Uma ubheka ukuthi iyini i-DeFi liquidity pool, kungenzeka ukuthi ujule embobeni kanogwaja wezezimali. Mhlawumbe uke wadlala ngemikhiqizo ye-DeFi efana ne-Uniswap ne-Aave, futhi mhlawumbe nokulima okuthela izithelo. 

Noma, mhlawumbe, usaqala futhi awazi ukuthi lowo musho wokugcina usho ukuthini. 

Noma ngabe ukuphi ku-spectrum yolwazi lwe-DeFi, usendaweni efanele. Sizokwenza okuthile okumbalwa esikufezile ngaphambili: zama ukungenzi i-DeFi izwakale idida kakhulu futhi iyinkimbinkimbi. 

Kulo mhlahlandlela, sizodlula ucezu olubalulekile lwephazili ye-DeFi: ama-liquidity pools kanye nezimayini ze-liquidity. 

Kungani ama-liquidity pools ebaluleke kangaka? Hhayi-ke, leyo mpendulo incike kuwe.

Kusuka a I-POV yezobuchwepheshe, amachibi okusebenzisa imali asiza ukwenza ukuhweba ngokuhlukaniselana kube khona. Noma ubani angahweba amathokheni okushintshanisa nganoma yisiphi isikhathi ngaphandle kwanoma iyiphi inhlangano eyodwa. Kunokuba uhwebe nge-peer-to-peer (P2P), lapho u-Bob ahweba khona no-Sally, unayo ukuhweba kontanga kuya kwinkontileka (P2C) lapho uBob ehweba khona ngenkontileka ehlakaniphile. Amachibi oketshezi aphakathi nendawo kulokhu. 

Kusuka ku ukutshala imali POV, abahlinzeki bezimali bathola isivuno esingu-100% (nangaphezulu kakhulu) i-APR ekunikezeni imali, okuwumkhuba ongenzi lutho kodwa oyingozi kakhulu. 

Ake siqale ngomqondo obalulekile, ukuhwebelana okuhlukanisiwe.

I-Liquidity Pools 101: Indlela I-Decentralized Exchange Esebenza ngayo

Cabanga ngokhokho bethu behweba ngezinkukhu zamagobolondo asolwandle ezinkulungwaneni zeminyaka edlule. Manje, ake ucabange u-Ooga Booga, ukapteni wemboni yamagobolondo asolwandle angaphambi komlando, ephonsa amagobolondo akhe olwandle ku-vortex enkulu yomlingo, ekhafula ngokuzenzakalelayo inani lezinkukhu elinqunywe kusengaphambili emakethe. 

Lokhu ngokusobala ukwenza lula ngokweqile, kodwa i-vibe iyafana nayo ukuhweba kontanga-kuya-konkontileka ekuhwebeni okuhlukaniselwe izwe. 

Ukushintshana okunwetshiwe (noma, uma ufuna ukuzwakala ngempela ngokwazi, a I-DEX) isoftware evumela abantu ukuthi bahwebe (noma bashintshanise) amathokheni ngaphandle komlamuli ophakathi nendawo. 

I-DEX ingaba isofthiwe yomthombo ovulekile edalwe onjiniyela abazimele, okufanele ihlolwe yizinkampani zangaphandle ukuze kuhlolwe ukusebenza kwayo nokuba semthethweni. Amaphrothokholi amaningi ahlukanisiwe aphethwe yinkampani yabazali emaphakathi. Ukungahluki, ngokwesibonelo, isiqalo esizinze eBrooklyn esine- Uchungechunge A oluholwa yinkampani edumile ye-a16z. Kwezinye izimo, iziqalo eziningi ze-DEX azinayo inkampani emaphakathi esunguliwe noma ihhovisi ongalishayela ucingo uma izinto zingahambi kahle. 

Kunokuba kudinge umuntu wesithathu ukuthi agcine izimpahla, Ama-DEX asebenzisa izinkontileka ezihlakaniphile ukuze anikeze cishe izikhathi zokukhokha ezisheshayo. 

