DeFi：警惕无常损失，这是流动性池中的一个关键风险

当自动做市商（AMM）因代币价格波动而调整池内资产价值时，就会出现无常损失，这是 DeFi 流动性池中的潜在风险。这可能会减少流动性提供者的预期利润或导致损失。当池中代币的价值低于市场价值时，就会发生无常损失。为了减轻这种风险，流动性提供者可以增加流动性以稳定价格或等待市场恢复平衡。

Impermanent Loss: A Critical Risk in Decentralized Finance (DeFi)

无常损失：去中心化金融（DeFi）的一个关键风险

Impermanent loss, a potential financial setback faced by participants in DeFi liquidity pools, arises due to the dynamic price adjustments implemented by Automated Market Makers (AMMs). These price fluctuations can significantly impact the value of assets stored within liquidity pools.

无常损失是 DeFi 流动性池参与者面临的潜在财务挫折，是由于自动做市商（AMM）实施的动态价格调整而产生的。这些价格波动可能会严重影响流动性池中存储的资产的价值。

Understanding Automated Market Makers (AMMs)

了解自动做市商 (AMM)

AMMs, pioneered by blockchain visionary Vitalik Buterin, have revolutionized decentralized marketplaces by eliminating the need for direct supply-and-demand interaction. Instead, AMMs leverage software-driven mechanisms to facilitate trading, offering incentives to market participants through fees and yield-generating activities.

由区块链远见者 Vitalik Buterin 开创的 AMM 通过消除直接供需交互的需要，彻底改变了去中心化市场。相反，AMM 利用软件驱动的机制来促进交易，通过费用和产生收益的活动为市场参与者提供激励。

While AMMs provide a decentralized solution for liquidity, they introduce the potential for impermanent losses. These losses stem from the dynamic nature of liquidity pools, where AMMs adjust asset prices in response to market fluctuations.

虽然自动做市商为流动性提供了去中心化的解决方案，但它们也带来了潜在的无常损失。这些损失源于流动性池的动态性质，AMM 会根据市场波动调整资产价格。

Mechanism of Impermanent Loss

无常损失的机制

Impermanent loss occurs when the value of assets deposited in a DeFi protocol deviates from their corresponding market prices. This discrepancy arises from the inherent design of AMMs, which may not always align with real-time market conditions.

当存入 DeFi 协议的资产价值偏离其相应的市场价格时，就会发生无常损失。这种差异是由 AMM 的固有设计引起的，它可能并不总是与实时市场条件保持一致。

As asset prices fluctuate, AMMs in liquidity pools may not adjust instantaneously, leading to price differences between the pool and the wider market. This divergence triggers arbitrage opportunities, attracting traders who seek to capitalize on the price discrepancies.

随着资产价格的波动，流动性池中的AMM可能不会立即调整，从而导致流动性池与更广泛市场之间的价格差异。这种差异引发了套利机会，吸引了寻求利用价格差异的交易者。

Impact and Management of Impermanent Loss

无常损失的影响和管理

Impermanent loss is akin to unrealized losses encountered in traditional financial markets. It represents a potential financial setback that can negatively impact the value of a DeFi investor's portfolio.

无常损失类似于传统金融市场中遇到的未实现损失。它代表着潜在的财务挫折，可能会对 DeFi 投资者的投资组合价值产生负面影响。

To mitigate impermanent loss, investors can consider the following strategies:

为了减轻无常损失，投资者可以考虑以下策略：

• Patience: Impermanent loss is typically short-term in nature. Waiting for market conditions to normalize can restore asset values.
• Balanced Liquidity Pairs: Liquidity pools containing asset pairs with relatively stable values, such as sETH/ETH or stablecoins like DAI/USDC, offer reduced impermanent loss.
• Short-Term Liquidity Provision: Adding liquidity to asset pairs during periods of price stability can help minimize impermanent loss.

Case Study: Impermanent Loss in Practice

耐心：无常损失通常是短期的。等待市场状况正常化可以恢复资产价值。平衡流动性对：包含价值相对稳定的资产对的流动性池，例如 sETH/ETH 或 DAI/USDC 等稳定币，可减少无常损失。短期流动性供给：增加流动性在价格稳定期间调整资产对有助于最大限度地减少无常损失。案例研究：实践中的无常损失

Consider the following scenario: Investor A deposits 1 ETH and 100 DAI into a liquidity pool with a 50:50 ratio, resulting in a total investment of $200.

考虑以下场景：投资者 A 将 1 ETH 和 100 DAI 按 50:50 的比例存入流动性池，总投资为 200 美元。

If the market price of ETH subsequently doubles to $200, arbitrage traders may take advantage of the price discrepancy within the liquidity pool, buying ETH at a discounted rate. This action alters the ratio of assets within the pool, leading to an impermanent loss for Investor A if they were to withdraw their assets at this time.

如果 ETH 的市场价格随后翻倍至 200 美元，套利交易者可能会利用流动性池内的价格差异，以折扣价购买 ETH。这一行为改变了池内资产的比例，如果投资者 A 此时撤回资产，则会导致他们遭受永久性损失。

Conclusion

结论

Understanding and managing impermanent loss is crucial for navigating the DeFi ecosystem effectively. Investors must balance the benefits of high liquidity and yield-generating opportunities with the potential risks associated with impermanent loss.

了解和管理无常损失对于有效驾驭 DeFi 生态系统至关重要。投资者必须平衡高流动性和产生收益的机会的好处与与无常损失相关的潜在风险。

By adopting informed investment strategies, exercising patience, and carefully considering market conditions, DeFi participants can optimize their returns while minimizing the impact of impermanent losses.

通过采取明智的投资策略、保持耐心并仔细考虑市场状况，DeFi 参与者可以优化回报，同时最大限度地减少无常损失的影响。