导航加密深渊：Altcoins野外的死亡螺旋，流动性耗尽和三角洲中立性

拆除替补币中死亡螺旋和流动性耗尽的危险，以及做市商如何通过三角洲中立策略来驾驶这一点。

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.

是否曾经觉得您在加密货币市场看着慢动作火车残骸？当诸如“死亡螺旋式”，“流动性耗尽”和“三角洲中立”之类的单词开始被抛弃时，这种感觉通常是一种感觉。让我们分解这些概念，看看它们如何塑造Altcoin景观。

The Perilous Path: Death Spirals and Liquidity Exhaustion

危险的道路：死亡螺旋和流动性耗尽

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.

想象一下，象征性的价值稳步下降，引发了投资者的大规模外流。从本质上讲，这是死亡螺旋的噩梦。最近的例子，例如PI硬币的挣扎，强调了这种风险。尽管市场集会更广泛，但Pi Coin仍面临着无情的销售压力，Chaikin货币流量（CMF）表明了创纪录的流出。当投资者失去信仰和流动性干燥时，即使是降落楔子等潜在的看涨模式也可能无法提供支持。这是一个自由的自由落体，没有人愿意被拿着包。

Delta Neutrality: The Market Maker's Tightrope Walk

三角洲中立性：做市商的绳索步行

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.

那么，做市商（MMS）如何驾驭这一波动的地形？关键通常是一种称为“三角洲中立性”的策略。从本质上讲，MMS旨在通过对冲立场来消除定向风险。正如@Agintender洞察力指出的那样，在收到收到后立即销售代币的MMS通常优先考虑出售代币。为什么？因为他们的目标不是押注令牌未来的成功，而是要从营销活动中获利。

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.

三角洲中立性可确保MM的利润与代币的上升或下降不相关。他们通过现货交易，永久合同和期权的结合来实现这一目标。最初的代币抛售提供了针对潜在价格下跌的营销义务和树篱所需的USDT。连续的动态对冲和伽玛剥头表现进一步完善了这一策略，使他们能够从波动性中获利，同时保持风险中性。

The Call Option Conundrum: A Closer Look

呼叫选项难题：仔细观察

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,

呼叫选项模型虽然对寻求流动性的项目似乎有益，但却为MMS提供了一套独特的激励措施。如果代币赞赏，他们会预先获得 *选项 *的令牌，以预定的打击价格购买更多。但是，MM的上升空间有限（它们只能以封顶的价格回购代币 - 承受着立即产生USDT的压力，通常会导致最初的抛售。正如@Agintender所说的那样，