Ama-Market Makers (AMMs): Imishini Esilentayo Eguqule I-Crypto Trading

Kwathi iminyaka eminingi, umqondo wokuhweba wawulula: umthengi nomthengisi bekudingeka bavumelane ngentengo ye-asethi, kuvame ukwenziwa nge-intermediary emaphakathi efana nesitoko sokuhweba noma umthengisi. Lokhu kwakuyinkolo yezincwadi zokuhweba. Bese, ubuchwepheshe be-blockchain kanye nezimali eziphathekayo zafika, zithembisa ukuhweba okungaphansi. Kodwa isikhathi eside, ngisho nezinkampani ze-crypto zazilingisa le modeli endala, zisebenzisa

izincwadi ezihlanganisiwe. I-revolution yangempela ayizange ivela kuphela ekwenzeni izimpahla zibe yidijithali; yavela ekuphenduleni emakethe uqobo.

Ngaphakathi Abakhiqizi Bemakethe Abazenzakalelayo (AMMs).

Le miphumela emisha ayizange ithuthukise ukuhweba kuphela; yaguqula ngokuphelele indlela yokuhweba. Ikhiphe isidingo sokuba nomphakathi, yakhulula incwadi yokuhweba, futhi yavula izimali imakethethuba kubo bonke abanefoni ezihlakaniphile kanye noxhumano lwe-inthanethi. Kule mhlahlandlela ebanzi, sizophula imilingo ye-AMM. Sizohamba siye ezisekelweni zayo ezisemqoka kuya kumamodeli ayo anzima, sithole amathuba abawethulayo kubasebenzisi nabatshalizimali, futhi sihlole ukuthi zixhumana kanjani nezinkundla zokuhweba ezithuthukile njenge Exbix ukwenzela umuzwa wokuhweba ongekho emthethweni, kusukela ezimakethe ze-spot kuya kwezamafutha.

Iyini i-Automated Market Maker (AMM)? Ukushintsha Kwepharamitha

I-Automated Market Maker (AMM) iyiphrothokholi yokushintshanisa engaphansi (DEX) esekelwe kumthetho wezibalo wokubala amanani ezimpahla. Esikhundleni sokusebenzisa ukuhlanganisa abathengi nabathengisi, i-AMM isebenzisa iphuli yokuhlinzeka efakwe ngaphambi kokuthi abasebenzisi bakwazi ukuhweba ngokumelene nephuli yezimpahla.

Cabanga ngayo njengokuthi iyikhiosk yezezimali evulekile njalo, efana nomshini. Awudingi ukuthola umuntu othile ofuna ukuthengisa ama-Euros akhe ukuze uthole ama-Dollars akho. Uya nje kukiosk, ufake ama-Dollars akho, bese uthola ama-Euros ngaphandle ngentengo ethile ethathwe ngu i-algorithm eqinile. I-inventory ye-kiosk (ukuphuma) ihlinzekwa ngabanye abantu abaphumelele imali kuyo, bethola imali yokusebenza kwabo.

Imigomo eyinhloko iwukuhlukaniswa nokungabikho kwemvume:

• Akukho Bhuku Elikhulu Lokuhlela: Akukho bhuku elikhulu lokuhlela izinhlelo zokuthenga nokuthengisa.
• Akukho Umphakathi Risk: Uthenga ngqo ngebhuku le-smart contract elawula ipulazi.
• Always On: Imakethe zikhona 24/7, ngaphandle kokuvula noma ukuvala.
• Permissionless: Noma ubani angaba ngumhlinzeki we-liquid (LP) futhi athole imali, futhi noma iyiphi iphrojekthi ingakha imakethe ye-token yayo.

Le modeli iyisisekelo se I-ecosystem yezeMali ezizimele (DeFi), eqhuba amajini afana ne-Uniswap, SushiSwap, kanye ne-PancakeSwap, futhi iyingxenye ebalulekile yezimakethe ezinzima eziphakathi njenge Exbix Markets ezihlanganisa umehluko phakathi kokusebenza kweCeFi neDeFi.

Inhliziyo Eshisayo: Kanjani Ama-AMM Ngabe Isebenza Ngempela?

Ukuze siqonde imishini, kudingeka sihlukanise izingxenye zayo ezimbili ezibaluleke kakhulu: Amathala Okuphila  kanye ne Fomula Yokukhiqiza Engaguquki.

