XRPL AMM 的推出引发了对单边存款和 XRP 价格波动的担忧

XRPL AMM 推出后，由于市场参与者持续只存入 XRP 代币，XRP/USDC 流动性池中的 XRP 价格暴跌至 0.34 美元。这种单边存款策略可能会产生不利影响，包括容易受到资产波动和价格影响的影响。因此，一些市场参与者利用套利机会来利用池中 XRP 价格的低迷。

XRPL AMM Launch Triggers Concerns over Single-Sided XRP Deposits and Price Volatility

XRPL AMM 推出引发对单边 XRP 充值和价格波动的担忧

New York, March 23, 2024 - The much-anticipated automated market maker (AMM) functionality on the XRP Ledger (XRPL) has cast a spotlight on the potential risks associated with single-sided deposits to liquidity pools, as evidenced by the recent sharp decline in the price of XRP within the XRP/USDC pool.

纽约，2024 年 3 月 23 日 - XRP Ledger (XRPL) 上备受期待的自动做市商 (AMM) 功能让人们关注到与单边存款到流动性池相关的潜在风险，最近的剧烈波动就证明了这一点。 XRP/USDC 池内 XRP 价格下跌。

The advent of the AMM on the XRPL, which has been under development for two years, represents a significant milestone for the ecosystem. By enabling decentralized trading, AMMs offer market participants and developers alike a wealth of opportunities. However, it is crucial to acknowledge and address the potential pitfalls associated with this innovative technology.

XRPL 上 AMM 的出现已经开发了两年，对于生态系统来说是一个重要的里程碑。通过实现去中心化交易，AMM 为市场参与者和开发人员提供了大量机会。然而，承认并解决与这项创新技术相关的潜在陷阱至关重要。

One prominent risk stems from single-sided deposits to liquidity pools, a practice that can drastically impact the price of one of the pool's assets. Data compiled by XRPL validator Vet reveals that some market participants have flocked to make single-sided deposits of XRP to XRP-containing pools shortly after the AMM launch.

一个突出的风险源于向流动性池的单边存款，这种做法可能会极大地影响流动性池中一项资产的价格。 XRPL 验证器 Vet 编制的数据显示，在 AMM 推出后不久，一些市场参与者纷纷涌向包含 XRP 的池进行单边存款。

"It's concerning to witness the surge in single-sided XRP deposits," said Vet. "This practice undermines the core principles of AMMs and can have far-reaching consequences for liquidity providers and traders alike."

Vet 表示：“单边 XRP 存款的激增令人担忧。” “这种做法破坏了 AMM 的核心原则，可能对流动性提供者和交易者产生深远的影响。”

Single-Sided Deposits: A Pandora's Box of Risks

单边存款：风险的潘多拉魔盒

Single-sided deposits carry a myriad of potential risks, including increased exposure to asset volatility, potential for impermanent loss, and possible slippage or price impact. In the case of the XRP/USDC pool, the influx of single-sided XRP deposits has triggered a price impact that has driven down the value of XRP within the pool.

单边存款具有多种潜在风险，包括资产波动风险增加、潜在的无常损失以及可能的滑点或价格影响。就 XRP/USDC 池而言，单边 XRP 存款的涌入引发了价格影响，导致池内 XRP 的价值下降。

"The imbalance caused by single-sided deposits disrupts the equilibrium of the pool," explained Vet. "As the AMM algorithm adjusts to maintain equilibrium, the price of the asset with the higher supply is bound to decrease."

“单边存款造成的不平衡破坏了资金池的平衡，”维特解释道。 “随着AMM算法调整以维持均衡，供应量较高的资产的价格必然会下降。”

As a result, XRP plummeted to $0.43 against USDC, as reported by Vet on Twitter. With the single-sided deposits continuing to increase XRP's supply, the token further slumped to $0.34 in the XRP/USDC pool.

据 Vet 在 Twitter 上报道，XRP 兑 USDC 的汇率因此暴跌至 0.43 美元。随着单边存款继续增加 XRP 的供应量，XRP/USDC 池中的代币进一步跌至 0.34 美元。

Arbitrageurs Take Stage, But Liquidity Woes Loom

套利者上台，但流动性困境迫在眉睫

While the sudden increase in XRP liquidity has the potential to trigger higher slippage for trades involving XRP in the pool, some market participants have aimed to capitalize on the lower price of XRP within the pool as an arbitrage opportunity. They could buy XRP cheaply from the pool and sell it at a higher price in other markets.

虽然 XRP 流动性的突然增加有可能引发池中涉及 XRP 的交易出现更高的滑点，但一些市场参与者的目标是利用池中 XRP 的较低价格作为套利机会。他们可以从池中便宜地购买 XRP，然后在其他市场以更高的价格出售。

However, the challenge to this arbitrage opportunity is the low liquidity for USDC in the pool. It bears mentioning that Circle has not deployed native USDC on the XRPL. As a result of this, market participants would need to procure wrapped USDC tokens from third-party protocols such as GateHub.

然而，这种套利机会面临的挑战是池中 USDC 的流动性较低。值得一提的是，Circle 尚未在 XRPL 上部署原生 USDC。因此，市场参与者需要从 GateHub 等第三方协议购买打包的 USDC 代币。

"The inconvenience and risk associated with procuring USDC from third party platforms has dampened interest in arbitrage," said Vet. "Meanwhile, it appears the liquidity pool is balancing out, as the price of XRP has already recovered to $0.57 at the reporting time."

Vet 表示：“从第三方平台采购 USDC 带来的不便和风险降低了套利兴趣。” “与此同时，流动性池似乎正在平衡，因为在报告时 XRP 的价格已经回升至 0.57 美元。”

Call for Caution and Vigilance

呼吁谨慎和警惕

The recent episode underscores the importance of caution and vigilance when participating in AMM-related activities. Market participants should thoroughly understand the risks associated with single-sided deposits and seek guidance from experienced professionals if necessary.

最近的事件强调了参与 AMM 相关活动时保持谨慎和警惕的重要性。市场参与者应充分了解单边存款的风险，必要时寻求经验丰富的专业人士的指导。

"We urge market participants to exercise prudence and to avoid making single-sided deposits," said Vet. "By adhering to best practices and educating ourselves about the risks involved, we can harness the transformative power of AMMs while mitigating potential pitfalls."

维特表示：“我们敦促市场参与者谨慎行事，避免进行单边存款。” “通过坚持最佳实践并了解所涉及的风险，我们可以利用 AMM 的变革力量，同时减少潜在的陷阱。”

The Road Ahead: Balancing Innovation and Risk Mitigation

未来之路：平衡创新与风险缓解

As the XRPL AMM ecosystem continues to evolve, it is imperative that developers and market participants work together to address the challenges posed by single-sided deposits and other potential risks. By implementing robust risk management strategies and fostering a culture of education and transparency, the XRPL AMM can fulfill its promise as a catalyst for innovation and growth.

随着XRPL AMM生态系统的不断发展，开发者和市场参与者必须共同努力，应对单边存款和其他潜在风险带来的挑战。通过实施稳健的风险管理策略并培育教育和透明度文化，XRPL AMM 可以履行其作为创新和增长催化剂的承诺。