岩浆金融：SUI网络上的VE（3,3）DEX

分散的金融（DEFI）景观正在不断发展，新的创新推动了可能的界限。

The decentralized finance (DeFi) landscape is constantly evolving, with new innovations pushing the boundaries of what’s possible. At the heart of this evolution are decentralized exchanges (DEXs), which have become the backbone of DeFi by enabling trustless, permissionless trading. However, as the space matures, the need for sustainable liquidity, aligned incentives, and scalable infrastructure has never been greater.

分散的金融（DEFI）景观正在不断发展，新的创新推动了可能的界限。这种演变的核心是分散交流（DEX），通过实现无信任的，无许可的交易，它们已成为Defi的骨干。但是，随着空间的成熟，对可持续流动性，一致激励措施和可扩展基础设施的需求从未如此大。

Here we introduce Magma Finance, a next-generation ve(3,3) DEX on the Sui network. Inspired by the success of protocols like Uniswap, Curve, Shadow, and Aerodrome, Magma Finance is designed to bring the power of ve(3,3) to Sui, creating a vibrant and sustainable liquidity ecosystem.

在这里，我们介绍了SUI网络上的下一代VE（3,3）DEX的Magma Finance。受UNISWAP，曲线，影子和机场等协议成功的启发，岩浆融资旨在将VE（3,3）的力量（3,3）带到SUI，创造出充满活力且可持续的流动性生态系统。

Why Build on Sui?

为什么在Sui上建立？

The Sui network is a next-generation Layer 1 blockchain designed for scalability, speed, and security. For a protocol like Magma Finance, Sui offers several key advantages:

SUI网络是下一代第1层区块链，旨在可扩展性，速度和安全性。对于像岩浆金融这样的协议，Sui提供了几个关键优势：

Scalability: Sui's architecture enables high throughput and handles large volumes of transactions without impacting performance. This scalability is crucial for DEX protocols to handle liquidity efficiently and expand their operations.

可伸缩性：SUI的体系结构可实现高吞吐量并处理大量交易而不会影响性能。这种可伸缩性对于DEX协议有效地处理流动性并扩展其运营至关重要。

Speed: Sui's transactions are executed quickly, providing a seamless trading experience to users. In contrast to older chains, Sui isn't slow or congested, even during peak usage periods.

速度：SUI的交易快速执行，为用户提供无缝的交易经验。与较旧的连锁店相反，即使在最高使用期间，SUI也不是缓慢或拥挤的。

Security: Sui uses advanced cryptography and economic models to ensure the safety of user funds and the overall integrity of the network. This focus on security is paramount for a DEX protocol like Magma Finance, which manages and facilitates the flow of significant liquidity.

安全：SUI使用高级密码学和经济模型来确保用户资金的安全以及网络的整体完整性。对于岩浆融资（Magma Finance）等DEX协议，对安全性的关注至关重要，该协议管理并促进了大量流动性的流动。

Moreover, Sui's ecosystem is rapidly growing, with a diverse range of protocols and applications being developed. This dynamism provides opportunities for collaboration and interoperability, which are essential for the long-term success of DEX protocols. By joining the Sui ecosystem, Magma Finance can contribute to this collective effort in building a decentralized and inclusive financial system.

此外，SUI的生态系统正在迅速增长，并开发了各种协议和应用。这种活力为协作和互操作性提供了机会，这对于DEX协议的长期成功至关重要。通过加入SUI生态系统，Magma Finance可以为建立分散和包容性金融体系的集体努力做出贡献。

By building on Sui, Magma Finance is positioned to leverage these cutting-edge features to deliver a superior trading experience, attract deep liquidity, and foster a strong community.

通过在SUI上建造，Magma Finance可以利用这些尖端的功能来提供卓越的交易体验，吸引深厚的流动性并促进一个强大的社区。

The Evolution of DEXs: From Fragmentation to Collaboration

DEXS的演变：从分散到协作

Decentralized exchanges have come a long way since the early days of DeFi. Platforms like Uniswap and SushiSwap introduced automated market-making (AMM) mechanisms, enabling users to trade assets without intermediaries. However, as the DeFi ecosystem grew, so did its challenges:

自从Defi早期以来，分散的交流已经走了很长一段路。诸如UNISWAP和SUSHISWAP之类的平台引入了自动营销（AMM）机制，使用户能够在没有中介机构的情况下进行交易。但是，随着Defi生态系统的发展，其挑战也是如此：

Fragmentation of liquidity across multiple DEXs hampered the overall depth and efficiency of the market.

