{"id":7740,"date":"2022-06-04T19:45:52","date_gmt":"2022-06-04T11:45:52","guid":{"rendered":"https:\/\/\/?p=7740"},"modified":"2023-01-08T09:00:11","modified_gmt":"2023-01-08T01:00:11","slug":"auto-market-maker-and-impermanent-loss","status":"publish","type":"post","link":"https:\/\/\/auto-market-maker-and-impermanent-loss\/","title":{"rendered":"\u7121\u5e38\u640d\u5931\u662f\u4ec0\u9ebc\uff1f\u81ea\u52d5\u9020\u5e02\u5546\uff1f\u6dfa\u8ac7DeFi\u57fa\u77f3"},"content":{"rendered":"\n<figure class=\"wp-block-image aligncenter size-full is-style-rounded\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"563\" src=/index.html"https:\/\/\/wp-content\/uploads\/2022\/06\/\u81ea\u52d5\u9020\u5e02\u5546\u8207\u7121\u5e38\u640d\u5931\u4ecb\u7d39.jpg\" alt=\"\u81ea\u52d5\u9020\u5e02\u5546\u8207\u7121\u5e38\u640d\u5931\u4ecb\u7d39\" class=\"wp-image-7741\" title=\"\u81ea\u52d5\u9020\u5e02\u5546\u8207\u7121\u5e38\u640d\u5931\u4ecb\u7d39\" srcset=\"https:\/\/\/wp-content\/uploads\/2022\/06\/\u81ea\u52d5\u9020\u5e02\u5546\u8207\u7121\u5e38\u640d\u5931\u4ecb\u7d39.jpg 1000w, https:\/\/\/wp-content\/uploads\/2022\/06\/\u81ea\u52d5\u9020\u5e02\u5546\u8207\u7121\u5e38\u640d\u5931\u4ecb\u7d39-300x169.jpg 300w, https:\/\/\/wp-content\/uploads\/2022\/06\/\u81ea\u52d5\u9020\u5e02\u5546\u8207\u7121\u5e38\u640d\u5931\u4ecb\u7d39-768x432.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-element-caption\">\u81ea\u52d5\u9020\u5e02\u5546\u8207\u7121\u5e38\u640d\u5931\u4ecb\u7d39<\/figcaption><\/figure>\n\n\n\n<p>\u4f60\u5c0d\u65bc\u52a0\u5bc6\u8ca8\u5e63\u7684DeFi\u6295\u8cc7\u6709\u8208\u8da3\u55ce\uff1f\u90a3\u4f60\u53ef\u8981\u5148\u4e86\u89e3\u80cc\u5f8c\u904b\u884c\u7684\u539f\u7406\uff0c\u4e5f\u5c31\u662f\u81ea\u52d5\u9020\u5e02\u5546(Auto Market Maker)\u8207\u7121\u5e38\u640d\u5931\u6a5f\u5236(Impermanent Loss)\uff0c\u9019\u4e9b\u4e0d\u5f04\u6e05\u695a\u53ef\u662f\u6703\u5192\u8457\u5f88\u591a\u7684\u98a8\u96aa\u5462\u3002<strong>\u672c\u7bc7\u4ecb\u7d39\u5c07\u6dfa\u8ac7\u81ea\u52d5\u9020\u5e02\u5546\u8207\u7121\u5e38\u640d\u5931\u6a5f\u5236<\/strong>\uff0c\u60f3\u8981\u4e86\u89e3\u7684\u8b80\u8005\u5c31\u5feb\u4f86\u770b\u770b\u5427\u3002<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_64 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >\u672c\u6587\u76ee\u9304<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=/index.html"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=/index.html"https:\/\/\/auto-market-maker-and-impermanent-loss\/#%E8%87%AA%E5%8B%95%E9%80%A0%E5%B8%82%E5%95%86%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\" title=\"\u81ea\u52d5\u9020\u5e02\u5546\u662f\u4ec0\u9ebc\uff1f\">\u81ea\u52d5\u9020\u5e02\u5546\u662f\u4ec0\u9ebc\