ngaro kāore i te mau Whakamārama
Te aratohu katoa mō te mārama ki te ngaro kore-mōrearea i ngā pūkete waiwai DeFi. Akohia te pāngarau, tirohia ngā tauira tūturu, ā, kimihia ngā rautaki hei whakaiti i te IL i te wā e whakapiki ana i ngā hua LP.
He aha te Ngaro Kore-Mōrearea?
Impermanent loss is the difference in value between holding tokens in a liquidity pool and simply holding them in your wallet. It occurs whenever the price ratio of the two tokens in a pool changes from the ratio at the time you deposited. The greater the price divergence, the larger the impermanent loss.
Ina ka tuku koe i te pūtea waiwai ki tētahi kaihanga mākete aunoa (AMM) pērā i Uniswap, Balancer, ka tāpui koe i ngā tohu e rua i tētahi ōrau motuhake. Ka whakamahi te AMM i tētahi tātaitanga pāngarau (i te nuinga x * y = k) ki te utu tauhokohoko. I a ngā utu mākete o waho e huri, ka tauhokohokohia e ngā kaihoko arbitrage te pūreke ki te whakakotahi i tōna utu ā-roto ki te utu mākete. Ko tēnei tukanga whakahou te mea e hua ake ai te ngaro ā‑kore: ka hokona aunoa e te pūreke tō tohu e piki ake ana, ā, ka hoko i te nuinga o te tohu e heke iho ana.
Ko te kupu "impermanent" he mea nui. Ka noho anake te ngaro i runga i te pepa i te roa ka mau tonu tō waiwai ki te pūreke. Mēnā ka hoki ngā utu o ngā tohu e rua ki tō rātou ōrite taketake, ka ngaro katoa te ngaro kāore i te roa. Heoi, mēnā ka tango koe i tō waiwai i te wā e rerekē ana te ōrite utu i te wā i tuku ai koe, ka riro te ngaro ka kitea, ā, mau tonu.
He mea nui ki te mārama, kāore te ngaro kore‑ā‑roto i te ngaro o tō pūtea kua tāpui i ngā kupu motuhake. Ka whiwhi tonu koe i tō wāhanga ōrite o te pūreke. Ko te "ngaro" he āhua whāiti: ka mutu koe ki te whai moni iti ake i te katoa i te mea e kore e whiwhi i te moni i te mahi kore, me te pupuri noa i ngā tohu taketake i tō pūkete.
Rerekētanga o te utu
Ka piki te IL i te wā e rerekē ana te ōrau utu i tō wā whakaurunga. Kāore te aronga e whai tikanga; he pikinga 2x me te hekenga 50% ka whakaputa i te IL kotahi.
Ka taea te whakahuri tae noa ki te tango
Ko te ngaro "kaore i te roa" nā te mea ka hurihia mēnā ka hoki ngā utu ki te ōrau taketake. Ka noho pūmau anake i te wā ka tango koe.
Whakakāhore mā ngā Utu
Ka taea e ngā utu tauhokohoko whiwhi e ngā LPs te whakakāhore, ā, ka taea anō te hipa atu i te ngaro kaore i te roa, ā, ka whai hua te tūnga i te katoa.
Me pēhea te Mahi o te Ngaro Kaore i te Roa
Me haere tātou mā te tauira mārō mā te whakamahi i tētahi ETH/USDC pūnaha liki i runga i tētahi AMM hua-utu pūmau (pērā i Uniswap v2) kia kite tūturu i te āhua o te ngaro wā poto.
Pūriro Tuatahi
Ka tāpui koe 1 ETH me 2,000 USDC ki tētahi pūnaha ETH/USDC i te wā e tau ana te ETH i te $2,000. Ko te uara katoa o tō tāpuitanga he $4,000 (1 ETH i te $2,000 + 2,000 USDC). Ka tautuhi te AMM i te hua pūmau: k = 1 * 2,000 = 2,000.
Mēnā ka mau noa koe i ēnei tohu i tō pūkete, ka mau tonu koe i te 1 ETH + 2,000 USDC ahakoa ngā mea ka pā ki te utu ETH. Ko tēnei āhuatanga "hold" te pae tawhiti e ine ai te ngaro kāore i te roa.
