Te Aratohu Katoa ki Balancer
Katoa ngā mea e hiahiatia ana e koe mō Balancer: te kaupapa tukanga waiwai e taea te whakarite i te hanganga o te mākete aunoa me ngā pūnaha taumaha, te Arataki Otautahi Pūkete, me te hanganga DeFi e taea te whakakotahi.
He aha te Balancer?
Ko Balancer he kaupapa pūtea whakatōpū (DeFi) i hangaia i runga i te Ethereum e mahi ana hei papatono waiwai e taea te whakarite me te kaiwhakahaere pūkete aunoa. I whakarewaia i te marama o Poutū-te-rangi 2020 e Fernando Martinelli me Mike McDonald, ka whakairohia anō e Balancer te tauira kaihanga mākete aunoa (AMM) mā te tuku i ngā pūkete me ngā taumata tohu ritenga whaiaro, kaua i te ōrite 50/50 kua whakamahia e ngā DEX tuatahi.
I tōna pūtake, ka whānui a Balancer i te tātaitanga hua pūrite i rongohia e Uniswap ki tētahi tātaitanga hua pūrite whakaarohia. Ko te tikanga, ka taea e tētahi pūkau te pupuri i te warunga momo tohu rerekē i ngā ōrau katoa — hei tauira, 80% ETH me 20% USDC, rānei 33/33/34 i ngā rawa e toru. Ka mau ngā kaiwhakarato waiwai i tētahi pūtea tohu e whakahou anō i a ia anō, e whiwhi ana i ngā utu tauhokohoko, kāore i te utu whakahaere.
Waiwai Whakaritea
Waihangatia ngā pūreke me ngā taumatau tohu ritenga, utu whakawhiti, me te ariā. Ka taea e te hanganga a Balancer ngā kaihanga ki te hanga i tētahi āhua AMM kei runga i tōna hanganga.
Kaiwhakahaere Pūranga
Mēnā kāore e utu ana i ngā utu mō te whakahou pūranga, ka whiwhi utu ngā LP o Balancer i te wā e tiaki ana ngā kaiwhakawātea i te pūreke kia taurite ki ngā taumatau whāinga aunoa.
Pūtea whaihua
Ka wehewehea e te Arataki Otauta Pūkenga ngā hokohoko puta noa i ngā pūreke maha kia kitea te utu pai rawa. Ka whakaiti te hanganga o te Pūranga i ngā utu hinu mā te whakakotahi i ngā whakawhiti tohu i roto i te pūnaha.
Me pēhea te mahi a Balancer
Balancer's auahatanga matua ko te tātaitanga pāngarau taumaha, he whānuitanga o te tauira hua pūmau (x * y = k) tauira. I roto i a Balancer, he taumaha kua tohua mō ia tohu i roto i te pūkete, ā, ka mau tonu te pūtā kāore e huri i ngā tohu katoa e ōrite ana ki ō rātou taumaha. Ka āhei tēnei i ngā pūkete ki te pupuri i ngā tohatoha kāore i te ōrite i te wā e whakaaetia ana ngā whakawhiti tohu kāore i te whakawhirinaki.
Ka whakawhiti ngā kaihoko i ngā tohu i runga i te Balancer, ka kitea e Smart Order Router (SOR) o te kaupapa here te ara tino whaihua puta noa i ngā pūreke katoa e wātea ana. Ka taea e ia te wehe i tētahi tauhokohoko kotahi ki ngā pūreke maha hei whakaiti i te heke me te whiwhi i te utu whakatinanatanga pai rawa, pērā i tētahi pūnaha whakahaere tono kāore i te ārahina.
Pūreke Whaiwhāiti
Te momo pūrewa taketake. Ka tohua he taumaha ki ia tohu (hei tauira, 80/20, 60/20/20) e whakatau ana i tana ōrau o te uara katoa o te pūrewa's. Ka whakaritea e te mahi pūmau te tikanga ā-āhua o te ōrau ā-āhua o ngā toenga tohu kia mau tonu.
