自动化做市商（AMM）解释了：他们如何工作以及为什么重要

在加密货币和分散财务（DEFI）的世界中，您需要理解的许多最重要的概念似乎非常复杂。自动化交易所（AMM）的一种在分散交易所进行了显着简化交易的创新是。

In the rapidly evolving world of cryptocurrency and decentralized finance (DeFi), many of the most important concepts that you need to understand can seem overwhelmingly complex. However, some innovations in the industry have significantly simplified trading on decentralized exchanges.

在快速发展的加密货币和分散财务（DEFI）的世界中，您需要理解的许多最重要的概念似乎绝大部分复杂。但是，该行业的一些创新在分散交易所进行了大量简化的交易。

One such innovation is the Automated Market Maker (AMM). An AMM doesn’t rely on traditional order books like centralized intermediaries do. Instead, it allows users to trade digital assets directly with each other using smart contracts. But how do AMMS work exactly, and why are they so important in the crypto ecosystem? Let’s break it down.

这样的创新之一就是自动化做市商（AMM）。 AMM不依赖像中央媒介这样的传统订单书。相反，它允许用户使用智能合约直接互相交易数字资产。但是，AMM如何确切工作，为什么它们在加密生态系统中如此重要？让我们分解。

What Is an Automated Market Maker?

什么是自动做市商？

An Automated Market Maker (AMM) is a protocol that facilitates the buying and selling of assets on a decentralized exchange (DEX) without the need for a centralized order book. Simply put, it’s a system that relies on algorithms to automatically set the asset prices based on supply and demand.

自动化做市商（AMM）是一项协议，可促进分散交易所（DEX）在不需要集中订单的情况下购买和销售资产。简而言之，这是一个依赖算法来根据供求而自动设置资产价格的系统。

AMMs use liquidity pools, which are pools of tokens provided by users (or liquidity providers) to enable easier trading. When someone trades on an AMM, the transaction is executed directly with the liquidity pool rather than by matching buyers and sellers, as is common in traditional financial markets.

AMM使用流动性池，这些流动性池是用户（或流动性提供商）提供的代币池，以实现更容易的交易。当某人在AMM上进行交易时，交易是直接与流动性池执行的，而不是与买卖双方匹配，就像传统金融市场一样。

Popular DEXs powered by AMMs, such as Uniswap, SushiSwap, and Curve Finance, have changed how we trade tokens and other digital assets. These tools give users more control and more transparency when making transactions.

由AMM提供动力的流行DEX，例如Uniswap，SushisWap和Curve Finance，已改变了我们交易代币和其他数字资产的方式。这些工具在进行交易时为用户提供了更多的控制和更透明度。

To help visualize how this works, here is a simple diagram from Uniswap’s docs, the most popular AMM-powered DEX, showing how tokens flow in and out of liquidity pools during a trade:

为了帮助您可视化它的工作原理，这是Unistwap文档的简单图，这是最受欢迎的AMM驱动的DEX，显示了代币在交易过程中如何流入和流出流动性池：

How Automated Market Makers Work

自动化做市商的工作方式

Automated Market Makers (AMMs) alter the way people trade crypto by replacing order books with smart contracts and liquidity pools. Let’s take a closer look at how they actually function.

自动化的做市商（AMM）通过用智能合约和流动性池代替订单书来改变人们交易加密货币的方式。让我们仔细看看它们的实际运作方式。

No Buyers and Sellers – Only Liquidity Pools

没有买家和卖家 - 只有流动性池

On traditional exchanges, you always need someone else on the other side of the trade. Automated Market Makers do away with this system. They don’t match buyers and sellers but instead use collections of tokens locked in smart contracts, famously known as liquidity pools.

在传统交流上，您总是需要交易另一端的其他人。自动化的做市商取消了该系统。他们不匹配买卖双方，而是使用锁定智能合约的代币集合，被称为流动性池。

Let’s say that you want to trade ETH for USDC on Uniswap. You aren’t buying from a trader who has these coins and wishes to sell them. Instead, you are trading with a smart contract that holds a pool of both assets. The smart contract uses a formula to determine how much you will get in return for your trade on the platform.

