{"id":3423,"date":"2025-06-23T09:06:43","date_gmt":"2025-06-23T01:06:43","guid":{"rendered":"https:\/\/theexchain.com\/what-is-an-automated-market-maker-amm-core-mechanisms-of-dexs-like-uniswap\/"},"modified":"2025-06-23T09:06:43","modified_gmt":"2025-06-23T01:06:43","slug":"%e3%83%a6%e3%83%8b%e3%82%b9%e3%83%af%e3%83%83%e3%83%97%e3%81%ae%e3%82%88%e3%81%86%e3%81%aa%e3%83%87%e3%83%83%e3%82%af%e3%82%b9%e3%81%ae%e3%82%b3%e3%82%a2%e3%83%a1%e3%82%ab%e3%83%8b%e3%82%ba%e3%83%a0","status":"publish","type":"post","link":"https:\/\/theexchain.com\/ja\/%e3%83%a6%e3%83%8b%e3%82%b9%e3%83%af%e3%83%83%e3%83%97%e3%81%ae%e3%82%88%e3%81%86%e3%81%aa%e3%83%87%e3%83%83%e3%82%af%e3%82%b9%e3%81%ae%e3%82%b3%e3%82%a2%e3%83%a1%e3%82%ab%e3%83%8b%e3%82%ba%e3%83%a0\/","title":{"rendered":"\u81ea\u52d5\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30fc\u30ab\u30fc\uff08AMM\uff09\u3068\u306f\uff1f\u306e\u30b3\u30a2\u30fb\u30e1\u30ab\u30cb\u30ba\u30e0\n  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id=\"what-exactly-is-an-automated-market-maker-amm-beyond-the-buzzwords\">\u81ea\u52d5\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30fc\u30ab\u30fc\uff08AMM\uff09\u3068\u306f\u4f55\u304b\uff1f\u30d0\u30ba\u30ef\u30fc\u30c9\u3092\u8d85\u3048\u3066<\/h3>\n<p>AMM\u306e\u6838\u5fc3\u306f\u3001\u9769\u547d\u7684\u306a\u30bf\u30a4\u30d7\u3067\u3042\u308b\u3002 <strong>\u5206\u6563\u578b\u53d6\u5f15\u6240\uff08DEX\uff09<\/strong>.\u305d\u308c\u306f\u5f93\u6765\u306e\u30eb\u30fc\u30eb\u30d6\u30c3\u30af\u3092\u6295\u3052\u6368\u3066\u308b\u3082\u306e\u3060\u3002\u30d0\u30a4\u30e4\u30fc\u3068\u30bb\u30e9\u30fc\u304c\u30aa\u30fc\u30c0\u30fc\u30d6\u30c3\u30af\u3067\u4fa1\u683c\u4ea4\u6e09\u3092\u3059\u308b\u306e\u306f\u5fd8\u308c\u3088\u3046\u3002\u305d\u306e\u4ee3\u308f\u308a\u306b\u3001AMM\u306f <strong>\u30b9\u30de\u30fc\u30c8\u30b3\u30f3\u30c8\u30e9\u30af\u30c8<\/strong> - \u30a4\u30fc\u30b5\u30ea\u30a2\u30e0\u306e\u3088\u3046\u306a\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u4e0a\u306b\u5b58\u5728\u3059\u308b\u81ea\u5df1\u5b9f\u884c\u30b3\u30fc\u30c9\u3068\u3001\u81ea\u52d5\u7684\u306b\u4fa1\u683c\u3092\u4ed8\u3051\u53d6\u5f15\u3092\u57f7\u884c\u3059\u308b\u5f37\u529b\u306a\u6570\u5f0f\u3002\u3053\u306e\u6839\u672c\u7684\u306a\u8ee2\u63db\u306b\u3088\u308a\u3001\u4ee5\u4e0b\u306e\u3053\u3068\u304c\u53ef\u80fd\u306b\u306a\u308b\uff1a<\/p>\n<ul>\n<li><strong>\u7121\u505c\u6b62\u3001\u7121\u8a31\u53ef\u53d6\u5f15\uff1a<\/strong> 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id=\"why-amms-are-a-game-changer-benefits-you-cant-ignore\">AMM\u304c\u30b2\u30fc\u30e0\u30c1\u30a7\u30f3\u30b8\u30e3\u30fc\u3068\u306a\u308b\u7406\u7531\uff1a\u7121\u8996\u3067\u304d\u306a\u3044\u30e1\u30ea\u30c3\u30c8<\/h3>\n<p>AMM\u306f\u5358\u306a\u308b\u6280\u8853\u7684\u306a\u76ee\u65b0\u3057\u3055\u3067\u306f\u306a\u304f\u3001\u6697\u53f7\u306e\u666e\u53ca\u3092\u518d\u5f62\u6210\u3059\u308b\u5177\u4f53\u7684\u3067\u30e6\u30fc\u30b6\u30fc\u4e2d\u5fc3\u306e\u5229\u70b9\u3092\u63d0\u4f9b\u3059\u308b\uff1a<\/p>\n<ul>\n<li><strong>\u6bd4\u985e\u306a\u304d\u30c8\u30fc\u30af\u30f3\u30fb\u30a2\u30af\u30bb\u30b9\uff1a<\/strong> 