Web3项目需要超越和以外，以确保其本土令牌背后有很多流动性

没有人愿意错过在加密公牛运行期间要取得的迅速收益，而对于Web3项目，这意味着要超越和以外的时间，以确保其祖国令牌背后有大量的流动性。

In the dynamic realm of cryptocurrencies, projects are constantly seeking ways to stand out and achieve significant gains, especially during a bull run. For Web3 projects, this endeavor is multifaceted and requires a holistic approach, encompassing sufficient liquidity for their native tokens.

在加密货币的动态领域中，项目不断寻求脱颖而出并取得巨大收益的方法，尤其是在公牛奔跑期间。对于Web3项目，这项努力是多方面的，需要一种整体方法，涵盖了其本地令牌足够的流动性。

Many projects have found great value in partnering with crypto market makers. These firms closely collaborate with projects to ensure not only is the project’s token useful, but it’s also able to maintain value despite shifting market conditions.

许多项目在与加密推销商合作中发现了巨大的价值。这些公司与项目密切合作，以确保项目的代币有用，而且尽管市场状况转移，也能够保持价值。

Market makers are becoming increasingly crucial in today’s crypto industry. They provide the necessary liquidity for investors to buy and sell digital assets smoothly, without encountering any significant price impact, especially when handling large trades. This role is even more important for newer Web3 projects, whose tokens may not yet be widely recognized or have a strong presence in the market.

做市商在当今的加密货币行业中变得越来越重要。他们为投资者提供了必要的流动性，可以平稳地买卖数字资产，而不会遇到任何重大的价格影响，尤其是在处理大型交易时。对于较新的Web3项目而言，此角色更为重要，这些项目的代币可能尚未得到广泛认可或在市场上具有强大的影响力。

Through their partnership with a market maker, they can guarantee that there will always be enough liquidity for traders to buy and sell at fair prices, ultimately leading to a robust economic foundation for the project.

通过与做市商的合作关系，他们可以保证，贸易商总是有足够的流动性以公平的价格买卖，最终为该项目带来了强大的经济基础。

However, no two market makers are the same, and there is a cautionary tale to be told. Some market makers, despite being presented as “partners,” engage in manipulative tactics to artificially inflate the value of the tokens they are tasked with supporting.

但是，没有两个做市商是相同的，并且有一个警示性的故事要讲。一些做市商尽管被当作“合作伙伴”，但仍采用操纵策略，以人为地夸大其负责支持的代币的价值。

This includes engaging in wash trading, an unethical practice where they buy and sell an asset repeatedly to create a false impression of high trading volume. Such actions can quickly erode the integrity of an otherwise promising project.

这包括从事Wash Trading，这是一种不道德的做法，他们反复购买和出售资产以创造出高交易量的错误印象。这样的行动可以迅速侵蚀一个原本有前途的项目的完整性。

Therefore, projects must carefully identify reputable market makers who prioritize an ethical approach to trading tokens, an attitude that aligns with the project’s long-term objectives and builds trust in their native assets. But how can they differentiate between legitimate and illegitimate market makers?

因此，项目必须仔细确定良好的做市商，他们优先考虑交易代币的道德方法，这种态度与该项目的长期目标保持一致，并建立了对其本土资产的信任。但是，他们如何区分合法和非法的做市商呢？

What to look for in a market maker?

做市商要寻找什么？

First, it’s important to understand the needs of your project and how your market maker intends to help you achieve your objectives. That requires a careful assessment of the market maker’s technical infrastructure, its ethics and experience, its track record and it’s ability to adapt to suit the peculiarities of your specific project.

首先，了解项目的需求以及做市商打算如何帮助您实现目标很重要。这需要仔细评估做市商的技术基础设施，其道德和经验，其往绩以及适应您特定项目特殊性的能力。

A reliable market maker is meant to deliver the following:

可靠的做市商旨在提供以下内容：

* Deep liquidity at multiple price points

*以多个价位的深度流动性

* Tight bid/ask spreads

*紧张的出价/询问

* High uptime and responsiveness

*高正常运行时间和响应能力

* Low latency in reacting to changing market conditions

*对不断变化的市场状况反应的潜伏期低

* A high order fulfilment rate

*高阶履行率

* Adaptable trading strategies

*适应性交易策略

* A proprietary trading platform and algorithms

*专有交易平台和算法

* Complete transparency in their operations and reporting

*在其操作和报告中完成透明度

How to tell it does this?

