CETUS協議：使用創新的架構和代幣學乘坐Sui Defi浪潮

深入了解CETUS協議的架構，令牌學以及在塑造SUI Defi景觀中的作用。探索其創新的特徵和未來的潛力。

Cetus Protocol is making waves in the Sui DeFi ecosystem! This article dives into Cetus' architecture, tokenomics, and its growing influence. Get ready for a breakdown of how Cetus is shaping the future of decentralized finance on Sui.

CETUS協議正在SUI Defi生態系統中引起波浪！本文深入了解了Cetus的建築，令牌學及其不斷增長的影響力。為Cetus如何塑造SUI分散財務的未來做好準備。

Cetus Protocol: The DeFi Hub on Sui

CETUS協議：SUI的Defi Hub

Cetus Protocol, a decentralized exchange (DEX) and concentrated liquidity AMM built on the Sui network (and also deployed on Aptos), is at the forefront of DeFi innovation. As Sui’s DeFi ecosystem expands, Cetus is poised to remain at its center, continually evolving via community governance. With ongoing innovations (intent-based trading, automated vaults, multichain swaps) and a “liquidity as a service” ethos, Cetus is helping shape Sui into a vibrant, interconnected DeFi landscape.

CETUS協議是在SUI網絡上構建的分散交易所（DEX）和集中流動性AMM（也部署在Aptos上），是Defi Innovation的最前沿。隨著Sui的Defi生態系統的擴展，Cetus準備保持其中心，並通過社區治理不斷發展。憑藉持續的創新（基於意圖的交易，自動保險庫，多小額交易）和“流動性作為服務”精神，Cetus正在幫助SUI塑造成充滿活力的，相互聯繫的Defi景觀。

Adoption and Growth Metrics

採用和增長指標

Cetus has quickly become a key player in the Sui ecosystem. By mid-2025, it boasted over $236 million in total value locked (TVL), making it the largest DeFi protocol on the chain. Daily trading volumes often reach hundreds of millions of dollars, reflecting high usage and liquidity depth. Cumulatively, Cetus has facilitated more than $57 billion in trading volume across 144 million trades. Over 15 million on-chain accounts have interacted with Cetus’s pools or swaps.

Cetus迅速成為SUI生態系統的關鍵參與者。到2025年中，它擁有超過2.36億美元的總價值鎖定（TVL），使其成為鏈條上最大的Defi協議。每日交易量通常達到數億美元，反映出較高的使用和流動性深度。累積地，CETUS促進了1.44億美元交易的交易量超過570億美元。超過1500萬個鏈接帳戶與Cetus的池或掉期交互。

Technical Analysis of Cetus Protocol

CETUS協議的技術分析

Cetus Protocol is built on a set of autonomous smart contracts deployed on the Sui network (also on Aptos), implementing an Automated Market Maker (AMM) optimized for Sui’s object-centric model. Unlike Ethereum’s account-based system, Sui treats assets and contract states as objects, enabling parallel execution and granular control.

CETUS協議建立在SUI網絡（也是APTOS）上部署的一組自動智能合約上，實施了針對SUI以對象為中心的模型進行了優化的自動化市場製造商（AMM）。與以太坊的基於帳戶的系統不同，SUI將資產和合同狀態視為對象，從而實現並行執行和顆粒狀控制。

Smart Contract Architecture on Sui (Move-Based Design)

SUI的智能合同架構（基於移動的設計）

Cetus leverages this by minting each liquidity position as a unique NFT (called Position NFT), recording details like token pair, tick range, and liquidity amount. These NFTs act as proof of ownership and can be transferred or staked in other contracts, enhancing composability.

CETUS通過將每個流動性位置鑄造為獨特的NFT（稱為NFT），錄製諸如令牌對，tick範圍和流動性量之類的細節來利用這一點。這些NFT充當所有權證明，可以在其他合同中轉讓或固定，從而提高合成性。

Concentrated Liquidity AMM Design (CLMM Mechanics)

濃縮流動性AMM設計（CLMM力學）

Cetus Protocol uses a Concentrated Liquidity Market Maker (CLMM) model to maximize capital efficiency. Unlike traditional AMMs that spread liquidity across an infinite price range, Cetus allows LPs to focus liquidity within a specific range, making their capital more effective and earning higher fees. For example, in a USDC/USDT pool, an LP can target a tight range like 0.995–1.005, ensuring most trades use their liquidity.

