加密货币流动性池：深入探讨其功能和假池的阴暗面

加密货币流动性池对于去中心化金融（DeFi）至关重要，因为它们为交易提供稳定的资金供应，并促进代币对之间的轻松交换。

Crypto liquidity pools are collections of cryptocurrency funds secured by smart contracts that facilitate decentralized trading and other financial operations in decentralized finance (DeFi).

加密货币流动性池是由智能合约保护的加密货币资金的集合，可促进去中心化金融（DeFi）中的去中心化交易和其他金融操作。

They enable users to trade directly against the pool’s liquidity, thus eliminating the need for traditional order books. Funds in the liquidity pools are supplied by participants known as liquidity providers (LPs). In exchange for contributing their assets, LPs earn rewards, usually in the form of governance tokens or transaction fees.

它们使用户能够直接根据池的流动性进行交易，从而消除了对传统订单簿的需求。流动性池中的资金由称为流动性提供者（LP）的参与者提供。作为贡献资产的交换，有限合伙人通常会以治理代币或交易费的形式获得奖励。

Liquidity pools are essential to decentralized finance (DeFi) because they provide a steady supply of funds for transactions and facilitate easy swaps between token pairs. They are the core technology behind decentralized exchanges (DEXs), such as Uniswap, and facilitate effective and convenient trading without the need for intermediaries.

流动性池对于去中心化金融（DeFi）至关重要，因为它们为交易提供稳定的资金供应，并促进代币对之间的轻松交换。它们是 Uniswap 等去中心化交易所 (DEX) 背后的核心技术，无需中介机构即可促进有效且便捷的交易。

Thanks to liquidity pools, projects get a decentralized means of generating markets for their tokens, enhance visibility, and draw in users. Investors get an opportunity to earn passive income and diversify investments. Liquidity pools play a key role in driving the growth and accessibility of DeFi ecosystems.

借助流动性池，项目可以采用去中心化的方式为其代币创造市场，提高知名度并吸引用户。投资者有机会赚取被动收入和多元化投资。流动性池在推动 DeFi 生态系统的增长和可访问性方面发挥着关键作用。

Did you know? In Uniswap v3, 20% of the pools held 92.46% of the trading volume from March 2021 to April 2023.

你可知道？在 Uniswap v3 中，20% 的矿池持有 2021 年 3 月至 2023 年 4 月 92.46% 的交易量。

Fake liquidity pools demonstrate the dark side of DeFi, where scammers take advantage of the trust and decentralized structure of the ecosystem to cheat unsuspecting investors. One common fraudulent practice is a rug pull scam.

虚假流动性池展示了 DeFi 的阴暗面，诈骗者利用生态系统的信任和去中心化结构来欺骗毫无戒心的投资者。一种常见的欺诈行为是拉地毯骗局。

Crypto startups need to create a market for their newly launched token to facilitate trading. To meet this goal, developers set up a liquidity pool, pairing their token with a widely used asset, such as Ether (ETH), BNB (BNB) or Tether’s USDt (USDT).

加密初创公司需要为其新推出的代币创建一个市场以促进交易。为了实现这一目标，开发人员建立了一个流动性池，将其代币与广泛使用的资产配对，例如以太坊 (ETH)、BNB (BNB) 或 Tether 的 USDt (USDT)。

In a legitimate setup, the liquidity pool enables seamless buying and selling of the token, creating a win-win situation for the project and regular investors. But in a rug pull scam, the developers’ intent is fraudulent. They begin by aggressively promoting the token.

在合法的设置中，流动性池可以实现代币的无缝买卖，为项目和普通投资者创造双赢的局面。但在拉地毯骗局中，开发商的意图是欺诈。他们首先积极推广代币。

Promising high returns, they try to convince investors to exchange valuable cryptocurrencies like ETH for the new token. Once the pool accumulates significant funds, the scammers withdraw the liquidity, absconding with the valuable tokens. Investors are left holding worthless assets with no recourse.

他们承诺高回报，试图说服投资者用 ETH 等有价值的加密货币兑换新代币。一旦资金池积累了大量资金，诈骗者就会撤回流动性，并带着有价值的代币潜逃。投资者持有毫无价值的资产且没有追索权。

For instance, Meerkat Finance, launched in March 2021, quickly amassed over $31 million. Days later, the founders claimed a smart contract compromise. However, a swift $20-million drain from the project’s crypto wallets, coinciding with the announcement, cast doubt on the claim. The timing suggests a potential insider job.

