木星交流：分散金融（DEFI）市场的新力量

木星交易所是基于Solana区块链的分散交换（DEX）聚合器，致力于解决分散流动性问题

Jupiter Exchange is a decentralized exchange (DEX) aggregator based on the Solana blockchain, dedicated to solving the problem of decentralized liquidity in the DeFi market and providing users with an efficient and transparent digital asset trading experience. Since its launch in 2021, Jupiter Exchange has quickly become an important part of the decentralized finance (DeFi) ecosystem. Recently, Jupiter announced the launch of the full-chain network Jupnet, taking a new step. From the beginning, it only focused on aggregating Solana's liquidity, and now plans to expand its goals to a wider ecosystem and build a full-chain network. "Now we will turn to the next major goal, aggregating everything," said founder meow. In addition, Jupiter has launched a new community website jup.com, which will become an important information platform for the Jupiter community, providing the latest project dynamics from community DAOs to research forums to the Jupiverse project ecosystem.

木星交易所是基于Solana区块链的分散交易所（DEX）聚合器，致力于解决DEFI市场中分散流动性的问题，并为用户提供有效且透明的数字资产交易经验。自2021年推出以来，木星交易所已迅速成为分散融资（DEFI）生态系统的重要组成部分。最近，木星宣布启动全链网络jupnet，迈出了新的一步。从一开始，它只关注汇总Solana的流动性，现在计划将其目标扩展到更广泛的生态系统并建立全链网络。创始人Meow说：“现在，我们将转向下一个主要目标，汇总一切。”此外，木星已经启动了一个新的社区网站jup.com，该网站将成为木星社区的重要信息平台，从社区DAOS到研究论坛到Jupiverse Project Project Project Ecosystem，提供了最新的项目动态。

The core function of Jupiter Exchange is to help users easily discover and obtain the best trading prices by aggregating data from multiple decentralized exchanges. Users can access multiple liquidity pools on one interface, significantly improving trading efficiency while reducing transaction costs. In order to meet the diverse needs of users, Jupiter has also introduced advanced trading features such as limit orders and dollar cost averaging (DCA), which make it stand out in the fierce market competition.

木星交易所的核心功能是通过从多个分散交易所汇总数据来帮助用户轻松发现和获得最佳的交易价格。用户可以在一个接口上访问多个流动性池，从而显着提高交易效率，同时降低交易成本。为了满足用户的各种需求，木星还引入了高级交易功能，例如限额订单和美元成本平均（DCA），这使其在激烈的市场竞争中脱颖而出。

As part of the ecosystem, Jupiter's native governance token JUP creates a decentralized community governance framework, which encourages users to participate in the decision-making of the platform and enhances the sense of belonging and participation of the community. Overall, Jupiter Exchange is committed to improving the accessibility and efficiency of DeFi through its flexible technical architecture, providing users with powerful trading tools and opportunities.

作为生态系统的一部分，木星的本地治理令牌jup创建了一个分散的社区治理框架，该框架鼓励用户参与平台的决策，并增强社区的归属感和参与感。总体而言，木星交易所致力于通过其灵活的技术体系结构来提高DEFI的可访问性和效率，从而为用户提供强大的交易工具和机会。

Jupiter Exchange has made in-depth innovations in technical architecture and functions. The following will provide a detailed analysis of its four key functions: "Swap", "Limit Order", "Dollar-Cost Averaging (DCA)" and "Value Averaging (VA)".

木星交易所在技术架构和功能方面进行了深入的创新。以下将对其四个关键功能提供详细的分析：“交换”，“限制顺序”，“美元成本平均（DCA）”和“ Value Aweraging（VA）”。

Jupiter's Swap function is one of its core features, which aims to provide users with the best transaction price.

木星的交换功能是其核心功能之一，旨在为用户提供最佳的交易价格。

Liquidity aggregation: By connecting to multiple DEXs (decentralized exchanges) within the Solana ecosystem, Jupiter aggregates liquidity for different trading pairs. When users exchange assets, the algorithm evaluates the price and liquidity of each DEX in real time to ensure that users get the lowest transaction cost.