I-DEX efana ne-Uniswap yenza imali ngokuthi:

1. Ukushaja “imali yephrothokholi” ephakathi kuka-0.05% kuya ku-1%. Lesi sici singavulwa ngokuzithandela ngabaphethe amathokheni e-UNI ngezici zabo zokuphatha. 
2. Ukwazisa intengo yethokheni. U-20% wamathokheni e-UNI ayizigidi eziyizinkulungwane ezine anikezwe abasebenzi base-Uniswap. Njengoba iphrothokholi kanye nethokheni ye-UNI ikhula ekuthandeni, kanjalo nomcebo wenkampani kanye nabaphethe amathokheni. 

Izivumelwano ze-DeFi zingahluka ngesakhiwo sazo se-liquidity protocol; umuntu angase akhokhise imali ephakeme, futhi omunye angase asabalalise amathokheni angenawo amalungelo okuphatha, njll. 

Njengoba lezi zingxoxo zihlukaniswa ngokuphelele, zidinga ukufinyelela kwinani elikhulu lezimali ukuze kuqinisekiswe ukuthi abadayisi bahlale befinyelela amapheya amathokheni abawadingayo. 

Ukuze ungene ujule kuma-DEXes, hlola yethu umhlahlandlela wokushintshisana ohlukaniselwe izwe. 

Lokhu kusiletha ku-liquidity. 

Kungani I-Liquidity ku-DeFi Ibalulekile

Kulungile, ake sithi ukuphefumula isikhashana ngaphambi kokuthi singene ezintweni ezingezinhle, kodwa ezixakile ngempela ze-DeFi. 

I-Liquidity izinga impahla engathengwa ngayo ngokushesha noma ithengiswe ngentengo ebonisa inani layo langempela; kusenhliziyweni yanoma iyiphi imakethe esebenzayo. 

Ukuntuleka kwe-liquidity kuhambisana nezigaba ezinobungozi obukhulu futhi kufakwa intengo ngokufanele. Ngaphandle kwe-liquidity, nanoma ubani ukuthenga impahla, isidingo, kanye kamuva nenani, lempahla liyehla. Isibonelo, uma ngithenga i- $ 1,000 yethokheni ethile engacacile, futhi yonke i-cryptocurrency exchange iyayisusa ekuhwebeni, ngeke ngibe nendawo engingayithengisa, okuyenza ibe yimpahla engabalulekile kangako. 

I-liquidity ephansi ibuye isho umthamo ophansi, okuholela entweni ewuhlupho ebizwa ukuhlunga, lapho i-oda lakho lisebenza ngezigaba ezihlukene zezintengo ezinciphayo. Isibonelo, lapho u-Elon Musk ethenga i-oda elikhulu le-Bitcoin lika-$100M, i-oda lakhe lingase lihambise imakethe njengoba i-oda senziwa. Ake sithi i-10M yokuqala ye-BTC igcwaliswe ku-$ 50k nge-BTC ngayinye, bese i-$ 30M elandelayo ku-$ 52k nge-BTC ngayinye, futhi i-$ 60M yokugcina i-$ 53k nge-BTC ngayinye.

Izinhlelo zefa zinikeza izimakethe ezisebenzayo zezidingo eziningi; uma u-Bob efuna ukuthengisa isitoko sakhe se-$TSLA, inkundla yokuhweba ngamasheya ingenza ukuhweba ngokushesha, ngokuvamile ngaphandle kokushelela njengoba ukuhwebelana kwamasheya okuningi okuhlonishwayo kuphatha impahla enevolumu enkulu kuphela. 

Njengoba ama-DEX engenayo incwadi yoku-oda emaphakathi yabantu abafuna ukuthenga noma ukuthengisa i-crypto, banenkinga yemali. 

Ngamanye amazwi, ebusweni bokuhwebelana okusebenza kahle kakhulu, ukuhwebelana ngaphandle kwe-liquidity kubi- futhi Onjiniyela be-DEX bahlelele lokhu. 

Kukhona ngempela ukuhwebelana kwengqalasizinda phakathi kwemodeli yebhuku le-oda elibusa ukuhwebelana okumaphakathi kanye namamodeli e-Automated Market Maker ku-DeFi. Kodwa-ke, i-blockchain inganikeza ukuthuthuka okubalulekile kuzindlela zendabuko zokushintshana.