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\u975e\u4e2d\u592e\u96c6\u6a29\u304b\u3089\u751f\u307e\u308c\u305fAMM\u306f\u3001\u30a4\u30f3\u30bf\u30fc\u30cd\u30c3\u30c8\u63a5\u7d9a\u3068\u30a6\u30a9\u30ec\u30c3\u30c8\u3055\u3048\u3042\u308c\u3070\u3001\u4e16\u754c\u4e2d\u306e\u3069\u3053\u304b\u3089\u3067\u3082\u30a2\u30af\u30bb\u30b9\u3067\u304d\u307e\u3059\u3002\u3042\u306a\u305f\u306e\u6d3b\u52d5\u306f\u627f\u8a8d\u3055\u308c\u308b\u5fc5\u8981\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/li>\n<li><strong>\u30b5\u30dd\u30fc\u30c8\u3057\u306a\u304c\u3089\u7a3c\u3050\uff1a<\/strong> AMM\u306f\u30c8\u30ec\u30fc\u30c7\u30a3\u30f3\u30b0\u306e\u67a0\u3092\u8d85\u3048\u3001\u5f37\u529b\u306a\u53ce\u76ca\u30e1\u30ab\u30cb\u30ba\u30e0\u3092\u89e3\u304d\u653e\u3064\uff1a <strong>\u6d41\u52d5\u6027\u4f9b\u7d66<\/strong>.\u30c8\u30fc\u30af\u30f3\u3092\u30d7\u30fc\u30eb\u306b\u4f9b\u7d66\u3059\u308b\u3053\u3068\u3067\u3001\u8ab0\u3067\u3082\u767a\u751f\u3057\u305f\u53d6\u5f15\u624b\u6570\u6599\u306e\u5206\u3051\u524d\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3002<\/li>\n<\/ul>\n<h3 id=\"demystifying-the-magic-how-do-amms-actually-work\">\u9b54\u6cd5\u306e\u89e3\u660e\uff1aAMM\u306f\u5b9f\u969b\u306b\u3069\u306e\u3088\u3046\u306b\u6a5f\u80fd\u3059\u308b\u306e\u304b\uff1f<\/h3>\n<p>\u305d\u306e\u79d8\u8a23\u306f\u3001\u5f93\u6765\u306e\u30aa\u30fc\u30c0\u30fc\u30d6\u30c3\u30af\u30922\u3064\u306e\u30b3\u30a2\u30fb\u30b3\u30f3\u30bb\u30d7\u30c8\u306b\u7f6e\u304d\u63db\u3048\u308b\u3053\u3068\u306b\u3042\u308b\uff1a<\/p>\n<ol>\n<li><strong>\u30b9\u30de\u30fc\u30c8\u30fb\u30b3\u30f3\u30c8\u30e9\u30af\u30c8<\/strong> \u3053\u308c\u304c\u81ea\u5f8b\u7684\u306a\u982d\u8133\u3060\u3002\u30d1\u30d6\u30ea\u30c3\u30af\u30fb\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u4e0a\u306b\u914d\u7f6e\u3055\u308c\u3001\u53d6\u5f15\u30eb\u30fc\u30eb\u3092\u6697\u53f7\u5316\u3057\u3001\u4eba\u9593\u306e\u4ecb\u5165\u3084\u96c6\u4e2d\u7ba1\u7406\u306a\u3057\u306b\u5b8c\u74a7\u306b\u5b9f\u884c\u3059\u308b\u3002<\/li>\n<li><strong>\u6d41\u52d5\u6027\u30d7\u30fc\u30eb\uff1a<\/strong> \u3053\u308c\u304c\u5fc3\u81d3\u90e8\u3067\u3042\u308b\u3002AMM\u306f\u3001\u500b\u3005\u306e\u30c8\u30ec\u30fc\u30c0\u30fc\u3092\u30de\u30c3\u30c1\u30f3\u30b0\u3055\u305b\u308b\u4ee3\u308f\u308a\u306b\u3001\u30d7\u30fc\u30eb\uff08\u30b9\u30de\u30fc\u30c8\u30fb\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u304c\u4fdd\u6709\u3059\u308b <em>\u306b<\/em> \u7570\u306a\u308b\u30c8\u30fc\u30af\u30f3\uff08\u4f8b\u3048\u3070\u3001ETH\u3068USDC\uff09\u3002\u30c8\u30ec\u30fc\u30c0\u30fc\u306f\u3053\u306e\u30d7\u30fc\u30eb\u306b\u5bfe\u3057\u3066\u76f4\u63a5\u30c8\u30fc\u30af\u30f3\u3092\u30b9\u30ef\u30c3\u30d7\u3057\u307e\u3059\u3002<\/li>\n<\/ol>\n<h4 id=\"the-role-of-liquidity-providers-lps\">\u6d41\u52d5\u6027\u4f9b\u7d66\u8005\uff08LP\uff09\u306e\u5f79\u5272<\/h4>\n<p>\u6d41\u52d5\u6027\u306f\u751f\u547d\u7dda\u3060\u3002 <strong>\u8ab0\u3067\u3082<\/strong> \u3092\u9810\u8a17\u3059\u308b\u3053\u3068\u3067\u3001\u6d41\u52d5\u6027\u4f9b\u7d66\u8005\uff08LP\uff09\u3068\u306a\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002 <em>\u540c\u5024<\/em> \u306e\u30c8\u30fc\u30af\u30f3\u3092\u30d7\u30fc\u30eb\u306b\u5165\u308c\u308b\u3002\u306a\u305c\u3053\u3093\u306a\u3053\u3068\u3092\u3059\u308b\u306e\u304b\uff1f <strong>\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\uff01<\/strong> LP\u306f\u3001\u81ea\u5206\u306e\u30d7\u30fc\u30eb\u3067\u30b9\u30ef\u30c3\u30d7\u304c\u767a\u751f\u3059\u308b\u5ea6\u306b\u3001\u53d6\u5f15\u624b\u6570\u6599\u306e\u4e00\u90e8\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u6d41\u52d5\u6027\u304c\u9ad8\u307e\u308b\u3068\u3044\u3046\u3053\u3068\u306f<\/p>\n<ul>\n<li><strong>\u3088\u308a\u7c21\u5358\u306a\u5927\u53e3\u53d6\u5f15\uff1a<\/strong> \u30c8\u30ec\u30fc\u30c0\u30fc\u306f\u3001\u5927\u304d\u306a\u4fa1\u683c\u5909\u52d5\uff08\u4f4e\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\uff09\u3092\u5f15\u304d\u8d77\u3053\u3059\u3053\u3068\u306a\u304f\u3001\u5927\u91cf\u306e\u30b9\u30ef\u30c3\u30d7\u3092\u884c\u3046\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002<\/li>\n<li><strong>\u3088\u308a\u52b9\u7387\u7684\u306a\u5e02\u5834<\/strong> \u6df1\u3044\u6d41\u52d5\u6027\u306f\u3088\u308a\u591a\u304f\u306e\u30c8\u30ec\u30fc\u30c0\u30fc\u3092\u60f9\u304d\u3064\u3051\u3001\u597d\u5faa\u74b0\u3092\u751f\u307f\u51fa\u3059\u3002<\/li>\n<\/ul>\n<h4 id=\"the-genius-formula-x--y--k---the-constant-product-machine\">\u5929\u624d\u306e\u516c\u5f0fx * y = k - \u5b9a\u7a4d\u30de\u30b7\u30f3<\/h4>\n<p>\u3053\u308c\u3053\u305d\u771f\u306e\u30a8\u30ec\u30ac\u30f3\u30b9\u304c\u8f1d\u304f\u3068\u3053\u308d\u3060\u3002\u8cb7\u3044\u624b\u3068\u58f2\u308a\u624b\u304c\u6ce8\u6587\u3092\u51fa\u3055\u305a\u306b\u3001AMM\u306f\u3069\u306e\u3088\u3046\u306b\u3057\u3066\u4fa1\u683c\u3092\u6c7a\u5b9a\u3059\u308b\u306e\u3060\u308d\u3046\u304b\uff1f\u305d\u308c\u306f\u3001\u30b7\u30f3\u30d7\u30eb\u3067\u5f37\u529b\u306a\u6570\u5b66\u7684\u30eb\u30fc\u30eb\u3092\u4f7f\u3046\u304b\u3089\u3060\u3002 <strong>\u5b9a\u7a4d\u306e\u516c\u5f0f\uff1ax * y = k<\/strong>.<\/p>\n<ul>\n<li><strong>x<\/strong> = \u30d7\u30fc\u30eb\u5185\u306e\u30c8\u30fc\u30af\u30f3A\u306e\u6570\u91cf\uff08\u4f8b\uff1aETH\uff09<\/li>\n<li><strong>y<\/strong> = \u30d7\u30fc\u30eb\u5185\u306e\u30c8\u30fc\u30af\u30f3 B \u306e\u6570\u91cf\uff08\u4f8b\uff1aUSDC\uff09<\/li>\n<li><strong>k<\/strong> = A <strong>\u4e00\u5b9a\u5024<\/strong> (x\u3068y\u306e\u7a4d\uff09<\/li>\n<\/ul>\n<p><strong>\u3069\u306e\u3088\u3046\u306b\u6a5f\u80fd\u3059\u308b\u304b<\/strong><\/p>\n<ol>\n<li><strong>\u521d\u671f\u5316\uff1a<\/strong> LP\u304c\u30d7\u30fc\u30eb\u3092\u4f5c\u6210\u3059\u308b\u969b\u3001LP\u306f\u540c\u984d\u306e\u30d7\u30fc\u30eb\u3092\u9810\u8a17\u3057\u307e\u3059\u3002 <em>\u4fa1\u5024<\/em> 2\u3064\u306e\u30c8\u30fc\u30af\u30f3\u306e\u91cf\u3092\u8a2d\u5b9a\u3057\u3001\u521d\u671f\u6bd4\u7387\u3068\u521d\u671f\u5024\u3092\u8a2d\u5b9a\u3059\u308b\u3002 <code>k<\/code> (x * y).