He pūrewa 80/20 ETH/USDC e tohu ana ko te 80% o te uara o te pūrewa e noho ana i ETH, ā, ko te 20% i USDC. Ka whakahou tonu ngā kaiwhakawhiri utu te pūrewa hei tiaki i ēnei ōrau i te wā e panoni ana ngā utu mākete, ā, ka whiwhi ngā LP utu whakawhiti i ia hokohoko.
Aratohu Ota Matauranga
Ka uiui te huarahi SOR i ngā pūreke katoa o Balancer ki te kimi i te ara tauhokohoko tino pai. Mō ngā whakawhiti nui, ka wehea te tauhokohoko ki ngā pūreke maha hei whakaiti i te pānga utu. He painga tēnei ki ngā kaihokohoko (ngā utu pai ake) me ngā LP (te nui ake o te rahi).
Balancer's SOR hoki ka whakakaha i ngā whakauru ki ngā kaihuatanga DEX pērā i te 1inch, Paraswap, me te CoW Protocol, e ārahi ana i te rahi nui mā ngā pūreke Balancer ahakoa ka tauhokohoko ngā kaiwhakamahi i ētahi atu atanga.
Te Pouaka
I whakaurua i te Balancer v2, ko te Pūranga he kirimana mātanga kotahi e pupuri ana, e whakahaere ana i ngā tohu katoa puta noa i ngā pūrewa Balancer katoa. Ko tēnei wehewehenga o te whakahaere tohu i te ariā pūrewa e tuku ana i ngā painga nui.
Ko ngā whakawhiti maha‑hipa mā te Pūranga e tuku anake i te rerekētanga neti i te mutunga o te whakawhitinga, e whakaiti ana i te utu hinu i te nui. Ka whakaaetia hoki e ia ngā whakawhiti tere (pērā i ngā nama tere) e taea ai te nama i ngā tohu i roto i te whakawhitinga kotahi.
Whakawhiti Tere & Whakawhiti Rārangi
Ka taea e te Pouaka o Balancer te whakahaere whakawhiti rōpū -- he maha ngā whakawhiti i mahia i roto i tētahi whakawhitinga kotahi me ngā whakawhiti tohu net anake e whakatau. Ka whakaitihia tēnei i ngā ara maha‑hipa uaua kia whaihua te hinu.
Ka āhei ngā whakawhiti tere i ngā kaiwhakawhiri ki te whiwhi tohu mō te wā poto i roto i tētahi whakawhitinga, ka whakaaetia te arbitrage kore mōrearea e āwhina ana ki te whakarite i ngā utu pūreke kia ū ki te mākete whānui. Ka whai hua tēnei i ngā kaiuru katoa mā te whakaiti i ngā whakawhiringa.
Ngā Momo Pūreke o Balancer
Ko te hoahoa modular a Balancer's e tautoko ana i ngā momo pūreke maha, ia mea kua whakakēia mō ngā horopaki whakamahi rerekē. Ko tēnei ngawari te mea e mahi ai a Balancer he pūtake waiwai e taea te hōtaka, kaua noa iho he DEX anō.
Pūreke Whaiwhāiti
Ko te momo pūreke whānui rawa, e tautoko ana i te 8 tāka me ngā taumaha ritenga. He pai mō te hanga pūkete āhua rite ki ngā pūkete index-fund-like e whiwhi utu tauhokohoko. Ko ngā whirihoranga auau ko ngā pūreke token whakahaere 80/20 (ka whakamahia e ngā tikanga mō tō rātou waiwai token) me ngā pūreke maha-rua kua rerekē.
Pōri Pūtete (ComposableStablePool)
I whakakēia mō ngā tohu e hokohoko ana i te tata ki te 1:1, pērā i ngā moni pūmau (USDC/DAI/USDT) rānei ngā hua rerekē o te whakatūpato wai (wstETH/WETH). Ka whakamahi ngā pōri pūtete i te āhua StableMath e whakarato ana i te utu tino tata ki te peke, e hua ai i te heke o te rerekētanga iti mō ngā whakawhiti taonga ōrite.
