了解集中流動性

集中流動性池是去中心化交易所（DEX）上的流動性池，您必須在自訂價格範圍內分配流動性。

Concentrated Liquidity pools are a type of liquidity pool on decentralized exchanges (DEX) that allow liquidity providers (LPs) to allocate their liquidity within a custom price range. This differs from traditional XYK liquidity pools, where liquidity is spread uniformly across the entire price range.

集中流動性池是去中心化交易所（DEX）上的一種流動性池，允許流動性提供者（LP）在自訂價格範圍內分配其流動性。這與傳統的 XYK 流動性池不同，傳統的 XYK 流動性池的流動性均勻分佈在整個價格範圍內。

Key Takeaways

重點

Concentrated Liquidity pools enable LPs to generate higher yields by focusing their capital within narrower price ranges.

集中的流動性池使有限合夥人能夠透過將資本集中在更窄的價格範圍內來產生更高的收益率。

LPs have full control over the price range and can adjust it anytime at will.

LP完全掌控價格區間，並且可以隨時調整。

Adjusting price ranges frequently can be costly due to transaction and swap fees.

由於交易和掉期費用，頻繁調整價格範圍的成本可能會很高。

Understanding Concentrated Liquidity Pools

了解集中流動性池

In essence, Concentrated Liquidity pools allow LPs to specify the lower and upper bounds of the price range within which their liquidity will be active. This means that LPs can now choose to generate trading fees only when the market price of an asset falls within their preferred price range.

從本質上講，集中流動性池允許有限合夥人指定其流動性活躍的價格範圍的下限和上限。這意味著有限合夥人現在可以選擇僅當資產的市場價格落在其首選價格範圍內時才產生交易費用。

For example, if an LP chooses to provide liquidity for the ETH/USDC pair within a 10% range, their liquidity will only be active and generate trading fees if the market price of Ether falls between $2,304.03 and $2,815.25. In other words, if the market price of Ether moves more than 10% in either direction (up or down), their liquidity now becomes out of range and will cease to accrue fees.

例如，如果LP 選擇在10% 的範圍內為ETH/USDC 貨幣對提供流動性，則只有當以太坊的市場價格落在2,304.03 美元至2,815.25 美元之間時，其流動性才會活躍並產生交易費用。換句話說，如果以太坊的市場價格朝任一方向（上漲或下跌）變動超過 10%，其流動性現在就會超出範圍，並且將停止產生費用。

Benefits of Concentrated Liquidity Pools

集中流動資金池的好處

The concept of Concentrated Liquidity was first introduced by Uniswap V3 in March 2021 to tackle the capital inefficiencies inherent in traditional XYK liquidity pools. In those traditional pools, liquidity was spread uniformly across the entire price range from $0 to ∞. While this approach guaranteed liquidity at every price level regardless of market volatility, most of this liquidity went unused.

集中流動性的概念由 Uniswap V3 於 2021 年 3 月首次引入，旨在解決傳統 XYK 流動性池固有的資本效率低下問題。在這些傳統資金池中，流動性均勻分佈在從 0 美元到 ∞ 的整個價格範圍內。儘管這種方法保證了每個價格水準的流動性，無論市場波動如何，但大部分流動性都沒有被利用。

With Concentrated Liquidity, LPs can now focus their capital within narrower price ranges, enhancing capital efficiency and ultimately boosting their yields. For example, if an LP chooses to concentrate their liquidity within a 1% price range, their capital utilization will be significantly higher compared to an LP who chooses to spread their liquidity across a 10% price range.

透過集中流動性，有限合夥人現在可以將其資本集中在更窄的價格範圍內，從而提高資本效率並最終提高其收益率。例如，如果 LP 選擇將流動性集中在 1% 的價格範圍內，那麼與選擇將流動性分散在 10% 的價格範圍內的 LP 相比，其資本利用率將明顯更高。

Moreover, Concentrated Liquidity pools offer LPs a high degree of flexibility and control over how they choose to allocate their capital. In doing so, they can sometimes experience very lucrative yields; however, they are highly variable because the yield depends on their choice of price ranges.

