ari Zvoga Market Mugadziri (Automated Market Makers kana AMM) yave chikamu chakakosha cheDeFi ecosystem, kufambisa matrillion muhuwandu hwekutengesa. Yakasimudzirwa nemapurojekiti akaita seBancor uye Uniswap muna 2017/2018, ma AMM anopa imwe inonakidza imwe nzira kune yechinyakare yepakati muganhu webhuku modhi.
La kudzokorora kwebhuku reodha pa blockchain iwe unosangana nematambudziko maviri makuru: kutanga, kune gasi mari inobatanidzwa kune yega yega odha kuti mugadziri anoda kutumira kana kuchinja, izvo zvinova zvinodhura nekufamba kwenguva uye zvisingashande. Chechipiri, sezvo blockchain data inowanikwa pachena uye inowanikwa nyore, iyo kumberi inodzivirira vatengesi kubva pakuita kutengeserana kwavanoda chaizvo.
Imwe yeiyo huru zvakanakira MMAs nezvemabhuku ekuodha ndizvo chero munhu anogona kupa assets kune vaviri kuti vave mupi wemari uye kuwana mari dzekutengesa. Semagumo, Ma AMM anogona kukwezva mari yakawanda, zvichikonzera kudzika kukuru kwemusika kune decentralized exchanges (DEXs) zvichienzaniswa nevepakati vamwe vavo. Saka hazvishamisi kuti hunyanzvi uhu hwave hwaro hwakakosha hweanonyanya kufarirwa maDEX uye kunyangwe mamwe maDeFi application.
Nhoroondo pfupi yeMMA
Ethereum co-muvambi Vitalik Buterin akatanga kukurukura nezvekushanda kweDEX pa blockchain ne AMM muna 2016, iyo gare gare akafuridzira kusikwa kweUniswap.
Kunyangwe Bancor ichinzi yakagadzira yekutanga AMM (inonzi omnipool), chimwe chezvipingamupinyi zveiyi nzira yaive yekuti. ma tokeni aifanira kupetwa neiyo protocol's native BNT token. Sezvo chiratidzo ichi chaishandiswa sechinhu chakafanana mumadziva ose, kuchinjana kwose kwaida chiratidzo cheBNT. Nekuda kweizvozvo, vatengesi vakasangana nekutsvedza kaviri kana vaida kuchinja kubva kuUSDC kuenda kuETH (sezvo nzira yakajairika iri: USDC kuenda kuBNT, ipapo BNT kuenda kuETH).
Nekubvisa kudiwa kwetiweki tokeni kuita shanduko senge kuBancor, Uniswap mashandiro anoenderana zvachose pane tokeni reserves mune dziva remvura, nekuda kweiyo yakapfava asi inoyevedza formula: x *y = k izvo zvakachinja DeFi. Kubudirira kweUniswap kubva payakatangwa muna Mbudzi 2018 kwakazoita kuti pave nekugadzirwa kwemakumi emamwe akafanana neAMM-based DEXes uye yakaratidza kuti ma AMM akabata chivimbiso chikuru se itsva mari yechinyakare.
Kunyangwe Uniswap yakaita nhanho huru nekutanga kwayo kuita maviri ekutanga, kubvira liquidity inopiwa zvakaenzana kumativi ose mitengo kubva ku zero kusvika kukusingaperi, kushandiswa kwemari kwakanga kusina. Dambudziko iri rakagadziriswa nekusuma kwe yakadzika mari muUniswap v3, uko kushandiswa kwemari kwakavandudzwa zvikuru, zvichiita kuti mari yakawanda iwedzere uye kuderera kuderera.
Kune maLPs, inoderedza njodzi ye kusingaperi kurasikirwa nekuti liquidity inopiwa mumhando dzakasiyana dzemitengo. Chimwe chinhu chinofadza chekumisikidzwa kwemari ndeye nyore uye kuchinjika kwainobvumira, neUniswap v3 ichikwanisa kutora chimiro chechero chinobvira AMM.
Zvino zvatava kuziva zvishoma nezve kumashure kweMMAs, ngationei kuti anoshanda sei.
MMA yakatsanangura nhanho nhanho
Kufambisa kutengeserana, AMM inotsiva mabhuku eodha nemadziva emvura. A liquidity pool kunyanya a smart contract inobata matura ematokeni maviri akasiyana mune imwe chiyero. Iyo smart kontrakiti kodhi inotsanangura mareserve anoona mitengo, iyo mitemo yekupihwa kwemari uye kutengesa, pamwe nemari inowanikwa nevatengesi pavanenge vachichinjana nepadziva.
ari liquidity providers (pano LP) inogona kupa crypto assets kune dziva rekuchengetedza kuti iwane mari yekutengesa kubva kune yega yega yekutengesa uye gamuchira mibairo yechiratidzo yekugovera liquidity kune rimwe dziva. Tokeni mibairo inowanzo pihwa mukutonga kweiyo protocol, ichipa vane kodzero dzekuvhota pakuvandudzwa kweprotocol uye AMM yayo.