Pōri Rārangi
Ko ngā pūreke rārangi e tuitui ana i tētahi tohu taketake (hei tauira, DAI) me tōna hoa e kawe ana i te hua (hei tauira, aDAI nō Aave). Ka whakamahia e rātou he āhua utu rārangi e whakarite ana i ngā hurihanga whai hua i waenganui i ēnei e rua. He pou poureke rārangi he mea hanga e whakamahia ana i roto i ngā pūreke whakapiki kia whakaputa i te hua tāpiri i te pūtea kore mahi.
Pūreke Whakapiki
Ka whakakotahi ngā pūreke whakapiki i ngā pūreke pūmau me ngā pūreke rārangi ki te tuku i te pūtea kore-ngaonga ki ngā tikanga kāriha o waho pērā i a Aave, Morpho. He wāhanga anake o te pūtea e noho ana i te pūreke mō ngā whakawhiti, ā, ko te toenga e whiwhi ana i te hua kāriha tāpiri. Ko tēnei tikanga, ka whiwhi ngā LP i ngā utu whakawhiti me te pānga kāriha i te wā kotahi.
Te whakarato pūtea i Balancer
Ko te noho hei kaiwhakarato waiwai (LP) i runga i te Balancer e tohu ana ki te tuku tohu ki roto i tētahi pūreke me te whiwhi i ngā Tohu Pūreke Balancer (BPT) hei utu. Ko te BPT e whakaatu ana i tō wāhanga ōrite o te pūreke, ā, ka piki ake te uara i a ngā utu hokohoko e whiwhi ana.
Me pēhea te tuku waiwai
Kōwhiria tētahi pūreke
Tirohia ngā pūreke i te taupānga Balancer. Whakaarohia te APR, TVL, te whāinga o ngā tohu, me te momo pūreke. He nui ake te APR, he nui ake te mōrearea.
Tuku Tohu
Ka taea e koe te tuku tohu kotahi, i ngā rahinga ōrite rānei. He māmā ngā tuku kotahi-wae, engari ka taea te pānga iti ki te utu i runga i te hohonutanga o te pūreke.
Whiwhi & Tāpae
Tukua BPT e whakaatu i tō wāhanga. Tāpae BPT i te pūnaha aroturuki a Balancer' ki te whiwhi utu BAL tāpiri i runga i ngā utu whakawhiti.
Te mārama ki te ngaro kāore i te mau
Ko te ngaro wātea (IL) ka pā ki te wā e panonitanga ana te ōrau utu o ngā tohu i roto i te pūreke i te wā e whakataurite ana ki te wā i tāurua ai. Ka nui ake te rerekētanga, ka nui ake te IL e pā ana ki te mātakitaki noa i ngā tohu. Heoi anō, ko ngā pūreke taumaha a Balancer's e tuku ana i tētahi painga ahurei:
Pūreke 50/50 (IL teitei)
Ka pā ki te taumata pūmau o te ngaro wātea ngā pūreke taumaha ōrite. Mēnā ka rua te utu o tētahi tohu, ka tata ki te 5.7% te IL. Ka whiwhi ēnei pūreke i ngā utu nui rawa atu i te hokohoko rua‑ā‑taha i whakakotahitia, engari ka nui ake te mōrearea IL.
80/20 Pūreke (IL Iti)
Mā te whakatakoto 80% ki te taonga hihiri, ka mau te pūreke i te whakatūturu nui ake ki taua tohu. Mēnā ka rua te uara o te tohu, ko te IL he tata ki te 1.0% — he iti rawa i te pūreke 50/50. Koinei te take i whakamahia ai e ngā tikanga maha ngā pūreke 80/20 mō ō rātou tohu kāwanatanga.
Tōkena BAL & kāwanatanga veBAL
He tohu kāwanatanga taketake a BAL mō te tikanga Balancer. Ko tōna whakamahinga matua e huri ana ki te tauira pōti-penapena (veBAL) i whakaurua i te tīmata o te 2022, e whakakotahi ana i ngā whakaaetanga mō te roanga wā i waenganui i te tikanga me ōna kaiuru tino ū.
Ngā Tokonoma BAL
Pūnaha veBAL
Hei whiwhi i te veBAL, me tuku ngā kaiwhakamahi i te moana moni ki te pūreke canonical 80/20 BAL/WETH, ka whiwhi BPT. Ka mau rātou i tēnei BPT mō te roanga o te kotahi tau. Ka roa ake te mau, ka nui ake te veBAL ka whiwhi.
