He aha te Poho Māmā?
Ko ngā pūkete waiwai te pūkenga i muri i ngā whakawhiti kāore i te rangatū. Akohia me pēhea te mahi, me pēhea te whiwhi utu hei kaiwhakarato waiwai, me te arahi i ngā mōrearea pērā i te ngaro wā poto.
He aha te pūnaha waiwai?
A papa waiwai he kirimana atamai e pupuri ana i tētahi tahua o ngā tohu e rua, neke atu rānei, e whakaaetia ana te hokohoko motuhake me te kore e hiahia i tētahi pukapuka tono kaihoko me kaihoko tuku. Ka hurihia e koe ngā tohu i runga i tētahi whakawhiti motuhake (DEX) pērā i Uniswap, Balancer, rānei Curve, kāore koe e hokohoko ki tētahi atu tangata. Kei te hokohoko koe ki te papa tohu i tukuna e ētahi atu kaiwhakamahi.
Ko ngā whakawhiti pūtea tuku iho (pērā i te New York Stock Exchange, Coinbase rānei) e whakamahi ana i tētahi pukapuka ota tauira. Ka whakatakoto ngā kaihoko i ngā tono, ka whakatakoto ngā kaihoko hoko i ngā tono hoko, ā, ka whakakotahi te whakawhiti i a rātou. Ka pai tēnei i te wā e nui ana ngā kaihokohoko kaha e waihanga ana i te pēhanga hoko me te hoko tonu. Engari i runga i te blockchain, he utu nui, he pōrearea hoki te tiaki i te pukapuka ota i te aho-ā-tihi nā te mea ko ia whakatakotoranga, whakakore, me te whakahou e hiahiatia ana he whakawhitinga me ngā utu hinu.
Ngā pūkete likiti e whakatau i tēnei raru. Mā te kore e tatari ki tētahi hoa tauhokohoko, ka whakawhiti ngā kaihoko i te waea ki ngā pūtea kua kohia e tekaihanga mākete aunoa (AMM)Ka whakatau te hōtaka AMM i te utu i runga i te ōritanga o ngā tohu i roto i te pūkete. Ko tēnei tikanga, ka taea e ngā whakawhitinga te whakahaere i te wā tonu, 24/7, me te kore e whakawhirinaki ki tētahi rōpū pūmau, ki ngā kaihanga mākete.
Whakawhiti Tere
Whakawhiti i ngā wā katoa ki ngā pūtea kua kohia. Kāore he whakataurite ota, kāore he tatari ki tētahi hoa tauhokohoko, kāore he rahi iti rawa o te whakawhiti.
Kore whakaaetanga
Ka taea e te tangata katoa te tuku tōkena me te riro hei kaiwhakarato waiwai. Kāore he KYC, kāore he pūkete iti rawa, kāore he kaitiaki.
Whiwhi Utu
Ka whiwhi ngā kaiwhakarato waiwai i tētahi wāhanga o ia utu tauhokohoko. Nō te nui ake o te rahi e whakahaerehia ana e te pūreke, nō te nui ake o ngā utu ka kohia e ngā kaiwhakarato waiwai.
Me pēhea te Mahi o ngā Pūreke Waiwai
Ko te momo pūkete pūtea tino noa e whakamahi ana i tētahi tātaitanga pāngarau e kīia ana ko te tātaitanga hua pūmau hei tautuhi i ngā utu tohu. I rongohia e Uniswap, he māmā, he mārama tēnei tātaitanga: x * y = k, kei reira ko x te rahi o Tohu A, ko y te rahi o Tohu B, ā, ko k he pūmau.
Te Tātaitanga Hua Pūmau (x * y = k)
Whakaarohia he pūreke e mau ana i te 10 ETH me te 30,000 USDC. Ko te hua pūmau ko 10 x 30,000 = 300,000. Me mau tonu tēnei uara i te pūmau i muri i ia hokohoko. Mēnā ka hokona e tētahi 1 ETH i te pūreke, me tāpiri i te nui o te USDC kia taea ai te hua o ngā tōpūtanga hou kia 300,000 tonu.