1. Amathala Okuphila: Umthombo Wempahla

Ithala lokuphila liyisivumelwano esihlakaniphile esigcina izinsiza zezimali ezimbili noma ngaphezulu. Isibonelo, i ETH/USDT pool iqukethe i-Ethereum ne-Tether. Lezi ziqukathi zixhaswe ng Abahlinzeki Bezezimali (LPs)—abasebenzisi abafaka inani elifanayo lezi zimpahla zombili kule pool.

Kungani benza lokhu? Ukuze bathole imali yokuhweba. Njalo lapho umthengisi esebenzisa le pool ukuze aguqule impahla eyodwa ibe enye, kukhishwa imali encane (ngokuvamile engu-0.01% kuya ku-0.3%) futhi khipha ngokulinganayo kubo bonke ama-LP kulowo mqulu. Kuyindlela yokusebenzisa izimpahla zakho ze-crypto ukuze uzuze inzuzo, umqondo owaziwa kakhulu ngokuthi ukulima inzuzo.

Uma unikeza umthombo, uthola ama-LP tokens njengomvuzo. La ma-tokens amelela ingxenye yakho yephuli eliphelele futhi angabuyiselwa kamuva ukuze uthole ingxenye yakho yezimpahla kanye ne- izindleko ezihlanganisiwe. Le mekanismu ihlanganiswe kahle ezinkundleni ezifana ne-Exbix, ivumela abasebenzisi ukuthi babambe iqhaza kalula ekutholakaleni kwe-ecosystem.

2. Ifomula Eyingqayizivele: x * y = k

Ifomula evame kakhulu futhi eyisisekelo esetshenziswa ama-AMM afana ne-Uniswap V2 yi Constant Product Market Maker imodeli.

Ifomula iy

kulula: x * y = k

• x = inani le-Asset A epulazini (isb., ETH)
• y = inani le-Asset B epulazini (isb., USDT)
• k = inani elingaguquki elidinga ukuhlala linjalo

Le fomula iqinisekisa ukuthi umkhiqizo wezilinganiso zezi asset ezimbili kufanele uhlale equal k. Le mthetho olula unomthelela omkhulu ekubeni nezindleko nasekutholakaleni.

Kanjani lokhu kuthinta intengo?
Intengo yempahla ichazwa ngokuhluka kwezimpahla ezikwi-pool. Uma othile ethenga inqwaba ye-ETH kwi-pool, yehlisa inani le-ETH (x) bese engeza i-USDT eningi (y). Ukuze gcina k ungaguquki, ukuncipha kwe x kubangela ukuthi intengo ye-ETH ikhule kumthengisi olandelayo. Lokhu kuyindlela uhlelo olwakhelwe ngayo olwenza izintengo zishintshe ngokuzenzakalelayo ngokuya ngempahla nezidingo ngaphakathi kwephuli.

Le ntengo esebenzisa izibalo ngokuzenzakalelayo ivumela ukuthi wenze ukuthengiselana ngokushesha kumaphakheji afana ne TRX/USDT noma SHIB/USDT ngaphandle kokulinda umthengisi ukuthi ahambisane ne-oda lakho lokuthenga.

Indawo Yokudayisa: Izinzuzo Zokusebenzisa AMMs

Imodeli ye-AMM inikeza uhla lwezinzuzo ezenze yaba popular kakhulu.

• Ukufinyeleleka Okungakaze Kubonwe: Noma ubani angakha imakethe ye-token nganoma iyiphi. Lokhu kube yinto eguqula umdlalo kuma-cryptocurrencies amasha naphakathi kokuphakama okuphansi okwakuzodingeka ukuba kube nezinselelo ukuze kufakwe ohlwini ezitolo ezinkulu eziphakathi.
• Ukuqhubeka Liquidity: Njengoba ukuhweba kwenziwa ngokumelene nepool, njalo kukhona okuthile okutholakalayo, ngokwehlukana nemakethe ezincane lapho ama-oda amakhulu engakwazi ukuhoxiswa.
• Ukulula Nokushesha: Okuhlangenwe nakho komsebenzisi kulula kakhulu: xhuma i-wallet yakho, khetha ama-token akho okungena nokuphuma, bese ushintsha. Izinqubo eziyinkimbinkimbi ziphathwa ngemuva kwezithombe nge-smart contract.
• Ukucacisa: Zonke izinkokhelo nezilinganiso zephuli zikhona ku-blockchain, zibonakala kumuntu wonke ukuze aqhube ukuhlola.
• Amathuba Okuthola Imali Kwama-LPs: Ukuphakela uketshezi kuvumela abanikazi be-crypto ukuthi bathole imali engapheli kumathuluzi angase ahlale engasebenzi ezikhwameni zabo.