Pōti i ngā taumaha o te piro ki te ārahi i ngā whakaputa BAL ki ngā pūreke e hiahia ana
Whiwhi wāhanga o te 75% o ngā utu katoa o te kaupapa Balancer
Whiwhi utu BAL i whakapiki i runga i te moana moni kua whakanoho (taea ki te 2.5x te whakapiki)
Mahi tahi ki ngā tono kāwanatanga o Balancer mā Snapshot
Pakanga Pēra & Āwhina Pōti
Ētahi rite ki ngā pakanga Curve, kei a Balancer tōna ake pūnaha taiao o ngā āwhina pōti. Ka hiahia ngā kaupapa here i ngā whakaputa BAL nui ake ki ō rātou pūkete, ka taea te tuku utu ki ngā kaipupuri veBAL mā ngā papamahi pērā i te Hidden Hand. Ka waihanga tēnei i tētahi mākete mō te mana whakahaere, ā, ka whakanuia te hua whaihua mō ngā kaipupuri veBAL i tua atu i ngā utu arotau a te kaupapa here.
Balancer v2 ki v3
Kua pārekareka te Balancer i te whanaketanga hoahoa nui. I whakaurua e te Putanga 2 te Pātaka, ā, ka kawea e te Putanga 3 te tirohanga waiwai e taea te whakatakoto whakamua mā ngā hononga, te hanga pūreke māmā, me ngā pūreke whakapiki i te hohonutanga i te hohonutanga.
Āhuatanga
Balancer putanga 2
Balancer putanga 3
Balancer v3's ko te āhuatanga tino hurihuri ko te pūnaha hononga. He kirimana atamai modular ngā Hooks e hono ana i te ariā ritenga ki ngā mahi pūreke (i mua/ i muri i te whakawhiti, te whakauru, me te wehenga) me te kore e hiahia i ngā momo pūreke hou katoa. Ka whakaiti nui tēnei i te ārai mō ngā kaihanga e hanga ana i runga i a Balancer, ā, ka whakaaetia ngā auahatanga pērā i ngā pūreke utu huringa, ngā orākara TWAP, me te whakahaere waiwai aunoa.
Ngā Rautanga Hua i Balancer
Ka tukuna e Balancer ngā papanga hua maha ka taea te whakakotahi. Mā te mārama ki ēnei rautaki ka āwhina i a koe ki te whakapai ake i ngā hua i runga i tō whakaae mōrearea me tō pūtea.
Utu Whakawhiti
Te papanga hua taketake. Ka huaia e ia tauhokohoko katoa ka tukuna mā tō pūkete he utu whakawhiti (i te nuinga 0.01% ki te 1%) e piri tika ki tō BPT. Kāore e hiahiatia ana te tono — ka piki aunoa te uara o tō BPT.
Ngā Whakaputa BAL & Te Whakamau Aroturuki
Whakapiri tō BPT ki te arotau kirimana o te pool's hei whiwhi utu BAL ia wiki. E whakawhirinaki ana te nui ki ngā pōti arotau veBAL e ārahi ana i ngā whakaputa ki taua pool. Ka taea e ngā kaipupuri veBAL te whakapiki i ō rātou utu ake ki te 2.5x.
Taumata Pūreke Whakapiki
I ngā pūreke i whakapiki, ka tukuna te moni rereke kore mahi ki ngā kaupapa kāri (Aave, Morpho) hei whiwhi pānga tāpiri. Ka whakanohoia tēnei i runga i ngā utu whakawhiti, arā ko tō pūtea e whakaputa ana i te taura mai i ngā puna e rua i te wā kotahi.
Māheinga & Rautaki Āta
Ko ngā tohu BPT a Balancer's he tohu ERC-20 ka taea te whakakotahi, arā ka taea te whakamahi hei pouaka hanga puta noa i te DeFi. Ka whakauru ngā rautaki āta:
Pōro Whakarara
Whakamahia te BPT i tētahi pōro hei tohu i tētahi atu, ka hangaia he hanganga hua i te hohonutanga o te whakarara.