<\/li>\n<li><strong>\u4e0d\u5909\u306e\u30eb\u30fc\u30eb<\/strong> <code>k<\/code> \u30de\u30b9\u30c8 <em>\u5e38\u306b<\/em> \u3053\u306e\u30eb\u30fc\u30eb\u306f\u3001\u3059\u3079\u3066\u306e\u5024\u52d5\u304d\u3092\u652f\u914d\u3059\u308b\u3002\u3053\u306e\u30eb\u30fc\u30eb\u306f\u3059\u3079\u3066\u306e\u5024\u52d5\u304d\u3092\u652f\u914d\u3059\u308b\u3002<\/li>\n<li><strong>\u4fa1\u683c\u6c7a\u5b9a\uff1a<\/strong> \u30d7\u30fc\u30eb\u5185\u306e\u5404\u30c8\u30fc\u30af\u30f3\u306e\u4fa1\u683c\u306f\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u6c7a\u5b9a\u3055\u308c\u307e\u3059\u3002 <em>\u6d41\u52d5\u6bd4\u7387<\/em> \u306e <code>x<\/code> \u305d\u3057\u3066 <code>y<\/code>.\n<ul>\n<li>\u8ab0\u304b\u304c\u30d7\u30fc\u30eb\u304b\u3089\u30c8\u30fc\u30af\u30f3A\uff08ETH\uff09\u3092\u8cfc\u5165\u3057\u305f\u5834\u5408\u3001\u30c8\u30fc\u30af\u30f3B\uff08USDC\uff09\u3092\u8ffd\u52a0\u3057\u3001\u30c8\u30fc\u30af\u30f3A\uff08ETH\uff09\u3092\u524a\u9664\u3057\u307e\u3059\u3002<\/li>\n<li>\u3053\u308c\u306b\u3088\u308a\u3001\u4ee5\u4e0b\u306e\u3053\u3068\u304c\u6e1b\u5c11\u3059\u308b\u3002 <code>x<\/code> (\u30d7\u30fc\u30eb\u5185\u306eETH\u4f9b\u7d66\u91cf\uff09\u3092\u5897\u52a0\u3055\u305b <code>y<\/code> (\u30d7\u30fc\u30eb\u306eUSDC\u4f9b\u7d66\uff09\u3002<\/li>\n<li>\u306a\u305c\u306a\u3089 <code>k<\/code> \u306f\u4e00\u5b9a\u3067\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\uff08x * y = k\uff09\u3002 <em>\u6e1b\u5c11<\/em> \u3067 <code>x<\/code> \u305d\u3057\u3066 <em>\u5897\u52a0<\/em> \u3067 <code>y<\/code> \u3068\u306f\u3001\u30ca\u30a6\u30fb\u30b9\u30ab\u30fc\u30b5\u30fc\u30fb\u30c8\u30fc\u30af\u30f3A\uff08ETH\uff09\u306e\u4fa1\u683c\u3092\u610f\u5473\u3059\u308b\u3002 <em>\u5897\u52a0<\/em> \u30c8\u30fc\u30af\u30f3B\uff08USDC\uff09\u306b\u5bfe\u3057\u3066\u3002<\/li>\n<li>\u9006\u306b\u3001\u30c8\u30fc\u30af\u30f3B\uff08USDC\uff09\u306e\u4fa1\u683c <em>\u6e1b\u5c11<\/em> \u30c8\u30fc\u30af\u30f3A\uff08ETH\uff09\u3088\u308a\u3082\u30d7\u30fc\u30eb\u306b\u591a\u304f\u5b58\u5728\u3059\u308b\u304b\u3089\u3060\u3002<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u30c0\u30a4\u30ca\u30df\u30c3\u30af\u30fb\u30ea\u30d0\u30e9\u30f3\u30b7\u30f3\u30b0\uff1a<\/strong> \u3059\u3079\u3066\u306e\u53d6\u5f15\u306f\u81ea\u52d5\u7684\u306b\u30d7\u30fc\u30eb\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u8abf\u6574\u3057\u3001\u30c8\u30fc\u30af\u30f3\u306e\u91cf\u3092\u8abf\u6574\u3057\u307e\u3059(<code>x<\/code> \u305d\u3057\u3066 <code>y<\/code>)\u3092\u78ba\u4fdd\u3059\u308b\u3002 <code>x * y<\/code> \u5e38\u306b\u7b49\u3057\u3044 <code>k<\/code>\u305d\u3057\u3066\u3001\u65b0\u3057\u3044\u6bd4\u7387\u306b\u5f93\u3063\u3066\u4fa1\u683c\u3092\u66f4\u65b0\u3059\u308b\u3002<\/li>\n<\/ol>\n<p><strong>\u305d\u308c\u3092\u8996\u899a\u5316\u3059\u308b\uff1a<\/strong> \u66f2\u7dda\u3092\u60f3\u50cf\u3057\u3066\u307b\u3057\u3044\u3002\u6700\u521d\u306e\u6bd4\u7387\u3092\u8868\u3059\u70b9\u304b\u3089\u30b9\u30bf\u30fc\u30c8\u3059\u308b\u3002\u30c8\u30fc\u30af\u30f3A\u3092\u8cb7\u3046\u3068\u3001\u30ab\u30fc\u30d6\u306e\u4e0a\u3068\u5de6\u306b\u79fb\u52d5\u3059\u308b\uff08\u30c8\u30fc\u30af\u30f3A\u304c\u5c11\u306a\u304f\u3001\u4fa1\u683c\u304c\u9ad8\u3044\uff09\u3002\u30c8\u30fc\u30af\u30