YFX V4重新定義DeFi：前所未有的創新徹底改變永續合約交易

去中心化永續合約協議YFX經過三年的一系列升級，現已推出V4版本。值得注意的功能包括： LP 槓桿，允許流動性提供者以高達 200 倍的槓桿進行交易；公平指數價格預言機，透過 ChainLink 和 PYTH 預言機確保指數價格透明度； LPB-AMM模型，基於LP Balance增強交易深度；調整溢價和市場價格以平衡多頭和空頭部位；以及新的收入系統，透過採礦活動獎勵參與者。 YFX V4旨在提供公平、高效、創新的去中心化永續合約交易體驗。

YFX V4: Revolutionizing Decentralized Perpetual Contract Trading with Unprecedented Innovations

YFX V4：以前所未有的創新徹底改變去中心化永續合約交易

Singapore, May 8, 2024 - The decentralized financial (DeFi) landscape has witnessed a surge in perpetual contract protocols, offering traders access to leveraged derivatives trading without the need for centralized intermediaries. Among these protocols, YFX stands out as a pioneer, continuously refining and enhancing its platform to deliver an unparalleled trading experience.

新加坡，2024 年 5 月 8 日 - 去中心化金融 (DeFi) 領域見證了永續合約協議的激增，為交易者提供了無需中心化中介機構即可進行槓桿衍生品交易的機會。在這些協議中，YFX 脫穎而出，不斷完善和增強其平台，以提供無與倫比的交易體驗。

YFX: A History of Innovation

YFX：創新史

Since its inception in 2020, YFX has played a pivotal role in shaping the decentralized perpetual contract industry. Through meticulous iterations and a razor-sharp focus on user needs, the YFX protocol has consistently pushed the boundaries of innovation:

自2020年成立以來，YFX在塑造去中心化永續合約產業方面發揮了舉足輕重的作用。透過細緻的迭代和對用戶需求的敏銳關注，YFX 協議不斷突破創新的界限：

• YFX V1: Introduced the PvPool trading model, bringing Contract for Difference (CFD) onto the blockchain.
• YFX V2: Transitioned from CFDs to true perpetual contracts, adding features such as position merging, funding fees, limit orders, and stop-loss/take-profit.
• YFX V3: Incorporated ChainLink price feeds, dual position mode, interest, invitation systems, and merged liquidity pools, further enhancing the protocol's capabilities.

YFX V4: A Paradigm Shift

YFX V1：引入PvPool交易模型，將差價合約（CFD）帶入區塊鏈。功能-profit.YFX V3：合併ChainLink價格供給、雙重頭寸模式、利息、邀請系統和合併流動性池，進一步增強協議的功能。

YFX V4 represents a seismic leap forward for the protocol, introducing a suite of groundbreaking mechanisms that redefine the decentralized perpetual contract trading experience:

YFX V4 代表了協議的巨大飛躍，引入了一套突破性的機制，重新定義了去中心化永續合約交易體驗：

LP Leverage: Unleashing Capital Efficiency

有限合夥人槓桿：釋放資本效率

Unlike traditional centralized exchanges (CEXs) where market makers enjoy the privilege of leverage, decentralized perpetual contract protocols have historically restricted their use by liquidity providers (LPs). YFX V4 breaks this mold by empowering LPs with the ability to leverage their positions up to 200x, dramatically increasing their capital efficiency and profit potential. This groundbreaking feature unlocks unprecedented opportunities for LPs, who can now multiply their earnings by a factor of 200.

與做市商享有槓桿特權的傳統中心化交易所（CEX）不同，去中心化永續合約協議歷來限制流動性提供者（LP）的使用。 YFX V4 打破了這種模式，使有限合夥人能夠將其頭寸槓桿高達 200 倍，從而大幅提高其資本效率和利潤潛力。這項突破性的功能為 LP 帶來了前所未有的機遇，他們現在可以將收入增加 200 倍。

Fair Index Price Oracle: Precision and Transparency

公平指數價格預言機：精確性和透明度

The accurate and reliable determination of index prices is paramount in perpetual contract trading. YFX V4 introduces a dual-oracle system, harnessing the power of ChainLink and PYTH to deliver a highly robust and transparent index price calculation. ChainLink's DataStream and Automation ensure the real-time execution of market orders and the seamless triggering of limit orders, stop-loss/take-profit, and liquidation events. PYTH contributes its high-quality and real-time price data, further strengthening the protocol's price accuracy and mitigating any potential manipulation risks.