I muri i te kaihoko e tango ana i te 1 ETH, kei te pūnaha 9 ETH. Hei tiaki i te taupū: 9 x y = 300,000, nō reira y = 33,333.33 USDC. I utu te kaihoko i te 3,333.33 USDC mō te 1 ETH. Kia mōhio, he nui ake tēnei i te utu tuatahi i whakatakotoria o te 3,000 USDC mō te ETH. Ka nui ake te tauhokohoko ki te pūnaha, ka nui ake te neke o te utu. Ko tēnei e kīia ana pānga utu rānei whakawhitinga.
Whakatau Utu
Ko te utu o tetahi tohu i roto i te pūreke hua motuhake ka whakatauritea e te ōritanga o nga taonga ruarua. Mēnā ka mau te pūreke i te 10 ETH me te 30,000 USDC, ko te utu e whakaarohia ana mō te ETH ko 30,000 / 10 = 3,000 USDC. Ina hoko nga kaihokohoko i te ETH (ka tango i te pūreke), ka heke te toenga ETH ā, ka piki te toenga USDC, ka piki ake te utu o te ETH.
Ko tēnei pūnaha utu e whakaritea ana i a ia anō te mea e mahi ai ngā AMM me te kore āwhina a te tangata. Ka aroturuki tonu ngā kaiwhakawātea i ngā utu pūkete ki ngā whakawhiti pūtea pūmau me ētahi atu DEX. Mēnā ka rerekē te utu pūkete i te utu mākete, ka hokohoko ngā kaiwhakawātea kia whakahokia ki te tika, ka whiwhi hua i te rerekētanga, ā, ka mau tonu ngā utu pūkete kia tika.
Hokohoko ki te Pūkete
I te wā e mahi ana koe i tētahi whakawhiti i runga i tētahi DEX, kei te tuku koe i tētahi tohu ki te kirimana atamai o te pūreke, ā, ka whiwhi i tētahi tohu kē hoki. Ka tatauranga te kirimana atamai i te maha o ngā tohu ka whiwhi koe i runga i te tātaitanga hua pūmau, ka tango i te utu tauhokohoko iti, ā, ka whakatinana i te whakawhiti i roto i tētahi whakawhitinga kotahi atomika.
Ngā pūro hohonu (ēnei he nui te tapeke uara katoa, TVL) e tuku utu pai ake ana nā te mea he nui ake ngā tauhokohoko e whakaiti ana i te pānga utu. Ka taea e tētahi pūro me $100 miriona i ngā pūtea te kawe i tētahi tauhokohoko $50,000 me te heke iti, ā, ko tētahi pūro $100,000 ka kite i te nekehanga utu nui i te tauhokohoko kotahi.
Te whakarato liki
Ka taea e te tangata katoa te riro hei kaiwhakahaere liki (LP) mā te tuku tohu ki roto i tētahi pūro. Anei te tikanga o te tukanga, mai i te tāpui ki te tango.
Kōwhiria he pūrua me te kawa
Kōwhiria he DEX (Uniswap, Balancer, Curve, SushiSwap) me tētahi tārua tohu e hiahia ana koe ki te whakarato likiwi mō. Whakaarohia te rahi hokohoko, te taumata utu, me ōu hiahia whakaata. He pāirangi rongonui pērā i te ETH/USDC he nui rawa te rahi me te hohonutanga o te likiwi.
Tuku tohu ki te uara ōrite
Mo ngā pūkete AMM auau, me tāpui i ngā tohu e rua i te uara moni ōrite. Hei tauira, ki te tāpui i te liki ki tētahi pūkete ETH/USDC ina $3,000 te ETH, ka tāpui koe i te 1 ETH + 3,000 USDC. He maha ngā tikanga pērā i Balancer allow ka whakaaetia ngā tāpui kotahi-runga, me ngā ōritanga kāore i ōrite i ngā pūkete whiwhi.
Whiwhi Tohu LP
Ka muri i te tāpui, ka hanga te kaupapa LP tokens e whakaatu ana i tō wāhanga ōrite o te pūreke. Mēnā kei te pūreke $1 miriona i te katoa o te waiwai, ā, ka tāpui $10,000, ka whiwhi koe i ngā tohu LP e whakaatu ana i te 1% o te pūreke. He tohu ERC-20 ka taea te whakawhiti, ka taea te whakatō mō ngā utu tāpiri, rānei ka whakamahia hei taura i ētahi atu kaupapa DeFi.
