to as impermanent loss and has been accepted as a norm because it has mathematically been proven that loss always occurs. The prices used in this context are represented by the ratio of the quantity of coin A to that of coin B, which is the fundamental cause surrounding impermanent loss.

答:人們普遍承認,使用CPMM的交流損失損失。這種損失被稱為無常損失,並被認為是一種規範,因為它在數學上已被證明總是會發生損失。在這種情況下使用的價格由硬幣A與硬幣B的數量的比率表示,這是無常損失的基本原因。

Q: Types of Mathematical Pricing: Are there multiple types of mathematical pricing?

問:數學定價的類型:是否有多種類型的數學定價?

A: In the effort to eliminate impermanent loss, I found that at least two types of mathematical pricing exist. The price of coin A is represented by the ratio of the quantity of coin A to that of coin B, which is referred to as the relative price. However, using this pricing does not allow for the removal of impermanent loss, and this relative price is, in fact, not the exact price of coin A. The exact price of coin A is expressed as the absolute value of the ratio of the increment in the quantity of coin A to that of coin B. I refer to this as the exact price, which indeed represents the true price. The relative price is the price before a transaction takes place, the exact price is the price at the moment the actual transaction takes place, and the difference between the two prices is called slippage.

答:為了消除無常損失,我發現至少存在兩種​​數學定價。硬幣A的價格由硬幣A與硬幣B的數量的比例表示,該代幣A的價格稱為相對價格。但是,使用此定價不允許消除無常損失,實際上,這種相對價格不是硬幣A的確切價格A。硬幣A的確切價格表示為增量比率的絕對值在硬幣A的硬幣A的數量中,我將其稱為確切價格,這確實代表了真實的價格。相對價格是交易發生之前的價格,確切的價格是實際交易時的價格,兩個價格之間的差額稱為滑板。

Q: Impermanent Loss and Gain: The paper suggests that impermanent gain can be achieved under certain conditions. What are these conditions, and how do they benefit liquidity providers?

問:無常損失和收益:本文表明,在某些條件下可以實現無常增益。這些條件是什麼,它們如何使流動性提供者受益?

A: Completely eliminating impermanent loss is impossible. However, contrary to prior knowledge, I discovered that gain can occasionally occur. For gain to be realized, two conditions must be satisfied. First, the use of the exact price, not the relative price. For example, in the past, when liquidity providers first participated in the liquidity pool, they deposited 10 coins, and after many transactions, there are now 11 coins, and at some point in the future, when a trader wants to buy two coins, the quantity of coins will decrease to 9. In other words, the second condition is that it goes from 11 to

答:完全消除無常損失是不可能的。但是,與先驗知識相反,我發現有時會發生收益。為了實現收益,必須滿足兩個條件。首先,使用確切價格,而不是相對價格。例如,過去,當流動性提供商首次參加流動性池時,他們存入了10個硬幣,經過多次交易,現在有11個硬幣,並且在將來的某個時候,交易者想購買兩個硬幣,硬幣的數量將減少到9。換句話說,第二個條件是從11到11

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