多种DEX的流动性分裂阻碍了市场的整体深度和效率。

The distribution of value wasn't optimized, leading to misaligned incentives between liquidity providers, traders, and the protocol itself.

价值的分布未优化，导致流动性提供者，交易者和协议本身之间的激励措施不对。

Scalability became an issue as DEXs struggled to handle the increasing volume of transactions and users.

随着DEXS努力处理交易和用户的增加，可伸缩性成为一个问题。

To address these challenges, a new wave of DEXs leveraging the ve(3,3) model has emerged. Protocols like Velodrome, Aerodrome, and Thena have demonstrated the power of this model, fostering deep liquidity, aligned incentives, and strong community engagement.

为了应对这些挑战，已经出现了一个新的DEX浪潮（3,3）模型。诸如赛车场，机场和THEA之类的协议已经证明了该模型的力量，促进了深厚的流动性，一致的激励措施和强大的社区参与。

What is ve(3,3)?

什么是VE（3,3）？

The ve(3,3) model is a unique approach to decentralized exchange design that combines vote-escrowed governance with game theory principles to create a self-reinforcing ecosystem. It is a derivative of the ve(2,2) model, used by protocols like Balancer and voting escrow platforms.

VE（3,3）模型是分散交换设计的独特方法，它结合了投票式的治理与游戏理论原则，以创建自我增强生态系统。它是VE（2,2）模型的衍生产品，由平衡器和投票托管平台等协议使用。

At the heart of the ve(3,3) model is the concept of locking, or "slicing," an asset for a period of time to accrue voting power, which can be used to influence the direction of the protocol. In the case of DEXs, this voting power is crucial in guiding the allocation of liquidity and fees, which are the lifeblood of any decentralized exchange.

VE（3,3）模型的核心是锁定或“切片”的概念，这是一段时间内积累投票能力的资产，可用于影响协议的方向。就DEX而言，这种投票权对于指导流动性和费用的分配至关重要，这是任何分散交易的命脉。

How it works:

它的工作原理：

1. Users lock their tokens to accrue voting power, which can be used to direct liquidity to specific markets or adjust protocol parameters.

1。用户锁定其令牌以获得投票能力，可用于将流动性引向特定市场或调整协议参数。

2. Liquidity providers are rewarded for providing liquidity to the markets that have been selected by the community vote.

2。流动性提供者因向社区投票选择的市场提供流动性而获得奖励。

3. The protocol itself earns a fee from trading activity, which is used to fund further development and expand the ecosystem.

3。该协议本身从交易活动中获得了费用，该活动用于资助进一步的发展和扩展生态系统。

This feedback loop ensures that the protocol is constantly adapting to the needs of its community and that liquidity providers are incentivized to act in accordance with the community's wishes.

此反馈循环确保该协议不断适应其社区的需求，并激励流动性提供者按照社区的意愿行事。

Key Benefits of ve(3,3):

VE的主要好处（3,3）：

Sustainable Liquidity: By concentrating liquidity and rewarding providers commensurately, ve(3,3) protocols can attract and retain significant liquidity over time. This deep liquidity is crucial for traders, enabling them to execute large orders easily and efficiently.

可持续流动性：通过集中流动性和奖励提供商，VE（3,3）协议可以随着时间的流逝而吸引和保留大量流动性。这种深厚的流动性对于交易者至关重要，使他们能够轻松有效地执行大型订单。

Aligned Incentives: The ve(3,3) model encourages alignment between liquidity providers, traders, and the protocol itself. When liquidity providers vote for markets they wish to see prioritized, they are making an optimal choice for the protocol's health and their own return on investment.

一致的激励措施：VE（3,3）模型鼓励流动性提供者，交易者和协议本身之间的一致性。当流动性提供者投票支持他们希望优先考虑的市场时，他们将为协议的健康和自己的投资回报做出最佳选择。

Scalable Infrastructure: As ve(3,3) protocols grow, they can handle increasing volumes of transactions and users without encountering bottlenecks. This scalability is a key advantage in the rapidly expanding DeFi landscape

可扩展的基础架构：随着VE（3,3）协议的增长，它们可以在不遇到瓶颈的情况下处理不断增加的交易和用户。这种可伸缩性是快速扩展的Defi景观的关键优势