Okokuqala, izimakethe eziningi ezimaphakathi zikhawulelwe emikhawulweni efana namahora emakethe, ukuthembela ezinkampanini zangaphandle ukuze zigcine izimpahla, kanye nezikhathi zokukhokha ezihamba kancane. 

I-DeFi liquidity protocol inika amandla: 

1. 1. Ukulungiswa okusheshayo: ukuhweba kontanga kuya-kontanga kuxazulula ngokushesha ku-chain 
   2. Kulula ukusebenzisa: Inkontileka ehlakaniphile ye-liquidity protocol inquma inani lokuhweba ngokwe-algorithmically. 
   3. Okungagcini: Ukuhwebelana okuhlukaniselwe indawo akukuthathi ukhiye wakho wangasese, okusho ukuthi abathengisi bahlala belawula ngokugcwele izimali zabo. 
   4. Ukusebenzisana: Izinhlelo eziningi ze-DeFi ziyasebenzisana futhi zingapakishwa kwezinye izinhlelo zokusebenza ezihambisanayo, njengamabhulokhi e-Lego. Cabanga ngenkampani efana ne-Uniswap njengenkundla ye-“Liquidity-as-a-Service”, lapho amanye ama-dApps, ama-wallet, nama-processor enkokhelo anganikeza abasebenzisi babo ukufinyelela ezimakethe eziwuketshezi njengesici esigxilile.
   5. 24/7/365 Global Liquidity: Abahwebi bathola imali noma nini nanoma kuphi emhlabeni.

Izincwadi zoku-oda zinengqondo emhlabeni lapho kuthengiswa khona izimpahla ezimbalwa ngokunengqondo, hhayi kangako umhlaba we-crypto madhouse lapho noma ubani engavula ithokheni yakhe. 

Ukushintshaniswa okumaphakathi okufana ne-Coinbase noma i-Gemini ithatha impahla yakho ukuze kuqondiswe inqubo yokuhweba, futhi bakhokhisa imali ukuze kube lula, ngokuvamile cishe ku-1% kuya ku-3.5%. 

I-DeFi ihlose ukufeza umgomo ofanayo wokuvumela indawo yemakethe “ehlala ivuliwe” esheshayo, kodwa ngaphandle kokubamba okhiye abayimfihlo banoma ubani noma izimpahla. Futhi nansi i-conundrum: Izivumelwano ze-DeFi zithola kanjani ukufinyelela emalini yokugcwalisa ukuhweba ngaphandle kwesiyaluyalu?

Yilapho kudlala khona ama-liquidity pools. 

I-DeFi Liquidity Pools Emhlabeni Ohlukaniswe Izifundazwe 101:

A centralized exchange like Coinbase or Gemini isebenzisa i imodeli "yencwadi yoku-oda", njengoba kwenza izimakethe zendabuko njengeNew York Stock Exchange. Kumodeli “yebhuku loku-oda”, abathengi nabathengisi babhida emakethe evulekile: abathengi bafuna impahla ngentengo ephansi kakhulu ngangokunokwenzeka, abathengisi bafuna ukuthengisa ngentengo ephakeme kakhulu ngangokunokwenzeka. Ukuze ukuhweba kwenzeke, abathengi nabathengisi kufanele bavumelane ngentengo. 

Yilapho i-Big Hoss yalo lonke lolu vivinyo ingena khona- Umenzi Wemakethe. Ukuhwebelana okumaphakathi kusebenza njengomenzi wemakethe ngokusungula inani elifanelekile lapho abathengi nabathengisi bezimisele ukuhlangana khona. 

Umenzi Wemakethe uhlale ezimisele ukuthenga noma ukuthengisa impahla ngentengo ethile, ngokuvamile esebenzisa iqoqo lakhe lempahla ukuze aqinisekise ukuthi kukhona okutholakalayo njalo. Lokhu kusho ukuthi abasebenzisi bangahweba ngaso sonke isikhathi ngokuhwebelana- i-cryptocurrency ihlukile ngokuthi ukuhwebelana kusebenza 24/7/365, kanti into efana ne-NYSE ivula ngo-9:30 AM futhi ivalwe ngo-4 PM EST.

