{"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":"%e4%bb%80%e9%ba%bc%e6%98%af%e8%87%aa%e5%8b%95%e5%8c%96%e5%81%9a%e5%b8%82%e5%95%86%ef%bc%9f","status":"publish","type":"post","link":"https:\/\/theexchain.com\/zh\/%e4%bb%80%e9%ba%bc%e6%98%af%e8%87%aa%e5%8b%95%e5%8c%96%e5%81%9a%e5%b8%82%e5%95%86%ef%bc%9f\/","title":{"rendered":"\u4ec0\u9ebc\u662f\u81ea\u52d5\u505a\u5e02\u5546 (AMM)\uff1f\u6838\u5fc3\u6a5f\u5236\n  DEX \u5982 Uniswap"},"content":{"rendered":"<h2 id=\"unlock-the-magic-of-crypto-trading-how-automated-market-makers-revolutionized-finance\">\u89e3\u958b\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\u7684\u9b54\u529b\uff1a\u81ea\u52d5\u5316\u838a\u5bb6\u5982\u4f55\u9769\u65b0\u91d1\u878d<\/h2>\n<p>\u60f3\u50cf\u4e00\u4e0b\u96a8\u6642\u96a8\u5730\u9032\u884c\u52a0\u5bc6\u8ca8\u5e63\u4ea4\u6613\uff0c\u800c\u4e0d\u9700\u8981\u53e6\u4e00\u65b9\u7684\u8cb7\u5bb6\u3002\u807d\u8d77\u4f86\u4e0d\u53ef\u80fd\uff1f\u6b61\u8fce\u4f86\u5230\u81ea\u52d5\u505a\u5e02\u5546 (AMM) \u7684\u4e16\u754c - \u70ba\u5206\u6563\u5f0f\u91d1\u878d\u63d0\u4f9b\u52d5\u529b\u7684\u5de7\u5999\u5f15\u64ce\u3002\u5fd8\u8a18\u7b28\u62d9\u7684\u8a02\u55ae\u7c3f\uff1bAMMs \u4f7f\u7528\u7d14\u6578\u5b78\u9b54\u6cd5\u4f86\u4fdd\u6301\u5e02\u5834\u5168\u5929\u5019\u6d41\u901a\u3002\u9019\u4e0d\u53ea\u662f\u5275\u65b0\uff0c\u800c\u662f\u5728\u5340\u584a\u93c8\u4e0a\u5c55\u958b\u7684\u91d1\u878d\u9769\u547d\u3002\u6e96\u5099\u597d\u770b\u770b\u5b83\u662f\u5982\u4f55\u904b\u4f5c\u7684\u55ce\uff1f<\/p>\n<h3 id=\"what-exactly-is-an-automated-market-maker-amm-beyond-the-buzzwords\">\u4f55\u8b02\u81ea\u52d5\u5316\u838a\u5bb6 (AMM)\uff1f\u8a5e\u5f59\u4e4b\u5916<\/h3>\n<p>AMM \u7684\u6838\u5fc3\u662f\u4e00\u7a2e\u9769\u547d\u6027\u7684 <strong>\u5206\u6563\u5f0f\u4ea4\u6613\u6240<\/strong>.\u5b83\u62cb\u68c4\u4e86\u50b3\u7d71\u7684\u898f\u5247\u3002\u5fd8\u8a18\u8cb7\u5bb6\u548c\u8ce3\u5bb6\u5728\u8a02\u55ae\u7c3f\u4e0a\u8a0e\u50f9\u9084\u50f9\u3002\u53d6\u800c\u4ee3\u4e4b\u7684\u662f\uff0cAMM \u4f9d\u9760 <strong>\u667a\u6167\u5408\u7d04<\/strong> - \u81ea\u52d5\u57f7\u884c\u7684\u4ee3\u78bc\u751f\u6d3b\u5728\u4ee5\u592a\u574a\u7b49\u5340\u584a\u93c8\u4e0a - \u4ee5\u53ca\u5f37\u5927\u7684\u6578\u5b78\u516c\u5f0f\u4f86\u81ea\u52d5\u5b9a\u50f9\u548c\u57f7\u884c\u4ea4\u6613\u3002\u9019\u7a2e\u6839\u672c\u6027\u7684\u8f49\u8b8a\u4f7f\u5f97\uff1a<\/p>\n<ul>\n<li><strong>\u4e0d\u9593\u65b7\u7684\u3001\u7121\u8a31\u53ef\u7684\u4ea4\u6613\uff1a<\/strong> \u5e02\u5834\u5168\u5929\u5019\u958b\u653e\u3002\u6c92\u6709\u770b\u9580\u4eba\uff0c\u6c92\u6709\u8a3b\u518a\u5be9\u6279\u3002\u53ea\u8981\u60a8\u6709\u52a0\u5bc6\u8ca8\u5e63\u9322\u5305\uff0c\u5c31\u53ef\u4ee5\u9032\u884c\u4ea4\u6613\u3002<\/li>\n<li><strong>\u6578\u842c\u5104\u7684\u4ea4\u6613\u91cf\uff0c\u6c92\u6709\u4e2d\u9593\u4eba\uff1a<\/strong> \u900f\u904e\u79fb\u9664\u96c6\u4e2d\u5f0f\u4e2d\u4ecb\uff0cAMM \u53ef\u4ee5\u900f\u660e\u4e14\u6709\u6548\u7387\u5730\u8655\u7406\u5927\u91cf\u7684\u8cc7\u6599\u3002<\/li>\n<li><strong>\u516c\u5e73\u7684\u8cbb\u7528\u5206\u914d\uff1a<\/strong> \u4ea4\u6613\u8cbb\u7528\u76f4\u63a5\u4e14\u900f\u660e\u5730\u6d41\u5411\u7cfb\u7d71\u7684\u53c3\u8207\u8005\uff1a\u6d41\u52d5\u8cc7\u91d1\u63d0\u4f9b\u8005\u548c\u5e95\u5c64\u5340\u584a\u93c8\u7db2\u8def\u3002<\/li>\n<\/ul>\n<h3 id=\"why-amms-are-a-game-changer-benefits-you-cant-ignore\">\u70ba\u4f55 AMM \u80fd\u6539\u8b8a\u904a\u6232\u898f\u5247\uff1a\u60a8\u4e0d\u80fd\u5ffd\u8996\u7684\u512a\u9ede<\/h3>\n<p>AMM \u4e0d\u53ea\u662f\u6280\u8853\u4e0a\u7684\u65b0\u5947\u4e8b\u7269\uff1b\u5b83\u5011\u63d0\u4f9b\u4ee5\u4f7f\u7528\u8005\u70ba\u4e2d\u5fc3\u7684\u5be6\u8cea\u512a\u52e2\uff0c\u6b63\u5728\u91cd\u5851\u52a0\u5bc6\u8ca8\u5e63\u7684\u63a1\u7528\uff1a<\/p>\n<ul>\n<li><strong>\u7121\u8207\u502b\u6bd4\u7684\u4ee4\u724c\u5b58\u53d6\uff1a<\/strong> \u4ea4\u6613\u6578\u5343\u7a2e\u4ee3\u5e63\uff0c\u5f9e\u6bd4\u7279\u5e63\u548c\u4ee5\u592a\u574a\u7b49\u5de8\u982d\uff0c\u5230\u6700\u65b0\u3001\u6700\u5229\u57fa\u7684\u5c08\u6848\u3002\u4efb\u4f55\u4eba\u90fd\u53ef\u4ee5\u5275\u5efa\u4e00\u500b\u65b0\u7684\u4ea4\u6613\u5c0d\uff0c\u4fc3\u9032\u4ee4\u4eba\u96e3\u4ee5\u7f6e\u4fe1\u7684\u591a\u6a23\u6027\u3002<\/li>\n<li><strong>\u81ea\u52d5\u5316\u3001\u900f\u660e\u7684\u5b9a\u50f9\uff1a<\/strong> \u50f9\u683c\u7531\u53ef\u9810\u6e2c\u7684\u93c8\u4e0a\u516c\u5f0f\u8a2d\u5b9a\u3002\u60a8\u4e0d\u7528\u518d\u64d4\u5fc3\u662f\u5426\u5f97\u5230\u516c\u5e73\u7684\u4ea4\u6613 - \u6240\u6709\u7684\u8a08\u7b97\u90fd\u662f\u53ef\u898b\u7684\u3002\u5373\u4f7f\u5e02\u5834\u6ce2\u52d5\uff0c\u9019\u7a2e\u4e00\u81f4\u6027\u4e5f\u80fd\u4fdd\u6301\u3002<\/li>\n<li><strong>\u771f\u6b63\u7684\u5168\u7403\u5316\u8207\u958b\u653e\u6027\uff1a<\/strong> AMM \u8a95\u751f\u65bc\u53bb\u4e2d\u5fc3\u5316\uff0c\u4e16\u754c\u4e0a\u4efb\u4f55\u5730\u65b9\u53ea\u8981\u6709\u7db2\u8def\u9023\u7dda\u548c\u9322\u5305\u7684\u4eba\u90fd\u53ef\u4ee5\u5b58\u53d6\u3002\u60a8\u7684\u6d3b\u52d5\u7121\u9808\u7d93\u904e\u6279\u51c6\u3002<\/li>\n<li><strong>\u5728\u652f\u63f4\u7684\u540c\u6642\u8cfa\u9322\uff1a<\/strong> \u9664\u4e86\u4ea4\u6613\u4e4b\u5916\uff0cAMM \u9084\u767c\u6398\u4e86\u4e00\u500b\u5f37\u5927\u7684\u8cfa\u9322\u6a5f\u5236\uff1a <strong>\u6d41\u52d5\u6027\u64a5\u5099<\/strong>.\u900f\u904e\u5411\u4ee3\u5e63\u6c60\u63d0\u4f9b\u4ee3\u5e63\uff0c\u4efb\u4f55\u4eba\u90fd\u53ef\u4ee5\u8cfa\u53d6\u6240\u7522\u751f\u7684\u4ea4\u6613\u8cbb\u7528\u5206\u6210\u3002<\/li>\n<\/ul>\n<h3 id=\"demystifying-the-magic-how-do-amms-actually-work\">\u63ed\u958b\u9b54\u6cd5\u7684\u795e\u79d8\u9762\u7d17\uff1aAMM \u7a76\u7adf\u662f\u5982\u4f55\u904b\u4f5c\u7684\uff1f<\/h3>\n<p>\u79d8\u8a23\u5728\u65bc\u4ee5\u5169\u500b\u6838\u5fc3\u6982\u5ff5\u53d6\u4ee3\u50b3\u7d71\u7684\u8a02\u55ae\u7c3f\uff1a<\/p>\n<ol>\n<li><strong>\u667a\u6167\u578b\u5951\u7d04\uff1a<\/strong> \u9019\u4e9b\u662f\u81ea\u4e3b\u7684\u5927\u8166\u3002\u5b83\u5011\u90e8\u7f72\u5728\u516c\u5171\u5340\u584a\u93c8\u4e0a\uff0c\u5c0d\u4ea4\u6613\u898f\u5247\u9032\u884c\u7de8\u78bc\uff0c\u4e26\u5728\u6c92\u6709\u4eba\u70ba\u5e72\u9810\u6216\u96c6\u4e2d\u63a7\u5236\u7684\u60c5\u6cc1\u4e0b\u5b8c\u7f8e\u57f7\u884c\u3002<\/li>\n<li><strong>\u6d41\u52d5\u8cc7\u91d1\u6c60\uff1a<\/strong> \u9019\u4e9b\u90fd\u662f\u8df3\u52d5\u7684\u5fc3\u81df\u3002AMMs \u4e26\u975e\u5339\u914d\u500b\u5225\u4ea4\u6613\u8005\uff0c\u800c\u662f\u4f7f\u7528\u6c60 - \u667a\u6167\u578b\u5408\u7d04\uff0c\u6301\u6709\u5132\u5099\u7684\u4ea4\u6613\u8005\u3002 <em>\u4e8c<\/em> \u4e0d\u540c\u7684\u4ee3\u5e63\uff08\u4f8b\u5982 ETH \u548c USDC\uff09\u3002\u4ea4\u6613\u8005\u76f4\u63a5\u91dd\u5c0d\u6b64\u4ee3\u5e63\u6c60\u4ea4\u63db\u4ee3\u5e63\u3002<\/li>\n<\/ol>\n<h4 id=\"the-role-of-liquidity-providers-lps\">\u6d41\u52d5\u8cc7\u91d1\u63d0\u4f9b\u8005 (LP) \u7684\u89d2\u8272<\/h4>\n<p>\u6d41\u52d5\u8cc7\u91d1\u662f\u547d\u8108\u3002 <strong>\u4efb\u4f55\u4eba<\/strong> \u53ef\u6210\u70ba\u6d41\u52d5\u8cc7\u91d1\u63d0\u4f9b\u8005 (LP)\uff0c\u53ea\u8981\u5b58\u5165\u4e00\u7b46 <em>\u7b49\u503c<\/em> \u7684\u5169\u500b\u4ee3\u5e63\u653e\u5165\u4e00\u500b\u6c60\u4e2d\u3002\u4ed6\u5011\u70ba\u4ec0\u9ebc\u8981\u9019\u9ebc\u505a\uff1f <strong>\u734e\u52f5\u63aa\u65bd\uff01<\/strong> LPs \u53ef\u5f9e\u5176\u6c60\u4e2d\u767c\u751f\u7684\u6bcf\u7b46\u6389\u671f\u4e2d\u8cfa\u53d6\u90e8\u5206\u4ea4\u6613\u8cbb\u7528\u3002\u66f4\u591a\u7684\u6d41\u52d5\u6027\u610f\u5473\u8457\uff1a<\/p>\n<ul>\n<li><strong>\u66f4\u8f15\u9b06\u7684\u5927\u578b\u4ea4\u6613\uff1a<\/strong> \u4ea4\u6613\u8005\u53ef\u4ee5\u5728\u4e0d\u9020\u6210\u50f9\u683c\u5927\u5e45\u6ce2\u52d5\u7684\u60c5\u6cc1\u4e0b\u9032\u884c\u5927\u91cf\u4ea4\u63db\uff08\u4f4e\u6ed1\u9ede\uff09\u3002<\/li>\n<li><strong>\u66f4\u6709\u6548\u7387\u7684\u5e02\u5834\uff1a<\/strong> \u6df1\u539a\u7684\u6d41\u52d5\u6027\u5438\u5f15\u4e86\u66f4\u591a\u7684\u4ea4\u6613\u8005\uff0c\u5f62\u6210\u826f\u6027\u5faa\u74b0\u3002<\/li>\n<\/ul>\n<h4 id=\"the-genius-formula-x--y--k---the-constant-product-machine\">\u5929\u624d\u516c\u5f0f\uff1ax * y = k - \u6046\u5b9a\u7522\u54c1\u6a5f<\/h4>\n<p>\u9019\u624d\u662f\u771f\u6b63\u7684\u512a\u96c5\u4e4b\u8655\u3002AMM \u5982\u4f55\u5728\u8cb7\u8ce3\u96d9\u65b9\u90fd\u4e0d\u558a\u55ae\u7684\u60c5\u6cc1\u4e0b\u6c7a\u5b9a\u50f9\u683c\uff1f\u5b83\u4f7f\u7528\u4e00\u500b\u7c21\u55ae\u800c\u5f37\u5927\u7684\u6578\u5b78\u898f\u5247\uff1a <strong>\u5e38\u6578\u4e58\u7a4d\u516c\u5f0f\uff1ax * y = k<\/strong>.<\/p>\n<ul>\n<li><strong>x<\/strong> = \u6c60\u4e2d\u4ee3\u5e63 A \u7684\u6578\u91cf\uff08\u4f8b\u5982 ETH\uff09<\/li>\n<li><strong>y<\/strong> = \u6c60\u4e2d\u4ee3\u5e63 B \u7684\u6578\u91cf (\u4f8b\u5982 USDC)<\/li>\n<li><strong>k<\/strong> = A <strong>\u5e38\u6578\u503c<\/strong> (x\u8207y\u7684\u4e58\u7a4d)<\/li>\n<\/ul>\n<p><strong>\u5982\u4f55\u904b\u4f5c\uff1a<\/strong><\/p>\n<ol>\n<li><strong>\u521d\u59cb\u5316\uff1a<\/strong> \u7576 LP \u5efa\u7acb\u532f\u96c6\u6642\uff0c\u4ed6\u5011\u6703\u5b58\u5165\u7b49\u984d\u7684 <em>\u50f9\u503c<\/em> \u5169\u500b\u4ee3\u5e63\u7684\u91d1\u984d\uff0c\u8a2d\u5b9a\u521d\u59cb\u6bd4\u7387\u548c\u521d\u59cb <code>k<\/code> (x * y)\u3002<\/li>\n<li><strong>\u6046\u5b9a\u898f\u5247\uff1a<\/strong> <code>k<\/code> \u5fc5\u9808 <em>\u7e3d<\/em> \u6bcf\u6b21\u4ea4\u6613\u5f8c\u90fd\u4fdd\u6301\u4e0d\u8b8a\u3002\u6b64\u898f\u5247\u652f\u914d\u6240\u6709\u50f9\u683c\u8b8a\u52d5\u3002<\/li>\n<li><strong>\u50f9\u683c\u78ba\u5b9a\uff1a<\/strong> \u4ee3\u5e63\u6c60\u4e2d\u6bcf\u500b\u4ee3\u5e63\u7684\u50f9\u683c\u7531 <em>\u6d41\u52d5\u6bd4\u7387<\/em> \u7684 <code>x<\/code> \u548c <code>y<\/code>.