XRPL AMM 的推出引發了對單邊存款和 XRP 價格波動的擔憂

XRPL AMM 推出後，由於市場參與者持續只存入 XRP 代幣，XRP/USDC 流動性池中的 XRP 價格暴跌至 0.34 美元。這種單邊存款策略可能會產生不利影響，包括容易受到資產波動和價格影響的影響。因此，一些市場參與者利用套利機會來利用池中 XRP 價格的低迷。

XRPL AMM Launch Triggers Concerns over Single-Sided XRP Deposits and Price Volatility

XRPL AMM 推出引發對單邊 XRP 儲值和價格波動的擔憂

New York, March 23, 2024 - The much-anticipated automated market maker (AMM) functionality on the XRP Ledger (XRPL) has cast a spotlight on the potential risks associated with single-sided deposits to liquidity pools, as evidenced by the recent sharp decline in the price of XRP within the XRP/USDC pool.

紐約，2024 年3 月23 日- XRP Ledger (XRPL) 上備受期待的自動做市商(AMM) 功能讓人們關注到與單邊存款到流動性池相關的潛在風險，最近的劇烈波動就證明了這一點。XRP/USDC 池內 XRP 價格下跌。

The advent of the AMM on the XRPL, which has been under development for two years, represents a significant milestone for the ecosystem. By enabling decentralized trading, AMMs offer market participants and developers alike a wealth of opportunities. However, it is crucial to acknowledge and address the potential pitfalls associated with this innovative technology.

XRPL 上 AMM 的出現已經開發了兩年，對於生態系統來說是一個重要的里程碑。透過實現去中心化交易，AMM 為市場參與者和開發人員提供了大量機會。然而，承認並解決與這項創新技術相關的潛在陷阱至關重要。

One prominent risk stems from single-sided deposits to liquidity pools, a practice that can drastically impact the price of one of the pool's assets. Data compiled by XRPL validator Vet reveals that some market participants have flocked to make single-sided deposits of XRP to XRP-containing pools shortly after the AMM launch.

一個突出的風險源於向流動性池的單邊存款，這種做法可能會極大地影響流動性池中一項資產的價格。 XRPL 驗證器 Vet 編製的數據顯示，在 AMM 推出後不久，一些市場參與者紛紛湧向包含 XRP 的池進行單邊存款。

"It's concerning to witness the surge in single-sided XRP deposits," said Vet. "This practice undermines the core principles of AMMs and can have far-reaching consequences for liquidity providers and traders alike."

Vet 表示：“單邊 XRP 存款的激增令人擔憂。” “這種做法破壞了 AMM 的核心原則，可能對流動性提供者和交易者產生深遠的影響。”

Single-Sided Deposits: A Pandora's Box of Risks

單邊存款：風險的潘朵拉魔盒

Single-sided deposits carry a myriad of potential risks, including increased exposure to asset volatility, potential for impermanent loss, and possible slippage or price impact. In the case of the XRP/USDC pool, the influx of single-sided XRP deposits has triggered a price impact that has driven down the value of XRP within the pool.

單邊存款具有多種潛在風險，包括資產波動風險增加、潛在的無常損失以及可能的滑點或價格影響。就 XRP/USDC 池而言，單邊 XRP 存款的湧入引發了價格影響，導致池內 XRP 的價值下降。

"The imbalance caused by single-sided deposits disrupts the equilibrium of the pool," explained Vet. "As the AMM algorithm adjusts to maintain equilibrium, the price of the asset with the higher supply is bound to decrease."

「單邊存款造成的不平衡破壞了資金池的平衡，」維特解釋。 “隨著AMM演算法調整以維持均衡，供應量較高的資產的價格必然會下降。”

As a result, XRP plummeted to $0.43 against USDC, as reported by Vet on Twitter. With the single-sided deposits continuing to increase XRP's supply, the token further slumped to $0.34 in the XRP/USDC pool.

根據 Vet 在 Twitter 上報道，XRP 兌 USDC 的匯率因此暴跌至 0.43 美元。隨著單邊存款繼續增加 XRP 的供應量，XRP/USDC 池中的代幣進一步跌至 0.34 美元。

Arbitrageurs Take Stage, But Liquidity Woes Loom

套利者上台，但流動性困境迫在眉睫

While the sudden increase in XRP liquidity has the potential to trigger higher slippage for trades involving XRP in the pool, some market participants have aimed to capitalize on the lower price of XRP within the pool as an arbitrage opportunity. They could buy XRP cheaply from the pool and sell it at a higher price in other markets.

雖然 XRP 流動性的突然增加有可能引發池中涉及 XRP 的交易出現更高的滑點，但一些市場參與者的目標是利用池中 XRP 的較低價格作為套利機會。他們可以從池中便宜地購買 XRP，然後在其他市場以更高的價格出售。

However, the challenge to this arbitrage opportunity is the low liquidity for USDC in the pool. It bears mentioning that Circle has not deployed native USDC on the XRPL. As a result of this, market participants would need to procure wrapped USDC tokens from third-party protocols such as GateHub.

然而，這種套利機會面臨的挑戰是池中 USDC 的流動性較低。值得一提的是，Circle 尚未在 XRPL 上部署原生 USDC。因此，市場參與者需要從 GateHub 等第三方協議購買打包的 USDC 代幣。

"The inconvenience and risk associated with procuring USDC from third party platforms has dampened interest in arbitrage," said Vet. "Meanwhile, it appears the liquidity pool is balancing out, as the price of XRP has already recovered to $0.57 at the reporting time."

Vet 表示：“從第三方平台採購 USDC 帶來的不便和風險降低了套利興趣。” “與此同時，流動性池似乎正在平衡，因為在報告時 XRP 的價格已經回升至 0.57 美元。”

Call for Caution and Vigilance

呼籲謹慎和警惕

The recent episode underscores the importance of caution and vigilance when participating in AMM-related activities. Market participants should thoroughly understand the risks associated with single-sided deposits and seek guidance from experienced professionals if necessary.

最近的事件強調了參與 AMM 相關活動時保持謹慎和警惕的重要性。市場參與者應充分了解單邊存款的風險，必要時尋求經驗豐富的專業人士的指導。

"We urge market participants to exercise prudence and to avoid making single-sided deposits," said Vet. "By adhering to best practices and educating ourselves about the risks involved, we can harness the transformative power of AMMs while mitigating potential pitfalls."

維特表示：“我們敦促市場參與者謹慎行事，避免進行單邊存款。” “透過堅持最佳實踐並了解所涉及的風險，我們可以利用 AMM 的變革力量，同時減少潛在的陷阱。”

The Road Ahead: Balancing Innovation and Risk Mitigation

未來之路：平衡創新與風險緩解

As the XRPL AMM ecosystem continues to evolve, it is imperative that developers and market participants work together to address the challenges posed by single-sided deposits and other potential risks. By implementing robust risk management strategies and fostering a culture of education and transparency, the XRPL AMM can fulfill its promise as a catalyst for innovation and growth.

隨著XRPL AMM生態系統的不斷發展，開發者和市場參與者必須共同努力，以應對單邊存款和其他潛在風險帶來的挑戰。透過實施穩健的風險管理策略並培養教育和透明度文化，XRPL AMM 可以履行其作為創新和成長催化劑的承諾。