AMM：推动去中心化金融革命的引擎

自动做市商 (AMM) 通过使去中心化交易所 (DEX) 发挥作用，彻底改变了去中心化金融 (DeFi)。与中心化交易所不同，DEX 直接连接用户，无需中介机构。 AMM 作为自主交易机制运作，通过创建流动性池来确保流动性，激励用户将资产存入智能合约并获得被动收入作为回报。通过利用 AMM，DEX 提供流动性，而无需承担传统做市商带来的风险，从而使 DeFi 在没有中心化实体的情况下蓬勃发展。了解做市商的演变和 AMM 的作用对于理解去中心化金融的增长和成功至关重要。

Automated Market Makers: The Backbone of Decentralized Finance

自动化做市商：去中心化金融的支柱

Automated Market Makers (AMMs) have revolutionized the decentralized finance (DeFi) landscape, empowering decentralized exchanges (DEXes) with the ability to operate seamlessly and efficiently. Their introduction in 2018, pioneered by Uniswap, marked a pivotal moment in the evolution of DeFi, transforming the way digital currencies are traded.

自动做市商 (AMM) 彻底改变了去中心化金融 (DeFi) 格局，使去中心化交易所 (DEX) 能够无缝、高效地运营。它们于 2018 年由 Uniswap 率先推出，标志着 DeFi 发展的关键时刻，改变了数字货币的交易方式。

Understanding Market Makers: The Liquidity Enhancers

了解做市商：流动性增强剂

Prior to the advent of DeFi, decentralized exchanges struggled to gain traction due to insufficient liquidity. Liquidity, the ease with which assets can be bought and sold, is crucial for trading. Without adequate liquidity, traders face challenges in executing orders promptly, capitalizing on favorable price movements, and mitigating losses.

在 DeFi 出现之前，去中心化交易所由于流动性不足而难以获得关注。流动性，即资产买卖的难易程度，对于交易至关重要。如果没有足够的流动性，交易者在及时执行订单、利用有利的价格变动和减少损失方面面临挑战。

Centralized exchanges (CEXes) addressed this issue through market makers, entities responsible for providing liquidity to listed trading pairs. CEXes act as intermediaries, facilitating transactions between buyers and sellers and ensuring order matching. This approach has proven effective in traditional finance for years, but DEXes sought a more decentralized solution.

中心化交易所（CEX）通过做市商（负责为上市交易对提供流动性的实体）解决了这个问题。 CEX 充当中介机构，促进买家和卖家之间的交易并确保订单匹配。多年来，这种方法在传统金融领域已被证明是有效的，但去中心化交易所寻求一种更加去中心化的解决方案。

The AMM Solution: Smart Contracts and Liquidity Pools

AMM 解决方案：智能合约和流动性池

AMMs, unlike market makers on CEXes, utilize smart contracts to automate order matching. Smart contracts are self-executing programs that establish asset prices based on supply and demand and provide liquidity. To overcome the liquidity constraint, AMMs introduced liquidity pools, smart contracts holding substantial amounts of deposited assets.

与 CEX 上的做市商不同，AMM 利用智能合约来自动化订单匹配。智能合约是自动执行的程序，根据供需确定资产价格并提供流动性。为了克服流动性限制，AMM 引入了流动性池，即持有大量存入资产的智能合约。

Retail users, known as liquidity providers, contribute their dormant assets to these pools, earning passive income in return. AMMs also employ mathematical equations to maintain balance within liquidity pools, eliminating price discrepancies. Users can deposit and withdraw assets at will, with some platforms imposing penalties for premature withdrawals.

零售用户（称为流动性提供者）将其休眠资产贡献给这些资金池，从而赚取被动收入作为回报。自动做市商还利用数学方程来维持流动性池内的平衡，从而消除价格差异。用户可以随意存入和提取资产，一些平台会对提前提取进行处罚。

Governance Tokens: Empowerment for Users

治理代币：为用户赋能

Many AMM platforms issue governance tokens, granting holders voting rights in project governance. These tokens empower users to propose and vote on changes that enhance the platform's functionality and community. The weight of each vote is typically proportional to the number of governance tokens held.

许多AMM平台都会发行治理代币，赋予持有人在项目治理中的投票权。这些代币使用户能够提出提案并投票，以增强平台的功能和社区。每次投票的权重通常与持有的治理代币数量成正比。

Impermanent Loss: A Potential Risk

无常损失：潜在风险

Liquidity pools carry an inherent risk known as impermanent loss, which arises when the price ratio of pooled assets fluctuates. When the price ratio changes from the initial deposit ratio, the pool incurs losses. The magnitude of these losses increases with the extent of price changes.

流动性池具有被称为无常损失的固有风险，当池资产的价格比率波动时就会出现这种风险。当价格比率与初始存款比率发生变化时，资金池就会产生损失。这些损失的幅度随着价格变化的程度而增加。

Impermanent loss is particularly prevalent in pools containing highly volatile cryptocurrencies. However, it is important to note that the loss is "impermanent" as the price ratio may revert to its original state. This underscores the volatile nature of digital currencies and the potential for gains or losses when assets are deposited in liquidity pools.

在包含高度波动性加密货币的池中，无常损失尤其普遍。然而，值得注意的是，损失是“无常的”，因为价格比率可能会恢复到原来的状态。这凸显了数字货币的波动性以及资产存入流动性池时可能产生收益或损失的可能性。

Conclusion: AMMs as Pillars of DeFi

结论：AMM 作为 DeFi 的支柱

Automated Market Makers have become indispensable components of decentralized finance. By providing liquidity, automating order matching, and enabling community governance, AMMs have empowered DEXes to compete with their centralized counterparts. They have unlocked new possibilities for trading digital assets and fostered the growth of the DeFi ecosystem, paving the way for further innovation and adoption in the years to come.

自动化做市商已成为去中心化金融不可或缺的组成部分。通过提供流动性、自动化订单匹配和实现社区治理，AMM 使 DEX 能够与中心化交易对手竞争。他们开启了数字资产交易的新可能性，促进了 DeFi 生态系统的发展，为未来几年的进一步创新和采用铺平了道路。