Ukuhwebelana okumaphakathi kutshala izinsiza ukuze kwakhiwe indawo yemakethe elula nelungile ukuze abasebenzisi bashintshisane nge-cryptocurrency, futhi benze isamba esikhulu semali engenayo ngalokho abakutholayo. imali yokusiza ukuthengiselana. 

Ukujula okujulile: Ukuze ubone ukuthi ukuhwebelana okuphakathi kusebenza kanjani njengebhizinisi, iCoinbase iyinkampani yomphakathi- hlola S1 Isitatimende noma imibiko yeholo evamile. 

Imodeli "yebhuku loku-oda" ayinakwenzeka ngaphandle komenzi wemakethe. 

Esikhundleni sokuthi abathengi nabathengisi bafaniswe nomenzi wemakethe ophakathi njengoCoinbase, abadayisi usebenzisa i-liquidity protocol uhweba ngokuqondile ngokumelene nenkontileka ehlakaniphile. I-Peer-to-contract! 

Ingabe izinkontileka ezihlakaniphile zithola kuphi ukufinyelela kumachibi ajulile ezimali ukuze zenze ukuhweba kwenzeke? Ukuqagele - amachibi emali!

A umthetho olandelwayo wezimali (cabanga Uniswap, I-Bancor, noma iBalancer) isebenza njenge Umenzi Wezimakethe Ozenzakalelayo (i-AMM) ukuvumela abasebenzisi ukuthi bafinyelele imakethe ye-liquid nganoma yisiphi isikhathi. 

I-liquidity pool iyinhlanganisela (“ichibi”) yamathokheni okungenani amabili, akhiyelwe kunkontileka ehlakaniphile. 

Manje, kungani umuntu engenza into enjalo? 

Hhayi-ke, kunenzuzo enkulu (futhi kuyingozi) futhi abafuna isivuno abaningi bagxumela kumachibi okusebenzisa imali befuna inzuzo yemali. Abanye abanokuthambekela okuthe xaxa kwezobuchwepheshe babheka ukubamba iqhaza kwabo emachibini okusebenzisa imali njengendlela yokusekela iphrojekthi ehlukaniselwe amazwe. 

Lezi zinhlobo zezinto zizwakala kangcono kunokuqondwa, ngakho-ke ake sihlole izibonelo zomhlaba wangempela. 

Iyini i-DeFi Liquidity Pool esenzweni?

Sisanda kukhuluma ngabantu abahweba ngama-DEXes abahweba bephikisana nezinkontileka ezihlakaniphile eziklanyelwe ukuhlinzeka ngezimali ngenani elifanelekile. Lezo zinkontileka ezihlakaniphile zifinyelela kumachibi okusebenzisa imali kulawo mathokheni adayiswayo. 

Siphinde sakhuluma nge-liquidity pool a inhlanganisela okungenani yamathokheni amabili avalelwe kwinkontileka ehlakaniphile. 

Masingene echibini le-liquidity– gqoka ama-snorkel akho. 

Amachibi e-Liquidity ayethandwa yi Ukungahluki, ukushintshana okunezindawana ezisetshenziswa abaningi emhlabeni we-DeFi. Iphrothokholi ye-Uniswap ikhokhisa cishe u-0.3% ezinkokhelweni zokuhweba zenethiwekhi lapho abantu beshintsha amathokheni kuyo. 

Ake sithi ngifisa umhlinzeki wemali engenayo. Kanjalo, ngigqugquzelwa amachibi okusebenzisa imali ukuze nginikeze inani elilinganayo lamathokheni amabili echibini le-liquidity. 

Abahlinzeki be-Liquidity bayaklonyeliswa. Konke 0.3% Imali yokuhweba (ngaphezulu noma ngaphansi, kuye ngokuthi pool) ekhokhwa abahwebi kuyinto isatshalaliswe ngokulinganayo kubo bonke abahlinzeki be-liquidity pool. 

Kunezibali eziningi eziholwa umphakathi ezinikeza isilinganiso esicacile samanani nezimbuyiselo. 

