YFX V4重新定义DeFi：前所未有的创新彻底改变永续合约交易

去中心化永续合约协议YFX经过三年的一系列升级，现已推出V4版本。值得注意的功能包括： LP 杠杆，允许流动性提供者以高达 200 倍的杠杆进行交易；公平指数价格预言机，通过 ChainLink 和 PYTH 预言机确保指数价格透明度； LPB-AMM模型，基于LP Balance增强交易深度；调整溢价和市场价格以平衡多头和空头头寸；以及新的收入系统，通过采矿活动奖励参与者。 YFX V4旨在提供公平、高效、创新的去中心化永续合约交易体验。

YFX V4: Revolutionizing Decentralized Perpetual Contract Trading with Unprecedented Innovations

YFX V4：以前所未有的创新彻底改变去中心化永续合约交易

Singapore, May 8, 2024 - The decentralized financial (DeFi) landscape has witnessed a surge in perpetual contract protocols, offering traders access to leveraged derivatives trading without the need for centralized intermediaries. Among these protocols, YFX stands out as a pioneer, continuously refining and enhancing its platform to deliver an unparalleled trading experience.

新加坡，2024 年 5 月 8 日 - 去中心化金融 (DeFi) 领域见证了永续合约协议的激增，为交易者提供了无需中心化中介机构即可进行杠杆衍生品交易的机会。在这些协议中，YFX 脱颖而出，不断完善和增强其平台，以提供无与伦比的交易体验。

YFX: A History of Innovation

YFX：创新史

Since its inception in 2020, YFX has played a pivotal role in shaping the decentralized perpetual contract industry. Through meticulous iterations and a razor-sharp focus on user needs, the YFX protocol has consistently pushed the boundaries of innovation:

自2020年成立以来，YFX在塑造去中心化永续合约行业方面发挥了举足轻重的作用。通过细致的迭代和对用户需求的敏锐关注，YFX 协议不断突破创新的界限：

• YFX V1: Introduced the PvPool trading model, bringing Contract for Difference (CFD) onto the blockchain.
• YFX V2: Transitioned from CFDs to true perpetual contracts, adding features such as position merging, funding fees, limit orders, and stop-loss/take-profit.
• YFX V3: Incorporated ChainLink price feeds, dual position mode, interest, invitation systems, and merged liquidity pools, further enhancing the protocol's capabilities.

YFX V4: A Paradigm Shift

YFX V1：引入PvPool交易模型，将差价合约（CFD）带入区块链。YFX V2：从CFD过渡到真正的永续合约，增加头寸合并、资金费用、限价订单和止损/止盈等功能-profit.YFX V3：合并ChainLink价格供给、双重头寸模式、利息、邀请系统和合并流动性池，进一步增强协议的功能。YFX V4：范式转变

YFX V4 represents a seismic leap forward for the protocol, introducing a suite of groundbreaking mechanisms that redefine the decentralized perpetual contract trading experience:

YFX V4 代表了该协议的一次巨大飞跃，引入了一套突破性的机制，重新定义了去中心化永续合约交易体验：

LP Leverage: Unleashing Capital Efficiency

有限合伙人杠杆：释放资本效率

Unlike traditional centralized exchanges (CEXs) where market makers enjoy the privilege of leverage, decentralized perpetual contract protocols have historically restricted their use by liquidity providers (LPs). YFX V4 breaks this mold by empowering LPs with the ability to leverage their positions up to 200x, dramatically increasing their capital efficiency and profit potential. This groundbreaking feature unlocks unprecedented opportunities for LPs, who can now multiply their earnings by a factor of 200.

与做市商享有杠杆特权的传统中心化交易所（CEX）不同，去中心化永续合约协议历来限制流动性提供者（LP）的使用。 YFX V4 打破了这种模式，使有限合伙人能够将其头寸杠杆高达 200 倍，从而大幅提高其资本效率和利润潜力。这一突破性的功能为 LP 带来了前所未有的机遇，他们现在可以将收入增加 200 倍。

Fair Index Price Oracle: Precision and Transparency

公平指数价格预言机：精确性和透明度

The accurate and reliable determination of index prices is paramount in perpetual contract trading. YFX V4 introduces a dual-oracle system, harnessing the power of ChainLink and PYTH to deliver a highly robust and transparent index price calculation. ChainLink's DataStream and Automation ensure the real-time execution of market orders and the seamless triggering of limit orders, stop-loss/take-profit, and liquidation events. PYTH contributes its high-quality and real-time price data, further strengthening the protocol's price accuracy and mitigating any potential manipulation risks.

