I-Los Umenzi Wemakethe Ozenzakalelayo (Abenzi Bemakethe Abazenzakalelayo noma i-AMM) sebeyingxenye ebalulekile ye-ecosystem ye-DeFi, lula izigidigidi ngevolumu yokuhweba. Ephromothwa amaphrojekthi afana ne-Bancor ne-Uniswap ngo-2017/2018, ama-AMM ahlinzeka ngenye indlela ethokozisayo kumodeli yebhuku le-oda lomkhawulo omaphakathi.
La ukuphindaphinda kwencwadi ye-oda ku-blockchain uhlangabezana nezinkinga ezimbili ezinkulu: okokuqala, kunezindleko zegesi ezihilelekile ku-oda ngalinye ukuthi umenzi afuna ukuyithumela noma ukuyishintsha, okuba yindleko ngokuhamba kwesikhathi futhi ingasebenzi kahle. Okwesibili, njengoba idatha ye-blockchain itholakala esidlangalaleni futhi ifinyeleleka kalula, i ukuhamba phambili kuvimbela abahwebi ekwenzeni imisebenzi abayifunayo ngempela.
Enye yezinto eziphambili izinzuzo ze-MMAs mayelana nezincwadi zoku-oda yilokho noma ubani angahlinzeka ngempahla kubabhangqwana ukuze babe umhlinzeki wemali futhi bathole izimali zokuhweba. Ngenxa yalokho, Ama-AMM angaheha imali eyengeziwe, okuholela ekujuleni kwemakethe okukhulu kokuhwebelana okulinganiselwe (DEXs) uma kuqhathaniswa nozakwabo abamaphakathi. Ngakho-ke akumangazi ukuthi lokhu okusha sekube yisisekelo esibalulekile sama-DEX aziwa kakhulu kanye nezinye izinhlelo zokusebenza ze-DeFi.
Umlando omfushane we-MMA
Umsunguli we-Ethereum uVitalik Buterin okokuqala kuxoxwe ngokusebenza kwe-DEX ku-blockchain ne-AMM ngo-2016, okwathi kamuva ugqugquzele ukudalwa kwe-Uniswap.
Nakuba i-Bancor kuthiwa idale i-AMM yokuqala (ebizwa ngokuthi i-omnipool), enye yezingqinamba ezinkulu zale ndlela yayiwukuthi amathokheni kwakudingeka abhangqwe nethokheni yendabuko ye-BNT yephrothokholi. Njengoba leli thokheni lalisetshenziswa njenge-denominator evamile kuwo wonke amachibi, konke ukuhwebelana kwakudinga ithokheni ye-BNT. Ngenxa yalokho, abahwebi bahlangabezane nokushelela kabili uma befuna ukushintsha ukusuka ku-USDC baye ku-ETH (njengoba indlela evamile ithi: USDC ukuya ku-BNT, bese i-BNT iye ku-ETH).
Ngokususa isidingo sethokheni yenethiwekhi ukwenza ukuhwebelana njengase-Bancor, Imisebenzi ye-Uniswap incike ngokuphelele ekugcinweni kwamathokheni endaweni ye-liquidity pool, ngenxa yefomula elula kodwa enhle: x *y = k lokho kuguqule i-DeFi. Impumelelo ye-Uniswap selokhu yethulwa ngoNovemba 2018 igcine idale ukwakhiwa kwenqwaba yama-DEX asekelwe ku-AMM futhi yakhombisa ukuthi ama-AMM anesithembiso esihle njengenhlangano. okusha kwezezimali.
Yize i-Uniswap yenza intuthuko enkulu ngokusetshenziswa kwayo kokuqala okubili, kusukela i-liquidity inikezwa ngokulinganayo kulo lonke uhla amanani ukusuka kuqanda kuye kokungapheli, imali esebenza kahle yayingekho. Le nkinga yaxazululwa ngokwethulwa kwe i-liquidity egxile ku-Uniswap v3, lapho ukusebenza kahle kwezimali kuye kwathuthukiswa kakhulu, okwaholela emalini ephezulu kanye nokushelela kancane.
