Web3項目需要超越和以外，以確保其本土令牌背後有很多流動性

沒有人願意錯過在加密公牛運行期間要取得的迅速收益，而對於Web3項目，這意味著要超越和以外的時間，以確保其祖國令牌背後有大量的流動性。

In the dynamic realm of cryptocurrencies, projects are constantly seeking ways to stand out and achieve significant gains, especially during a bull run. For Web3 projects, this endeavor is multifaceted and requires a holistic approach, encompassing sufficient liquidity for their native tokens.

在加密貨幣的動態領域中，項目不斷尋求脫穎而出並取得巨大收益的方法，尤其是在公牛奔跑期間。對於Web3項目，這項努力是多方面的，需要一種整體方法，涵蓋了其本地令牌足夠的流動性。

Many projects have found great value in partnering with crypto market makers. These firms closely collaborate with projects to ensure not only is the project’s token useful, but it’s also able to maintain value despite shifting market conditions.

許多項目在與加密推銷商合作中發現了巨大的價值。這些公司與項目密切合作，以確保項目的代幣有用，而且儘管市場狀況轉移，也能夠保持價值。

Market makers are becoming increasingly crucial in today’s crypto industry. They provide the necessary liquidity for investors to buy and sell digital assets smoothly, without encountering any significant price impact, especially when handling large trades. This role is even more important for newer Web3 projects, whose tokens may not yet be widely recognized or have a strong presence in the market.

做市商在當今的加密貨幣行業中變得越來越重要。他們為投資者提供了必要的流動性，可以平穩地買賣數字資產，而不會遇到任何重大的價格影響，尤其是在處理大型交易時。對於較新的Web3項目而言，此角色更為重要，這些項目的代幣可能尚未得到廣泛認可或在市場上具有強大的影響力。

Through their partnership with a market maker, they can guarantee that there will always be enough liquidity for traders to buy and sell at fair prices, ultimately leading to a robust economic foundation for the project.

通過與做市商的合作關係，他們可以保證，貿易商總是有足夠的流動性以公平的價格買賣，最終為該項目帶來了強大的經濟基礎。

However, no two market makers are the same, and there is a cautionary tale to be told. Some market makers, despite being presented as “partners,” engage in manipulative tactics to artificially inflate the value of the tokens they are tasked with supporting.

但是，沒有兩個做市商是相同的，並且有一個警示性的故事要講。一些做市商儘管被當作“合作夥伴”，但仍採用操縱策略，以人為地誇大其負責支持的代幣的價值。

This includes engaging in wash trading, an unethical practice where they buy and sell an asset repeatedly to create a false impression of high trading volume. Such actions can quickly erode the integrity of an otherwise promising project.

這包括從事Wash Trading，這是一種不道德的做法，他們反复購買和出售資產以創造出高交易量的錯誤印象。這樣的行動可以迅速侵蝕一個原本有前途的項目的完整性。

Therefore, projects must carefully identify reputable market makers who prioritize an ethical approach to trading tokens, an attitude that aligns with the project’s long-term objectives and builds trust in their native assets. But how can they differentiate between legitimate and illegitimate market makers?

因此，項目必須仔細確定良好的做市商，他們優先考慮交易代幣的道德方法，這種態度與該項目的長期目標保持一致，並建立了對其本土資產的信任。但是，他們如何區分合法和非法的做市商呢？

What to look for in a market maker?

做市商要尋找什麼？

First, it’s important to understand the needs of your project and how your market maker intends to help you achieve your objectives. That requires a careful assessment of the market maker’s technical infrastructure, its ethics and experience, its track record and it’s ability to adapt to suit the peculiarities of your specific project.

首先，了解項目的需求以及做市商打算如何幫助您實現目標很重要。這需要仔細評估做市商的技術基礎設施，其道德和經驗，其往績以及適應您特定項目特殊性的能力。

A reliable market maker is meant to deliver the following:

可靠的做市商旨在提供以下內容：

* Deep liquidity at multiple price points

*以多個價位的深度流動性

* Tight bid/ask spreads

*緊張的出價/詢問

* High uptime and responsiveness

*高正常運行時間和響應能力

* Low latency in reacting to changing market conditions

*對不斷變化的市場狀況反應的潛伏期低

* A high order fulfilment rate

*高階履行率

* Adaptable trading strategies

*適應性交易策略

* A proprietary trading platform and algorithms

*專有交易平台和算法

* Complete transparency in their operations and reporting

*在其操作和報告中完成透明度

How to tell it does this?