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=/index.html"https:\/\/\/auto-market-maker-and-impermanent-loss\/#AMM%E8%87%AA%E5%8B%95%E9%80%A0%E5%B8%82%E5%95%86%E7%9A%84%E5%8E%9F%E7%90%86%EF%BC%9F\" title=\"AMM\u81ea\u52d5\u9020\u5e02\u5546\u7684\u539f\u7406\uff1f\">AMM\u81ea\u52d5\u9020\u5e02\u5546\u7684\u539f\u7406\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=/index.html"https:\/\/\/auto-market-maker-and-impermanent-loss\/#%E8%87%AA%E5%8B%95%E9%80%A0%E5%B8%82%E5%95%86%EF%BC%9A%E5%88%A9%E7%94%A8%E5%B8%82%E5%A0%B4%E6%A9%9F%E5%88%B6%E7%B6%AD%E6%8C%81%E5%83%B9%E6%A0%BC\" title=\"\u81ea\u52d5\u9020\u5e02\u5546\uff1a\u5229\u7528\u5e02\u5834\u6a5f\u5236\u7dad\u6301\u50f9\u683c\">\u81ea\u52d5\u9020\u5e02\u5546\uff1a\u5229\u7528\u5e02\u5834\u6a5f\u5236\u7dad\u6301\u50f9\u683c<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=/index.html"https:\/\/\/auto-market-maker-and-impermanent-loss\/#%E7%84%A1%E5%B8%B8%E6%90%8D%E5%A4%B1%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F%E5%A6%82%E4%BD%95%E7%99%BC%E7%94%9F%E7%9A%84%EF%BC%9F\" title=\"\u7121\u5e38\u640d\u5931\u662f\u4ec0\u9ebc\uff1f\u5982\u4f55\u767c\u751f\u7684\uff1f\">\u7121\u5e38\u640d\u5931\u662f\u4ec0\u9ebc\uff1f\u5982\u4f55\u767c\u751f\u7684\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=/index.html"https:\/\/\/auto-market-maker-and-impermanent-loss\/#%E6%8A%95%E8%B3%87%E8%80%85%E4%BD%BF%E7%94%A8AMM%E7%9A%84%E7%90%86%E7%94%B1%EF%BC%9F\" title=\"\u6295\u8cc7\u8005\u4f7f\u7528AMM\u7684\u7406\u7531\uff1f\">\u6295\u8cc7\u8005\u4f7f\u7528AMM\u7684\u7406\u7531\uff1f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=/index.html"https:\/\/\/auto-market-maker-and-impermanent-loss\/#AMM%E8%87%AA%E5%8B%95%E9%80%A0%E5%B8%82%E5%95%86%E7%9A%84%E9%A2%A8%E9%9A%AA\" title=\"AMM\u81ea\u52d5\u9020\u5e02\u5546\u7684\u98a8\u96aa\">AMM\u81ea\u52d5\u9020\u5e02\u5546\u7684\u98a8\u96aa<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=/index.html"https:\/\/\/auto-market-maker-and-impermanent-loss\/#%E8%87%AA%E5%8B%95%E9%80%A0%E5%B8%82%E5%95%86%E8%88%87%E7%84%A1%E5%B8%B8%E6%90%8D%E5%A4%B1%E4%BB%8B%E7%B4%B9%E7%B5%90%E8%AA%9E\" title=\"\u81ea\u52d5\u9020\u5e02\u5546\u8207\u7121\u5e38\u640d\u5931\u4ecb\u7d39\u7d50\u8a9e\">\u81ea\u52d5\u9020\u5e02\u5546\u8207\u7121\u5e38\u640d\u5931\u4ecb\u7d39\u7d50\u8a9e<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%87%AA%E5%8B%95%E9%80%A0%E5%B8%82%E5%95%86%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F\"><\/span>\u81ea\u52d5\u9020\u5e02\u5546\u662f\u4ec0\u9ebc\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u4e2d\u6587\u540d\u7a31\u70ba<strong>\u81ea\u52d5\u9020\u5e02\u5546<\/strong>\uff0c\u82f1\u6587\u5168\u7a31\u70ba<strong>Auto Market