Panoni Utu: ETH Ka Rua ki $4,000
Ka piki te ETH i te $2,000 ki te $4,000 i ngā mākete o waho. Ka kite ngā kaihoko arbitrage i te utu ā-roto o te pūreke he tawhito, ā, ka hoko ETH rahi i te pūreke, ka tuku USDC kia tae te utu o te pūreke ki te mākete. Nā te ture hua pūmau (x * y = k), ka whakahou te pūreke i ōna tōpūtanga.
I muri i te whakakōkō anō, ko tō wāhanga o te pūreke ināianei kei roto tata ki te 0.707 ETH me 2,828 USDC. Te pāngarau: i te utu hou, ETH i te pūreke = sqrt(k / new_price) = sqrt(2000 / 4000) = 0.707, me USDC i te pūreke = sqrt(k * new_price) = sqrt(2000 * 4000) = 2,828.
Kei te uara ināianei tō tūranga pūreke: 0.707 * $4,000 + $2,828 = $5,656.
Whakataurite LP ki te Pupuri
Mēnā i pupuri noa i tō ETH taketake 1 + USDC 2,000, ka uara tō pūkete: 1 * $4,000 + $2,000 = $6,000.
Te rerekētanga: $6,000 - $5,656 = $344. Ko tērā te ngaro wātea, ōrite ki 5.72% o te uara ka pupuri. I whiwhi moni tonu koe i te whakatauranga ki tō tāpiritanga tuatahi $4,000 (he whiwhinga $1,656), engari i whiwhi $344 iti iho i te mea e whiwhi ai koe mā te pupuri noa.
Koinei te mārama matua o te ngaro kore-ā-roto: ka hokona e te AMM tō ETH i te ara piki. I te pikinga o te ETH, ka hurihia ā‑tēnei te pūnaha whakahāngai o te pūkete i tō ETH ki USDC, ā, ka ngaro koe i te painga katoa o te pupuri ETH.
Aukati i te mōrearea IL katoa
Whiwhi 7% APY i USDC me Coinstancy. Whakamā i ia rā, kāore he ārai, he tango tere.
Kaipūtirotiro Ngaro Kore-ā-roto
Ko te tātaitanga mō te ngaro kāore i te mure i tētahi pūreke hua 50/50 pūmau ko: IL = 2 * sqrt(r) / (1 + r) - 1, i te wā e r ko te ōwehenga utu (utu hou / utu taketake). Ka whakaatu tēnei ripanga i te ōrau IL mō ngā nekehanga utu auau.
| Nekehanga Utu | Ōwehenga Utu (r) | Ngaro Wā Poto | Tauira (ETH i $2,000) |
|---|---|---|---|
| +10% pikinga utu | 1.10 | -0.11% | ETH i $2,200 |
| +25% pikinga utu | 1.25 | -0.60% | ETH i $2,500 |
| +50% pikinga utu | 1.50 | -2.02% | ETH i $3,000 |
| +100% pikinga utu (2x) | 2.00 | -5.72% | ETH i $4,000 |
| +200% te pikinga o te utu (3x) | 3.00 | -13.40% | ETH i $6,000 |
| +500% te pikinga o te utu (6x) | 6.00 | -30.00% | ETH i $12,000 |
| -50% te hekenga o te utu | 0.50 | -5.72% | ETH i $1,000 |
| -75% te hekenga o te utu | 0.25 | -20.00% | ETH i $500 |
Kupu matua
Kia mōhio ko te pikinga utu 2x me te hekenga utu 50% e whakaputa ana i te te ngaro wātea ōrite (5.72%). Ko te IL e whakawhirinaki ana ki te nui o te panonitanga o te ōrau utu, kāore ki tōna aronga. Me hoki anō ki te kite me pēhea te tere o te IL: ko te rua wā te utu e utu ana 5.72%, engari ko te toru wā te utu e utu ana 13.40%, tata ki te 2.5 wā nui ake. Ko tēnei hononga kāore i te rerekē e tohu ana ko te IL ka riro hei uaua ake i ngā nekehanga utu tino nui.
Āhea ka noho pūmau te IL?