f3A\u3092\u58f2\u308b\u3068\u3001\u53f3\u4e0b\u304c\u308a\u306b\u306a\u308b\uff08\u30c8\u30fc\u30af\u30f3A\u304c\u5897\u3048\u308b\u3068\u4fa1\u683c\u304c\u4e0b\u304c\u308b\uff09\u3002\u30ab\u30fc\u30d6\u306f\u3001\u30d7\u30fc\u30eb\u5185\u306e\u9700\u8981\u3068\u4f9b\u7d66\u306b\u57fa\u3065\u3044\u3066\u4fa1\u683c\u304c\u30b9\u30e0\u30fc\u30ba\u306b\u8abf\u6574\u3055\u308c\u308b\u3053\u3068\u3092\u4fdd\u8a3c\u3057\u307e\u3059\u3002<\/p>\n<p><strong>\u7d50\u679c<\/strong> \u5b8c\u5168\u306b\u5206\u6563\u5316\u3055\u308c\u305f\u3001\u900f\u660e\u3067\u81ea\u52d5\u7684\u306a\u4fa1\u683c\u8a2d\u5b9a\u30e1\u30ab\u30cb\u30ba\u30e0\u3002\u4ea4\u6e09\u306a\u3057\u3002\u4ef2\u4ecb\u8005\u3082\u3044\u306a\u3044\u3002\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u4e0a\u3067\u5b9f\u884c\u3055\u308c\u308b\u3001\u7d14\u7c8b\u3067\u4fe1\u983c\u3067\u304d\u308b\u6570\u5b66\u3060\u3051\u3002<\/p>\n<h3 id=\"seeing-it-in-action-a-real-trade-step-by-step\">\u5b9f\u969b\u306b\u3084\u3063\u3066\u307f\u308b\u30ea\u30a2\u30eb\u30c8\u30ec\u30fc\u30c9\u30fb\u30b9\u30c6\u30c3\u30d7\u30fb\u30d0\u30a4\u30fb\u30b9\u30c6\u30c3\u30d7<\/h3>\n<p>\u5177\u4f53\u7684\u306b\u8aac\u660e\u3057\u3088\u3046\u3002Uniswap\u306e\u3088\u3046\u306aAMM DEX\u3067\u3001$100 USDC\u3092ETH\u306b\u4ea4\u63db\u3059\u308b\u3053\u3068\u3092\u60f3\u50cf\u3057\u3066\u307f\u3066\u304f\u3060\u3055\u3044\uff1a<\/p>\n<ol>\n<li><strong>\u30e6\u30fc\u30b6\u30fc\u30a2\u30af\u30b7\u30e7\u30f3\uff1a<\/strong> \u30a6\u30a9\u30ec\u30c3\u30c8\u3092\u63a5\u7d9a\u3057\u3001\u5165\u529b\u3068\u3057\u3066USDC\u3001\u51fa\u529b\u3068\u3057\u3066ETH\u3092\u9078\u629e\u3057\u307e\u3059\u3002$100 USDC\u3068\u5165\u529b\u3057\u307e\u3059\u3002<\/li>\n<li><strong>\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u898b\u7a4d\u3082\u308a\uff1a<\/strong> DEX\u306e\u30a4\u30f3\u30bf\u30fc\u30d5\u30a7\u30a4\u30b9\u306f\u3001\u3042\u306a\u305f\u304c\u53d7\u3051\u53d6\u308bETH\u306e\u91cf\u3092\u5373\u5ea7\u306b\u8a08\u7b97\u3057\u307e\u3059\u3002\u3053\u306e\u8a08\u7b97\u306b\u306f <em>\u73fe\u5728<\/em> <code>x<\/code> (ETH\uff09\u3068 <code>y<\/code> (USDC)\u6e96\u5099\u91d1\u306e\u30d7\u30fc\u30eb\u3068\u4e00\u5b9a\u306e <code>k<\/code>\u5b9a\u7a4d\u306e\u516c\u5f0f\u3092\u9069\u7528\u3059\u308b\u3002<\/li>\n<li><strong>\u78ba\u8a8d\u3059\u308b\uff1a<\/strong> \u3042\u306a\u305f\u306f\u30c8\u30ec\u30fc\u30c9\u3092\u627f\u8a8d\u3059\u308b\u3002<\/li>\n<li><strong>\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u306e\u5b9f\u884c\uff1a<\/strong> \u3072\u3068\u3064\u306e\u30b7\u30fc\u30e0\u30ec\u30b9\u306a\u53d6\u5f15\u3067\uff1a\n<ul>\n<li>\u30b9\u30de\u30fc\u30c8\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u306f\u3042\u306a\u305f\u306e\u30a6\u30a9\u30ec\u30c3\u30c8\u304b\u3089100USDC\u3092\u5dee\u3057\u5f15\u304f\u3002<\/li>\n<li>100USDC\u304c\u30d7\u30fc\u30eb\u306b\u8ffd\u52a0\u3055\u308c\u308b\u3002 <code>y<\/code>).