Maker<\/strong>\uff0c\u4ea6\u88ab\u7a31\u505a<strong>AMM<\/strong>\uff0c\u9019\u662fDeFi\uff0c\u4e5f\u5c31\u662f\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u7684\u91cd\u8981\u6a5f\u5236\u3002<\/p>\n\n\n\n<p>\u4e00\u822c\u7684\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff0c\u5982 <a href=/index.html"https:\/\/max.maicoin.com\/signup?r=269db0b4\" target=\"_blank\" rel=\"noreferrer noopener\">MAX \u4ea4\u6613\u6240<\/a>\u4f7f\u7528\u7684\u662f\u639b\u55ae\u7c3f\u4ea4\u6613\uff0c\u4e5f\u5c31\u662f\u8aaa\u4ea4\u6613\u8005\u53ef\u4ee5\u81ea\u52d5\u8a2d\u5b9a\u8981\u5728\u54ea\u500b\u50f9\u4f4d\u8cfc\u8cb7\u52a0\u5bc6\u8ca8\u5e63\uff0c\u4f8b\u5982\u8a2d\u5b9a30,000\u7f8e\u91d1\u7684\u50f9\u683c\u8cb7\u5165\u6bd4\u7279\u5e63\u3002<\/p>\n\n\n\n<p>\u7136\u800cDeFi\u7684\u6240\u6709\u4ea4\u6613\u6d41\u7a0b\u90fd\u5728\u5340\u584a\u93c8\u4e0a\u904b\u884c\uff0c\u9019\u8b93DeFi\u9700\u8981\u4e00\u500b\u65b0\u7684\u6a5f\u5236\uff0c\u5fc5\u9808\u8981\u7b26\u5408\u5340\u584a\u93c8\u898f\u5247\u3001\u4e5f\u8981\u8b93\u4f7f\u7528DeFi\u7684\u6295\u8cc7\u8005\u80fd\u5920\u63a5\u53d7\uff0cAMM\u81ea\u52d5\u9020\u5e02\u5546\u7684\u6a5f\u5236\u96a8\u4e4b\u800c\u751f\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-palette-color-6-background-color has-background is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u8a3b\uff1a\u4e5f\u6709\u90e8\u5206DeFi\u652f\u63f4\u639b\u55ae\u7c3f\u4ea4\u6613\uff0c\u7136\u800cAMM\u6a5f\u5236\u66f4\u70ba\u5e38\u898b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"has-text-align-center has-palette-color-6-background-color has-background\">\u5ef6\u4f38\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/metamask-teach\/\" target=\"_blank\" rel=\"noreferrer noopener\">MetaMask\u9322\u5305\u6559\u5b78\uff0c\u5f9e\u8a3b\u518a\u3001\u4f7f\u7528\u5230\u5efa\u7acbBSC\u93c8<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"AMM%E8%87%AA%E5%8B%95%E9%80%A0%E5%B8%82%E5%95%86%E7%9A%84%E5%8E%9F%E7%90%86%EF%BC%9F\"><\/span>AMM\u81ea\u52d5\u9020\u5e02\u5546\u7684\u539f\u7406\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>\u81ea\u52d5\u9020\u5e02\u5546\u7684\u6a5f\u5236<\/strong>\u662f\u4e00\u5957\u50f9\u683c\u7b97\u6cd5\uff0c\u5176\u80cc\u5f8c\u516c\u5f0f\u6bcf\u500bDeFi\u90fd\u7565\u6709\u4e0d\u540c\uff0c\u4f46\u9019\u500b\u53ef\u4ee5\u7528\u4e00\u500b\u7c21\u55ae\u7684\u516c\u5f0f\u4f86\u63cf\u8ff0\uff1a<\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-palette-color-6-background-color has-background is-layout-flow wp-block-quote-is-layout-flow\">\n<p>X (\u67d0\u8ca8\u5e63\u6578\u91cf) * Y (\u67d0\u8ca8\u5e63\u6578\u91cf) = K (\u5e38\u6578)<\/p>\n<\/blockquote>\n\n\n\n<p>\u6211\u5011\u9019\u88e1\u751a\u81f3\u53ef\u4ee5\u4f7f\u7528\u53f0\u5e63\u8207\u7f8e\u91d1\u4f86\u7576\u4f5cAMM\u7684\u4f8b\u5b50\uff0c\u8209\u4f8b\u4f86\u8aaa\u4e09\u5341\u5143\u53f0\u5e63\u53ef\u4ee5\u4e00\u5143\u7f8e\u91d1\uff0cX\u8a2d\u5b9a\u70ba3,000\u5143\u53f0\u5e63\uff0cY\u8a2d\u5b9a\u70ba100\u5143\u7f8e\u91d1\uff0c\u53ef\u5f97\u51faK\u503c\u70ba300,000\u3002<\/p>\n\n\n\n<p>\u9019\u6642\u5019\u6211\u5011\u5047\u8a2d\u6709\u500b\u4eba\u8981\u628a5\u5143\u7f8e\u91d1\u514c\u63db\u6210\u53f0\u5e63\uff0c\u9019\u6642\u5019AMM\u81ea\u52d5\u9020\u5e02\u5546\u6703\u8b8a\u6210\uff1a<\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-palette-color-6-background-color has-background is-layout-flow wp-block-quote-is-layout-flow\">\n<p>(3000 &#8211; A) * (100 + 5) = 300,000<\/p>\n<\/blockquote>\n\n\n\n<p>\u901a\u904e\u5c0d\u65b9\u7a0b\u5f0f\u6c42\u89e3\uff0c\u6211\u5011\u53ef\u4ee5\u7b97\u51faA\u503c\u7d04\u7b49\u65bc142.85\uff0c\u9019\u6642\u5019\u81ea\u52d5\u9020\u5e02\u5546\u5c31\u6703\u6536\u53d65\u7f8e\u91d1\uff0c\u7136\u5f8c\u7d66\u4f86\u514c\u63db\u7684\u4eba142.85\u53f0\u5e63\uff0c\u7576\u7136\u9019\u662f\u5728\u4e0d\u8003\u616e\u624b\u7e8c\u8cbb\u8207\u6ed1\u50f9\u7684\u60c5\u6cc1\u3002<\/p>\n\n\n\n<p>\u5982\u679c\u5728\u9019\u60c5\u6cc1\uff0c\u6211\u5011\u53c8\u60f3\u518d\u63db5\u7f8e\u91d1\u6703\u767c\u751f\u4ec0\u9ebc\u60c5\u6cc1\u5462\uff1f<\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-palette-color-6-background-color has-background is-layout-flow wp-block-quote-is-layout-flow\">\n<p>(2857.15 &#8211; A) * (105 + 5)= 300,000<\/p>\n<\/blockquote>\n\n\n\n<p>\u6211\u5011\u518d\u7b97\u51fa\u89e3\uff0c\u9019\u6642\u5019A\u7d04\u8b8a\u6210129.87\uff0c\u4e5f\u5c31\u662f\u8aaa\u96a8\u8457\u514c\u63db\uff0c\u7f8e\u91d1\u80fd\u63db\u5230\u7684\u53f0\u5e63\u5c31\u66f4\u5c11\u4e86\uff0c\u5728\u9019\u6a23\u7684\u904b\u884c\u4e0b\uff0c<strong>AMM\u81ea\u52d5\u9020\u5e02\u5546\u5c31\u53ef\u4ee5\u81ea\u52d5\u904b\u884c\uff0c\u50f9\u683c\u4e5f\u6703\u96a8\u8457\u67d0\u5e63\u514c\u63db\u7684\u591a\u5be1\u800c\u8b8a\u52d5<\/strong>\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E8%87%AA%E5%8B%95%E9%80%A0%E5%B8%82%E5%95%86%EF%BC%9A%E5%88%A9%E7%94%A8%E5%B8%82%E5%A0%B4%E6%A9%9F%E5%88%B6%E7%B6%AD%E6%8C%81%E5%83%B9%E6%A0%BC\"><\/span>\u81ea\u52d5\u9020\u5e02\u5546\uff1a\u5229\u7528\u5e02\u5834\u6a5f\u5236\u7dad\u6301\u50f9\u683c<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"563\" src=/index.html"https:\/\/\/wp-content\/uploads\/2022\/06\/\u5e02\u5834\u6a5f\u5236.jpg\" alt=\"\u5e02\u5834\u6a5f\u5236\" class=\"wp-image-7742\" title=\"\u5e02\u5834\u6a5f\u5236\" srcset=\"https:\/\/\/wp-content\/uploads\/2022\/06\/\u5e02\u5834\u6a5f\u5236.jpg 1000w, https:\/\/\/wp-content\/uploads\/2022\/06\/\u5e02\u5834\u6a5f\u5236-300x169.jpg 300w, https:\/\/\/wp-content\/uploads\/2022\/06\/\u5e02\u5834\u6a5f\u5236-768x432.