假设您想在uniswap上以usdc交易ETH。您不是从拥有这些硬币的交易者那里购买的，并希望出售它们。取而代之的是，您正在使用拥有两个资产库的智能合约进行交易。智能合约使用公式来确定您将在平台上的交易中获得多少回报。

The Constant Product Market Makers

恒定的产品做市商

At the heart of most AMMs is a simple yet powerful model known as a constant product market maker. The model uses this formula:

大多数AMM的核心是一种简单而强大的模型，被称为恒定的产品推销商。该模型使用此公式：

X × Y = K

x×y = k

Here is an example of how the AMM adjusts prices automatically depending on how much is in the liquidity pool:

这是AMM如何根据流动性库中自动调整价格的一个示例：

Imagine a liquidity pool with 10 ETH and 20,000 USDC. The AMM would plug these figures into the equation like so:

想象一个流动性池，有10个ETH和20,000 USDC。 AMM会这样将这些数字插入方程式：

10 x 20,000 = 200,000

The result would be K = 200,000. If you decide to add 1 ETH to the pool and take out USDC instead, the new ETH balance would become 11. To keep K constant at 200,000, the pool must reduce the USDC by a specific amount. So now you have:

结果是k = 200,000。如果您决定在池中添加1个ETH并取出USDC，那么新的ETH余额将变为11。要使K恒定为200,000，池必须将USDC降低到特定的金额。所以现在您有：

11 x Y = 200,000

11 x y = 200,000

Y = 18,181.81 USDC (approximately)

y = 18,181.81 USDC（大约）

In the end, assuming the AMM calculates everything correctly, you would receive 20,000 – 18,181.81 = 1,818.19 USDC for your 1 ETH.

最后，假设AMM正确计算所有内容，则您将获得20,000 - 18,181.81 = 1,818.19 USDC的1 ETH。

Constant Product Market Maker vs. Constant Sum Market Maker

恒定的产品做市商与恒定总和做市商

Some protocols, especially early or experimental ones, have used what we call a constant sum market maker model. These use a simpler formula:

某些协议，尤其是早期或实验性的协议，已经使用了我们所谓的恒定总和做市商模型。这些使用更简单的公式：

X + Y = K

x + y = k

This model keeps the total value of tokens constant, not the product. However, the model is avoided by major exchanges. It can be useful in certain low-volatility scenarios like stablecoin swaps, but constant sum market makers can actually run into major problems if one of the tokens in the liquidity pool runs out. Arbitrageurs could drain the pool completely at no cost.

该模型保持令牌恒定的总价值，而不是产品。但是，通过主要交流避免了模型。它在某些低挥发性方案（例如Stablecoin互换）中可能很有用，但是如果流动性池中的一个令牌耗尽，则恒定的总和做市商实际上可能会遇到主要问题。套利者可以免费耗尽游泳池。

That’s why the constant product model, used by Uniswap, PancakeSwap, and other DEXs, is considered much more robust. It guarantees liquidity at any price, even if the prices become extreme.

这就是为什么uniswap，pancakeswap和其他DEX使用的恒定产品模型被认为更强大的原因。即使价格变得极端，它也可以以任何价格保证流动性。

Bigger Liquidity Pools = Better Prices

更大的流动性池=更高的价格

Generally, the more tokens in a liquidity pool, the smaller the price impact when you make your trade. This price impact is called slippage. In a smaller liquidity pool, a big trade can make a major shift in the price.

通常，流动性池中的令牌越多，进行交易时的价格影响越小。这种价格影响称为滑移。在较小的流动性池中，大型交易可以使价格发生重大变化。

You can see why that happens if you plug a large transaction into a small pool’s constant product

您会看到为什么将大型交易插入小型池的恒定产品时会发生这种情况