DEX 聚合器：弥合去中心化加密货币交易所的流动性缺口

DEX 聚合器是去中心化金融 (DeFi) 的重要组成部分，可以缓解去中心化交易所 (DEX) 固有的低流动性问题。他们通过匹配多个 DEX 的流动性池来优化代币互换订单，确保最佳的执行价格并最大限度地减少滑点。通过连接到广泛的流动性来源网络，DEX 聚合器为用户提供了访问大量代币的机会，甚至可以高效、匿名地执行大额交易。

DEX Aggregators: Bridging the Liquidity Gap in Decentralized Cryptocurrency Exchanges

DEX 聚合器：弥合去中心化加密货币交易所的流动性缺口

Introduction

介绍

Decentralized exchanges (DEXs), exemplified by the groundbreaking Uniswap protocol on the Ethereum network, have revolutionized the cryptocurrency trading landscape. Unlike centralized exchanges (CEXs), DEXs empower users to become liquidity providers, enabling them to passively earn rewards by facilitating token swaps. However, DEXs face a persistent challenge: the liquidity of token pairs depends heavily on user interest and market conditions, potentially leading to slippage issues, where executed swap prices deviate significantly from expected prices.

以以太坊网络上突破性的 Uniswap 协议为代表的去中心化交易所 (DEX) 彻底改变了加密货币交易格局。与中心化交易所（CEX）不同，DEX 使用户能够成为流动性提供者，使他们能够通过促进代币交换被动地获得奖励。然而，DEX 面临着持续的挑战：代币对的流动性在很大程度上取决于用户兴趣和市场状况，可能导致滑点问题，即执行的掉期价格与预期价格显着偏离。

The Importance of Liquidity

流动性的重要性

Liquidity is the lifeblood of any trading environment. It represents the ease with which assets can be bought and sold without significantly affecting their prices. Ample liquidity ensures that market participants can swiftly execute trades, while scarcity can hinder transactions and negatively impact asset prices. In traditional financial markets, specialized institutions known as market makers play a crucial role in enhancing liquidity. However, such intermediaries are absent from the decentralized DEX landscape.

流动性是任何交易环境的命脉。它代表了在不显着影响其价格的情况下购买和出售资产的难易程度。充足的流动性确保市场参与者能够迅速执行交易，而稀缺性则会阻碍交易并对资产价格产生负面影响。在传统金融市场中，被称为做市商的专业机构在增强流动性方面发挥着至关重要的作用。然而，去中心化 DEX 领域中并不存在此类中介机构。

DEXs and the Liquidity Problem

DEX 和流动性问题

DEXs operate on a fully automated basis, relying on smart contracts to facilitate token swaps. Users can become liquidity providers (LPs) by depositing funds into liquidity pools associated with specific token pairs. In return, LPs receive a portion of the transaction fees generated by trades involving those tokens.

DEX 在完全自动化的基础上运行，依靠智能合约来促进代币交换。用户可以通过将资金存入与特定代币对相关的流动性池来成为流动性提供者（LP）。作为回报，有限合伙人会收到涉及这些代币的交易产生的部分交易费用。

While this permissionless approach to monetization is innovative, it places the onus of liquidity on the popularity of individual platforms. Even on prominent DEXs like Uniswap, sparsely traded altcoins with small market capitalizations may have limited liquidity.

虽然这种无需许可的货币化方法是创新的，但它将流动性的责任归咎于各个平台的受欢迎程度。即使在像 Uniswap 这样的知名 DEX 上，交易稀少、市值较小的山寨币的流动性也可能有限。

The Role of DEX Aggregators

DEX 聚合器的作用

DEX aggregators address the liquidity problem by simultaneously accessing multiple DEXs and their respective liquidity pools. These platforms act as intermediaries, seamlessly connecting users to the most optimal liquidity sources for their desired token swaps. By searching across hundreds of DEXs, even for infrequently traded token pairs, DEX aggregators minimize slippage and ensure the best possible execution prices for users.

