分散交流（DEX）已转变加密交易

去中心化交易所（DEX）通过消除中介机构并使用户完全控制其资产，从而改变了加密交易。

Decentralized exchanges (DEXs) have transformed the landscape of cryptocurrency trading by eliminating the need for intermediaries and giving users complete control over their assets. Unlike centralized exchanges, DEXs rely on smart contracts to facilitate token swaps, ensuring greater transparency, security, and decentralization.

分散的交易所（DEX）通过消除了中介需要并赋予用户完全控制其资产的需求，从而改变了加密货币交易的景观。与集中交流不同，DEX依靠智能合约来促进令牌掉期，从而确保更高的透明度，安全性和权力下放。

There are different DEXs that cater to various trading needs. Platforms like Uniswap, PancakeSwap, and Curve Finance have pioneered innovative liquidity models, making it easier for users to trade efficiently. For those looking for seamless cross-chain swaps, THORChain offers interoperability, while Hyperliquid specializes in high-speed perpetual futures trading.

有不同的DEX满足各种交易需求。 Uniswap，PancakesWap和Curve Finance等平台具有开创性的创新流动性模型，使用户更容易有效地进行交易。对于那些寻求无缝跨链掉期的人来说，Thorchain具有互操作性，而Hyperliquid则专门从事高速永久期货交易。

Depending on whether you prioritize low fees, governance participation, or deep liquidity, there’s a DEX designed to match your trading strategy.

根据您是优先考虑低费用，治理参与还是深度流动性，有一个DEX旨在符合您的交易策略。

Here’s a closer look at some of the top decentralized exchanges in the DeFi ecosystem:

这是对Defi生态系统中一些顶级分散交流的仔细研究：

1. Uniswap

1。uzap

Uniswap is a DEX that enables seamless crypto token swaps without relying on traditional order books. Instead, it uses an AMM system powered by liquidity pools, where users deposit assets to facilitate trades. This model ensures fast transactions, low fees, and trustless execution.

uniswap是一个DEX，可以在不依赖传统订单书籍的情况下实现无缝加密代币交换。相反，它使用了由流动性池提供动力的AMM系统，用户将资产存入以促进交易。该模型确保快速交易，低费用和无信任的执行。

At the core of Uniswap’s ecosystem is its native token, UNI – an ERC-20 token that grants holders governance rights, allowing them to vote on protocol upgrades and key decisions.

Uniswap的生态系统的核心是其本地令牌Uni - 一个ERC-20代币，授予持有人治理权利，使他们能够对协议升级和关键决策进行投票。

The AMM system operates through smart contracts, letting users trade against liquidity pools rather than matching with other traders. Token prices adjust dynamically using the Constant Product Formula, ensuring balance within each pool while liquidity providers earn a share of transaction fees as an incentive.

AMM系统通过智能合约运行，使用户可以与流动性池进行交易，而不是与其他交易者进行匹配。代币价格使用恒定的产品公式动态调整，确保每个游泳池内的平衡，而流动性提供商则获得了一份交易费用作为激励措施。

To enhance price accuracy, Uniswap integrates oracles that track real-time market data. With the launch of Uniswap v3, TWAP oracles were introduced, further improving pricing reliability.

为了提高价格准确性，UNISWAP集成了跟踪实时市场数据的甲壳。随着UNISWAP V3的发布，引入了Twap甲骨文，进一步提高了定价可靠性。

2. Aerodrome Finance

2。机场金融

Aerodrome Finance is a DEX built to be the primary liquidity hub for the Base blockchain. Powered by Velodrome V2 technology, it offers advanced features such as customizable liquidity pools, automated veNFT management, and concentrated liquidity.

机场融资是建造的DEX，是基本区块链的主要流动性中心。它由Velodrome V2技术提供动力，提供了高级功能，例如可自定义的流动性池，自动化的VENFT管理和集中流动性。

Since its launch in August 2023, Aerodrome has gained traction by providing traders with low-slippage token swaps, integrating elements from Uniswap V2, Uniswap V3, and Curve’s AMM models for efficient trading. Its native token, AERO, plays a central role in the ecosystem, incentivizing liquidity providers and governance participants.

自2023年8月推出以来，机场已通过为交易者提供低冲洗令牌掉期，集成了UNISWAP V2，UNISWAP V3的元素以及Curve的AMM模型，以进行有效交易。它的原始令牌Aero在生态系统中起着核心作用，激励流动性提供者和治理参与者。

AERO holders who lock their tokens receive veAERO NFTs, granting them voting rights on reward distribution and a share of protocol fees. With permissionless pools, users can create and manage liquidity freely, adding to the platform’s flexibility.