例如，Meerkat Finance 于 2021 年 3 月推出，很快就筹集了超过 3100 万美元。几天后，创始人声称智能合约妥协了。然而，在该声明发布之际，该项目的加密钱包迅速流失了 2000 万美元，这让人们对这一说法产生了怀疑。这个时机暗示了潜在的内部人员工作。

Additionally, Swaprum, an Arbitrum-based project, executed a rug pull in May 2023, siphoning $3 million from its liquidity pools. The developers, after vanishing with the stolen funds, deleted their social media accounts.

此外，基于 Arbitrum 的项目 Swaprum 于 2023 年 5 月执行了一次撤资行动，从其流动性池中抽走了 300 万美元。开发商带着被盗资金消失后，删除了他们的社交媒体账户。

Did you know? While the total value lost to digital asset hacks and scams declined by more than 50% in 2023 compared to 2022, reaching approximately $2 billion, the number of incidents remained consistent. However, attacks demonstrated increased sophistication.

你可知道？尽管与 2022 年相比，2023 年数字资产黑客和诈骗造成的总价值下降了 50% 以上，达到约 20 亿美元，但事件数量保持不变。然而，攻击变得越来越复杂。

Red flags of fake liquidity pools

虚假流动性池的危险信号

You can better protect your money from fake liquidity pool scams by watching for common red flags.

通过留意常见的危险信号，您可以更好地保护您的资金免受虚假流动性池诈骗。

Here are some red flags you need to know:

以下是您需要了解的一些危险信号：

Did you know? Crypto hacks in the first half of 2024 witnessed a dramatic surge, with losses skyrocketing 900% year-over-year in the second quarter, reaching a staggering volume of nearly $1.4 billion.

你可知道？ 2024 年上半年，加密货币黑客攻击事件急剧增加，第二季度损失同比猛增 900%，达到近 14 亿美元的惊人数额。

How to avoid fake liquidity pools

如何避免虚假流动性池

Fake liquidity pools can make new tokens on DEXs risky, but conducting thorough due diligence, checking token distribution, verifying locked liquidity and ensuring active community support can help protect against scams.

虚假的流动性池可能会使 DEX 上的新代币面临风险，但进行彻底的尽职调查、检查代币分布、验证锁定的流动性并确保积极的社区支持可以帮助防止诈骗。

Let’s understand the key protection strategies in a bit more detail:

让我们更详细地了解关键保护策略：

Are regulators around the world addressing DeFi scams effectively?

世界各地的监管机构是否有效应对 DeFi 诈骗？

Regulators worldwide are increasingly taking notice of DeFi scams to protect investors and promote transparency. Various jurisdictions are following different approaches to deal with DeFi scams.

世界各地的监管机构越来越关注 DeFi 诈骗，以保护投资者并提高透明度。不同的司法管辖区正在采取不同的方法来应对 DeFi 诈骗。

In the United States, DeFi is regulated by several agencies, including the Commodity Futures Trading Commission and the Securities and Exchange Commission. The SEC has been scrutinizing DeFi projects as potential securities offerings. Even the CFTC whistleblower program offers rewards of 10%–30% for original information leading to sanctions of over $1 million.

在美国，DeFi 受到多个机构的监管，包括商品期货交易委员会和证券交易委员会。 SEC 一直在将 DeFi 项目视为潜在的证券发行进行审查。甚至 CFTC 举报计划也对原创信息提供 10% 至 30% 的奖励，导致制裁金额超过 100 万美元。

In Europe, however, the Markets in Crypto-Assets (MiCA) regulation does not fully regulate DeFi. It exempts crypto-asset services that are fully decentralized and lack intermediaries.

然而，在欧洲，加密资产市场 (MiCA) 监管并未完全监管 DeFi。它免除了完全去中心化且缺乏中介机构的加密资产服务。

In Singapore, DeFi platforms are subject to the Payment Services Act (PSA), which covers digital payment token services and aims to reduce risks in crypto transactions. Similarly, Japan has a well-established framework for crypto regulations under the Financial Services Agency (FSA

在新加坡，DeFi 平台须遵守《支付服务法》（PSA），该法涵盖数字支付代币服务，旨在降低加密货币交易的风险。同样，日本在金融服务局 (FSA) 下拥有完善的加密货币监管框架