Ukuhamba Endaweni Edeep: Izingozi Nezinselelo ze-AMMs

Nakuba amandla, imodeli ye-AMM ayinazo izingozi zayo. Ukuziqonda kubalulekile kunoma yimuphi ozokwenza ingxenye.

1. Ukulahleka Okungapheli (IL): Inkinga Yomhlinzeki Wezinto Zokuhweba

Lokhu kuyingozi edlalwa kakhulu futhi evame ukungaqondwa kahle. Ukulahleka Okungapheli akuwona ukulahleka kwamathokheni; kuyinto indleko yokungabikho.

Kwenzeka uma intengo yezimpahla zakho ezibhalisiwe ishintsha uma kuqhathaniswa nesikhathi ozibhalise ngaso. I-algorithm ye-AMM ilungisa kabusha ipuli ukuze igcine k ingaguquki, okusho ukuthi uzoba neze ezincane zezimali eziphumelelayo kanye neze eziningi zezimali ezingaphumeleli kunokuba uma ubengazigcini nje kwi-wallet yakho.

Ukuthi ukukhulu ukungazinzi, ukungazinzi okukhulu kukhulu ithuba lokulahlekelwa okungapheli. Kuy “okungapheli” ngoba uma amanani ebuyela esimweni sawo sokuqala lapho ufaka khona, ukulahlekelwa kuyanyamalala. Nokho, uma ukhipha ngesikhathi amanani ehlukile, ukulahlekelwa kuba okuphakade.

2. Ubungozi be-Smart Contract

AMA run ku-smart contracts, okuyizinto ezithile ezilawulayo, ezihamba phambili. izicucu zekhowudi. Uma kukhona iphutha noma ubungozi kukhowudi, kungasetshenziswa ngababambi, okungaholela ekulahlekelweni kwazo zonke izimali kuphuli. Nakuba ukuhlolwa kuvamile, ubungozi abukhona.

3. Ukushintsha

Ukushintsha kuyinto ehlukile phakathi kwentengo elindelekile yokuhweba nentengo eyenziwe. Emakethe amakhulu uma kuqhathaniswa nosayizi wephuli, ukushintsha okukodwa kungenza kakhulu intengo (ngokuhambisana ne x * y = k ifomula), okuholela ekushintsheni okukhulu. Abathengisi kumele babeke imikhawulo yokushintsha ukuze bagweme ukuhweba okungafanele.

Ngaphezu Kwezinto Eziyinhloko: Ukuthuthukiswa Kwe-AMMs

Imodeli elula x * y = k yayiyisiqalo kuphela. Ukuze kuqedwe izithiyo zayo (njengokushintsha okukhulu nokungapheli

ukulahlekelwa), imodeli emisha ivele:

• Ukuphathwa Kwezimali Okugxilile (Uniswap V3): Lokhu kuvumela ama-LP ukuba ahlinzeke ngamanzi ngaphakathi kwemikhawulo ethile yamanani kunokuba ahlinzeke emgqeni wonke wamanani (0 kuya kokungapheli). Lokhu kukhuphula kakhulu ukusebenza kwezimali kuma-LP futhi kwehlisa ukwehla kwamanani kubathengisi, kodwa kudinga ukuphathwa okungaphezulu.
• Stablecoin AMMs (Curve Finance): Lezi zisebenzisa amafomula akhethekile ahloselwe ama-stablecoin pairs (isb. USDC/USDT) noma asetshenziswa efana nokubekwa okuphakeme okumele kuthengiswe eduze kwelungelo le-1:1. Lokhu kunciphisa ukushintsha nokulahleka okungapheli kulezi zimbili ezithile.
• Imodeli Ehlanganisiwe: I-Dexs ne-Cexs eziningi zanamuhla ezinezimfanelo ze-AMM zisebenzisa imodeli ehlanganisiwe ehlanganisa order books nge-AMM liquidity ukuhlinzeka ngcono kokubili: ukuhlinzeka okujulile kanye nokuncipha okuncane.

