探索加密推銷商在維持市場穩定和提供流動性方面的關鍵作用，從而確保健康的數字經濟。

Crypto Market Makers: Unsung Heroes of Market Stability and Liquidity Provision

加密推銷商：市場穩定和流動性提供的無名英雄

Crypto market makers are the backbone of digital asset exchanges, ensuring smooth trading and preventing wild price swings. They are the unseen force that keeps the crypto market running.

加密推銷商是數字資產交易所的骨幹，可確保流暢的交易和防止野生價格波動。它們是保持加密貨幣市場運行的看不見的力量。

Why Crypto Needs Market Makers

為什麼加密需要做市商

New crypto projects rely heavily on market makers to ensure their tokens are tradable. Without sufficient liquidity, a token economy can quickly collapse. Market makers attract both retail and institutional investors by ensuring there's always enough demand to sell assets quickly when needed.

新的加密項目在很大程度上依賴做市商來確保其令牌可交易。如果沒有足夠的流動性，代幣經濟就會迅速崩潰。做市商通過確保在需要時始終有足夠的需求來吸引零售和機構投資者。

They also expand accessibility by listing tokens on multiple exchanges worldwide. Many reputable centralized crypto exchanges even require tokens to have a contract with a market maker before listing them. Furthermore, market makers optimize treasury usage by strategically placing liquidity on decentralized exchanges, aligning liquidity with price movements without exposing assets to impermanent loss.

他們還通過在全球多次交易所上列出代幣來擴展可訪問性。許多信譽良好的集中加密交易所甚至需要代幣才與做市商簽訂合同，然後再列出它們。此外，做市商通過將流動性置於分散交易所，將流動性與價格變動保持一致，而無需將資產暴露於無常損失，從而優化了國庫的使用。

How Market Makers Operate

做市商的運作方式

Market makers employ various strategies to maintain a constant flow of liquidity. Each market maker uses its own algorithmic trading software. For example, Wintermute uses trading bots for fast liquidity, while GSR offers bespoke liquidity and risk management solutions. Kairon Labs customizes its platform to meet each project's unique needs, focusing on mutual success.

做市商採用各種策略來保持恆定的流動性流動。每個做市商都使用自己的算法交易軟件。例如，Wintermute使用交易機器人來快速流動性，而GSR則提供定制的流動性和風險管理解決方案。 Kairon Labs自定義了其平台，以滿足每個項目的獨特需求，重點是相互成功。

Generally, they follow a core process:

通常，它們遵循一個核心過程：

• Post continuous orders: Provide bid and ask prices to the order book, ensuring there's always an offer to trade the asset.
• Maintain inventory: Keep enough of the asset to fulfill buy and sell orders, adding to and drawing from their capital.
• Absorb imbalances: Use a large inventory to handle order book imbalances during news-driven volatility, preventing significant price changes.
• Dynamically adjust prices: Monitor market conditions and adjust bid and ask prices to reflect the market and manage inventory.
• Execute immediately: Fulfill orders instantly, enabling traders to capitalize on price swings.

Ethical Market Making: Spotting the Difference

道德市場建設：發現差異

It's crucial to distinguish between legitimate market makers and those who manipulate prices. Ethical market makers focus on ensuring sufficient liquidity, while unethical ones use tactics like wash trading to inflate token prices. Companies like Kairon Labs offer analytics tools to audit activities and ensure transparency.

區分合法的做市商和操縱價格的人至關重要。道德營銷商專注於確保足夠的流動性，而不道德的策略則使用Wash交易等策略來膨脹令牌價格。像Kairon Labs這樣的公司提供了分析工具來審核活動並確保透明度。

Market Makers Make Markets Work

做市商使市場運作

Market makers are vital for healthy crypto markets. Without them, instant buying and selling would be nearly impossible, leading to slower, more volatile trading. By narrowing bid-ask spreads and ensuring quick transactions, they reduce costs and improve predictability.

做市商對於健康的加密市場至關重要。沒有它們，即時買賣幾乎是不可能的，導致交易速度較慢，更波動。通過縮小出價範圍的擴展並確保快速交易，它們可以降低成本並提高可預測性。

In times of geopolitical instability, Bitcoin's ability to remain relatively stable, as observed during the Israel-Iran conflict in June 2024, underscores the growing confidence in digital assets. While traditional markets faltered, Bitcoin held its ground, suggesting a maturing market bolstered by the behind-the-scenes efforts of market makers.

在地緣政治不穩定時期，比特幣保持相對穩定的能力，如2024年6月在以色列 - 伊朗衝突期間所觀察到的，這強調了對數字資產的越來越多的信心。儘管傳統市場步履蹣跚，但比特幣堅持不懈，這表明營銷商的幕後工作增強了一個成熟的市場。

Final Thoughts

最後的想法

So, next time you're executing a trade in the crypto markets, remember the market makers. They're the unsung heroes working behind the scenes to keep everything running smoothly. They are the reason why crypto can absorb shock from traditional markets.

因此，下次您在加密市場上執行貿易時，請記住做市商。他們是幕後工作的無名英雄，可以使一切順利進行。這就是加密貨幣能夠吸收傳統市場衝擊的原因。