Kuma-LPs, kunciphisa ubungozi boku ukulahleka okungenamusa ngoba I-liquidity inikezwa ngenani lezintengo. Esinye isici esivumayo se-liquidity egxilile ubulula nokuvumelana nezimo ekuvumelayo, ne-Uniswap v3 ekwazi ukuthatha uhlobo lwanoma iyiphi i-AMM engenzeka.
Manje njengoba sesazi kancane mayelana nesizinda sama-MMA, ake sibone ukuthi asebenza kanjani.
I-MMA yachaza isinyathelo ngesinyathelo
Ukuze kube lula ukuhweba, I-AMM ishintsha amabhuku ama-oda ngamachibi emali. I-liquidity pool ngokuyisisekelo i-a Inkontileka ehlakaniphile ephethe izinqolobane zamathokheni amabili ahlukene ngesilinganiso esithile. Ikhodi yenkontileka ehlakaniphile icacisa ukuthi izimali ezigciniwe zinquma kanjani izintengo, imithetho yokuhlinzekwa kwezimali kanye nokuhweba, kanye nezinkokhelo abahwebi abangena kuzo lapho behwebelana ngephuli.
I-Los abahlinzeki bemali (ngemuva kwalokhu i-LP) inganikezela ngempahla ye-crypto endaweni egcina amanzi ukuze ithole imali yokuhweba kulokho okwenziwayo futhi thola imiklomelo yamathokheni yokuhlinzeka ngemali yemali echibini elithile. Imiklomelo yamathokheni ivamise ukukhishwa kuthokheni yokuphatha yephrothokholi, enikeza abanikazi amalungelo okuvota ekuthuthukisweni kwephrothokholi kanye ne-AMM yayo.
Ukuze ulandelele ingxenye yezimali ezotholwa yi-LP, amasheya e-pool abhekwa njengamathokheni e-LP. ngokulingana nomnikelo wakho we-liquidity njengengxenyana yengqikithi yokubhukuda. Lokho kusho ukuthi uma i-LP ihlinzeka ngo-10% wezimpahla, izozuza u-10% wemali yokuhweba ekhiqizwe iphuli. Amathokheni e-LP amele isikhundla sakho se-liquidity angashiswa noma kunini ukuze kukhishwe uketshezi echibini.
Ukuqamba okusha okuyinhloko kwama-MMA ngaphezu kwemodeli yebhuku loku-oda yilokho noma ubani anganikeza imali futhi uthole isabelo sezimali zokuhweba, ezehlisa izithiyo zokubamba iqhaza. Kumodeli yebhuku le-oda eliphakathi nendawo, indima ye-LP ivamise ukugcinelwa abantu noma izinkampani ezimbalwa ezikhethiwe ezinenani eliphezulu. Ngokufika kwe-MMA, lesi sici sivulela izethameli eziningi kakhulu.
Ngokombono womhwebi, inzuzo iwukuthi ungathola i-liquidity ngokushesha lapho uxhumana ne-pool, futhi asikho isidingo sokulinda umyalelo ofanayo. Uma umhwebi efuna ukuthenga noma ukuthengisa ithokheni, angaya echibini, acacise impahla kanye nenani afuna ukudayisa ngalo. Inkontileka ehlakaniphile ke izohlinzeka ngenani lokushintshanisa elisekelwe kwijika lesikhonkwane, ebalwa ngokwezinqolobane zamathokheni amabili ahlukene echibini.
Njengesibonelo, cabangela ichibi le-ETH-USDC elinalezi zindawo ezigciniwe ezilandelayo: I-ETH = 1 kanye ne-USDC = 500. Ngokulandela imodeli ye-Uniswap v000, intengo ye-AMM ilingana nesilinganiso sokugcinwa (10 USDC). Uma umthengisi esethenge i-000 ETH nge-$2 ku-USDC, i-AMM isusa i-ETH engu-150 echibini bese ifaka la mathokheni esikhwameni somthengisi. I-AMM iphinde yengeze i-1 USDC yomthengisi echibini. Ngokusekelwe kupharamitha yenkokhelo, esethwa futhi ibalwe ngenkontileka ehlakaniphile, umthengisi uzokhokhiswa iphesenti lokuthenga kwakho.