Ka huri te ngaro kāore i te roa ki te ngaro kua whakaaetia, pūmau i te wā ka tango koe i tō waiwai mai i te pūreke i tētahi ōrite utu rerekē i te wā i tāurua ai. Hei te wā tonu, kei te noho te ngaro ki runga papanga anake. Te mārama hea ka tango he whakatau nui rawa atu mō tētahi LP ka taea te mahi.
He mea nui te wā o te tango
Mēnā ka neke a ETH i te $2,000 ki te $4,000, ko tō IL he 5.72%. Engari mēnā ka heke a ETH anō ki te $2,000, ka hoki tō IL ki te kore. Ko te wā kino rawa atu mō te tango moni ko te wā e tino rerekē ai te utu. He maha ngā LP whai wheako e tautuhi ana i ngā whakamōhiotanga mo te awhe utu, ā, ka tango anake i te wā e pai ana te ōritanga, rānei i te wā kua nui rawa ngā utu kua kohia i te IL.
I ngā mākete tino huringa, ka taea e ngā utu te rerekē nui i roto i ngā haora. Ka taea e tētahi tūnga LP e whakaatu ana i te 10% IL i tēnei rā te whakaatu i te 2% IL āpōpō. He manawanui te rautaki pai i te nuinga o te wā.
Kohinga utu ki te IL
Ka hua ngā utu i ia whakawhiti i roto i tō pūreke. I Uniswap v2, ka whiwhi ngā LP i te 0.30% o ia hokohoko. I Uniswap v3, kei te wāhi utu mai i te 0.01% ki te 1% i runga i te taumata o te pūreke. Ka kohia ēnei utu tonu, ka piri ki tō tūnga.
Ko te pātai nui ko mēnā ka nui ake ngā utu whakakotahi i te IL. Mo ngā tātua rongonui pērā i te ETH/USDC, ka taea te rahi hokohoko o ia rā te 10-50 wā i te TVL o te pūreke, e whakaputa ana i ngā moni utu nui. He pūreke me $10M i te waiwai me $100M te rahi o ia rā i te 0.30% ngā utu ka whakaputa $300,000/ra mō ngā LP, arā 3% te whakahoki o ia rā. Ka taea e tēnei te whakaiti i te IL nui i te roanga o te wā.
Ina ka mau tonu te IL
He āhuatanga kei reira ka noho mau te IL i te wā tonu ahakoa kāore he tango: mēnā ka haere te tohu kotahi i te pūreke ki te kore (rug pull, hapa tukanga), rānei mēnā ka ngaro tonu te pūtau o tētahi tohu (algorithmic stablecoin collapse). I ēnei āhuatanga, kua whakahou te AMM i tō tūranga ki te tohu e rahua ana, ā, kāore he whakaora e taea ana. Ko tēnei te take e mea ai kia whiriwhiri i ngā tihi tohu e rongonui, kua tū pakari mō te haumaru o te LP.
Ngā Rautanga hei Whakaiti i te Ngaro Kāore i te Mau
Ahakoa kāore e taea te whakakore i te ngaro wātea i ngā AMM tuku, ka taea e ngā rautaki maha te whakaiti nui i tōna pānga ki ōu hua.
1. Ngā Tahi Moni Pūtete
Te tuku pūtea ki ngā pūreke e rua ngā tohu kei roto moni pūtete (e.g., USDC/USDT, USDC/DAI) ka whakakore tata i te ngaro wātea. Ka hono te utu o ngā tohu ki te $1, nō reira ka noho tata te ōrau utu ki te 1:1. Ko te IL i ngā pūreke moni pūtete e tawhiti ana i te 0.00% ki te 0.01%, ā, ka noho tata ngā utu ki te whai hua mā.
Ko te whakakotahitanga he iti APY. Ka whakaputa ngā pūkete stablecoin i ngā utu hokohoko iti ake nā te mea he iti ngā whai wāhi arbitrage, ā, he māmā ngā whakawhitinga. Ko te awhe o ngā APY tūturu i te 2-8%, i te 15-50%+ i ngā tihi huringa.