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-element-caption\">\u5e02\u5834\u6a5f\u5236<\/figcaption><\/figure>\n\n\n\n<p>\u9019\u6642\u5019\u6709\u53ef\u80fd\u6709\u8b80\u8005\u6703\u7522\u751f\u7591\u60d1\uff0c\u96d6\u7136\u81ea\u52d5\u9020\u5e02\u5546\u6709\u8457\u5167\u90e8\u7684\u5747\u8861\uff0c\u4f46\u6709\u53ef\u80fd\u9019\u6642\u5019\u6b63\u5e38\u5e02\u50f9\u9084\u662f30\u53f0\u5e63\u63db1\u7f8e\u91d1\uff0c\u81ea\u52d5\u9020\u5e02\u5546\u7684\u50f9\u683c\u5df2\u7d93\u504f\u96e2\u5e02\u50f9\uff0c\u9019\u8a72\u5982\u4f55\u89e3\u6c7a\u5462\uff1f<\/p>\n\n\n\n<p>\u9019\u6642\u5019<strong>AMM\u5c31\u53ef\u4ee5\u9760\u8457\u5e02\u5834\u6a5f\u5236<\/strong>\uff0c\u4f86\u7dad\u6301\u6046\u5b9a\uff0c\u5047\u8a2d\u9019\u6642\u5019\u9020\u5e02\u5546\u7684\u514c\u63db\u50f9\u683c\u70ba25\u53f0\u5e63\u63db1\u7f8e\u91d1\uff0c\u4f46\u666e\u904d\u5e02\u5834\u4e0a\u9084\u662f30\u53f0\u5e63\u63db1\u7f8e\u91d1\u3002<\/p>\n\n\n\n<p>\u9019\u6642\u5019\u5c31\u6703\u6709\u5957\u5229\u4ea4\u6613\u8005\u62ff\u8457\u62ff\u845725\u5143\u53f0\u5e63\u4f86\u63db1\u7f8e\u91d1\uff0c\u518d\u5230\u5e02\u5834\u4e0a\u75281\u7f8e\u91d1\u63db\u56de30\u53f0\u5e63\uff0c\u56e0\u6b64\u5f9e\u4e2d\u7372\u52295\u5143\u53f0\u5e63\uff0c\u904b\u7528\u9019\u6a23\u7684\u6a5f\u5236\u5c31\u53ef\u4ee5\u8b93AMM\u81ea\u52d5\u9020\u5e02\u5546\u7dad\u6301\u6046\u5b9a\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-palette-color-6-background-color has-background is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u8a3b\uff1a\u901a\u5e38\u4f86\u8aaa\u4e0d\u6703\u6709\u5982\u6b64\u5927\u7684\u50f9\u5dee\uff0c\u5957\u5229\u4ea4\u6613\u8005\u7af6\u722d\u975e\u5e38\u6fc0\u70c8\uff0c\u591a\u662f\u9760\u7db2\u8def\u901f\u5ea6\u4f86\u7af6\u722d\uff0c\u5e02\u9762\u4e0a\u4e3b\u6253\u6708\u6536\u76ca10%~100%\u7684\u5957\u5229\u6a5f\u5668\u4eba\u7686\u662f\u8a50\u9a19\uff0c\u8acb\u52ff\u76f8\u4fe1\uff0c\u5b83\u5011\u300c\u5957\u7684\u5229\u300d\u662f\u4f60\u6295\u8cc7\u7684\u9322\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u901a\u5e38\u6211\u5011\u6703\u7a31\u67d0\u500b\u4ea4\u6613\u5c0d\u70ba\u67d0\u6d41\u52d5\u6027\u6c60\uff0c\u5982\u6bd4\u7279\u5e63\u8207\u6cf0\u9054\u5e63\u7684\u81ea\u52d5\u9020\u5e02\u5546\uff0c\u5c31\u6703\u7a31\u70baBTC-USDT\u6d41\u52d5\u6c60\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E7%84%A1%E5%B8%B8%E6%90%8D%E5%A4%B1%E6%98%AF%E4%BB%80%E9%BA%BC%EF%BC%9F%E5%A6%82%E4%BD%95%E7%99%BC%E7%94%9F%E7%9A%84%EF%BC%9F\"><\/span><strong>\u7121\u5e38\u640d\u5931<\/strong>\u662f\u4ec0\u9ebc\uff1f\u5982\u4f55\u767c\u751f\u7684\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>\u7136\u800c\u96d6\u7136AMM\u81ea\u52d5\u9020\u5e02\u5546\u8b93\u5340\u584a\u93c8\u53bb\u4e2d\u5fc3\u5316\u5f97\u4ee5\u7dad\u6301\u4e00\u5957\u4ea4\u6613\u6a5f\u5236\uff0c\u4f46\u4e5f\u884d\u751f\u51fa\u4e00\u4e9b\u98a8\u96aa\uff0c\u6700\u5e38\u88ab\u63d0\u5230\u7684\u5c31\u662f\u300c\u7121\u5e38\u640d\u5931\u300d(Impermanent