Ngemuva kokuthi ukuhweba sekwenziwe, kuzoba ne-ETH encane kancane echibini kanye ne-USDC ethe xaxa. Njengoba ijika lesikhonkwane linquma ngokwe-algorithm intengo ye-ETH njengesilinganiso senani lempahla, Intengo ye-ETH iyehla lingama-147 USDC. Ukube umhwebi wayethengise i-ETH nge-USDC, isilinganiso sasiyohamba ngokuphambene futhi sibangele ukwanda kwentengo ye-ETH.
Ngosayizi abakhulu bohwebo, umehluko phakathi kwentengo yendawo kanye nenani elitholiwe (eyaziwa nangokuthi i-slippage) liyakhula njengoba inani lamathokheni adayiswayo likhuphuka ngokuqhathaniswa nosayizi wechibi. Ngakho-ke, ama-AMM aphoqa labo abenza imisebenzi emikhulu ukuthi bakhokhe inani eliphezulu uma kuqhathaniswa nokwenziwe okuncane. Ngakho-ke, ukubekezelelana okuthile kokushelela kufanele kusethwe ukuze kwenziwe ama-oda.
Uma kwenzeka umsebenzi obangela intengo ecashunwe yiqembu ukuthi yehle kakhulu kunani elibanzi lemakethe, ama-arbitrageurs angangenelela futhi alungise inani eliphelele lokuzuza kumehluko wamanani ku-AMM nakwezinye izindawo zokuhweba.
Isibonelo, uma ukuthengiswa okukhulu kwe-ETH kubangele ukuba intengo yehle isuka ku-150 USDC iye ku-135 USDC, kodwa isilinganiso semakethe sihlala siseduze ne-150 USDC, ama-arbitrageurs angathenga i-ETH ku-AMM futhi aqhubeke ukuyithengisa kwezinye izindawo zokuhweba. . Njengoba ama-arbitrageurs ethenga i-ETH eyengeziwe nge-AMM futhi i-ETH eyengeziwe ikhishwa echibini le-liquidity, intengo ekugcineni izohlangana nentengo yemakethe lingama-150 USDC.
Njengoba sibonile ngaphambili, noma yikuphi ukushintshanisa kushintsha ukwakheka kwempahla ye-pool futhi izinga lokushintshisana libuyekezwa ngokuzenzakalelayo, lishintsha inani leqembu lonke. Njengoba intengo yempahla ishintshashintsha, kanjalo nenani lephuli, okusho ukuthi inani le-pool share ye-LP nalo liyashintshashintsha. Ngokufanelekile, i-LP ifuna ukususa imali ekhokhwayo eduze nenani engene ngalo esikhundleni ngangokunokwenzeka, njengoba ingase ingenise ukulahlekelwa lapho izimpahla zikhishwa ku-pool ngemva kokushintsha kwentengo, okwaziwa ngele ukulahleka okungenamusa. Nokho, ukulahlekelwa okungapheli kungase kuxazululwe yizinkokhelo kanye nomvuzo wethokheni otholwe yi-LP.
I-MMA iyasebenza
Kulesi sigaba, sizohlola amamodeli amathathu e-AMM adumile ukugqamisa izindlela ezahlukahlukene: Ukungahluki, Ijika y I-Balancer.
Ukungahluki
Kukhona ukuhlukahluka okuhlukile kwe-MMA nge imiklamo ehlukene yejika weNyunyana.
Imodeli ye-Constant Product Market Maker ilawula intengo ngokugcina umkhiqizo wezibalo wamanani ezimpahla ezimbili ezingashintshi. Isibonelo, izinguqulo ze-Uniswap 1 no-2 zaziwa ngokuthi ama-CPMM, lapho ukuphindaphinda kwenani lamathokheni amabili ahlukene kugcinwa njalo ngokuvumelana nefomula elandelayo:
[gqamisa]x * y = k[/gqamisa]Lapho u-x eyinani lethokheni elilodwa (isb. i-ETH), y inani lelinye ithokheni (isb. i-USDC), futhi u-k uyinani elingaguquki.
Ku-v2, inkontileka ehlakaniphile yeqembu ithatha ukuthi imali egciniwe yezimpahla ezimbili inenani elifanayo. Ngakho-ke i-LP kuzodingeka inikeze i-ETH ne-USDC ngesilinganiso esingu-50:50 echibini ukuze igcine u-k engashintshi.