流动性汇总：通过连接到Solana生态系统中的多个DEX（分散交易所），Jupiter汇总了用于不同交易对的流动性。当用户交换资产时，算法会实时评估每个DEX的价格和流动性，以确保用户获得最低的交易成本。

Metis is an important part of how Jupiter Swap works, using a heavily modified Bellman-Ford algorithm to dynamically select the best trading path. Metis ensures seamless operation on Solana's ultra-fast block times, and supports fast trade execution through major improvements to the backend infrastructure, effectively finding the most appropriate trading route even in volatile markets.

梅蒂斯（Metis）是木星交换工作方式的重要组成部分，使用重大修改的贝尔曼福音算法来动态选择最佳交易路径。 METIS确保在Solana的超快速块时间上进行无缝操作，并通过对后端基础设施的重大改进来支持快速的贸易执行，即使在动荡的市场中，也有效地找到了最合适的交易路线。

To find the best price, Metis streams input tokens in real time, gradually building out routes that split and merge at any stage of the transaction. This innovation enables users to discover better prices for more complex transactions. For example, when a user wants to trade token A for token C, the system can consider multiple routes, such as A→B→C, to determine whether a better price can be obtained. To improve efficiency, Metis even merges route generation and quotation links to avoid generating incorrect routes while providing the best price.

为了找到最佳的价格，METIS流式流动令牌实时输入令牌，逐渐建立在交易的任何阶段分裂和合并的路线。这项创新使用户能够发现更复杂的交易的价格更好。例如，当用户想要将令牌A交易为令牌C时，系统可以考虑多种路线，例如A→B→C，以确定是否可以获得更好的价格。为了提高效率，METIS甚至合并了路线的发电和报价链接，以避免在提供最佳价格的同时产生不正确的路线。

A limit order is a type of trading order set by users through Jupiter Exchange, which provides users with a flexible and efficient way to trade, allowing them to execute trades at a preset price under certain conditions. When placing an order, users specify the price they wish to buy or sell at, and Jupiter uses the Jupiter Price API to continuously monitor on-chain prices and obtain market data in real time. When the on-chain price of SOL reaches the set conditions, the system will automatically execute the limit order.

限制顺序是用户通过木星交易所设定的一种交易订单，该交易订单为用户提供了一种灵活，有效的交易方式，使他们可以在某些条件下以预设价格执行交易。下订单时，用户指定了他们希望在以上购买或出售的价格，木星使用木星价格API不断监视链上的价格并实时获取市场数据。当SOL的链链价格达到设定条件时，系统将自动执行限制顺序。

If the order size is too large and the on-chain liquidity is insufficient, the system will strive to partially execute the order in blocks to ensure that users can complete the transaction with as little market impact as possible until all orders are satisfied. Once the order is executed, whether partially or fully, the system will automatically transfer the traded tokens to the user's wallet to ensure that the user can quickly obtain the transaction assets.

如果订单规模太大并且链上流动性不足，则系统将努力在块中部分执行订单，以确保用户可以在所有订单满足所有订单之前，都能尽可能少地完成交易。执行订单后，无论是部分还是全部，系统都会自动将交易的代币转移到用户钱包中，以确保用户可以快速获得交易资产。

In addition, the expiration time can be set flexibly. Users can set the expiration time for limit orders. If the order is not executed within the specified time, the system will automatically cancel it and return the tokens to the user's wallet, thus avoiding unexpected market risks.

另外，可以灵活地设置到期时间。用户可以为限制订单设置到期时间。如果该订单未在指定的时间内执行，则系统将自动取消该订单并将令牌返回到用户钱包中，从而避免出乎意料的市场风险。

Jupiter’s limit order feature minimizes the risk of slippage caused by market fluctuations, ensuring that users can still get the set transaction price during fluctuations. In addition, placing an order using such an order ensures that the transaction will not fail due to market price fluctuations.

木星的限制顺序功能最大程度地减少了由于市场波动引起的滑倒风险，从而确保用户仍然可以在波动期间获得设定的交易价格。此外，使用这样的订单下订单可确保由于市场价格波动而导致交易不会失败。

Dollar-Cost Averaging (DCA) is a widely used investment strategy, especially suitable for dealing with market fluctuations. In Jupiter Exchange, the DCA strategy allows you to spread your investment over different periods of time instead of investing a large sum of money in a single transaction, avoiding the risk of buying near the peak,

美元成本平均（DCA）是一种广泛使用的投资策略，尤其适合处理市场波动。在木星交易所中，DCA策略使您可以在不同时期内传播投资，而不是在一次交易中投资大量资金，避免在高峰附近购买风险，