<\/li>\n<li>ETH\u306e\u6b63\u78ba\u306a\u91cf\u306f\u3001\u4ee5\u4e0b\u306e\u8a08\u7b97\u5f0f\u306b\u57fa\u3065\u3044\u3066\u8a08\u7b97\u3055\u308c\u307e\u3059\u3002 <code>k<\/code> \u3092\u4e00\u5b9a\u306b\u3059\u308b\u3002 <code>x<\/code> \u7279\u5b9a\u306e\u91d1\u984d\u3067)\u3002<\/li>\n<li>\u8a08\u7b97\u3055\u308c\u305fETH\u304c\u3042\u306a\u305f\u306e\u30a6\u30a9\u30ec\u30c3\u30c8\u306b\u9001\u3089\u308c\u308b\u3002<\/li>\n<li>\u30d7\u30fc\u30eb\u306e\u6e96\u5099\u91d1\u304c\u66f4\u65b0\u3055\u308c\u308b\uff1aUSDC\u304c\u5897\u3048\u3001ETH\u304c\u6e1b\u308a\u307e\u3059\u3002ETH\u306e\u4fa1\u683c\uff08USDC\u306b\u5bfe\u3059\u308b\u76f8\u5bfe\u4fa1\u683c\uff09\u306f\u3001\u53d6\u5f15\u524d\u3088\u308a\u3082\u308f\u305a\u304b\u306b\u9ad8\u304f\u306a\u3063\u3066\u3044\u307e\u3059\u3002<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u7d50\u679c<\/strong> \u3042\u306a\u305f\u306fETH\u3092\u6301\u3061\u3001\u30d7\u30fc\u30eb\u306f\u30ea\u30d0\u30e9\u30f3\u30b9\u3055\u308c\u3001\u4fa1\u683c\u306f\u66f4\u65b0\u3055\u308c\u3001\u6d41\u52d5\u6027\u30d7\u30ed\u30d0\u30a4\u30c0\u30fc\u306f\u3042\u306a\u305f\u306e\u53d6\u5f15\u304b\u3089\u5c11\u984d\u306e\u624b\u6570\u6599\u3092\u5f97\u308b\u3002\u3059\u3079\u3066\u306f\u5b89\u5168\u304b\u3064\u900f\u660e\u6027\u3092\u3082\u3063\u3066\u3001\u4e2d\u592e\u96c6\u6a29\u7684\u306a\u53d6\u5f15\u6240\u306a\u3057\u3067\u9054\u6210\u3055\u308c\u307e\u3059\u3002<\/li>\n<\/ol>\n<h3 id=\"beyond-the-basics-the-evolving-amm-landscape\">\u57fa\u672c\u3092\u8d85\u3048\u308b\uff1a\u9032\u5316\u3059\u308bAMM\u306e\u5c55\u671b<\/h3>\n<p>\u30e6\u30cb\u30b9\u30ef\u30c3\u30d7\u304c\u6a19\u6e96\u7684\u306a\u30b3\u30f3\u30b9\u30bf\u30f3\u30c8\u30fb\u30d7\u30ed\u30c0\u30af\u30c8(<code>x*y=k<\/code>)AMM\u30e2\u30c7\u30eb\u3001\u9769\u65b0\u306f\u7e41\u6804\u3059\u308b\uff1a<\/p>\n<ul>\n<li><strong>\u30ab\u30fc\u30d6\u30fb\u30d5\u30a1\u30a4\u30ca\u30f3\u30b9<\/strong> \u5b89\u5b9a\u30b3\u30a4\u30f3\u30da\u30a2\uff08\u4f8b\uff1aUSDC\/USDT\uff09\u307e\u305f\u306f\u985e\u4f3c\u30da\u30c3\u30b0\u8cc7\u7523\u306b\u7279\u5316\u3002\u3053\u308c\u3089\u306e\u4f4e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u53d6\u5f15\u306e\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\u3068\u624b\u6570\u6599\u3092\u6700\u5c0f\u5316\u3059\u308b\u305f\u3081\u306b\u6700\u9069\u5316\u3055\u308c\u305f\u8a08\u7b97\u5f0f\u3092\u4f7f\u7528\u3057\u3001\u91cd\u8981\u306a\u6d41\u52d5\u6027\u306e\u8ab2\u984c\u3092\u89e3\u6c7a\u3057\u307e\u3059\u3002<\/li>\n<li><strong>\u30d0\u30e9\u30f3\u30b5\u30fc\uff1a<\/strong> \u3092\u6301\u3064\u30d7\u30fc\u30eb\u3092\u53ef\u80fd\u306b\u3059\u308b\u3053\u3068\u3067\u3001\u67d4\u8edf\u6027\u3092\u62e1\u5927\u3059\u308b\u3002 <em>\u4e8c\u3064\u4ee5\u4e0a<\/em> \u30a2\u30bb\u30c3\u30c8\uff08\u6700\u59278\u3064\uff09\u3068 <em>\u30ab\u30b9\u30bf\u30e0\u30a6\u30a7\u30a4\u30c8<\/em> (50\/50\u3060\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\uff09\u3002\u81ea\u52d5\u5316\u3055\u308c\u305f\u3001\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u53ef\u80fd\u306a\u30a4\u30f3\u30c7\u30c3\u30af\u30b9\u30fb\u30d5\u30a1\u30f3\u30c9\uff0f\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u3068\u8003\u3048\u3066\u307b\u3057\u3044\u3002<\/li>\n<li><strong>\u96c6\u4e2d\u6d41\u52d5\u6027\uff08\u30e6\u30cb\u30b9\u30