准确可靠地确定指数价格对于永续合约交易至关重要。 YFX V4 引入了双预言机系统，利用 ChainLink 和 PYTH 的强大功能来提供高度稳健且透明的指数价格计算。 ChainLink 的数据流和自动化确保市价订单的实时执行以及限价订单、止损/止盈和清算事件的无缝触发。 PYTH贡献了高质量的实时价格数据，进一步增强了协议的价格准确性并降低了任何潜在的操纵风险。

LPB-AMM: Enhanced Trading Depth

LPB-AMM：增强交易深度

YFX V4 unveils an innovative LP Balance Automated Market Maker (LP-AMM) model that dynamically adjusts trading depth based on the total LP balance. This mechanism ensures that traders consistently benefit from ample liquidity, even during periods of high volatility or market stress. By leveraging a segmented function and simulating the depth chart of a centralized exchange, YFX V4 effectively eliminates the liquidity constraints commonly encountered in decentralized perpetual contract trading.

YFX V4推出创新的LP余额自动做市商（LP-AMM）模型，可根据LP总余额动态调整交易深度。这种机制确保交易者始终受益于充足的流动性，即使在高波动或市场压力时期也是如此。 YFX V4利用分段功能，模拟中心化交易所的深度图，有效消除了去中心化永续合约交易中常见的流动性限制。

Premium and Market Price: Market Stability

溢价和市场价格：市场稳定

YFX V4 introduces a sophisticated mechanism to maintain market equilibrium and prevent excessive price swings. The protocol dynamically adjusts the Premium and Market Price based on the net directional bias of traders' positions. When net positions are long, the Premium becomes positive, disincentivizing further long positions and promoting market stability. Conversely, when net positions are short, the Premium turns negative, encouraging more short positions and mitigating excessive downward momentum. This ingenious design ensures that markets remain balanced and resilient to extreme price fluctuations.

YFX V4引入了复杂的机制来维持市场平衡并防止价格过度波动。该协议根据交易者头寸的净方向偏差动态调整溢价和市场价格。当净头寸为多头时，溢价变为正数，抑制进一步多头头寸并促进市场稳定。相反，当净头寸为空头时，溢价变为负值，鼓励更多空头头寸并缓解过度的下行势头。这种巧妙的设计确保市场保持平衡并能够应对极端的价格波动。

Earning System: Rewarding Participation

收益系统：奖励参与

To foster participation and incentivize users, YFX V4 implements a comprehensive earning system that encompasses YFX Staking, Position Mining, LP Mining, Trade Mining, and Invite Mining. This multi-faceted reward structure ensures that all platform stakeholders, including traders, market makers, and referrers, receive fair compensation for their contributions. Through this innovative mechanism, YFX V4 fosters a vibrant and engaged trading ecosystem.

为了促进参与和激励用户，YFX V4实施了全面的收益系统，包括YFX Stake、仓位挖矿、LP挖矿、贸易挖矿和邀请挖矿。这种多方面的奖励结构确保所有平台利益相关者，包括交易者、做市商和推荐人，都能因其贡献而获得公平的补偿。通过这种创新机制，YFX V4 培育了一个充满活力和参与性的交易生态系统。

Referral Rebate: Building a Community

推荐返利：建立社区

YFX V4 recognizes the importance of community involvement and collaboration. The protocol implements a tiered referral system that offers up to 70% rebates on transaction fees, allowing users to reap significant benefits by inviting new traders. This mechanism further incentivizes community growth and facilitates the adoption of the YFX platform.

YFX V4 认识到社区参与和协作的重要性。该协议实施分层推荐系统，提供高达 70% 的交易费用回扣，让用户通过邀请新交易者获得显着收益。该机制进一步激励社区发展并促进 YFX 平台的采用。

Conclusion: A New Era of Decentralized Perpetual Contract Trading

结论：去中心化永续合约交易新时代

With its unparalleled suite of innovations, YFX V4 establishes itself as a groundbreaking force in the decentralized perpetual contract market. By introducing LP Leverage, LPB-AMM, Premium and Market Price, and a comprehensive earning system, the protocol empowers traders, liquidity providers, and the broader community with a trading experience that is fair, efficient, liquid, and transparent. As YFX continues to push the boundaries of innovation, the future of decentralized perpetual contract trading looks unequivocally promising.

凭借其无与伦比的创新套件，YFX V4 确立了自己在去中心化永续合约市场的突破性力量的地位。通过引入LP杠杆、LPB-AMM、溢价和市场价格以及全面的收益系统，该协议为交易者、流动性提供者和更广泛的社区提供公平、高效、流动性和透明的交易体验。随着 YFX 不断突破创新界限，去中心化永续合约交易的未来看起来无疑充满希望。