I-DeFi Liquidity Pool Isibonelo #1: Amachibi Oketshezi ku-Uniswap

Isibonelo, ukubeka u-$10,000 ku-WETH-ENS Pool ngenkokhelo engu-0.3% ku-Uniswap v3 kulinganiselwa ukukhiqiza u-$132.04 ngosuku ezinkokhelweni, ngephesenti lonyaka elilinganiselwa ku-481%. 

Ukuya kusayithi langempela le-Uniswap, sibona ukuthi i-ETH-ENS pool ikhiqize i-$ 72,320 emahoreni angu-24 edlule, wonke asakazwa ngokulinganayo kubahlinzeki bemali.

Isilinganiso se-LP esibuyiselwayo kunoma iyiphi i-DEX izohlala isesimweni sokuguquguquka, kanye nezinkulungwane Izinhlelo zokusebenza zokulima zeDeFi njengama-aggregator akhona ukuze bathole abahlinzeki bemali yemali amanani angcono kakhulu. 

Khumbula ukuthi lezi zimali zephuli ye-liquidity ezitholiwe ezephuli ngokwayo, ezikhokhwa ngu-Uniswap futhi ezikhiqizwa abahwebi benkundla. 

Njengoba i-liquidity iba yimpahla efunwa kakhulu, ezinye izivumelwano zithathe igxathu elingaphezulu ukuze ziqhudelane nabahlinzeki bezimali ngo. ukunikeza ithokheni ye-liquidity pool staking, esizongena kukho ngezansi.

I-DeFi Liquidity Pool Isibonelo #2: Amachibi e-Liquidity ekubuyekezweni kwe-ShapeShift

I-ShapeShift yinkampani ephakathi nendawo ye-cryptocurrency eyasungulwa ngo-2014, kodwa yakhethwa ukunwetshwa ngokuphelele ngoJulayi 2021. Yaphonsa emoyeni amathokheni e-FOX kubasebenzi bayo, ababambiqhaza, kanye nabasebenzisi, yaba iDecentralized Autonomous Organization (DAO.)

I-ShapeShift inikeza ichibi elilodwa nje le-liquidity, i-WETH-FOX. 

Nginganikeza inani elilinganayo le Ukhula (empeleni i-ETH evamile nje, kodwa “igoqiwe,” umehluko awubalulekile kule ngxoxo) futhi I-FOX (ithokheni enika amandla i-ecosystem ye-ShapeShift.) 

Ngifake u-$3,750 we-WETH kanye no-$3,750 we-FOX ngesamba esingu-$7,500. Ngembuyiselo, ngithola i-WETH-FOX Amathokheni e-Liquidity Pool. 

Ngingakwazi-ke "Ngibeke" lawa mathokheni e-LP umklomelo wonyaka olinganiselwe we-116.91% APR.

Yebo, ukufunde kahle lokho– i-APR ka-116.91%. Ngakho-ke, ku-$7,500 WETH ne-FOX engiyifakile, kufanele ngithole cishe u-$8,758 njengenzuzo onyakeni owodwa ogcwele, kodwa lokhu akunjalo ngaso sonke isikhathi.

Amaphrothokholi avame ukwenza i-APR ku- ubuningi bamathokheni (ngokuvamile ithokheni yomdabu yesikhulumi, njenge-FOX) kunokuba a Imali yase-US Dollar. Idola lakho langempela i-APR ingaba ngaphezulu noma ngaphansi kuye ngenani lethokheni. 

I-APR efana no-110% we-APR, noma eminye efinyelela ku-90,000% noma ngaphezulu, ayiyona into engavamile phakathi kwamanye amachibi okusebenzisa imali. 

Ngakho-ke, ubani okhokhela lezi zinzuzo ze-DeFi ze-bonkers? Ayikho indlela yokuthi zisimeme, akunjalo? 

Uyini Umehluko Phakathi Kwamachibi e-Liquidity kanye Nezimayini Zokuhwebelana?

Umehluko phakathi kwama-liquidity pools kanye ne-liquidity mining uhlobene nokuthi ubani okhokha isivuno nokuthi kanjani. 

Khumbula ukuthi izinkontileka ezihlakaniphile ezibhalwe abathuthukisi bephrothokholi (abanjengo-Uniswap) zinquma ukuthi izinzuzo ze-LP zikhokhwa kanjani, njengephesenti lemali enqwabelene ekushintshanisweni kwamathokheni epulatifomu. 