準確可靠地確定指數價格對於永續合約交易至關重要。 YFX V4 引入了雙預言機系統，利用 ChainLink 和 PYTH 的強大功能來提供高度穩健且透明的指數價格計算。 ChainLink 的資料流和自動化確保市價訂單的即時執行以及限價訂單、停損/止盈和清算事件的無縫觸發。 PYTH貢獻了高品質的即時價格數據，進一步增強了協議的價格準確性並降低了任何潛在的操縱風險。

LPB-AMM: Enhanced Trading Depth

LPB-AMM：增強交易深度

YFX V4 unveils an innovative LP Balance Automated Market Maker (LP-AMM) model that dynamically adjusts trading depth based on the total LP balance. This mechanism ensures that traders consistently benefit from ample liquidity, even during periods of high volatility or market stress. By leveraging a segmented function and simulating the depth chart of a centralized exchange, YFX V4 effectively eliminates the liquidity constraints commonly encountered in decentralized perpetual contract trading.

YFX V4推出創新的LP餘額自動做市商（LP-AMM）模型，可根據LP總餘額動態調整交易深度。這種機制確保交易者始終受益於充足的流動性，即使在高波動或市場壓力時期也是如此。 YFX V4利用分段功能，模擬中心化交易所的深度圖，有效消除了去中心化永續合約交易中常見的流動性限制。

Premium and Market Price: Market Stability

溢價與市價：市場穩定

YFX V4 introduces a sophisticated mechanism to maintain market equilibrium and prevent excessive price swings. The protocol dynamically adjusts the Premium and Market Price based on the net directional bias of traders' positions. When net positions are long, the Premium becomes positive, disincentivizing further long positions and promoting market stability. Conversely, when net positions are short, the Premium turns negative, encouraging more short positions and mitigating excessive downward momentum. This ingenious design ensures that markets remain balanced and resilient to extreme price fluctuations.

YFX V4引入了複雜的機制來維持市場平衡並防止價格過度波動。該協議根據交易者頭寸的淨方向偏差動態調整溢價和市場價格。當淨部位為多頭時，溢價變為正數，抑制進一步多頭部位並促進市場穩定。相反，當淨頭寸為空頭時，溢價變為負值，鼓勵更多空頭頭寸並緩解過度的下行勢頭。這種巧妙的設計確保市場保持平衡並能夠應對極端的價格波動。

Earning System: Rewarding Participation

收益系統：獎勵參與

To foster participation and incentivize users, YFX V4 implements a comprehensive earning system that encompasses YFX Staking, Position Mining, LP Mining, Trade Mining, and Invite Mining. This multi-faceted reward structure ensures that all platform stakeholders, including traders, market makers, and referrers, receive fair compensation for their contributions. Through this innovative mechanism, YFX V4 fosters a vibrant and engaged trading ecosystem.

為了促進參與和激勵用戶，YFX V4實施了全面的收益系統，包括YFX Stake、倉位挖礦、LP挖礦、貿易挖礦和邀請挖礦。這種多方面的獎勵結構確保所有平台利益相關者，包括交易者、做市商和推薦人，都能因其貢獻而獲得公平的補償。透過這種創新機制，YFX V4 培育了一個充滿活力和參與性的交易生態系統。

Referral Rebate: Building a Community

推薦返利：建立社區

YFX V4 recognizes the importance of community involvement and collaboration. The protocol implements a tiered referral system that offers up to 70% rebates on transaction fees, allowing users to reap significant benefits by inviting new traders. This mechanism further incentivizes community growth and facilitates the adoption of the YFX platform.

YFX V4 認識到社區參與和協作的重要性。該協議實施分層推薦系統，提供高達 70% 的交易費用回扣，讓用戶透過邀請新交易者獲得顯著收益。此機制進一步激勵社群發展並促進 YFX 平台的採用。

Conclusion: A New Era of Decentralized Perpetual Contract Trading

結論：去中心化永續合約交易新時代

With its unparalleled suite of innovations, YFX V4 establishes itself as a groundbreaking force in the decentralized perpetual contract market. By introducing LP Leverage, LPB-AMM, Premium and Market Price, and a comprehensive earning system, the protocol empowers traders, liquidity providers, and the broader community with a trading experience that is fair, efficient, liquid, and transparent. As YFX continues to push the boundaries of innovation, the future of decentralized perpetual contract trading looks unequivocally promising.

憑藉其無與倫比的創新套件，YFX V4 確立了自己在去中心化永續合約市場的突破性力量的地位。透過引入LP槓桿、LPB-AMM、溢價和市場價格以及全面的收益系統，該協議為交易者、流動性提供者和更廣泛的社區提供公平、高效、流動性和透明的交易體驗。隨著 YFX 不斷突破創新界限，去中心化永續合約交易的未來看起來無疑充滿希望。