ef\u30c3\u30d7V3\u306a\u3069\uff09\uff1a<\/strong> LP\u306f\u3001\u7279\u5b9a\u306e\u4fa1\u683c\u5e2f\u306b\u8cc7\u91d1\u3092\u96c6\u4e2d\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u305f\u3081\u3001\u8cc7\u672c\u52b9\u7387\u304c\u98db\u8e8d\u7684\u306b\u5411\u4e0a\u3057\u3001\u30a2\u30af\u30c6\u30a3\u30d6\u30fb\u30d7\u30fc\u30eb\u306e\u624b\u6570\u6599\u53ce\u76ca\u304c\u5897\u52a0\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/li>\n<\/ul>\n<p>\u3053\u308c\u3089\u306e\u30d0\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\u3001\u6d3b\u6c17\u306b\u6e80\u3061\u305fDeFi\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u306e\u4e2d\u3067\u3001\u3055\u307e\u3056\u307e\u306a\u8cc7\u7523\u30bf\u30a4\u30d7\u3084\u53d6\u5f15\u6226\u7565\u306b\u6700\u9069\u5316\u3055\u308c\u305f\u30b3\u30a2AMM\u30b3\u30f3\u30bb\u30d7\u30c8\u306e\u9069\u5fdc\u6027\u3092\u793a\u3057\u3066\u3044\u308b\u3002<\/p>\n<h3 id=\"the-future-is-automated-open-and-liquid\">\u672a\u6765\u306f\u81ea\u52d5\u5316\u3001\u30aa\u30fc\u30d7\u30f3\u3001\u30ea\u30ad\u30c3\u30c9\u5316\u3059\u308b<\/h3>\n<p>\u81ea\u52d5\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc\u306f\u3001\u8ce2\u3044\u6280\u8853\u7684\u30bd\u30ea\u30e5\u30fc\u30b7\u30e7\u30f3\u4ee5\u4e0a\u306e\u3082\u306e\u3067\u3042\u308a\u3001\u65b0\u3057\u3044\u91d1\u878d\u30d1\u30e9\u30c0\u30a4\u30e0\u306e\u57fa\u76e4\u3068\u306a\u308b\u30a4\u30f3\u30d5\u30e9\u3067\u3042\u308b\u3002\u30b9\u30de\u30fc\u30c8\u30fb\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u3068\u3001\u4ee5\u4e0b\u306e\u3088\u3046\u306a\u6570\u5f0f\u3092\u6d3b\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u65b0\u3057\u3044\u91d1\u878d\u30d1\u30e9\u30c0\u30a4\u30e0\u306e\u57fa\u76e4\u3068\u306a\u308b\u3002 <code>x * y = k<\/code>AMM\u306f\u305d\u308c\u3092\u5b9f\u73fe\u3059\u308b\uff1a<\/p>\n<ul>\n<li><strong>\u304b\u3064\u3066\u306a\u3044\u30a2\u30af\u30bb\u30b7\u30d3\u30ea\u30c6\u30a3\uff1a<\/strong> \u30a4\u30f3\u30bf\u30fc\u30cd\u30c3\u30c8\u306b\u63a5\u7d9a\u3067\u304d\u308b\u4eba\u306a\u3089\u8ab0\u3067\u3082\u3001\u4e16\u754c\u5e02\u5834\u3092\u958b\u304f\u3053\u3068\u304c\u3067\u304d\u308b\u3002<\/li>\n<li><strong>\u7d99\u7d9a\u7684\u306a\u6d41\u52d5\u6027\uff1a<\/strong> \u6700\u3082\u30cb\u30c3\u30c1\u306a\u8cc7\u7523\u3067\u3042\u3063\u3066\u3082\u3001\u5206\u6563\u578b\u53c2\u52a0\u8005\u306b\u3088\u308a24\u6642\u9593365\u65e5\u306e\u53d6\u5f15\u304c\u53ef\u80fd\u3002<\/li>\n<li><strong>\u900f\u660e\u306a\u52b9\u7387\uff1a<\/strong> \u691c\u8a3c\u53ef\u80fd\u306a\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u30fb\u30ed\u30b8\u30c3\u30af\u306b\u57fa\u3065\u304f\u4e88\u6e2c\u53ef\u80fd\u306a\u4fa1\u683c\u8a2d\u5b9a\u306b\u3088\u308a\u3001\u4e0d\u900f\u660e\u306a\u4ef2\u4ecb\u696d\u8005\u3078\u306e\u4f9d\u5b58\u3092\u6700\u5c0f\u9650\u306b\u6291\u3048\u308b\u3002<\/li>\n<li><strong>\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u30fb\u30a8\u30f3\u30b8\u30f3\uff1a<\/strong> \u878d\u8cc7\u3001\u501f\u5165\u3001\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3001\u30a4\u30fc\u30eb\u30c9\u30d5\u30a1\u30fc\u30df