AMMs ku-Ecosystem ye-Exbix: Ukuhlanganisa i-CeFi ne-DeFi

Izimakethe zezimali zanamuhla ziqonda amandla e-AMMs. Ipulatifomu efana ne Exbix isebenzisa lezi zimiso ukuze thuthukisa umuzwa womsebenzisi kuyo yonke imikhiqizo yayo.

1. Ukuthuthukiswa Kwe-Liquidity Yokuhweba Ngempela: I-liquidity ejulile edingekayo ukuze kuhweba kahle ngempela kumapair amakhulu afana no ETC/USDT ivame ukwengezwa ngezindlela ezifana ne-AMM kanye nezinhlelo zokwenza imakethe, uqinisekisa ukuthi uthola intengo engcono kakhulu enezinga elincane lokushintsha.

2. Isisekelo Sokuhweba Nge-Futures: Ukutholakala kwemali nokutholwa kwentengo okuvunyelwe ngama-AMM kunomthelela ekuqiniseni nasekuqondeni kwezinkomba ezisemqoka ezisetshenziselwa ukushintshisana okungapheli kanye nezinkontileka ze-futures. Imakethe ezinzile ze-spot yizimfuneko ezidingekayo emakethe eziphumelelayo ze-derivatives.

3. Umnyango we-DeFi: Kubasebenzisi abaqala uhambo lwabo epulatifomu egunyaziwe efana ne-Exbix, ukuqonda ama-AMM kuyisinyathelo sokuqala emhlabeni omkhulu we-DeFi, lapho bengaba abahlinzeki be-liquidity abaphumelelayo nabalimi bezikhwama.

Ikusasa le-AMM: Sihamba phi ukusuka lapha?

Ukuqamba okusha kule ndawo akupheli. Singalindela ukubona:

• Cross-Chain AMMs: Izivumelwano ezivumela ukushintshaniswa okungaphazamiseki nokuhlinzeka ngamanzi phakathi kwezinhlelo ezahlukene ze-blockchain (isb., Ethereum, Binance Smart Chain, Solana).
• Ukusebenza Kwezimali Okuthuthukisiwe: Imodeli ezintsha zizoqhubeka nokuphuma ezizothuthukisa
nciphisa ukulahleka okungapheli futhi wandise ubuyelelwe kubahlinzeki be-LP.
• Ukuhlanganiswa kwe-DeFi: Ukuhlanganiswa okujulile nezinhlelo zokuboleka, zokuboleka, nezokukhetha ukuze kudaleke imikhiqizo yezezimali eyinkimbinkimbi kakhulu.
• Ukuphathwa Okuthuthukisiwe: Amathokheni e-LP avamise ukuhlinzeka ngamalungelo okuphatha, okusho ukuthi abahlinzeki be-liquidity bangavota ngekusasa lephrothokholi, okukhomba ekwandiseni. izinhlelo ezizimele nezabelayo zomphakathi.

Isiphetho: I-Standard Entsha Yezimakethe

Abakhiqizi Bezokuhweba abakhiqizwayo baphendule ngokuphelele umkhakha wezezimali. Bakhulule izindlela ezintsha zokwenza imali engapheli, futhi banikeza ungqimba oluyisisekelo lokutholakala kwemali kulo lonke i-DeFi summer naphakade. Ngenkathi bethula ubunzima obusha futhi ubungo njengokulahleka okungapheli, izinzuzo zazo eziphathelene nokufinyeleleka, ukusebenza kahle, kanye nokwakhiwa kwezinto azinakuphikwa.

Zimele ushintsho oluyisisekelo oluvela emhlabeni wezorder ezihambisanayo kuya emhlabeni wezimpahla ezisebenza ngama-algorithms. Nokho, uma ungumthengisi ofuna ukufeza kahle kakhulu ku TRX trades noma umphakathi ofuna ukuhlinzeka ngamanzi, ukuqonda ama-AMM akusikho nje ukukhetha—kuyisifundo esibalulekile kulabo abahamba emnothweni we-crypto wanamuhla.

Amamishini athule asebenza, futhi aphehla ikusasa lezezimali ezivulekile.

Isixwayiso: Le ndatshana iyenzelwe izinjongo zokufundisa kuphela futhi ayiyona icebo lezezimali. Hlale wenza ucwaningo lwakho. ucwaningo (DYOR) nokuqonda ubungozi obuhilelekile ngaphambi kokuhlinzeka ngempahla noma ukuhweba ngezimali ze-cryptocurrency. Inani leziqhamo lingehla njengoba lingakhuphuka.