Tukua i ngā wā katoa
Hei puta, ka whakakāhore (whakahoki) i ō tohu LP ki te kirimana atamai, ā, ka tuku mai i tō wāhanga ōrite o ngā tohu e rua. Nā te mea kua panoni te ōrau pūreke mai i tō tāpiritanga, tērā pea ka whiwhi koe i tētahi wehewehenga rerekē o ngā tohu i tua atu i te mea i tāpiritia e koe i te tīmata. Ka whakauru hoki tō wāhanga i ngā utu hokohoko kua kohia katoa.
Aukati i te uaua, pupuri te hua
Ko te whakarato pūtea ka taea te whiwhi hua engari he uaua. Mā Coinstancy, whiwhi 7% APY i runga i te USDC me te whakakotahi o ia rā, kāore he here, me te tango tere. Kāore he ngaro wā poto, kāore he whakahaere pūkai.
Whiwhi 7% APY i runga i te USDCWhiwhi utu hei kaiwhakahaere pūtea
Ko te pūmotuhake matua mō te whakarato pūtea ko ngā whiwhinga utu hokohoko. Ia wā ka whakawhiti tētahi tangata i ngā tohu mā te pūkai, ka utua he utu iti ka tohua ki ngā LP katoa kia ōrite. Ko te mārama ki ngā hanganga utu he mea nui ki te aromatawai mēnā he whaihua te pūkai mō tō pūtea.
| Taumata Utu | Reiti | Mō te tino pai | Tauira Takirua |
|---|---|---|---|
| Rawa-iti | 0.01% | Takirua Moni Pūmau | USDC/USDT, DAI/USDC |
| Rāweke | 0.05% | Takirua Honohono | ETH/stETH, WBTC/BTC |
| Standard | 0.30% | Takirua Nui | ETH/USDC, WBTC/ETH |
| Teitei | 1.00% | Takirua Rerekē / Huringa | PEPE/ETH, ngā tohu hou |
Te rahi ka kawea ngā hua
Ka whakatau ngā whiwhinga utu e te rahi o te hokohoko, kāore i te nui o te TVL o te pū. He pū kei $10 miriona i te TVL me $5 miriona i te rahi o ia rā ka whakaputa i ngā hua LP pai ake i tētahi pū kei $100 miriona i te TVL me te $5 miriona i te rahi, nā te mea ka wehe ngā utu ki ngā LP iti ake.
Ko te tauine matua hei mātakitaki ko te tauine rahi ki TVL. He nui ake ngā tauine e tohu ana i te moni utu nui ake mō te tāra o te moni i tukuna. Ka taea e koe te whai i tēnei i runga i ngā papamahi tātaitanga pērā i a Dune, DefiLlama, rānei i te whārangi tātaitanga taketake o ia kaupapa.
Tauira Ao-Tūturu
Titiro ki te pūreke Uniswap v3 ETH/USDC 0.05% i runga i te Ethereum. Me te tata ki te $300 miriona i te TVL me te $150 miriona i te rahinga o ia rā, ka whakaputa te pūreke i te $75,000 i ngā utu o ia rā. He LP me te $100,000 tūranga ka whiwhi tata ki te $25 ia rā, ā, i te $9,125 i te tau, he 9.1% APY.
Heoi, kāore tēnei APY utu mātao e whai whakaaro ki ngaro kore-mōrearea. I ngā mākete huringa, ka taea e te ngaro kore-mōrearea te whakaiti, ā, ka taea hoki te hipa atu i te whiwhinga utu. Koia te take i te mea he maha ngā LP e pai ana ki ngā pūreke stablecoin mō ngā hua e matapae pai ake.
Momo o ngā Pūreke Whaiwai
Kāore katoa ngā pūreke whaiwai e mahi ana i te āhua kotahi. He rerekē ngā hoahoa AMM e whakakē ana mō ngā āhuatanga hokohoko rerekē. Anei ngā momo matua ka rongoa e koe i te DeFi.
Pūreke Standard (Uniswap v2)
Te pūkete hua 50/50 tuku. Ka horapa te pūtea i runga i te awhe utu katoa mai i te kore ki te mutunga kore. He māmā, kua whakamātau i ngā pakanga, engari he kore whaihua pūtea nā te mea kei te noho te nuinga o te pūtea i ngā utu tawhiti i te utu mākete o nāianei, ā, kāore e whakamahia.