Ku-v3, i ukunikezwa kwe-liquidity kungagxilwa engxenyeni eyodwa yejika yamabhondi, ukunciphisa ukushelela kanye nokwenza ngcono ukusebenza kahle kwezimali. Ama-LPs ku-v2 azohlinzeka ngezimali kulo lonke uhla lwentengo oluphelele lwejika lebhondi, okusho ukuthi imali eningi ayisetshenziswa. Nge-liquidity egxilile, ama-LP angakhetha ububanzi azohlinzeka ngawo ngezimali futhi angalungisa izindawo zawo ngokusekelwe ezimeni zemakethe.
Ngakho-ke, I-Uniswap v3 iya kude nemodeli yomkhiqizo engashintshi, ukuhlanganisa le modeli nomenzi wemakethe onesamba esingashintshi. Imisebenzi ayenziwa ngejika leleveli eyodwa elinqunywa isibalo x * y = k, njengezinguqulo zangaphambilini. I-Liquidity ingayekwa, okusho ukuthi indawo ngayinye ye-LP ingakhanywa echibini elilodwa, okungeke kwenzeke nge-v1/v2.
Ijika
Ijika yisibonelo se Isici se-Hybrid MMA, ehlanganisa umkhiqizo oqhubekayo kanye namamodeli wesamba esingaguquki ukuze unikeze umenzi wemakethe ozenzakalelayo osebenza kahle kakhulu ekuhwebeni kwe-stablecoin.
Ichibi le-liquidity ye-Curve v1 iqukethe amafa amabili noma ngaphezulu anobudlelwano obufanayo, njenge-USDC ne-DAI, i-WBTC ne-renBTC, noma i-stETH ne-ETH. I-Stablecoins ibone ukwanda okukhulu kokutholwa, i-Curve isiphenduke i-DEX enenani eliphakeme kakhulu elikhiyiwe, isiza ukuhweba okuzinzile ngezimali eziphansi kakhulu kanye nokushelela.
Njengoba impahla echibini ingalingani, ijika lesikhonkwane lithatha umumo wejika eliphuma njalo (elifana ne-Uniswap v1/v2). Kodwa-ke, uma izimpahla zinikezwa ngendlela yokuthi izinga lokushintshisana lisondele ngokwanele ekulinganeni, ijika lebhondi liyashintsha liye kumodeli yesamba esingashintshi:
Inzuzo yendlela yokubala engashintshi ukuthi iqeda ukushelela okutholakala kumamodeli emikhiqizo angashintshi. Imodeli eyi-hybrid esetshenziswa yiCurve iboniswa 'ukushintshashintsha kokushintshashintsha' emfanekisweni olandelayo:
Ku-Curve v2, i isikali senani sivuselelwa njalo ngokusho kwe-oracle ishadi lentengo yangaphakathi ukumela kangcono intengo yemakethe futhi uqinisekise ukuthi ukuhweba kuhlala kuseduze nokwehlukana. Isici somenzi wemakethe singakhokhwa kunoma iyiphi intengo, evumelana nawo wonke amathokheni kunokuba ama-stablecoins noma izimpahla zidayiswe ndawonye.
I-Balancer
I-balancer protocol ivumela iphuli ngayinye ukuthi ibe nezimpahla ezingaphezu kwezimbili futhi ihlinzekwe nganoma yisiphi isilinganiso. Iqoqo lempahla ngayinye linikezwa isisindo ekudalweni kwephuli lapho isamba sezisindo silingana no-1, lapho izisindo zingaguquki ngokunikezwa noma ukususwa kwemali, kodwa kunalokho zimelela inani lephuli njengengxenye yenani le-pool. iqembu.
I-Balancer ihlanganisa umqondo womkhiqizo ongashintshi osetshenziswa ngu-Uniswap kuncazelo yejometri, okuholela kulokho okubizwa ngokuthi uMenzi Wemakethe ovamile. Le modeli iphinde yengeze omunye umdlali ku-MMA ngaphezu kwama-LP nabathengisi, abaziwa ngokuthi abalawuli, abanikezwe umsebenzi wokuphatha iqembu.