CETUS協議使用集中流動性做市商（CLMM）模型來最大化資本效率。與傳統的AMM在無限價格範圍內傳播流動性不同，CETUS允許LPS將流動性集中在特定範圍內，從而使其資本更加有效並獲得更高的費用。例如，在USDC/USDT池中，LP可以針對0.995–1.005的緊密範圍，以確保大多數交易使用其流動性。

Cetus Fee Structure and Optimization Mechanisms

CETUS費用結構和優化機制

Every swap on Cetus incurs a fee based on the pool’s tier (e.g., 0.05%), with 80% going to active LPs and 20% to the protocol treasury. Fees are distributed only to LPs whose ranges include the current price, rewarding those providing real liquidity.

CETUS上的每次交換都會根據池的層（例如0.05％）收取費用，其中80％用於活躍的LP，20％用於協議財政部。費用僅分配給有限元的LP，其範圍包括當前價格，從而獎勵提供實際流動性的唱片。

Oracle Functionality and Cross-Chain Integration

Oracle功能和跨鏈集成

Cetus Protocol extends beyond being a DEX by offering built-in oracle and cross-chain features. Its concentrated liquidity pools serve as on-chain price oracles, recording swap-based price data and enabling time-weighted average price (TWAP) queries.

CETUS協議通過提供內置的甲骨文和跨鏈功能而不僅僅是DEX。它的集中流動性池充當鏈價格甲骨文，記錄基於掉期的價格數據並實現時間加權平均價格（TWAP）查詢。

CETUS Tokenomics and Incentives

CETUS Tokenomics和激勵措施

The project provides a dual-token model:

1. CETUS
2. xCETUS

These tokens are central to the protocol’s incentive structure, governance mechanism, and long-term sustainability strategy.

該項目提供了雙重模型：Cetus Xcetus這些代幣對協議的激勵結構，治理機制和長期可持續性策略至關重要。

CETUS Token Utility and Governance Role

CETUS代幣效用和治理角色

CETUS token is designed to facilitate and incentivize participation in the Cetus DeFi ecosystem, rather than act as a general-purpose currency. Holding CETUS does not confer ownership or revenue rights in a legal sense, but it does entitle holders to partake in protocol governance and benefit from the protocol’s growth through utility features.

CETUS令牌旨在促進和激勵參與Cetus Defi生態系統，而不是充當通用貨幣。持有CETU並不能從法律意義上授予所有權或收入權利，但它確實有權參與協議治理，並通過公用事業功能從協議的增長中受益。

xCETUS: Staked Escrowed Token and Governance

Xcetus：固定的託管令牌和治理

To promote long-term alignment and decentralized governance, Cetus uses an escrowed token model: xCETUS. When users stake (lock) their CETUS, they receive a non-transferable xCETUS token at a 1:1 rate initially.

為了促進長期一致性和分散治理，Cetus使用了託管令牌模型：Xcetus。當用戶賭注（鎖定）其CETU時，他們最初以1：1的速率收到不可轉讓的Xcetus令牌。

Cetus in the Sui Ecosystem

SUI生態系統中的Cetus

Cetus Protocol plays a pivotal role in the Sui ecosystem as its primary liquidity engine and DeFi infrastructure layer. As the first and most dominant DEX on Sui, Cetus enables deep, efficient, and flexible trading through its concentrated liquidity AMM model, which drastically improves capital efficiency and reduces slippage for users.

CETUS協議在SUI生態系統中起關鍵作用，作為其主要的流動性引擎和Defi基礎設施層。作為SUI上的第一個也是最主導的DEX，CETUS可以通過其集中流動性AMM模型進行深，高效和靈活的交易，從而極大地提高了資本效率並減少了用戶的打滑。

Final Thoughts

最後的想法

Cetus Protocol isn't just another DEX; it's a powerhouse shaping the Sui DeFi landscape. With its innovative architecture, robust tokenomics, and a community-focused approach, Cetus is proving that DeFi can be both efficient and engaging. Keep an eye on Cetus – it's likely to remain a central force in the ever-evolving world of decentralized finance!

CETUS協議不僅僅是另一個DEX；這是一個塑造Sui Defi景觀的強大型。 Cetus憑藉其創新的架構，強大的令牌組和以社區為中心的方法，證明了Defi既有效又引人入勝。密切關注Cetus - 在不斷發展的分散金融世界中，它可能仍然是中心力量！