2. Ngā Tāpae Taonga Honohono
Ngā pūreke me ngā tohu e neke ana i te ara kotahi e pāngia ana te IL iti ake i ngā tātua kāore e hāngai. Ko ngā tauira ko stETH/ETH (Lido staked ETH ki ETH), WBTC/BTC (wrapped ki Bitcoin tūturu), rānei rETH/ETH (Rocket Pool ETH ki ETH). Nā te mea ka whai i te utu taketake kotahi ngā rawa e rua, he iti noa te rerekētanga.
Pēke ETH/BTC, ā, he iti ake te IL i ngā peke ETH/USDC nā te mea e hono pai ana ngā utu ETH me BTC. Ina ka piki ngā mākete crypto, ka piki tahi ngā rawa, ka mau tonu te ōritanga utu kia pūmau ake.
3. Ngā Waiwai Tūturu
Ka āhei a Uniswap v3 me ngā tikanga ōrite ki te whakakotahi i te waiwai moni i roto i tētahi awheawhe utu motuhake. Mā te whakaiti i tō awheawhe, ka whiwhi utu nui ake mō ia tāra o te pūtea kua whakatūpato nā te mea ka whakamahia pai ake tō waiwai moni. Heoi anō, he rākau whai taha e rua te pakanga te waiwai moni i whakakotahitia: mēnā ka neke te utu ki waho i tō awheawhe, kāore e whiwhi utu koe, ā, ka noho tō tūranga 100% he wāhanga o te tohu kāore i te nui.
Mō te whakaiti i te IL, whakamahia ngā awhe roa ake i ngā tātaritanga hihiri me ngā awhe paku ake i ngā tātaritanga pūmau. He tūnga USDC/USDT me te awhe 0.99-1.01 e hopukina ana te nuinga o te rahi hokohoko me te mōrearea IL iti. He tūnga ETH/USDC tērā pea ka whakamahi awhe $1,500-$3,500 hei whakakotahi i te whaihua utu me te mōrearea o te puta i te awhe.
4. Ngā Tāke Kotahi-Taha
Ka āhei ētahi tikanga ki te tuku pūtea kotahi-mau, e tāpui ana koe i tētahi tohu anake. Ngā tikanga pērā i a Thorchain (mō te pūtea whakawhiti-aho) me ētahi Balancer ngā pūreke taumaha ka tautoko i tēnei. Ka whakaiti ngā tāpuitanga kotahi-mau i te whaka exposure IL nā te mea kāore koe i whakamanahia kia pupuri i te ōrite 50/50. Heoi anō, ka whaka exposure tonu te tikanga ki a koe ki te IL i roto i te pūnaha mā te whakakotahi i tō tāpuitanga ki te pūtea ā-tikanga, ā, ka whakaata te IL i tō uara tārewa.
Whiwhi 7% APY i runga i te USDC
Kāore he ngaro wā poto, kāore he ārai, whakakotahi rā i ia rā. Tukua wawe, i ngā wā katoa.
Ngā Hātepe Tiaki IL
He maha ngā tikanga DeFi kua whakawhanake i ngā hātepe auaha hei tiaki i ngā kaiwhakarato likiiti i te ngaro kore-mau, ā, ia mea e whai ara rerekē ki te raru.
Tiaki IL ā‑kāhua Bancor
Bancor i whakatū i te ariā o te tiaki IL, i te wā e whakarite ana te kaupapa kia kapi i te ngaro wā poto mā te token āna ake (BNT) hei inihua. Ka whiwhi ngā LP e whakatū ana mō ngā rā 100+ i te tiaki IL katoa. Mēnā ka tangohia e koe āu moni, ā, kua pā te IL ki tō tūranga, ka hanga a Bancor i ngā token BNT hei whakakī i te rerekētanga, kia whakaritea kia tangohia e koe te uara tāra i te wā i tāurua ai i te tuatahi.
I mahi pai te tauira i ngā mākete toro, engari i pā ki ngā wero i ngā heke, i te mea i hangaia te BNT hei whakakapi i te IL i hangaia he pēhanga hoko ki te tohu. I whakatāwhiti a Bancor v3 te tiaki IL i te Hune 2022 i te wā o te mākete kurī, e whakaatu ana i te mōrearea ko te inihua IL i pūtea e te kaupapa kāore pea e taea te mau i ngā wā roa o te pēhanga mākete.