Kuti uchengetedze chikamu chemari ichagashirwa neLP, migove yemadziva inonzi inonzi LP tokens. maererano nemari yako yemupiro sechidimbu chedziva rose. Izvi zvinoreva kuti kana LP ichipa 10% yezvinhu, vanowana 10% yemari yekutengesa inogadzirwa nedziva. Iyo LP tokens inomiririra yako liquidity chinzvimbo inogona kupiswa chero nguva kubvisa liquidity kubva padziva.
Iyo huru yekuvandudza yeMMAs pamusoro peiyo odha yebhuku modhi ndeyekuti chero munhu anogona kupa liquidity uye kuwana chikamu chemari yekutengesa, iyo inoderedza zvipingamupinyi zvekubatanidzwa. Mumuenzaniso webhuku repakati, basa reLP rinowanzochengeterwa vashoma vakasarudzwa vane mambure akakosha vanhu kana makambani. Nekuuya kweMMA, chimiro ichi chinovhura kune vateereri vakawanda.
Kubva pakuona kwemutengesi, mukana wacho ndewekuti unogona kuwana liquidity nekukasira kana uchipindirana nedziva, uye hapana chikonzero chekumirira murairo unoenderana. Kana mutengesi achida kutenga kana kutengesa chiratidzo, anogona kuenda padziva, tsanangura asset uye mari yaanoda kutengesa. The smart contract ipapo ichapa chiyero chekuchinjana chinoenderana nepeg curve, iyo inoverengwa maererano nekuchengetedzwa kwezviratidzo zviviri zvakasiyana mudziva.
Semuenzaniso, funga dziva reETH-USDC rine matura anotevera: ETH = 1 uye USDC = 500 000. Kutevera Uniswap v10 modhi, mutengo we AMM wakaenzana nereshiyo reshiyo (000 USDC). Kana mutengesi angotenga 2 ETH ne $150 muUSDC, iyo AMM inobvisa 1 ETH kubva padziva uye inokweretesa aya ma tokeni kuchikwama chemutengesi. Iyo AMM inowedzerawo mutengesi's 150 USDC padziva. Zvichienderana nemubhadharo weparameter, iyo inotarwa uye yakaverengerwa nekontrakiti yakangwara, mutengesi anochajwa chikamu chekutengesa kwako.
Mushure mokunge kutengeserana kwaitwa, pachava neETH shoma shoma mudziva uye zvishoma zvishoma USDC. Sezvo peg curve algorithmically inosarudza mutengo weETH sereshiyo yehuwandu hweasset, ETH mutengo unodonha kusvika ku147 USDC. Kana mutengesi akanga atengesa ETH ye USDC, ipapo chiyero chingadai chakafamba kune rumwe rutivi uye chakakonzera kuwedzera kwemutengo weETH.
Kune akakura ekutengesa saizi, mutsauko uripo pakati pemutengo wenzvimbo nemutengo wakaonekwa (unozivikanwawo sekutsvedza) inowedzera sezvo nhamba yematokeni anotengeswa anowedzera maererano nekukura kwedziva. Naizvozvo, ma AMM anomanikidza avo vari kupinda mukutengeserana kukuru kubhadhara mutengo wepamusoro uchienzaniswa nekutengesa kudiki. Naizvozvo, kumwe kushivirira kwekutsvedza kunofanirwa kuiswa kuti mirairo iitwe.
Kana kutengeserana kukaitika izvo zvinoita kuti mutengo wataurwa neboka utsaukire zvakanyanya kubva pakukosha kwemusika wakakura, arbitrageurs anogona kupindira uye kugadzirisa dziva rinowedzera kubatsirwa kubva pamusiyano wemitengo muAMM nedzimwe nzvimbo dzekutengesa.
Semuenzaniso, kana kutengesa kukuru kweETH kwakakonzera kuti mutengo udzike kubva ku150 USDC kusvika ku135 USDC, asi chiyero chemusika chinoramba chiri pedyo ne150 USDC, ipapo arbitrageurs anogona kutenga ETH kubva kuAMM uye kuenderera mberi kuitengesa kune dzimwe nzvimbo dzekutengesa. . Sezvo arbitrageurs anotenga yakawanda ETH kuburikidza ne AMM uye yakawanda ETH inobviswa kubva pamvura yemvura, mutengo unozopedzisira wasangana nemutengo wemusika yaiva 150 USD.