\n<ul>\n<li>\u5982\u679c\u6709\u4eba\u5f9e\u6c60\u4e2d\u8cb7\u5165\u4ee3\u5e63 A (ETH)\uff0c\u4ed6\u5011\u6703\u52a0\u5165\u4ee3\u5e63 B (USDC) \u4e26\u79fb\u9664\u4ee3\u5e63 A (ETH)\u3002<\/li>\n<li>\u9019\u6703\u964d\u4f4e <code>x<\/code> (\u6c60\u4e2d\u7684 ETH \u4f9b\u61c9\uff09\uff0c\u4e26\u589e\u52a0 <code>y<\/code> (USDC \u4f9b\u61c9\u6c60\u4e2d\uff09\u3002<\/li>\n<li>\u56e0\u70ba <code>k<\/code> \u5fc5\u9808\u4fdd\u6301\u4e0d\u8b8a (x * y = k)\uff0c\u800c <em>\u6e1b\u5c11<\/em> \u65bc <code>x<\/code> \u548c <em>\u589e\u52a0<\/em> \u65bc <code>y<\/code> \u8868\u793a now-scarcer \u4ee3\u5e63 A (ETH) \u7684\u50f9\u683c <em>\u589e\u9577<\/em> \u76f8\u5c0d\u65bc\u4ee3\u5e63 B (USDC)\u3002<\/li>\n<li>\u76f8\u53cd\u5730\uff0c\u4ee3\u5e63 B \u7684\u50f9\u683c (USDC) <em>\u4e0b\u964d<\/em> \u76f8\u5c0d\u65bc\u4ee3\u5e63 A (ETH)\uff0c\u56e0\u70ba\u6c60\u4e2d\u6709\u66f4\u591a\u7684\u4ee3\u5e63\u3002<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u52d5\u614b\u518d\u5e73\u8861\uff1a<\/strong> \u6bcf\u6b21\u4ea4\u6613\u90fd\u6703\u81ea\u52d5\u91cd\u65b0\u5e73\u8861\u4ee3\u5e63\u6c60\uff0c\u8abf\u6574\u4ee3\u5e63\u6578\u91cf(<code>x<\/code> \u548c <code>y<\/code>)\uff0c\u4ee5\u78ba\u4fdd <code>x * y<\/code> \u7e3d\u7b49\u65bc <code>k<\/code>, \u56e0\u6b64\u6839\u64da\u65b0\u6bd4\u7387\u66f4\u65b0\u50f9\u683c\u3002<\/li>\n<\/ol>\n<p><strong>\u8996\u89ba\u5316\uff1a<\/strong> \u60f3\u50cf\u4e00\u689d\u66f2\u7dda\u3002\u5f9e\u4ee3\u8868\u521d\u59cb\u6bd4\u7387\u7684\u4e00\u9ede\u958b\u59cb\u3002\u8cb7\u5165\u4ee3\u5e63 A \u6703\u8b93\u60a8\u5728\u66f2\u7dda\u4e0a\u5f80\u4e0a\u5f80\u5de6\u79fb\u52d5 (\u4ee3\u5e63 A \u8d8a\u5c11\uff0c\u50f9\u683c\u8d8a\u9ad8)\u3002\u8ce3\u51fa\u4ee3\u5e63 A \u5247\u6703\u5411\u4e0b\u5411\u53f3\u79fb\u52d5 (\u4ee3\u5e63 A \u8d8a\u591a\uff0c\u50f9\u683c\u8d8a\u4f4e)\u3002\u6b64\u66f2\u7dda\u53ef\u78ba\u4fdd\u50f9\u683c\u5b8c\u5168\u4f9d\u64da\u4ee3\u5e63\u6c60\u7684\u4f9b\u9700\u5e73\u7a69\u8abf\u6574\u3002<\/p>\n<p><strong>\u7d50\u679c\uff1a<\/strong> \u5b8c\u5168\u5206\u6563\u3001\u900f\u660e\u4e14\u81ea\u52d5\u7684\u5b9a\u50f9\u6a5f\u5236\u3002\u7121\u9808\u5354\u5546\u3002\u6c92\u6709\u4e2d\u4ecb\u3002\u53ea\u6709\u5728\u5340\u584a\u93c8\u4e0a\u57f7\u884c\u7684\u7d14\u7cb9\u3001\u7121\u4fe1\u8cf4\u7684\u7b97\u8853\u3002<\/p>\n<h3 