Ngā Pūrua Whiwhi Taumaha o Balancer
Balancer ka whakaaetia ngā pūreke me ngā ōrau taumaha ritenga tuku iho i te 50/50 paerewa. He pūreke 80/20 (hei tauira, 80% ETH / 20% USDC) e whakaiti nui ana i te IL i te pūreke 50/50 nā te mea ko te tohu taumaha nui ake e rangatira ana i te tūnga. Mēnā ka rua ngā utu ETH, ka rongo te pūreke 80/20 ETH/USDC i te tata ki te 0.97% IL, i te 5.72% mō te pūreke 50/50.
Ko te whakakotahitanga ko te whiwhi moni iti ake i ngā utu tauhokohoko i te taha taumaha iti. Engari mō ngā LP e whakapono ana ki tētahi tohu motuhake, e hiahia ana ki te tiaki i te whaka exposure i te wā tonu e whiwhi ana i ngā utu, he taputapu tino pai ngā pūkete taumaha hei whakaiti i te IL.
CowSwap AMM (CoW AMM)
CoW AMM ka whai huarahi tino rerekē mā te whakakore i te pūtake matua o te IL: arbitrage i hāngai ki te MEV. I te AMM tuku, ka tango ngā arbitrageurs i te uara mā te hokohoko ki ngā utu pūreke. Ka whakamahi a CoW AMM i ngā hokohoko rārangi hei tukatuka i ngā tauhokohoko, arā ko te katoa o te whakakē i te taurite ka mahia i ngā utu mākete tika e te whakataetae o ngā rongoā.
Ka hopukina e tēnei te "loss-versus-rebalancing" (LVR) e haere ana ki ngā pūkete arbitrage, ā, ka whakahoki ki ngā LP. E tohu ana ngā raraunga tuatahi ko te whiwhi moni nui ake a ngā CoW AMM LP i ngā tūranga ōrite i runga i te Uniswap v2, nā te mea ko te uara ka tangohia e te MEV i ngā AMM tuku iho, ka mau tonu e ngā kaiwhakarato pūtea.
Ngaro Taiao Kore vs Holding: Āhea Ka Pono Anō te LP?
Ko te ngaro wātea kāore i te whakaahua katoa. Ko te pātai tūturu ko mēnā tō whakahoki LP katoa (ngā utu kua whiwhi i te heke o IL) e nui ake i te mea i whiwhi ai koe mā te pupuri noa. I te nuinga o ngā wā, ko te tuku likiiti he pai ake i te pupuri, ahakoa te IL.
Tauiranga Pae Tū
Ko te wāhi paetukutuku ko te wā e ōrite ai ngā utu hokohoko whāiti ki te ngaro wātea. Me whakamahi tātou i tētahi tauira ao-tūturu:
Ka tukuna e koe $10,000 ki tētahi pūreke ETH/USDC e whiwhi ana i te 0.30% i ia hokohoko. He $50M te TVL o te pūreke, ā, ka tukatuka $200M te rahinga o ia rā, e tuku ana i te reiti utu o ia rā tata ki 0.12% mō ngā LP. I roto i ngā rā 30, ka whiwhi koe tata ki $360 i ngā utu (3.6% o tō $10,000 tūranga).
I roto i aua rā 30, ka piki ake a ETH i te 50% mai i te $2,000 ki te $3,000. Ko tō IL he 2.02%, ā, tata ki te $202 i runga i tō $10,000 tūranga. Tō te painga neti i te LP he $360 - $202 = $158, he pai ake i te pupuri. Ka taea e te pupuri te whiwhi i tētahi uara katoa nui ake, engari nā te mea ko te haurua o tō tūranga i USDC (kāore i piki). I te tātaitanga o ngā utu utu kāore koe i whiwhi mā te pupuri, ka toa te LP.
Te ture whānui: He whaihua te LP ina nui ake te APY utu o te pūreke i te IL i tau. He rōpū nui-rua, ōkawa-āhua papamuri me te hohonutanga hohonu e tino pai ana.
