CETUS协议：使用创新的架构和代币学乘坐Sui Defi浪潮

深入了解CETUS协议的架构，令牌学以及在塑造SUI Defi景观中的作用。探索其创新的特征和未来的潜力。

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协议正在SUI Defi生态系统中引起波浪！本文深入了解了Cetus的建筑，令牌学及其不断增长的影响力。为Cetus如何塑造SUI分散财务的未来做好准备。

Cetus Protocol: The DeFi Hub on Sui

CETUS协议：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协议是在SUI网络上构建的分散交易所（DEX）和集中流动性AMM（也部署在Aptos上），是Defi Innovation的最前沿。随着Sui的Defi生态系统的扩展，Cetus准备保持其中心，并通过社区治理不断发展。凭借持续的创新（基于意图的交易，自动保险库，多小额交易）和“流动性作为服务”精神，Cetus正在帮助SUI塑造成充满活力的，相互联系的Defi景观。

Adoption and Growth Metrics

采用和增长指标

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迅速成为SUI生态系统的关键参与者。到2025年中，它拥有超过2.36亿美元的总价值锁定（TVL），使其成为链条上最大的Defi协议。每日交易量通常达到数亿美元，反映出较高的使用和流动性深度。累积地，CETUS促进了1.44亿美元交易的交易量超过570亿美元。超过1500万个链接帐户与Cetus的池或掉期交互。

Technical Analysis of Cetus Protocol

CETUS协议的技术分析

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协议建立在SUI网络（也是APTOS）上部署的一组自动智能合约上，实施了针对SUI以对象为中心的模型进行了优化的自动化市场制造商（AMM）。与以太坊的基于帐户的系统不同，SUI将资产和合同状态视为对象，从而实现并行执行和颗粒状控制。

Smart Contract Architecture on Sui (Move-Based Design)

SUI的智能合同架构（基于移动的设计）

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通过将每个流动性位置铸造为独特的NFT（称为NFT），录制诸如令牌对，tick范围和流动性量之类的细节来利用这一点。这些NFT充当所有权证明，可以在其他合同中转让或固定，从而提高合成性。

Concentrated Liquidity AMM Design (CLMM Mechanics)

浓缩流动性AMM设计（CLMM力学）

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协议使用集中流动性做市商（CLMM）模型来最大化资本效率。与传统的AMM在无限价格范围内传播流动性不同，CETUS允许LPS将流动性集中在特定范围内，从而使其资本更加有效并获得更高的费用。例如，在USDC/USDT池中，LP可以针对0.995–1.005的紧密范围，以确保大多数交易使用其流动性。

Cetus Fee Structure and Optimization Mechanisms

CETUS费用结构和优化机制

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上的每次交换都会根据池的层（例如0.05％）收取费用，其中80％用于活跃的LP，20％用于协议财政部。费用仅分配给有限元的LP，其范围包括当前价格，从而奖励提供实际流动性的唱片。

Oracle Functionality and Cross-Chain Integration

Oracle功能和跨链集成

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协议通过提供内置的甲骨文和跨链功能而不仅仅是DEX。它的集中流动性池充当链价格甲骨文，记录基于掉期的价格数据并实现时间加权平均价格（TWAP）查询。

CETUS Tokenomics and Incentives

CETUS Tokenomics和激励措施

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.

该项目提供了双重模型：Cetus Xcetus这些代币对协议的激励结构，治理机制和长期可持续性策略至关重要。

CETUS Token Utility and Governance Role

CETUS代币效用和治理角色

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令牌旨在促进和激励参与Cetus Defi生态系统，而不是充当通用货币。持有CETU并不能从法律意义上授予所有权或收入权利，但它确实有权参与协议治理，并通过公用事业功能从协议的增长中受益。

xCETUS: Staked Escrowed Token and Governance

Xcetus：固定的托管令牌和治理

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.

为了促进长期一致性和分散治理，Cetus使用了托管令牌模型：Xcetus。当用户赌注（锁定）其CETU时，他们最初以1：1的速率收到不可转让的Xcetus令牌。

Cetus in the Sui Ecosystem

SUI生态系统中的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协议在SUI生态系统中起关键作用，作为其主要的流动性引擎和Defi基础设施层。作为SUI上的第一个也是最主导的DEX，CETUS可以通过其集中流动性AMM模型进行深，高效和灵活的交易，从而极大地提高了资本效率并减少了用户的打滑。

Final Thoughts

最后的想法

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协议不仅仅是另一个DEX；这是一个塑造Sui Defi景观的强大型。 Cetus凭借其创新的架构，强大的令牌组和以社区为中心的方法，证明了Defi既有效又引人入胜。密切关注Cetus - 在不断发展的分散金融世界中，它可能仍然是中心力量！