id=\"seeing-it-in-action-a-real-trade-step-by-step\">\u5be6\u8e10\u4e2d\u898b\u771f\u7ae0\uff1a\u771f\u5be6\u4ea4\u6613\u6b65\u9a5f<\/h3>\n<p>\u8b93\u6211\u5011\u5177\u9ad4\u8aaa\u660e\u4e00\u4e0b\u3002\u60f3\u50cf\u4e00\u4e0b\u5728\u50cf Uniswap \u4e4b\u985e\u7684 AMM DEX \u4e0a\uff0c\u5c07 $100 USDC \u514c\u63db\u6210 ETH\uff1a<\/p>\n<ol>\n<li><strong>\u4f7f\u7528\u8005\u52d5\u4f5c\uff1a<\/strong> \u9023\u63a5\u60a8\u7684\u9322\u5305\uff0c\u9078\u64c7 USDC \u4f5c\u70ba\u8f38\u5165\uff0cETH \u4f5c\u70ba\u8f38\u51fa\u3002\u8f38\u5165 $100 USDC\u3002<\/li>\n<li><strong>\u5373\u6642\u5831\u50f9\uff1a<\/strong> DEX \u4ecb\u9762\u6703\u7acb\u5373\u8a08\u7b97\u60a8\u6703\u6536\u5230\u591a\u5c11 ETH\u3002\u6b64\u8a08\u7b97\u4f7f\u7528 <em>\u76ee\u524d<\/em> <code>x<\/code> (ETH) \u548c <code>y<\/code> (USDC)\u5132\u5099\u6c60\u4e2d\u7684\u5132\u5099\u548c\u6052\u5b9a <code>k<\/code>, \u61c9\u7528\u5e38\u6578\u4e58\u7a4d\u516c\u5f0f\u3002<\/li>\n<li><strong>\u78ba\u8a8d\uff1a<\/strong> \u60a8\u6279\u51c6\u4ea4\u6613\u3002<\/li>\n<li><strong>\u5340\u584a\u93c8\u57f7\u884c\uff1a<\/strong> \u5728\u4e00\u6b21\u7121\u7e2b\u4ea4\u6613\u4e2d\u5b8c\u6210\uff1a\n<ul>\n<li>\u667a\u6167\u578b\u5951\u7d04\u6703\u5f9e\u60a8\u7684\u9322\u5305\u4e2d\u6263\u9664 100 USDC\u3002<\/li>\n<li>\u5b83\u6703\u5c07\u8a72 100 USDC \u52a0\u5165\u6c60\u4e2d\uff08\u589e\u52a0 <code>y<\/code>).<\/li>\n<li>\u5b83\u6703\u6839\u64da\u516c\u5f0f\u8a08\u7b97\u8981\u767c\u9001\u7d66\u60a8\u7684 ETH \u7684\u7cbe\u78ba\u91d1\u984d\uff0c\u4ee5\u4fdd\u6301 <code>k<\/code> \u5e38\u6578\uff08\u5373\u905e\u6e1b <code>x<\/code> \u7279\u5b9a\u91d1\u984d\uff09\u3002<\/li>\n<li>\u5b83\u6703\u5c07\u8a08\u7b97\u51fa\u4f86\u7684 ETH \u6578\u91cf\u50b3\u9001\u5230\u60a8\u7684\u9322\u5305\u3002<\/li>\n<li>\u6c60\u7684\u5132\u5099\u5df2\u66f4\u65b0\uff1a\u66f4\u591a USDC\uff0c\u66f4\u5c11 ETH\u3002ETH \u7684\u50f9\u683c\uff08\u76f8\u5c0d\u65bc USDC\uff09\u73fe\u5728\u6bd4\u60a8\u4ea4\u6613\u524d\u7565\u9ad8\u3002<\/li>\n<\/ul>\n<\/li>\n<li><strong>\u7d50\u679c\uff1a<\/strong> \u60a8\u64c1\u6709 ETH\uff0c\u6c60\u6703\u91cd\u65b0\u5e73\u8861\uff0c\u50f9\u683c\u6703\u66f4\u65b0\uff0c\u6d41\u901a\u91cf\u63d0\u4f9b\u8005\u6703\u5f9e\u60a8\u7684\u4ea4\u6613\u4e2d\u8cfa\u53d6\u5c11\u91cf\u8cbb\u7528\u3002\u6240\u6709\u9019\u4e00\u5207\u90fd\u4ee5\u5b89\u5168\u3001\u900f\u660e\u7684\u65b9\u5f0f\u5be6\u73fe\uff0c\u800c\u4e14\u6c92\u6709\u96c6\u4e2d\u5f0f\u4ea4\u6613\u6240\u3002<\/li>\n<\/ol>\n<h3 