[gqamisa]x^(0,2) + y^(0,3) + z^(0,5) = k[/gqamisa]Ngamachibi ahlakaniphile e-Balancer asebenzisa ifomula emaphakathi engashintshi (njengale eboniswe ngenhla), singakha amachibi emali anamathokheni afika kwayisishiyagalombili, okuvumela ukwenziwa ngokwezifiso okwengeziwe.
Ngakho-ke, izimali ze-Balancer zifana nezimali zenkomba ezakha iphothifoliyo yezimpahla ezinesisindo esingashintshi. Igrafu engezansi iqhathanisa ijika elisetshenziswa i-Balancer nezimpahla ezimbili (eyodwa inesisindo esingu-25% kanti enye ingu-75%) uma iqhathaniswa nejika le-Uniswap v2.
Isibonelo, singacacisa noma yisiphi isisindo se-bullish noma i-bearish pool. Iqembu le-bullish le-ETH-USDC lingadalwa ngokucacisa isisindo esingu-90% se-ETH no-10% se-USDC. Kungenjalo, i-bearish pool ingaqalwa ngokwenza okuphambene.
Ezinye izinhlelo zokusebenza ze-AMM DeFi
Ama-DEX ayisimo esisodwa nje sokusetshenziswa kwezivumelwano ezisebenzisa i-algorithm ye-AMM, ephinda yakhe isisekelo sezinye izinhlelo zokusebenza ku-DeFi.
Isibonelo esiphawulekayo yilesi I-Liquidity Bootstrapping Pools (LBP) kusuka ku-Balancer. Ama-LBP asetshenziselwa ukukhishwa kwamathokheni afanelekile, ukuba Isivumelwano Esiphakade iphrojekthi yokuqala ku kwenze ngethokheni engu-$PERP. Ngokungafani nama-MMA esiwahlolile kuze kube manje, pool nemingcele ingashintshwa. I-pool yamathokheni amabili ihlelwe ngethokheni yephrojekthi, njenge-PERP, kanye nethokheni yesibambiso, njenge-USDC.
Iqala imisa izisindo ivune ithokheni yephrojekthi, bese ishintsha kancane kancane ukuze ivune ithokheni yesibambiso ekupheleni kokuthengisa. Ukuthengiswa kwamathokheni kungalinganiswa ukuze intengo yehle ibe ubuncane obufunekayo. Ngale ndlela, i-AMM isetshenziselwa ukusebenza ngendlela efanayo endalini, lapho abathengi bokuqala bezokhokha inani eliphakeme, futhi ngokuhamba kwesikhathi, intengo yethokheni yephrojekthi izokwehla kuze kube yilapho isabelo sesiphelile.
Singathola izibonelo ezinhle zezinhlelo zokusebenza ze-MMA ku-DeFi ngaphandle kwe-DEX ku imalimboleko ezenzakalelayo, ngamaphrojekthi afana Izimali Zengqondo y Isivumelwano Somkhiqizo. Womabili amaphrojekthi enza kube lula ukubolekwa kwempahla ye-crypto yesikhathi esinqunyiwe kanye nokuboleka ngejika lesikhonkwane samandla.
Ama-AMM kulezi zimo aklanyelwe ukudayisa amathokheni e-ERC-20 afana namabhondi ekhuphoni aziro angasetshenziswa ngempahla eyisisekelo ngedethi ethile yesikhathi esizayo. Ijika lesamba samandla eliqhubekayo lishumeka isikhathi sokuphelelwa yisikhathi kuntengo, okuvumela abasebenzisi ukuthi bahwebe ngokusekelwe kuzilinganiso zenzalo kunenani.
Ama-MMA anjalo enye yezindlela ezintsha ezizovela esikhaleni se-DeFi futhi kuholele ekwakhiweni kwezinhlelo zokusebenza ezihlukene, ezihlanganisa ama-DEX kanye nokuboleka okuzenzakalelayo. Ucwaningo ngezinhlobonhlobo ezahlukene nezithuthukisiwe lusaqhubeka (njenge-TWAMM) luqhubeka nokwandisa indawo yokuklama kanye nokuvela kwe isizukulwane esisha samaphrothokholi adalwe nge-AMM.