Sezvatakamboona, chero shanduko inoshandura kuumbwa kwemidziyo yemidziyo uye mwero wekutsinhana unovandudzwa otomatiki, uchichinja kukosha kweboka rose. Sezvo mutengo weasset uchichinja, kukosha kwedziva kunowedzera, zvichireva kukosha kweLP's pool share inochinjawo. Sezvineiwo, an LP inoda kubvisa liquidity iri padyo nemutengo wavakapinda nawo panzvimbo sezvinobvira, sezvo vachigona kuunza kurasikirwa kana midziyo yabviswa mudziva mushure mekuchinja kwemutengo, inozivikanwa se. kusingaperi kurasikirwa. Zvisinei, kurasikirwa kusingagumi kunogona kugadziriswa nemari uye mubairo wechiratidzo unowanikwa neLP.
MMA mukuita
Muchikamu chino, isu tichaongorora matatu anozivikanwa AMM modhi kuratidza nzira dzakasiyana: uniswap, munyonga y balancer.
uniswap
Kune misiyano yakasiyana yeMMA ne akasiyana curve magadzirirwo ye Union.
Iyo Constant Product Market Maker modhi inoronga mutengo nekuchengeta chigadzirwa chesvomhu chehuwandu hwezvinhu zviviri zvisingachinji. Semuenzaniso, Uniswap vhezheni 1 uye 2 dzinozivikanwa seCPMMs, uko kuwanda kwehuwandu hwematokeni maviri akasiyana anochengetwa anoenderana neinotevera fomula:
[simudza] x * y = k[/simudza]Iko x huwandu hwechiratidzo chimwe (semuenzaniso ETH), y huwandu hwechimwe chiratidzo (eg USDC), uye k inoramba iripo.
Muv2, kondirakiti yakangwara yeboka inofungidzira kuti zvakachengetwa zvezvinhu zviviri izvi zvine kukosha kwakafanana. Saka LP yaizofanira kupa ETH uye USDC muchiyero che50:50 kudziva kuchengetedza k nguva dzose.
Muv3, iye liquidity kugoverwa kunogona kuiswa mune chimwe chikamu chevhavha zvezvisungo, kuderedza kutsvedza nekuvandudza mashandiro emari. LPs muv2 yaizopa liquidity mukati memutengo uzere weiyo bond curve, zvichireva kuti yakawanda yemari haina kudyiwa. Nekunyungudika kwemari, LPs inogona kusarudza huwandu hwavaizopa liquidity uye vanogona kugadzirisa zvinzvimbo zvavo zvichienderana nemusika mamiriro.
Naizvozvo, Uniswap v3 inosimuka kubva kune inogara ichigadzirwa modhi, kubatanidza iyi modhi nemugadziri wemusika wenguva dzose. Ma Operations haaitwe pachikamu chechikamu chimwe chete chakatemerwa ne equation x * y = k, semushanduro dzakapfuura. Liquidity inogona kuregedzwa, zvichireva kuti imwe neimwe LP chinzvimbo inogona kudonhedzwa kubva padziva rimwe chete, izvo zvisingagone kuitika ne v1/v2.
munyonga
Curve muenzaniso we Hybrid Feature MMA, iyo inobatanidza chigadzirwa chinogara chiripo uye chinogara chiripo mamodheru kuti ape otomatiki mugadziri wemusika anonyanya kushanda kune stablecoin trades.
A Curve v1 liquidity dziva ine zvinhu zviviri kana kupfuura zvine hukama hwakafanana, seUSDC neDAI, WBTC nerenBTC, kana stETH neETH. Stablecoins yaona kuwedzera kukuru kwekutorwa, Curve yave DEX ine mutengo wepamusoro wakakiyiwa, ichifambisa kutengeserana kwakagadzikana nemari yakaderera uye kutsvedza.
Sezvo midziyo iri mudziva inove isina kuenzana, iyo peg curve inotora chimiro chenguva dzose yekubuda curve (yakafanana neUniswap v1 / v2). Nekudaro, kana midziyo ichipihwa zvekuti mwero wekutsinhana uri pedyo zvakakwana kune parity, iyo bond curve inoshanduka ichienda kune inogara-samu modhi:
Kubatsira kwekugara-mari nzira ndeyekuti inobvisa kutsvedza kunowanikwa mumamodheru echigadzirwa. Iyo hybrid modhi inoshandiswa neCurve inoratidzwa ne 'stableswap invariant' mumufananidzo unotevera:
MuCurve v2, iyo chiyero chemutengo chinogara chichivandudzwa maererano neshoko mutengo wemukati chati kuti umirire zvirinani mutengo wemusika uye ive nechokwadi chekuti kutengeserana kunogara padhuze nekuputsa-nyangwe. Chimiro chemugadziri wemusika chinogona kusungirirwa pamutengo chero upi zvawo, unoenderana nematokens ese pane stablecoins kana zvinhu zviri kutengeswa pamwechete.
balancer
Iyo balancer protocol inobvumira dziva rimwe nerimwe kuva nezvinhu zvinopfuura zviviri uye zvipiwe mune chero reshiyo. Dziva rega rega reasset rinopihwa huremu mukugadzira dziva apo huwandu hwehuremu hwakaenzana ne1, uko huremu husingachinji nekupa kana kubviswa kwemvura, asi pachinzvimbo chinomiririra kukosha kwedziva sechidimbu cheukoshi hwe. boka racho.
