導航加密深淵：Altcoins野外的死亡螺旋，流動性耗盡和三角洲中立性

拆除替補幣中死亡螺旋和流動性耗盡的危險，以及做市商如何通過三角洲中立策略來駕駛這一點。

Ever feel like you're watching a slow-motion train wreck in the crypto markets? That's often the feeling when words like 'death spiral,' 'liquidity exhaustion,' and 'delta neutrality' start getting thrown around. Let's break down these concepts and see how they're shaping the altcoin landscape.

是否曾經覺得您在加密貨幣市場看著慢動作火車殘骸？當諸如“死亡螺旋式”，“流動性耗盡”和“三角洲中立”之類的單詞開始被拋棄時，這種感覺通常是一種感覺。讓我們分解這些概念，看看它們如何塑造Altcoin景觀。

The Perilous Path: Death Spirals and Liquidity Exhaustion

危險的道路：死亡螺旋和流動性耗盡

Imagine a token steadily declining in value, triggering a mass exodus of investors. This is essentially the nightmare scenario of a death spiral. Recent examples, like the struggles of Pi Coin, highlight this risk. Despite broader market rallies, Pi Coin has faced relentless selling pressure, with the Chaikin Money Flow (CMF) indicating record outflows. When investors lose faith and liquidity dries up, even a potentially bullish pattern like a descending wedge can fail to provide support. It’s a crypto freefall, and nobody wants to be left holding the bag.

想像一下，象徵性的價值穩步下降，引發了投資者的大規模外流。從本質上講，這是死亡螺旋的噩夢。最近的例子，例如PI硬幣的掙扎，強調了這種風險。儘管市場集會更廣泛，但Pi Coin仍面臨著無情的銷售壓力，Chaikin貨幣流量（CMF）表明了創紀錄的流出。當投資者失去信仰和流動性乾燥時，即使是降落楔子等潛在的看漲模式也可能無法提供支持。這是一個自由的自由落體，沒有人願意被拿著包。

Delta Neutrality: The Market Maker's Tightrope Walk

三角洲中立性：做市商的繩索步行

So, how do market makers (MMs) navigate this volatile terrain? The key is often a strategy called 'delta neutrality.' In essence, MMs aim to eliminate directional risk by hedging their positions. As @agintender insightfully points out, MMs operating under a call option model often prioritize selling tokens immediately upon receipt. Why? Because their goal isn't to bet on the token's future success but to profit from market-making activities themselves.

那麼，做市商（MMS）如何駕馭這一波動的地形？關鍵通常是一種稱為“三角洲中立性”的策略。從本質上講，MMS旨在通過對沖立場來消除定向風險。正如@Agintender洞察力指出的那樣，在收到收到後立即銷售代幣的MMS通常優先考慮出售代幣。為什麼？因為他們的目標不是押注令牌未來的成功，而是要從營銷活動中獲利。

Delta neutrality ensures that the MM's profit isn't tied to whether the token goes up or down. They achieve this through a combination of spot trading, perpetual contracts, and options. The initial token sell-off provides the USDT needed for market-making obligations and hedges against potential price drops. Continuous dynamic hedging and gamma scalping further refine this strategy, allowing them to profit from volatility while remaining risk-neutral.

三角洲中立性可確保MM的利潤與代幣的上升或下降不相關。他們通過現貨交易，永久合同和期權的結合來實現這一目標。最初的代幣拋售提供了針對潛在價格下跌的營銷義務和樹籬所需的USDT。連續的動態對沖和伽瑪剝頭面進一步完善了這一策略，使他們能夠從波動性中獲利，同時保持風險中性。

The Call Option Conundrum: A Closer Look

呼叫選項難題：仔細觀察

The call option model, while seemingly beneficial for projects seeking liquidity, presents a unique set of incentives for MMs. They receive tokens upfront with the *option* to buy more at predetermined strike prices if the token appreciates. However, the limited upside for the MM—they can only buy back tokens at a capped price—combined with the pressure to generate immediate USDT, often leads to that initial sell-off. As @agintender puts it,

呼叫選項模型雖然對尋求流動性的項目似乎有益，但卻為MMS提供了一套獨特的激勵措施。如果代幣讚賞，他們會預先獲得 *選項 *的令牌，以預定的打擊價格購買更多。但是，MM的上升空間有限（它們只能以封頂的價格回購代幣 - 承受著立即產生USDT的壓力，通常會導致最初的拋售。正如@Agintender所說的那樣，