锁定代币的Aero持有人会获得veaero nfts，授予他们对奖励分配和协议费用的投票权。借助无许可的池，用户可以自由创建和管理流动性，从而增加了平台的灵活性。

To preserve governance influence, Aerodrome employs an anti-dilution mechanism that ensures veAERO holders maintain their voting power. Its self-optimizing liquidity flywheel further drives liquidity growth, solidifying Aerodrome’s position as a key player in the Base ecosystem for traders, liquidity providers, and governance participants.

为了保护治理的影响，机场采用了一种抗稀释机制，以确保Veaero持有人保持其投票权。它自我优化的流动性飞轮进一步推动了流动性增长，巩固了机场在贸易商，流动性提供者和治理参与者基础生态系统中作为关键参与者的关键参与者的地位。

3. Orca Exchange

3。逆戟鲸交流

Orca Exchange is a DEX built on Solana, designed for fast, low-cost token swaps. Launched in February 2021 by Grace Kwan and Yutaro Mori, it was created to bypass the congestion and high fees of Ethereum-based DEXs. Orca has become a key player in the Solana ecosystem by offering efficient trading and rewards for liquidity providers.

Orca Exchange是建立在Solana上的DEX，该DEX专为快速，低成本的令牌交换而设计。它是由格蕾丝·夸（Grace Kwan）和尤塔罗·莫里（Yutaro Mori）于2021年2月推出的，是为了绕过以太坊基于以太坊的DEX的拥塞和高费用而创建的。 Orca通过为流动性提供商提供有效的交易和奖励，成为Solana生态系统中的关键参与者。

To maximize capital efficiency, Orca utilizes Whirlpools – concentrated liquidity pools that improve price execution, reduce slippage, and offer higher yields. The Whirlpools smart contract is open-source, enabling developers to build on it and apply for grants through the Whirlpools Builders Program.

为了最大程度地提高资本效率，Orca利用漩涡 - 集中流动性池，以提高价格执行，减少滑倒并提供更高的收益率。惠而浦智能合约是开源的，使开发人员能够在其基础上构建并通过漩涡制造商计划申请赠款。

Beyond performance, Orca focuses on user experience, providing a clean and intuitive interface for mobile and desktop users. The platform also includes a Fair Price Indicator, which alerts traders to high slippage or unfavorable pricing. Additionally, Orca contributes a portion of trading fees to sustainability initiatives through the Orca Impact Fund, reinforcing its commitment to social responsibility.

除了性能之外，Orca还专注于用户体验，为移动和桌面用户提供了干净，直观的接口。该平台还包括一个公平的价格指标，该指标会提醒交易者高度打滑或不利的定价。此外，Orca通过Orca Impact Fund为可持续性计划贡献了一部分交易费用，从而加强了其对社会责任的承诺。

4. THORChain

4

THORChain is a Layer 1 blockchain designed to enable seamless cross-chain swaps without relying on wrapped or pegged assets. Often described as a decentralized Binance or Uniswap for multiple chains, THORChain uses Continuous Liquidity Pools (CLPs) to facilitate swaps.

Thorchain是一个1层的区块链，旨在使无缝的跨链互换而无需依赖包裹或固定的资产。 Thorchain通常被描述为用于多个链的分散式二进制或单次交通，因此使用连续的流动性池（CLP）来促进掉期。

Instead of swapping assets directly, transactions occur in two steps: the first trade converts BTC to RUNE, and the second converts RUNE to ETH. This process is fully automated by THORChain’s state machine, eliminating the need for users to hold RUNE themselves. Using RUNE as an intermediary, THORChain efficiently balances liquidity and adapts to market demand, making it one of the most advanced cross-chain liquidity solutions in DeFi.

交易没有直接交换资产，而是分为两个步骤：第一个贸易将BTC转换为符文，第二个交易将符文转换为ETH。 Thorchain的状态机完全自动化了此过程，从而消除了用户自行保持符文的需求。用符文作为中介机构，Thorchain有效地平衡了流动性并适应市场需求，使其成为DEFI中最先进的跨链流动性解决方案之一。

5. PancakeSwap

5。煎饼瓦普

PancakeSwap is a DEX that launched on Binance Smart Chain in September 2020. Using an AMM model allows users to trade tokens directly through liquidity pools rather than through traditional order books. Initially built on BSC, PancakeSwap has since expanded to multiple blockchains, including Ethereum, Polygon zkEVM, zkSync Era, Linea

Pancakeswap是一种DEX，于2020年9月在Binance Smart Chain上发射。使用AMM模型，用户可以直接通过流动性池而不是通过传统的订单书来交易令牌。 pancakeswap最初建立在BSC上，此后已扩展到多个区块链，包括以太坊，Polygon Zkevm，Zksync ERA，Linea