探索加密推销商在维持市场稳定和提供流动性方面的关键作用，从而确保健康的数字经济。

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

加密推销商：市场稳定和流动性提供的无名英雄

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.

加密推销商是数字资产交易所的骨干，可确保流畅的交易和防止野生价格波动。它们是保持加密货币市场运行的看不见的力量。

Why Crypto Needs Market Makers

为什么加密需要做市商

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.

新的加密项目在很大程度上依赖做市商来确保其令牌可交易。如果没有足够的流动性，代币经济就会迅速崩溃。做市商通过确保在需要时始终有足够的需求来吸引零售和机构投资者。

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.

他们还通过在全球多次交易所上列出代币来扩展可访问性。许多信誉良好的集中加密交易所甚至需要代币才与做市商签订合同，然后再列出它们。此外，做市商通过将流动性置于分散交易所，将流动性与价格变动保持一致，而无需将资产暴露于无常损失，从而优化了国库的使用。

How Market Makers Operate

做市商的运作方式

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.

做市商采用各种策略来保持恒定的流动性流动。每个做市商都使用自己的算法交易软件。例如，Wintermute使用交易机器人来快速流动性，而GSR则提供定制的流动性和风险管理解决方案。 Kairon Labs自定义了其平台，以满足每个项目的独特需求，重点是相互成功。

Generally, they follow a core process:

通常，它们遵循一个核心过程：

• 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

道德市场建设：发现差异

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.

区分合法的做市商和操纵价格的人至关重要。道德营销商专注于确保足够的流动性，而不道德的策略则使用Wash交易等策略来膨胀令牌价格。像Kairon Labs这样的公司提供了分析工具来审核活动并确保透明度。

Market Makers Make Markets Work

做市商使市场运作

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.

做市商对于健康的加密市场至关重要。没有它们，即时买卖几乎是不可能的，导致交易速度较慢，更波动。通过缩小出价范围的扩展并确保快速交易，它们可以降低成本并提高可预测性。

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.

在地缘政治不稳定时期，比特币保持相对稳定的能力，如2024年6月在以色列 - 伊朗冲突期间所观察到的，这强调了对数字资产的越来越多的信心。尽管传统市场步履蹒跚，但比特币坚持不懈，这表明营销商的幕后工作增强了一个成熟的市场。

Final Thoughts

最后的想法

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，下次您在加密市场上执行贸易时，请记住做市商。他们是幕后工作的无名英雄，可以使一切顺利进行。这就是加密货币能够吸收传统市场冲击的原因。