id=\"beyond-the-basics-the-evolving-amm-landscape\">\u8d85\u8d8a\u57fa\u790e\uff1a\u4e0d\u65b7\u6f14\u9032\u7684 AMM \u666f\u89c0<\/h3>\n<p>\u96d6\u7136 Uniswap \u7387\u5148\u63a8\u51fa\u6a19\u6e96\u5e38\u6578\u7522\u54c1 (<code>x*y=k<\/code>)AMM \u6a21\u5f0f\uff0c\u5275\u65b0\u84ec\u52c3\u767c\u5c55\uff1a<\/p>\n<ul>\n<li><strong>\u66f2\u7dda\u8ca1\u52d9\uff1a<\/strong> \u5c08\u9580\u8655\u7406\u7a69\u5b9a\u5e63\u5c0d (\u4f8b\u5982 USDC\/USDT) \u6216\u985e\u4f3c\u639b\u9264\u8cc7\u7522\u3002\u4f7f\u7528\u6700\u4f73\u5316\u516c\u5f0f\uff0c\u5c07\u9019\u4e9b\u4f4e\u6ce2\u52d5\u6027\u4ea4\u6613\u7684\u6ed1\u9ede\u548c\u8cbb\u7528\u964d\u81f3\u6700\u4f4e\uff0c\u89e3\u6c7a\u4e86\u4e3b\u8981\u7684\u6d41\u52d5\u6027\u6311\u6230\u3002<\/li>\n<li><strong>\u5e73\u8861\u5668\uff1a<\/strong> \u64f4\u5927\u9748\u6d3b\u6027\uff0c\u5141\u8a31\u5177\u6709\u4e0b\u5217\u529f\u80fd\u7684\u6c34\u6c60 <em>\u5169\u500b\u4ee5\u4e0a<\/em> \u8cc7\u7522\uff08\u6700\u591a 8 \u9805\uff09\u548c <em>\u81ea\u8a02\u6b0a\u91cd<\/em> (\u4e0d\u53ea\u662f 50\/50\uff09\u3002\u5c07\u5176\u8996\u70ba\u81ea\u52d5\u5316\u3001\u53ef\u81ea\u8a02\u7684\u6307\u6578\u57fa\u91d1\/\u6295\u8cc7\u7d44\u5408\u7ba1\u7406\u54e1\u3002<\/li>\n<li><strong>\u96c6\u4e2d\u6d41\u52d5\u6027\uff08\u4f8b\u5982 Uniswap V3\uff09\uff1a<\/strong> \u5141\u8a31 LP \u5c07\u5176\u8cc7\u91d1\u96c6\u4e2d\u5728\u7279\u5b9a\u7684\u50f9\u683c\u7bc4\u570d\u5167\uff0c\u5927\u5e45\u63d0\u9ad8\u8cc7\u91d1\u6548\u7387\u548c\u6d3b\u8e8d\u6c60\u7684\u6f5b\u5728\u8cbb\u7528\u6536\u76ca\u3002<\/li>\n<\/ul>\n<p>\u9019\u4e9b\u8b8a\u5316\u5c55\u793a\u4e86\u6838\u5fc3 AMM \u6982\u5ff5\u7684\u9069\u61c9\u6027\uff0c\u5728\u5145\u6eff\u6d3b\u529b\u7684 DeFi \u751f\u614b\u7cfb\u7d71\u4e2d\uff0c\u91dd\u5c0d\u4e0d\u540c\u7684\u8cc7\u7522\u985e\u578b\u548c\u4ea4\u6613\u7b56\u7565\u9032\u884c\u4e86\u512a\u5316\u3002<\/p>\n<h3 id=\"the-future-is-automated-open-and-liquid\">\u672a\u4f86\u662f\u81ea\u52d5\u5316\u3001\u958b\u653e\u548c\u6db2\u614b\u7684<\/h3>\n<p>\u81ea\u52d5\u5316\u838a\u5bb6\u9060\u4e0d\u53ea\u662f\u8070\u660e\u7684\u6280\u8853\u89e3\u6c7a\u65b9\u6848\uff1b\u5b83\u5011\u662f\u65b0\u91d1\u878d\u6a21\u5f0f\u7684\u57fa\u790e\u67b6\u69cb\u3002\u900f\u904e\u5229\u7528\u667a\u6167\u578b\u5951\u7d04\u548c\u6578\u5b78\u516c\u5f0f\uff0c\u4f8b\u5982 <code>x * y = k<\/code>, AMMs \u63d0\u4f9b\uff1a<\/p>\n<ul>\n<li><strong>\u524d\u6240\u672a\u6709\u7684\u53ef\u53ca\u6027\uff1a<\/strong> \u70ba\u4efb\u4f55\u6709\u7db2\u969b\u7db2\u8def\u9023\u7dda\u7684\u4eba\u958b\u653e\u5168\u7403\u5e02\u5834\u3002<\/li>\n<li><strong>\u6301\u7e8c\u6d41\u52d5\u6027\uff1a<\/strong> 24\/7 \u5168\u5929\u5019\u4ea4\u6613\uff0c\u5373\u4f7f\u662f\u6700\u5c0f\u773e\u7684\u8cc7\u7522\uff0c\u4e5f\u7531\u5206\u6563\u7684\u53c3\u8207\u8005\u9a45\u52d5\u3002<\/li>\n<li><strong>\u900f\u660e\u6548\u7387\uff1a<\/strong> \u6839\u64da\u53ef\u9a57\u8b49\u7684\u93c8\u4e0a\u908f\u8f2f\u9032\u884c\u53ef\u9810\u6e2c\u7684\u5b9a\u50f9\uff0c\u6700\u5927\u7a0b\u5ea6\u6e1b\u5c11\u5c0d\u4e0d\u900f\u660e\u4e2d\u4ecb\u7684\u4f9d\u8cf4\u3002<\/li>\n<li><strong>\u5275\u65b0\u5f15\u64ce\uff1a<\/strong> \u63d0\u4f9b\u6d41\u52d5\u6027\u57fa\u77f3\uff0c\u800c\u6574\u500b DeFi \u751f\u614b\u7cfb\u7d71 (\u501f\u8cb8\u3001\u884d\u751f\u5de5\u5177\u3001\u7522\u91cf\u8015\u4f5c) \u90fd\u5efa\u57fa\u65bc\u6b64\u3002<\/li>\n<\/ul>\n<p>\u5f9e\u8a02\u55ae\u7c3f\u5230\u6d41\u52d5\u6027\u6c60\u53ca\u6f14\u7b97\u6cd5\u5b9a\u50f9\u7684\u8f49\u8b8a\u4e0d\u50c5\u50c5\u662f\u4e00\u7a2e\u5347\u7d1a\uff0c\u800c\u662f\u5c0d\u5e02\u5834\u80fd\u5920\u53ca\u61c9\u8a72\u5982\u4f55\u904b\u4f5c\u7684\u6839\u672c\u6027\u91cd\u65b0\u69cb\u60f3\u3002AMM \u9ad4\u73fe\u4e86\u5340\u584a\u93c8\u7684\u6838\u5fc3\u7cbe\u795e - \u53bb\u4e2d\u5fc3\u5316\u3001\u900f\u660e\u5ea6\u548c\u7121\u5141\u8a31\u7684\u5275\u65b0 - \u4e26\u88ab\u8b49\u660e\u662f\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u4e16\u754c\u4e2d\u6700\u5177\u8f49\u8b8a\u6027\u548c\u6301\u4e45\u6027\u7684\u5de5\u5177\u4e4b\u4e00\u3002\u9769\u547d\u5df2\u7d93\u81ea\u52d5\u5316\uff0c\u800c\u4e14\u624d\u525b\u525b\u958b\u59cb\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 [&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\/zh\/wp-json\/wp\/v2\/posts\/3423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/comments?post=3423"}],"version-history":[{"count":0,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/posts\/3423\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/media\/3422"}],"wp:attachment":[{"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/media?parent=3423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/categories?post=3423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theexchain.com\/zh\/wp-json\/wp\/v2\/tags?post=3423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}