Ka whakamahia e: Uniswap v2, SushiSwap, PancakeSwapPūtea Whakakotahi (Uniswap v3)
Ka kōwhiri ngā LP i tētahi awhe awhe utu motuhake hei arotahi i tā rātou waiwai. Ka whakapiki nui tēnei i te whaihua pūtea nā te mea ka mahi tō waiwai katoa i te awhe awhe e pā ana ki ngā tauhokohoko tūturu. Ko te whakakotahi ko te whakahaere kaha ake me te nui ake o te ngaro wātea mēnā ka neke te utu ki waho i tō awhe.
Ka whakamahia e: Uniswap v3/v4, PancakeSwap v3Ngā pūreke whiwhi taumaha (Balancer)
Balancer he pūriroki e whakaaetia ana i ngā taumaha tohu ritenga (hei tauira, 80/20 ETH/USDC i te mea 50/50). Ka āhei tēnei i ngā LP ki te tiaki i te exposure nui ki te tohu e whakapono ana rātou, i te wā tonu e whiwhi utu ana. Ka tautokohia hoki e ngā pūriroki taumaha ngā tohu tae noa ki te 8 i roto i tētahi pūriroki kotahi, e whakaahei ana i te rerekētanga ā-pūnaha.
Kua whakamahia e: Balancer, Beethoven XPūriroki Pūtete (Curve)
Ka whakamahi a Curve i tētahi tukanga StableSwap motuhake kua whakapai mō ngā tohu e tika ana kia hokohoko i ngā utu ōrite (ngā moni pūmau, ngā putanga whakakotahi o te taonga kotahi). Ka āhei tēnei hoahoa ki te iti rawa o te rerekētanga utu mō ngā whakawhiti nui i waenganui i ngā taonga kua whakakotahitia. Ka rongo ngā LP i ngā pūnaha moni pūmau i te ngaro poto kāore i te roa.
Ka whakamahia e: Curve Finance, EllipsisHe whakamārama mō te ngaro kāore i te mau
Ngā ngaro kāore i te mau Ko te ngaro kāore i te mau te ariā i tino rangahauhia i te tuku pūtea DeFi. E tohu ana ki te rerekētanga o te uara i waenganui i te pupuri i ngā tohu i roto i tētahi pūkau pūtea me te pupuri noa i ā rātou i tō pūkete. Ahakoa te ingoa, ka taea te noho pūmau rawa mēnā ka tango i te wā hē.
Ka puta te ngaro nā te mea e whakahou tonu ana te AMM i tō tūranga. Ka piki te utu o tētahi tohu, ka hokona e te pūkete (ka hoko ngā kaihokohoko i te tohu iti ake i te pūkete), ka waiho māu he nui ake o te tohu e heke ana te utu, me te iti ake o te mea e piki ana te utu. Ka nui ake te rerekētanga o te utu i waenga i ngā tohu e rua, ka nui ake te ngaro kāore i te mau.
Tauira āhua: ETH/USDC Pūke
Ka tāpui koe i te 1 ETH ($3,000) + 3,000 USDC ki tētahi pūrewa. Ko tō tūranga katoa he $6,000 te uara. Ināianei, kia kite tātou he aha te pānga mēnā ka rua te ETH ki $6,000.
| Tauira | Ngā Kaipupuri | Uara | Rerekētanga |
|---|---|---|---|
| Kia mau anake (kāore he pūrewa) | 1 ETH + 3,000 USDC | $9,000 | Mātāpuna |
| I te pūrewa waiwai | 0.707 ETH + 4,243 USDC | $8,485 | -$515 (5.7%) |
I whakahou te pūreke i tō tūranga, ka hoko ETH i te pikinga o tō utu. Kei a koe ināianei he iti ake ETH me te nui ake USDC i te mea i mau noa i a koe. Ko te rerekētanga $515 te ngaro kore-mau. Mēnā ka tāpiri i ngā utu tauhokohoko i whiwhi i taua wā, ka taea e rātou te whakaiti i tētahi wāhanga, i te katoa rānei o tēnei ngaro.