怎麼說這樣做？

With the collapse of FTX and other exchanges still fresh in many investor’s minds, the importance of a solid track record is all-important. Web3 projects need to identify market makers with a strong reputation that’s based on their long-term performance. That means looking for measurable prior results, including the ability to maintain orderbook depth and tight spreads during volatile markets.

在許多投資者的腦海中，FTX和其他交易所的崩潰仍然是新鮮的，紮實的往績的重要性至關重要。 Web3項目需要根據其長期績效確定具有良好聲譽的做市商。這意味著要尋找可衡量的先前結果，包括在波動市場中保持訂單深度和緊張差距的能力。

Reputable market makers will ensure that key performance indicators or KPIs aren’t just used in their corporate presentations, but consistently achieved over the duration, in order to demonstrate their ability to maintain liquidity and meet their uptime commitments.

知名的做市商將確保關鍵的績效指標或KPI不僅在其公司演講中使用，而且在整個期限內始終如一地實現，以證明其保持流動性並履行其正常運行時間的能力。

In addition, projects should carefully examine the market maker’s infrastructure. The best, most genuine market makers will have a proprietary trading platform and algorithms that provide them with a competitive advantage over their rivals. Some advantages include high-frequency trading algorithms that continually adjust bids in milliseconds, proximity to the exchange’s servers and specialized hardware and software for trade execution. Alternatively, some market makers specialize in arbitrage models, relying on mathematical strategies to identify mispriced assets.

此外，項目應仔細檢查做市商的基礎設施。最好，最真實的做市商將擁有專有的交易平台和算法，使他們比競爭對手具有競爭優勢。一些優勢包括高頻交易算法，這些算法不斷調整毫秒的投標，靠近交易所服務器，以及用於執行交易的專業硬件和軟件。另外，一些做市商依靠數學策略來識別定價錯誤的資產，專門研究套利模型。

As for the most important metrics, it’s essentially to keep an eye on factors such as latency, or the market maker’s reaction speed to changing market conditions, its order fulfilment rate, the percentage of completed order requests, the precision of its bid/ask spreads and the depth of liquidity at multiple price points.

至於最重要的指標，本質上是要關注等因素，例如潛伏期，做市商對不斷變化的市場條件的反應速度，其訂單履行率，完成訂單請求的百分比，其出價/詢問點差的精度以及在多個價格點上的流動性深度。

These KPIs are key to identifying a market maker’s ability to maintain sufficient liquidity during volatile periods, helping projects to thrive during dynamic markets. But of course, most crypto project founders are not financial experts, and so they lack the expertise to properly assess these metrics and understand a market maker’s performance.

這些KPI是確定做市商在波動期間保持足夠流動性的能力，幫助項目在動態市場中蓬勃發展的關鍵。但是，當然，大多數加密項目創始人不是財務專家，因此他們缺乏適當評估這些指標並了解做市商的績效的專業知識。

Fortunately, Kairon Labs Chief Technology Officer Mathias Beke offers some advice. In an interview with DailyCoin, he pointed out that the key thing to remember is why the project is hiring a market maker in the first place. Their job is to supply a continuous flow of buy and sell orders to exchanges to ensure price stability. By doing this, investors can easily adjust their positions without having any serious impact on the asset price, even if they buy or sell large volumes.

幸運的是，Kairon Labs首席技術官Mathias Beke提供了一些建議。在接受《每日賽》採訪時，他指出，要記住的關鍵是為什麼該項目首先僱用做市商。他們的工作是提供持續的買賣交換訂單以確保價格穩定。通過這樣做，投資者可以輕鬆地調整自己的頭寸而不會對資產價格產生任何嚴重影響，即使他們買賣了大量銷量。

“Our algorithms are meticulously crafted to handle large trades and strategically distribute them over time to minimize their market impact,” Beke explained.

Beke解釋說：“我們的算法是精心製作的，以處理大型行業，並隨著時間的流逝而戰略性地分配它們，以最大程度地減少其市場影響。”

In addition, projects also need to look for a market maker that provides transparent reporting so they can easily check it has been able to maintain consistency as the market evolves over time. By looking for

此外，項目還需要尋找提供透明報告的做市商，以便他們可以輕鬆地檢查其隨著時間的推移而發展的一致性。通過尋找