Loss)\u3002\u90a3\u9ebc<strong>\u7121\u5e38\u640d\u5931\u662f\u4ec0\u9ebc<\/strong>\uff1f\u53c8\u662f\u600e\u9ebc\u767c\u751f\u7684\u5462\uff1f<\/p>\n\n\n\n<p>\u6211\u5011\u9019\u908a\u4ee5BTC\u6bd4\u7279\u5e63\u8207USDT\u6cf0\u9054\u5e63\u6240\u7d44\u6210\u7684AMM\u70ba\u4f8b\uff0c\u5047\u8a2d\u9019\u6642\u5019\u6bd4\u7279\u5e6330,000\u7f8e\u91d1\uff0cUSDT\u6211\u5011\u90fd\u77e5\u9053\u662f<a href=/index.html"https:\/\/\/main-types-of-cryptocurrency\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u7f8e\u91d1\u7a69\u5b9a\u5e63<\/a>\uff0c\u50f9\u683c\u7b49\u540c\u65bc\u7f8e\u91d1\u3002<\/p>\n\n\n\n<p>\u5047\u8a2d\u6295\u8cc7\u7375\u624b\u628a30,000USDT\u548c1BTC\u653e\u5165\u81ea\u52d5\u9020\u5e02\u5546\u4e2d\uff0c\u9019\u6642\u5019\u81ea\u52d5\u9020\u5e02\u5546\u6c60\u70ba\uff1a<\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-palette-color-6-background-color has-background is-layout-flow wp-block-quote-is-layout-flow\">\n<p>30,000 * 1  = 30,000 (\u5e38\u6578)<\/p>\n<\/blockquote>\n\n\n\n<p>\u9019\u908a\u6211\u5011\u5047\u8a2dUSDT\u50f9\u683c\u7dad\u6301\u4e0d\u8b8a\uff0c\u4f46BTC\u6f32\u523045,000\u7f8e\u91d1\uff0c\u4e5f\u5c31\u662f\u6bd4\u7279\u5e63\u6f32\u4e8650%\u3002\u9019\u6642\u5019\u4e5f\u6709\u76f8\u95dc\u7684\u5957\u5229\u4ea4\u6613\u8005\u524d\u4f86\u5957\u5229\uff0c\u6211\u5011\u53ef\u4ee5\u4f86\u8a08\u7b97\u4e00\u4e0bAMM\u6c60\u7684\u60c5\u6cc1\uff1a<\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-palette-color-6-background-color has-background is-layout-flow wp-block-quote-is-layout-flow\">\n<p>X * Y = 30,000 \u4e14 Y \/ X = 45,000<\/p>\n<\/blockquote>\n\n\n\n<p>\u7d93\u904e\u4e00\u756a\u8f9b\u82e6\u7684\u8a08\u7b97\u6211\u5011\u53ef\u4ee5\u5f97\u77e5X\u7d04\u70ba0.81649\uff0c\u6211\u5011\u5c31\u53ef\u4ee5\u7b97\u51faY\u70ba36742.64\uff0c\u518d\u8a08\u7b97\u4e00\u4e0b\u9019\u6642\u5019\u7684\u8cc7\u7522\u50f9\u503c\uff1a<\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-palette-color-6-background-color has-background is-layout-flow wp-block-quote-is-layout-flow\">\n<p>0.81649*45000 + 36742.64 =73484.69<\/p>\n<\/blockquote>\n\n\n\n<p>\u9019\u6642\u5019\u6709\u53ef\u80fd\u6709\u4e9b\u654f\u92b3\u7684\u8b80\u8005\u5df2\u7d93\u6ce8\u610f\u5230\u7121\u5e38\u640d\u5931\u7684\u554f\u984c\u4e86\uff0c\u6295\u8cc7\u7375\u624b\u662f\u653e\u516530,000USDT\u52a01BTC\uff0c\u5982\u679c\u6211\u90fd\u4e0d\u653e\u5165\u81ea\u52d5\u9020\u5e02\u5546\uff0c\u5728\u6bd4\u7279\u5e63\u6f32\u4e8650%\u7684\u60c5\u6cc1\uff0c\u6211\u7684\u8cc7\u7522\u50f9\u503c\u61c9\u8a72\u70ba75,000\u7f8e\u5143\u3002<\/p>\n\n\n\n<p>\u4f46\u5982\u679c\u653e\u5165AMM\u81ea\u52d5\u9020\u5e02\u5546\uff0c\u6211\u53ea\u6703\u670973484.69\uff0c\u4e2d\u9593\u6703\u56e0\u6b64\u7522\u751f1515.31\u7f8e\u5143\u7684\u7121\u5e38\u640d\u5931\u554f\u984c\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"%E6%8A%95%E8%B3%87%E8%80%85%E4%BD%BF%E7%94%A8AMM%E7%9A%84%E7%90%86%E7%94%B1%EF%BC%9F\"><\/span>\u6295\u8cc7\u8005\u4f7f\u7528AMM\u7684\u7406\u7531\uff1f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"563\" src=/index.html"https:\/\/\/wp-content\/uploads\/2022\/06\/\u6295\u8cc7\u8005\u4f7f\u7528AMM\u7684\u7406\u7531.jpg\" alt=\"\u6295\u8cc7\u8005\u4f7f\u7528AMM\u7684\u7406\u7531\" class=\"wp-image-7745\" title=\"\u6295\u8cc7\u8005\u4f7f\u7528AMM\u7684\u7406\u7531\" srcset=\"https:\/\/\/wp-content\/uploads\/2022\/06\/\u6295\u8cc7\u8005\u4f7f\u7528AMM\u7684\u7406\u7531.jpg 1000w, https:\/\/\/wp-content\/uploads\/2022\/06\/\u6295\u8cc7\u8005\u4f7f\u7528AMM\u7684\u7406\u7531-300x169.jpg 300w, https:\/\/\/wp-content\/uploads\/2022\/06\/\u6295\u8cc7\u8005\u4f7f\u7528AMM\u7684\u7406\u7531-768x432.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption class=\"wp-element-caption\">\u6295\u8cc7\u8005\u4f7f\u7528AMM\u7684\u7406\u7531<\/figcaption><\/figure>\n\n\n\n<p>\u4f7f\u7528\u81ea\u52d5\u9020\u5e02\u5546\u6703\u6709\u7121\u5e38\u640d\u5931\u7684\u98a8\u96aa\uff0c\u70ba\u4ec0\u9ebc\u6295\u8cc7\u8005\u9084\u9858\u610f\u4f7f\u7528AMM\u5462\uff1f\u6700\u5927\u7684\u539f\u56e0\u7576\u7136\u662f\uff1a<\/p>\n\n\n\n<blockquote class=\"wp-block-quote has-palette-color-6-background-color has-background is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u6295\u8cc7\u81ea\u52d5\u9020\u5e02\u5546\u53ef\u4ee5\u8cfa\u9322\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u4ee5DeFi\u9805\u76ee<a href=/index.html"https:\/\/biswap.org\/?ref=fd569f4b455c079afd96\" target=\"_blank\" rel=\"noreferrer noopener\">Biswap<\/a>\u70ba\u4f8b\uff0c\u5982\u679c\u5728\u4e0a\u9762\u4f7f\u7528BTC-USDT\u6c60\uff0c\u9664\u4e86\u53ef\u4ee5\u62ff\u5230\u624b\u7e8c\u8cbb\u5206\u6f64\u5916\uff0c\u9805\u76ee\u65b9\u9084\u6703\u53e6\u5916\u7d66\u51faBSW\u734e\u52f5\u7d66\u8cea\u62bc\u81ea\u52d5\u9020\u5e02\u5546\u7684\u6295\u8cc7\u8005\u3002<\/p>\n\n\n\n<p>\u5728\u9019\u6a23\u7684\u60c5\u6cc1\u4e0b\u6240\u8cfa\u5230\u7684\u5229\u6f64\u5982\u679c\u5927\u65bc\u7121\u5e38\u640d\u5931\uff0c\u90a3\u5c31\u6703\u5438\u5f15\u6295\u8cc7\u4eba\u524d\u4f86\u4f7f\u7528AMM\u81ea\u52d5\u9020\u5e02\u5546\uff0c\u5728\u6709\u5229\u53ef\u5716\u60c5\u6cc1\u4e0b\u627f\u64d4\u7121\u5e38\u640d\u5931\u98a8\u96aa\u3002<\/p>\n\n\n\n<p class=\"has-text-align-center