怎么说这样做？

With the collapse of FTX and other exchanges still fresh in many investor’s minds, the importance of a solid track record is all-important. Web3 projects need to identify market makers with a strong reputation that’s based on their long-term performance. That means looking for measurable prior results, including the ability to maintain orderbook depth and tight spreads during volatile markets.

在许多投资者的脑海中，FTX和其他交易所的崩溃仍然是新鲜的，扎实的往绩的重要性至关重要。 Web3项目需要根据其长期绩效确定具有良好声誉的做市商。这意味着要寻找可衡量的先前结果，包括在波动市场中保持订单深度和紧张差距的能力。

Reputable market makers will ensure that key performance indicators or KPIs aren’t just used in their corporate presentations, but consistently achieved over the duration, in order to demonstrate their ability to maintain liquidity and meet their uptime commitments.

知名的做市商将确保关键的绩效指标或KPI不仅在其公司演讲中使用，而且在整个期限内始终如一地实现，以证明其保持流动性并履行其正常运行时间的能力。

In addition, projects should carefully examine the market maker’s infrastructure. The best, most genuine market makers will have a proprietary trading platform and algorithms that provide them with a competitive advantage over their rivals. Some advantages include high-frequency trading algorithms that continually adjust bids in milliseconds, proximity to the exchange’s servers and specialized hardware and software for trade execution. Alternatively, some market makers specialize in arbitrage models, relying on mathematical strategies to identify mispriced assets.

此外，项目应仔细检查做市商的基础设施。最好，最真实的做市商将拥有专有的交易平台和算法，使他们比竞争对手具有竞争优势。一些优势包括高频交易算法，这些算法不断调整毫秒的投标，靠近交易所服务器，以及用于执行交易的专业硬件和软件。另外，一些做市商依靠数学策略来识别定价错误的资产，专门研究套利模型。

As for the most important metrics, it’s essentially to keep an eye on factors such as latency, or the market maker’s reaction speed to changing market conditions, its order fulfilment rate, the percentage of completed order requests, the precision of its bid/ask spreads and the depth of liquidity at multiple price points.

至于最重要的指标，本质上是要关注等因素，例如潜伏期，做市商对不断变化的市场条件的反应速度，其订单履行率，完成订单请求的百分比，其出价/询问点差的精度以及在多个价格点上的流动性深度。

These KPIs are key to identifying a market maker’s ability to maintain sufficient liquidity during volatile periods, helping projects to thrive during dynamic markets. But of course, most crypto project founders are not financial experts, and so they lack the expertise to properly assess these metrics and understand a market maker’s performance.

这些KPI是确定做市商在波动期间保持足够流动性的能力，帮助项目在动态市场中蓬勃发展的关键。但是，当然，大多数加密项目创始人不是财务专家，因此他们缺乏适当评估这些指标并了解做市商的绩效的专业知识。

Fortunately, Kairon Labs Chief Technology Officer Mathias Beke offers some advice. In an interview with DailyCoin, he pointed out that the key thing to remember is why the project is hiring a market maker in the first place. Their job is to supply a continuous flow of buy and sell orders to exchanges to ensure price stability. By doing this, investors can easily adjust their positions without having any serious impact on the asset price, even if they buy or sell large volumes.

幸运的是，Kairon Labs首席技术官Mathias Beke提供了一些建议。在接受《每日赛》采访时，他指出，要记住的关键是为什么该项目首先雇用做市商。他们的工作是提供持续的买卖交换订单以确保价格稳定。通过这样做，投资者可以轻松地调整自己的头寸而不会对资产价格产生任何严重影响，即使他们买卖了大量销量。

“Our algorithms are meticulously crafted to handle large trades and strategically distribute them over time to minimize their market impact,” Beke explained.

Beke解释说：“我们的算法是精心制作的，以处理大型行业，并随着时间的流逝而战略性地分配它们，以最大程度地减少其市场影响。”

In addition, projects also need to look for a market maker that provides transparent reporting so they can easily check it has been able to maintain consistency as the market evolves over time. By looking for

此外，项目还需要寻找提供透明报告的做市商，以便他们可以轻松地检查其随着时间的推移而发展的一致性。通过寻找