Ka riro te pupuri i te LP
Ka pai ake te pupuri i te LP i ngā āhuatanga motuhake:
- Ngā nekehanga utu parāheketi:Mēnā ka piki te tohu ki te 5x, 10x i te tere, ka nui ake te IL (30%+ i te 6x) i te whiwhinga utu. I te mākete poaka kaha, ka pai ake te pupuri i te tohu huringa.
- Ngā pūreke iti-rua: Mēnā he iti te mahi hokohoko o te pūreke i te whānuitanga ki tōna TVL, he iti rawa te whiwhinga utu ki te whakakāhore i te IL iti noa.
- Ngā wā poto: Ka pā te IL inā ka neke ngā utu, engari ka piringa ngā utu ā‑tōmua. I roto i ngā haora, rānei ngā rā poto, ka taea e te neke tata o te utu te nui ake o te IL i ngā utu kua whiwhi.
Te mārama whai kiko: mēnā e tumanako ana koe ka neke te tohu ki te neke nui, kotahi‑aronga, ka pai ake te pupuri. Mēnā e tumanako ana koe ka hokohoko te tohu i roto i te awhe me te kaha mahi, ka pai ake te LP.
Whakataurite Hua: LP vs Pupuri vs Whiwhi Stablecoin
Titiro ki ngā rautaki e toru mō $10,000 i roto i te tau kotahi:
| Rautaki | Mēnā ETH +50% | Mēnā ETH kore panoni | Mēnā ETH -30% |
|---|---|---|---|
| Pupuri ETH/USDC (50/50) | $12,500 | $10,000 | $8,500 |
| LP i ETH/USDC (20% APY utu) | $14,248 | $12,000 | $10,122 |
| Whiwhi USDC (7% APY) | $10,700 | $10,700 | $10,700 |
Kia mōhio ko te rautaki hua USDC e kawea ana hua, e taea te matapae, ahakoa te aronga o te mākete. Kāore he ngaro pāhekoheko, kāore he pānga ki te rerekētanga utu ETH, ā, kāore he mōrearea o te wā e tango ai te moni. Mō ngā kaihautū e karo ana i te mōrearea, he mea māmā hua moni pūkete pūmau rautaki e tino pai ake i te LP i runga i te āhua o te mōrearea.
Ngā Pātai Auau
He aha te ngaro pāhekoheko i ngā kupu māmā?
Ka taea e au te ngaro i taku moni katoa ki te ngaro kore-mōrearea?
He ngaro wātea tūturu te ngaro wātea?
Ka whakaiti ngā utu tauhokohoko i te ngenge kore‑mōtika?
Ō hea ngā pūkete e whai ana i te impermanent loss iti rawa?
Me pēhea au e tātai i taku ngaro pāheketanga?
Haere tonu ki te ako
Tirohia ētahi atu aratohu mō ngā tikanga DeFi, te waiwai, me ngā rautaki hua.
He aha te pūnaha waiwai?
Mārama ki te mahi a ngā pūnaha waiwai, te pehea e whiwhi ana ngā LP i ngā utu, me ngā mōrearea e pā ana ki te tuku waiwai.
Pānui Aratohu AratohuBalancer Aratohu
Ngā pūnaha waiwai whai taumaha, ngā ōritanga ritenga, me te pehea e whakaiti ai a Balancer i te IL mā ngā whirihoranga pūnaha 80/20.
Pānui Aratohu AratohuCowSwap Aratohu
Ako i te pehea e tiaki ai a CoW AMM i ngā LP i te ngaro wā poto i hāngai ki MEV mā ngā hokohoko rōpū.
Pānui AratohuWhiwhi hua me te kore ngaro wā poto
Aukati i te uaua o ngā tūnga LP me te ngaro kore-mau. Whiwhi 7% APY i runga i te USDC me Coinstancy. Whakamāramatanga ia rā, kāore he ārai, he tango tere.
Tīmata te whiwhi moni i te CoinstancyKua rite ki te whiwhi me te kore mōrearea o te ngaro kore-mau?
Whiwhi 7% APY i runga i te USDC me te whakamāramatanga ia rā, kāore he ārai, me te tango tere. Kāore rawa i te ngaro kore-mau.