Ina He Pānga Te Ngaro Kore-Mau
He nui rawa te ngaro kore-mau ina:
- Ka piki te utu o tētahi tohu i te tere ki te tētahi atu
- He iti te rahi hokohoko o te pūreke (kāore ngā utu e whakakapi i te ngaro)
- Ka tango koe i te moni tata i muri i te nekehanga nui o te utu
- Kei roto koe i tētahi tūnga waiwai i whakakotahitia me te awhe whānui iti
Ngā tātua moni pūmau, kaua e whai
Ngā pūreke e rua ngā tohu he moni pūmau (USDC/USDT, DAI/USDC) e pā ana ki te ngaro pāhekoheko tata kore, nā te mea kāore tētahi tohu e neke nui i te utu ki tētahi atu. Koinei te take e rongonui ai ngā pūreke moni pūmau i Curve ki ngā LP e karo mōrearea.
Pēke, he pūnaha rawa e pā ana (ETH/stETH, WBTC/BTC) he iti rawa te ngaro kore‑ā‑roto nā te mea ka neke tahi ngā utu o ngā tohu e rua.
Ngā mōrearea o ngā pūke waiwai
Ko te tuku waiwai kāore i te kore mōrearea. I tua atu i te ngaro kore‑ā‑roto, he maha ngā mōrearea kē atu e me mārama ai ia LP i mua i te tuku pūtea.
Ngaro Wā Poto
I te wāhanga 6, ka whakaaturia, ko ngā nekehanga utu rerekē i waenganui i ngā tohu kua whakakotahitia e whakaiti i ō hua i te pupuri noa. I ngā āhuatanga tino kino (ka heke te tohu kotahi ki te 90%), ka tino pā te ngaro kore‑ā‑roto.
Mōrearea Kirimana Atamai
Kei te mauhere ōu tohu i roto i tētahi kirimana atamai. Mēnā he ngoikoretanga kei te kirimana, ka taea e tētahi kaitāwhi te whakawātea i te pūreke. Kia mau ki ngā tikanga kua whakamātauhia (Uniswap, Curve, Balancer) me ngā hītori arotake whānui. Ahakoa kua arotakengia ngā kirimana, he mōrearea tonu kei reira.
Ngā Pūreke Rawa Iti
Ko ngā pūreke me te TVL tino iti e tino ngoikoretia ki te whakakē utu, te rerekētanga nui, me te "rug pulls" i te wā e tango ana te kaihanga tohu i te katoa o te rawa. Ka tendahia hoki ngā pūreke rawa iti kia kore ōrite te rahi hokohoko, ā, ka kore e pono te whiwhinga utu.
Mōrearea Tohu
Mēnā ka haere ki te kore te kotahi o ngā tohu i tō pūreke (ka riro te hononga o tētahi moni pūmau, ka rahua tētahi kaupapa), ka waiho koe ki te pupuri i te tohu kore uara i te nuinga. He kino ake tēnei i te pupuri noa nā te mea ka hoko aunoa te AMM i ngā tohu e heke ana i te utu.
Kei te hiahia hua me te kore mōrearea?
Ka tuku a Coinstancy i te 7% APY i runga i te USDC me te whakakotahi ia rā. Kāore he ngaro wā poto, kāore he tuitui tohu, kāore he whakahaere kirimana atamai. Tukua noa te USDC ki te kaute, ka tangohia i ngā wā katoa.
Tīmata te whiwhi moni i te CoinstancyMe pēhea te whiriwhiri i tētahi pūkete waiwai
Kāore i te katoa o ngā pūkete i hangaia ōrite. Anei ngā āhuatanga matua hei arotake i mua i te tuku i ō tohu.
Utu Tapeke Katoa (TVL)
TVL TVL e tohu ana i te tapeke katoa o te pūtea kua tāpui ki tētahi pūkete. He nui ake te TVL, he tikanga e tohu ana i te hohonutanga hohonu, he iti ake te rerekētanga mō ngā kaihokohoko, me tētahi pūkete kua whakatū kaha ake. Heoi, he nui rawa te TVL ka tohu hoki i te whakaiti i tō wāhanga utu. Rapua ngā pūkete whai TVL nui ($1M+) engari kaua e nui rawa ki te mea kāore te whiwhinga utu mō ia tāra i tāpuitia e tino iti.