\u30f3\u30b0\u306a\u3069\u3001DeFi\u30a8\u30b3\u30b7\u30b9\u30c6\u30e0\u5168\u4f53\u304c\u69cb\u7bc9\u3055\u308c\u308b\u6d41\u52d5\u6027\u306e\u57fa\u76e4\u3092\u63d0\u4f9b\u3059\u308b\u3002<\/li>\n<\/ul>\n<p>\u30aa\u30fc\u30c0\u30fc\u30d6\u30c3\u30af\u304b\u3089\u30ea\u30af\u30a4\u30c7\u30a3\u30c6\u30a3\u30fb\u30d7\u30fc\u30eb\u3001\u305d\u3057\u3066\u30a2\u30eb\u30b4\u30ea\u30ba\u30df\u30c3\u30af\u30fb\u30d7\u30e9\u30a4\u30b7\u30f3\u30b0\u3078\u306e\u79fb\u884c\u306f\u3001\u5358\u306a\u308b\u30a2\u30c3\u30d7\u30b0\u30ec\u30fc\u30c9\u3067\u306f\u306a\u304f\u3001\u5e02\u5834\u306e\u3042\u308a\u65b9\u3001\u305d\u3057\u3066\u3042\u308b\u3079\u304d\u59ff\u3092\u6839\u672c\u304b\u3089\u554f\u3044\u76f4\u3059\u3082\u306e\u3060\u3002AMM\u306f\u3001\u5206\u6563\u5316\u3001\u900f\u660e\u6027\u3001\u7121\u8a31\u53ef\u306e\u30a4\u30ce\u30d9\u30fc\u30b7\u30e7\u30f3\u3068\u3044\u3063\u305f\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u306e\u6838\u3068\u306a\u308b\u7406\u5ff5\u3092\u4f53\u73fe\u3057\u3066\u304a\u308a\u3001\u5206\u6563\u578b\u91d1\u878d\u306e\u4e16\u754c\u306b\u304a\u3044\u3066\u6700\u3082\u5909\u9769\u7684\u3067\u6c38\u7d9a\u7684\u306a\u624b\u6bb5\u306e1\u3064\u3067\u3042\u308b\u3053\u3068\u304c\u8a3c\u660e\u3055\u308c\u3064\u3064\u3042\u308b\u3002\u9769\u547d\u306f\u81ea\u52d5\u5316\u3055\u308c\u3066\u304a\u308a\u3001\u307e\u3060\u59cb\u307e\u3063\u305f\u3070\u304b\u308a\u3060\u3002<\/p>","protected":false},"excerpt":{"rendered":"<p>Unlock the Magic of Crypto Trading: How Automated Market Makers Revolutionized Finance Imagine trading crypto anytime, anywhere, without needing a buyer on the other side. Sounds impossible? Welcome to the world of Automated Market Makers (AMMs) \u2013 the ingenious engine powering decentralized finance. Forget clunky order books; AMMs use pure mathematical magic to keep markets flowing 24\/7. This isn&#39;t just innovation; it&#39;s a financial revolution unfolding on the blockchain. Ready to see how it works? What Exactly is an Automated Market Maker (AMM)? Beyond the Buzzwords At its core, an AMM is a revolutionary type of decentralized exchange (DEX). It throws out the traditional rulebook. Forget buyers and sellers haggling [&hellip;]<\/p>","protected":false},"author":1,"featured_media":3422,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"footnotes":""},"categories":[34],"tags":[],"class_list":["post-3423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-knowledge"],"_links":{"self":[{"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/posts\/3423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/comments?post=3423"}],"version-history":[{"count":0,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/posts\/3423\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/media\/3422"}],"wp:attachment":[{"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/media?parent=3423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/categories?post=3423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theexchain.com\/ja\/wp-json\/wp\/v2\/tags?post=3423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}