Balancer inokonzeresa pfungwa yechigadzirwa chinogara chichishandiswa naUniswap kune geometric zvinoreva, zvichipa kune inonzi inogara inoreva Musika Mugadziri. Iyi modhi inowedzerawo mumwe mutambi muMMA mukuwedzera kune maLPs nevatengesi, vanozivikanwa sevatongi, vane basa rekutonga boka.
[simudza] x^(0,2) + y^(0,3) + z^(0,5) = k[/highlight]NeBalancer smart madziva anoshandisa avhareji fomula (seyakaratidzwa pamusoro), tinogona kugadzira madziva emvura ane ma tokens masere, zvichibvumira mamwe maitiro.
Naizvozvo, mari yeBalancer yakaita semari yeindex inovaka portfolio yezvinhu zvine huremu hwakatarwa. Girafu iri pazasi inoenzanisa curve inoshandiswa naBalancer ine zvinhu zviviri (imwe inorema pa25% uye imwe pa75%) ichienzaniswa neUniswap v2 curve.
Semuenzaniso, isu tinogona kutsanangura chero huremu hweiyo bullish kana bearish dziva. Boka rekutengesa reETH-USDC rinogona kugadzirwa nekutsanangura huremu hwe90% yeETH uye 10% yeUSDC. Neimwe nzira, dziva rebearish rinogona kutangwa nekuita zvakapesana.
Zvimwe AMM DeFi Application
DEXs ingori imwe nyaya yekushandisa yemaprotocol uchishandisa iyo AMM algorithm, inoumbawo hwaro hwezvimwe zvinoshandiswa muDeFi.
Muenzaniso unokosha ndewokuti Liquidity Bootstrapping Pools (LBP) kubva kuBalancer. LBPs anoshandiswa kune fair token kuburitswa, kuve Yokusingaperi Protocol chirongwa chekutanga mu zviite nechiratidzo $PERP. Kusiyana neMMA dzataongorora kusvika parizvino, pool parameters inogona kuchinjwa. Dziva rematokeni maviri anogadzwa nechiratidzo cheprojekiti, senge PERP, uye chiratidzo chechibvumirano, senge USDC.
Pakutanga inoisa huremu mukufarira chiratidzo cheprojekiti, uye zvishoma nezvishoma inoshanduka kuti ifarire chiratidzo chechibvumirano pakupera kwekutengesa. Tokeni yekutengesa inogona kuenzaniswa kuitira kuti mutengo udonhe kusvika paudiki hunodiwa. Nenzira iyi, AMM inoshandiswa kushanda zvakafanana kune okisheni, apo vatengi vepakutanga vachabhadhara mutengo wakakwirira, uye nekufamba kwenguva, mutengo wechiratidzo chepurojekiti uchaderera kusvikira kugoverwa kwapera.
Tinogona kuwana mienzaniso yakanaka yeMMA application muDeFi kunze kweDEX pa automated zvikwereti, nemapurojekiti akadai Notional Finance y Yield Protocol. Mapurojekiti ese ari maviri anofambisa yakatarwa-chiyero, yakatarwa-nguva crypto asset kukweretesa uye kukweretesa ine inogara iine simba-sum peg curve.
Ma AMM mune idzi kesi akagadzirirwa kutengesa ERC-20 tokens akafanana ne zero coupon bond anogona kudzikinurwa kune iri pasi peasset pane rimwe zuva ramangwana. A agara ari simba sum curve inonyudza nguva yekupera mumutengo, ichibvumira vashandisi kutengesa zvichienderana nemhindu kwete mutengo.
MMAs ndizvo imwe yekutsanangura hunyanzvi kubuda kubva munzvimbo yeDeFi uye zvatungamira mukusikwa kwezvakasiyana siyana zvakatemerwa zvikumbiro, kusanganisira maDEX uye otomatiki kukweretesa. Tsvagiridzo pamusoro peakasiyana uye yakagadziridzwa misiyano ichiri kuenderera mberi (yakadai seTWAMM) ichiwedzera kuwedzera nzvimbo yekugadzira uye kubuda kwe chizvarwa chitsva chezvirongwa zvakagadzirwa ne AMM.