Rahi Hokohoko
Ko te rahi te kaiārahi mō te whiwhinga utu. He pūreke me $50M TVL engari he $100K noa te rahi o ia rā e whakaputa ana i ngā hua iti. Tirohia te rahi toharite mō ngā rā 7 me ngā rā 30 kia ū tonu. Kāore ngā pikinga i ngā huihuinga kotahi (pērā i te whakarewa tohu) e whakaatu i te whiwhinga toitū. Ko te ōritanga rahi ki te TVL te tauira nui rawa mō te aromātai i te whaihua o te LP.
Taumata Utu
He rahi ake ngā taumata utu (0.30% or 1%) e whiwhi moni nui ake i ia hokohoko engari e hāere ana te rahi o te hokohoko iti, nā te mea e pai ana ngā kaihokohoko ki ngā utu iti. He iti ake ngā taumata utu (0.01% or 0.05%) e whiwhi moni iti i ia hokohoko engari e hāere ana te rahi o te hokohoko nui. Ka whakawhirinaki te taumata utu tino pai ki te tātau o te token: ka pai rawa ngā moni pūmau i te 0.01%, ngā tātau nui i te 0.05%-0.30%, me ngā tātau huringa/āhua rerekē i te 1%.
Kounga Token
Whakapūmau anake i te likiwhiti mō ngā tohu e whakapono ana koe, ā, e hiahia ana ki te pupuri. Mēnā ka ngaro te pūtā o tētahi tohu, rānei ka hinga tōna kaupapa, ka riro te ngaro kāore i te mārō hei ngaro katoa, ā, ka noho ngaro pūmau. Whakaritea ngā tohu kua tūmau, he pūtake kaha: ETH, WBTC, ngā moni pūmau nui (USDC, DAI), me ngā tohu kāwanatanga o ngā tikanga kua whakamana.
Māramatanga o te Kaupapa
Aro ki ngā tikanga whai pūkenga kaha: Uniswap, Curve, Balancer, ā, kua whakahaere a Aerodrome mō ngā tau, kua whakahaeretia i ngā arotake maha, ā, ka whakahaere i ngā piriona i te TVL. Ngā pūwhakawātea hua pērā i Beefy Finance ka taea te aunoa i te whakahaere LP engari ka tāpiri i tētahi papanga anō o te mōrearea kirimana atamai. Me mātua tirotiro i ngā wāhitau kirimana, ā, whakamahia ngā atanga tikanga whaimana.
Ngā Pātai Auau
He aha te pūkau waiwai i ngā kupu māmā?
E hia te moni e hiahiatia ana e au ki te whakarato pūtea waiwai?
Ka taea e au te ngaro moni i te pūnaha waiwai?
He aha te rerekētanga i waenganui i te pūreke waiwai me te whakatūpato?
Me pēhea e tatauratua ai ngā utu pūkete pūtea?
He pai ake te whakaratonga māmāwai i te noho noa i ngā tohu?
Haere tonu ki te ako
Tirohia ētahi aratohu anō mō ngā tikanga DeFi, ngā rautaki hua, me ngā mātāpono crypto.
Balancer Aratohu
Ngā pūreke taumaha, veBAL, me ngā rautaki waiwai whakawhanaketanga i runga i te Balancer.
Pānui Aratohu AratohuCowSwap Aratohu
Te hokohoko i tiakina e MEV me ngā hokohoko rōpū me te whakataetae o ngā kaiwhakawātea.
Pānui Aratohu AratohuBeefy Finance Aratohu
Kaiwhakatere hua aunoa e whakakotahi i ngā mokowā i runga i ngā aho nui atu i te 20.
Pānui Aratohu AratohuHe aha te APY?
Te mārama ki te APY me te APR, te whakakotahitanga, me te hua tūturu i roto i te crypto.
Pānui AratohuWhiwhi Hua i te Ara Māmā
He kaha engari uaua ngā pūreke waiwai. Mā Coinstancy, whiwhi 7% APY i runga i te USDC me te whakakotahitanga o ia rā, kāore he here, ā, he tango tere. Kāore he ngaro wā poto. Kāore he whakahaere pūreke. He hua e matapae ana anake.
Tīmata te whiwhi moni i te CoinstancyKua rite ki te whakatakoto i tō crypto ki te mahi?
Aukati i te uaua o ngā pūkete waiwai. Whiwhi 7% APY i runga i te USDC me Coinstancy -- whakakotahi ia rā, kāore he ārai, he tango tere.