Amanye amaphrojekthi aphinde anikeze abahlinzeki bemali amathokheni emali, okungaba ihlukaniswe ngokwehlukanay ngesivuno esikhokhiwe ngalolo phawu lwendabuko. Lokhu kuyadida kancane, kodwa umehluko ungaphezu nje kwe-semantics. 

• The imiklomelo ye-liquidity pool zisekelwe ezinkokhelweni zephrothokholi, njengo-0.3% ku-Uniswap.
• The amathokheni e-liquidity pool, ezifakwe kumthethonqubo ohlukile, zingazuza u-100%+ we-APR, okhokhelwa nganoma iyiphi ithokheni leyo mithethonqubo ekukhuthaza ngayo (okungukuthi, i-FOX.)

Nalapha futhi, 

Abahlinzeki be-Liquidity bathole iphesenti lemali yokuhweba endaweni ethile yokubhukuda. Imiklomelo ye-Liquidity pool ivamise ukwehla njengoba abahlinzeki bemali eningi bejoyina, njengokuhlinzekwa nokufunwa kalula. 

FUTHI,

Abahlinzeki be-Liquidity abafaka engozini amathokheni abo e-liquidity pool bangase bathole ikhokhwe ngamanye amathokheni njengesisusa esengeziwe sokuhlinzeka ngemali yemali lapho ngokuphambene nenye inkundla. Ingabe izivuno ze-90,000% ze-APR zisimeme? Nokho, iphrothokholi inquma ukuthi ingakanani ithokheni yayo efuna ukuyiphrinta ukuze isekele isivuno. 

Lona umehluko oyinhloko phakathi kwamachibi okusebenzisa imali kanye nokuhlinzeka ngemali, umehluko nemigqa efiphele. 

Umkhuba wokufuna isivuno esiphezulu kumaphrothokholi e-DeFi ahlukahlukene ubizwa ngokuthi isivuno sokulima; kungase kube nzima kakhulu, kodwa kufinyeleleka kunoma ubani ofuna ukufunda.

Imicabango Yokugcina: Ingabe I-DeFi Liquidity Pools Isemthethweni Futhi Ifanele Isikhathi Sakho?

Uma usuphumelele kuze kube manje, siyakuhalalisela– usanda kufunda ngengxenye ebaluleke kakhulu yezimali ezisatshalaliswayo. 

Kulula ukukhubeka kuyo yonke iphrothokholi ethokozisayo namagama wamathokheni. Kubalulekile ukukhumbula lokho I-DeFi ineminyaka embalwa kuphela ubudala, ngakho-ke uma ufunda lokhu, usheshe. 

Futhi cha, lokhu ngeke kuphele njengokunye kokuthengisa okungenangqondo lapho wena, kakhulu, ingathola ngokuzenzakalelayo isivuno esingu-90,000% nge nje utshalomali oluncane. Okuqukethwe kwethu akusona iseluleko sokutshalwa kwezimali– konke kuhloselwe ukufundisa, futhi ngethemba ukuthi, kuyajabulisa. 

Akumangazi ukuthi amachibi okusebenzisa imali aheha kokubili ukuqagela nokungabaza kokuqina okulinganayo. Njengobuchwepheshe obusafufusa, amachibi okusebenzisa imali anamathuba amaningi okukhula kanye nezici zobungozi okufanele zicatshangelwe. Ukunikeza imali yezimali kuyingozi kakhulu ngezizathu ezifana nento ebizwa ukulahlekelwa okungapheli, noma ngisho nokulahlekelwa okuphelele kwezimali ngokusebenzisa ukwehluleka kwenkontileka ehlakaniphile noma ukudonsa okunonya. 

I-Liquidity iyinkinga ebucayi endaweni yempahla yedijithali ehlukaniselwe izwe, futhi abathuthukisi baqhamuke nezixazululo ezihlakaniphile nezihlakaniphile. Ukuzifundisa ngamachibi e-DeFi liquidity kanye nezimayini ze-liquidity kufana nokuba nethoshi kukhithi yakho yamathuluzi yokuhlola inkathi elandelayo yezezimali.