此外，集中流動性池為有限合夥人提供了高度的靈活性，並控制他們選擇如何分配資本。透過這樣做，他們有時可以獲得非常豐厚的收益；然而，它們變化很大，因為收益率取決於它們選擇的價格範圍。

For example, on Ambient Finance, Concentrated Liquidity yields varies based on the price ranges chosen by each liquidity provider:

例如，在 Ambient Finance 上，集中流動性收益率會根據每個流動性提供者選擇的價格範圍而變化：

On the other hand, taking a look at the classic example of XYK-pools on Syncswap, all liquidity providers receive 8.94% yields.

另一方面，看看 Syncswap 上 XYK 池的經典範例，所有流動性提供者都獲得 8.94% 的收益率。

Notice in the above examples, Concentrated Liquidity yields vary from 0.18% to 284.19%. This is because each liquidity position generates its own set of yield. Yield is no longer shared in a communal pool like in Syncswap’s XYK pools whereby all liquidity providers experience the same yield, 8.94%.

請注意，在上述範例中，集中流動性收益率從 0.18% 到 284.19% 不等。這是因為每個流動性部位都會產生自己的一組報酬率。收益率不再像 Syncswap 的 XYK 池那樣在公共池中共享，所有流動性提供者都獲得相同的收益率，即 8.94%。

Drawbacks of Concentrated Liquidity Pools

集中流動性池的缺點

While lucrative, Concentrated Liquidity positions require more effort to upkeep and there are multiple pitfalls that you have to watch out for.

雖然利潤豐厚，但集中流動性部位需要付出更多努力來維持，而且您必須提防多個陷阱。

Increased OversightAs mentioned above, whenever your Concentrated Liquidity goes out of range, you will no longer be accruing fees. This means that Concentrated Liquidity positions require active monitoring as compared to the more passive XYK liquidity pools.

加強監督如上所述，每當您的集中流動性超出範圍時，您將不再收取費用。這意味著與較被動的 XYK 流動性池相比，集中流動性部位需要主動監控。

Here’s an example of what kind of oversight may be needed.

以下是可能需要什麼樣的監督的範例。

In the above example, the TIA/ETH liquidity position on Trader Joe is out of range. In order to fix this, you would have to first, remove your liquidity position, update your preferred liquidity provision range to current market prices and then redeposit the liquidity.

在上面的範例中，Trader Joe 的 TIA/ETH 流動性部位超出範圍。為了解決這個問題，您必須先刪除您的流動性頭寸，將您的首選流動性供應範圍更新為當前市場價格，然後重新存入流動性。

If you don’t adjust your liquidity position when it goes out of range, you won’t generate any yield. However, be cautious, as frequently updating the price ranges of your Concentrated Liquidity positions can be expensive. Balancing between the safety of a broader price range and the higher yields from a narrower range is often a complex choice.

如果您在流動性部位超出範圍時不進行調整，您將不會產生任何收益。但是，請務必小心，因為頻繁更新集中流動性部位的價格範圍可能會很昂貴。在更廣泛的價格範圍的安全性和更窄的價格範圍的更高收益之間取得平衡通常是一個複雜的選擇。

Potentially Higher Impermanent LossIn Concentrated Liquidity positions, whenever your position goes out of range, your liquidity becomes entirely denominated in one asset. For instance, in the example above, a previous 50/50 split of TIA/ETH has shifted entirely to ETH due to TIA’s relative price increase compared to ETH at the time of writing.

潛在更高的無常損失在集中流動性頭寸中，每當您的頭寸超出範圍時，您的流動性就會完全以一種資產計價。例如，在上面的範例中，由於在撰寫本文時 TIA 相對於 ETH 的相對價格上漲，先前 TIA/ETH 的 50/50 分割已完全轉向 ETH。

This differs from XYK pools, where your liquidity remains partially in both assets due to the infinite price range. As a result, impermanent loss can be more pronounced in Concentrated Liquidity pools compared to XYK pools.

這與 XYK 池不同，在 XYK 池中，由於價格範圍無限，您的流動性仍部分保留在兩種資產中。因此，與 XYK 池相比，集中流動性池中的無常損失可能更為明顯。

Frequently Asked Questions

常見問題解答

What Are Trading Bins?The introduction of Concentrated Liquidity leads to the creation of the now widely used term “Trading Bins”. Concentrated Liquidity divides the previously continuous spectrum of price space into discrete segments, with Trading Bins representing the nominal boundaries for liquidity positions. While some DEX

什麼是交易倉？集中流動性將先前連續的價格空間範圍劃分為離散的部分，交易倉代表流動性部位的名目邊界。雖然有些DEX