DEX 聚合器通过同时访问多个 DEX 及其各自的流动性池来解决流动性问题。这些平台充当中介机构，将用户无缝连接到最佳的流动性来源，以实现其所需的代币交换。通过搜索数百个 DEX，甚至是不经常交易的代币对，DEX 聚合器可以最大限度地减少滑点并确保为用户提供最佳的执行价格。

Benefits of DEX Aggregators

DEX 聚合器的好处

• Enhanced Liquidity: DEX aggregators combine the liquidity pools of numerous DEXs, significantly increasing the available liquidity for any given token pair. Even for large-volume trades, aggregators can identify optimal liquidity sources, reducing the risk of slippage and ensuring a smooth trading experience.
• Optimal Execution Prices: DEX aggregators scour multiple DEXs to find the most favorable execution prices for trades. They identify liquidity pools with lower fees and advantageous token pair ratios, allowing users to maximize their returns on swaps.
• Anonymity: DEX aggregators preserve user anonymity throughout the trading process, eliminating the need for identity verification procedures (KYC) employed by CEXs.

Top DEX Aggregators

增强流动性：DEX 聚合器结合了众多 DEX 的流动性池，显着增加了任何给定代币对的可用流动性。即使对于大额交易，聚合器也可以识别最佳的流动性来源，降低滑点风险并确保流畅的交易体验。 最佳执行价格：DEX聚合器搜索多个DEX以找到最优惠的交易执行价格。他们确定费用较低和有利的代币对比率的流动性池，使用户能够最大限度地提高掉期回报。 匿名性：DEX 聚合器在整个交易过程中保留用户的匿名性，从而消除了 CEX 所采用的身份验证程序 (KYC) 的需要。 顶级 DEX聚合器

Several reputable DEX aggregators exist in the market, each with its own strengths and features:

市场上存在几个信誉良好的 DEX 聚合器，每个聚合器都有自己的优势和特点：

• 1inch: The market leader, 1inch boasts the most comprehensive coverage of token pairs across a wide range of blockchain networks. It supports multiple liquidity sources and has its own native token (CHI) for gas fee optimization.
• OpenOcean: A pioneer in DEX aggregation, OpenOcean integrates with over 200 liquidity sources across 18 blockchain networks. It also incorporates liquidity from CEXs like Binance, further enhancing the depth of its liquidity pools.
• ParaSwap: Known for its low slippage tolerance, ParaSwap operates its own liquidity pool (ParaSwapPool) in addition to connecting with external sources. It offers a range of integration options for popular DeFi wallets and dApps.

Conclusion

1inch：市场领导者，1inch 拥有覆盖广泛区块链网络最全面的代币对。它支持多种流动性来源，并拥有自己的原生代币 (CHI)，用于优化 Gas 费。OpenOcean：OpenOcean 是 DEX 聚合领域的先驱，集成了 18 个区块链网络中的 200 多个流动性来源。它还融入了币安等中心化交易所的流动性，进一步增强了其流动性池的深度。 ParaSwap：ParaSwap 以其低滑点容忍度而闻名，除了与外部来源连接外，还运营自己的流动性池（ParaSwapPool）。它为流行的 DeFi 钱包和 dApp 提供了一系列集成选项。结论

DEX aggregators are integral components of the decentralized finance (DeFi) ecosystem, operating seamlessly alongside DEXs to enhance liquidity and provide users with the best possible trading experiences. By bridging the gap between fragmented liquidity pools, aggregators mitigate slippage risks, optimize execution prices, and preserve user anonymity. With their ease of use and numerous benefits, DEX aggregators are indispensable tools for participants in the rapidly evolving world of cryptocurrency trading.

DEX 聚合器是去中心化金融 (DeFi) 生态系统不可或缺的组成部分，与 DEX 无缝运行，以增强流动性并为用户提供最佳的交易体验。通过弥合分散的流动性池之间的差距，聚合器可以降低滑点风险，优化执行价格并保持用户匿名。凭借其易用性和众多优势，DEX 聚合器成为快速发展的加密货币交易世界中参与者不可或缺的工具。