Aura Moni
Tuku BPT ki Aura kia whiwhi i ngā utu BAL + AURA kua whakapiki ake, kāore e hiahia ana koe i te veBAL.
BPT hei Ārai
Whakamahia te BPT hei ārai i runga i ngā papatono tuku nama kia taea te nama i tō tūranga LP i te wā tonu e whiwhi ana i ngā utu.
Kōpaki Hua
Ngā papatono pērā i a Beefy Finance e whakakotahi aunoa i ngā utu a Balancer mō te whakapai ake o te hua me te kore mahi.
Ngā mōrearea o te whakamahi i a Balancer
Pērā i ngā tikanga DeFi katoa, ka mau a Balancer i ngā mōrearea ā-tinana. He mea nui te mārama ki ēnei mōrearea i mua i te tuku pūtea ki tētahi pūkete waiwai.
Ngaro Wā Poto
Ka rerekē ngā utu tohu i tō ōrite tāpui, ka pā ki a koe te ngaro wātea. Ka noho pūmau tēnei mēnā ka tangohia i tētahi ōrite utu rerekē. Ko ngā tāru tohu huringa nui te mōrearea IL teitei rawa. Ka taea te whakaiti mā te whiriwhiri i ngā tāru e pā ana, ngā pūkete taumaha e tautoko ana i tō whiringa e hiahia ana koe.
Mōrearea Kirimana Atamai
Ahakoa ka arotakehia ngā kirimana o Balancer e ngā kamupene pērā i a Trail of Bits me Certora, ā, ka whiwhi utu nui mō ngā hapa, kāore he kirimana atamai e tino whakaritea kia kore he hapa. I te tau 2023, i pā ki ētahi momo pūreke tawhito ngā āwangawanga. Me mātua tirotiro tonu te putanga pūreke e whakamahia ana e koe.
Mōrearea motuhake o te pūreke
Ko ngā pūreke Balancer kāore he whakaaetanga -- ka taea e te tangata katoa te hanga i tētahi. Ka taea e ētahi pūreke te whai tohu me ngā kirimana kino, ngā tikanga whakahoki, me te arorau utu-ki-te-kiika e pā ana ki te Pouaka i te wāhi kāore i te tūmanako. Me mātua tirotiro i ngā kirimana tohu i roto i te pūreke i mua i te tuku.
Mana whakahaere & Ngā mōrearea ōhanga
Ka taea te whakahau a BAL e ngā kaitōpū veBAL, e whakaiti ana i ngā utu mo tō pūreke. Ko te whakawhirinaki o te protocol's ki ngā whakatenatena, arā, mēnā ka heke te utu tohu BAL i te nui, ka heke te ātaahua o te hua, ka hua he heke o te waiwai me te whānui ake o ngā horopaki.
Ngā Pātai Auau
He aha te Balancer?
Me pēhea te rerekētanga o Balancer i te Uniswap?
He aha te veBAL, ā, pēhea te mahi a te kāwanatanga?
He aha ngā mōrearea o te whakaratonga waiwai i Balancer?
He aha te rerekētanga i waenga i a Balancer putanga 2 me putanga 3?
Haere tonu ki te ako
Tirohia ngā tuhinga me ngā aratohu e pā ana ki te whakapakari i tō mātauranga DeFi.
He aha te Balancer?
He tirohanga poto o te tikanga Balancer, ōna āhuatanga matua, me te āhua e whai wāhi ai ki te whenua DeFi.
Beefy Finance Aratohu
Ako me pēhea te Beefy Finance e whakakotahi aunoa i ngā hua Balancer me ētahi atu hua DeFi puta noa i ngā aho maha.
Aratohu Morpho
Tirohia te tikanga tuku nama kua whakapai ake a Morpho's, e whakamahia ana e ngā pūreke i whakapakari a Balancer mō te hua tāpiri.
Whiwhi hua DeFi me te kore uaua
Ka whakatūria e Coinstancy tō pūtea puta noa i ngā tikanga pērā i a Balancer, kia whiwhi koe i ngā hua kua whakapai ake me te kore whakahaere i ngā pūkete, utu hinu, rānei te ngaro wā poto.