has-palette-color-6-background-color has-background\">\u5ef6\u4f38\u95b1\u8b80\uff1a<a href=/index.html"https:\/\/\/biswap-exchange\/\" target=\"_blank\" rel=\"noreferrer noopener\">Biswap\u4ecb\u7d39\uff0c\u4ea4\u6613\u7372\u984d\u5916\u56de\u994b\uff0c\u6211\u7684\u9023\u7d50\u9084\u4eab\u984d\u5916\u512a\u60e02.5%<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"AMM%E8%87%AA%E5%8B%95%E9%80%A0%E5%B8%82%E5%95%86%E7%9A%84%E9%A2%A8%E9%9A%AA\"><\/span>AMM\u81ea\u52d5\u9020\u5e02\u5546\u7684\u98a8\u96aa<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-group has-palette-color-6-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<p>\u9019\u908a\u8aaa\u8aaa\u5e7e\u500b\u81ea\u52d5\u9020\u5e02\u5546\u7684\u98a8\u96aa\uff1a<\/p>\n\n\n\n<ul>\n<li>1.\u5e73\u53f0\u88ab\u99ed<\/li>\n\n\n\n<li>2.\u9805\u76ee\u65b9\u8dd1\u8def<\/li>\n\n\n\n<li>3.\u7121\u5e38\u640d\u5931\u98a8\u96aa<\/li>\n\n\n\n<li>4.\u5e63\u50f9\u4e0b\u8dcc<\/li>\n<\/ul>\n<\/div>\n\n\n\n<p>\u9019\u4e9b\u662f\u8f03\u5e38\u898b\u7684\u98a8\u96aa\uff0cDeFi\u9805\u76ee\u88ab\u99ed\u5ba2\u4fb5\u5165\u6642\u6709\u8033\u805e\uff0c\u800c\u9805\u76ee\u65b9\u8dd1\u8def\u4e5f\u662f\u6709\u53ef\u80fd\u767c\u751f\u7684\u4e8b\u60c5\uff0c\u9664\u4e86\u7121\u511f\u98a8\u96aa\u5916\uff0c\u672c\u8eab\u9805\u76ee\u4e5f\u6703\u6709\u8457\u76f8\u95dc\u98a8\u96aa\u3002<\/p>\n\n\n\n<p>\u53e6\u5916\u5e38\u6703\u770b\u5230DeFi\u7684\u67d0\u4e9b\u6d41\u52d5\u6027\u6c60\u63d0\u4f9b\u5f88\u9ad8APY(\u5e74\u5316\u5831\u916c\u3001\u5e74\u5229\u7387)\uff0c\u4f46\u662f\u5176\u4e2d\u7684\u7684\u67d0\u4e00\u500b\u5e63\u7a2e\u5fc5\u7136\u662f\u5c0f\u5e63\u3001\u65b0\u5e63\uff0c\u5982\u679c\u4e00\u500b\u8ca8\u5e63\u5d29\u76e4\uff0c\u5982\u4e4b\u524d\u7684LUNA\uff0c\u4f60\u6240\u5b58\u653e\u7684\u53e6\u5916\u4e00\u500b\u8cc7\u7522\u4e5f\u6703\u8fd1\u4e4e\u6b78\u96f6(\u56e0\u70ba\u81ea\u52d5\u9020\u5e02\u5546\u6a5f\u5236\u6703\u4e00\u76f4\u8cb7\u5165\u5d29\u76e4\u7684\u8ca8\u5e63)\u3002<\/p>\n\n\n\n<p>\u5982\u679c\u4f60\u5b58LUNA-USDT\u6d41\u52d5\u6027\u6c60\uff0c\u4eca\u5929LUNA\u5d29\u76e4\u53ea\u5269\u4e0b\u842c\u5206\u4e4b\u4e00\u7684\u50f9\u503c\uff0c\u4f60\u7121\u5e38\u640d\u5931\u6703\u9ad8\u905498%\uff0c\u4e5f\u5c31\u662f\u4f60\u5b58\u516510,000\u7f8e\u5143\uff0c\u53ea\u6703\u5269\u4e0b200\u7f8e\u5143\u3002<\/p>\n\n\n\n<p>\u53e6\u5916APY\u6240\u5305\u542b\u7684\u662fDeFi\u734e\u52f5\u7684\u5e73\u53f0\u5e63\uff0c\u7136\u800c\u9019\u4e9b\u5e73\u53f0\u5e63\u591a\u9762\u81e8\u6301\u7e8c\u4e0b\u8dcc\u7684\u547d\u904b\uff0c\u6700\u5f8c\u7372\u5f97\u7684\u5831\u916c\u4e5f\u6703\u5927\u6253\u6298\u6263\uff0c\u9019\u662f\u9700\u8981\u6ce8\u610f\u7684\u5730\u65b9\u3002<\/p>\n\n\n\n<h2 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