了解集中流动性

集中流动性池是去中心化交易所（DEX）上的流动性池，您必须在自定义价格范围内分配流动性。

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.

集中流动性池是去中心化交易所（DEX）上的一种流动性池，允许流动性提供者（LP）在自定义价格范围内分配其流动性。这与传统的 XYK 流动性池不同，传统的 XYK 流动性池的流动性均匀分布在整个价格范围内。

Key Takeaways

要点

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

集中的流动性池使有限合伙人能够通过将资本集中在更窄的价格范围内来产生更高的收益率。

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

LP完全掌控价格区间，并可以随时调整。

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

由于交易和掉期费用，频繁调整价格范围的成本可能会很高。

Understanding Concentrated Liquidity Pools

了解集中流动性池

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.

从本质上讲，集中流动性池允许有限合伙人指定其流动性活跃的价格范围的下限和上限。这意味着有限合伙人现在可以选择仅当资产的市场价格落在其首选价格范围内时才产生交易费用。

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 选择在 10% 的范围内为 ETH/USDC 货币对提供流动性，则只有当以太坊的市场价格落在 2,304.03 美元至 2,815.25 美元之间时，其流动性才会活跃并产生交易费用。换句话说，如果以太坊的市场价格向任一方向（上涨或下跌）变动超过 10%，其流动性现在就会超出范围，并且将停止产生费用。

Benefits of Concentrated Liquidity Pools

集中流动资金池的好处

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.

集中流动性的概念由 Uniswap V3 于 2021 年 3 月首次引入，旨在解决传统 XYK 流动性池固有的资本效率低下问题。在这些传统资金池中，流动性均匀分布在从 0 美元到 ∞ 的整个价格范围内。尽管这种方法保证了每个价格水平的流动性，无论市场波动如何，但大部分流动性都没有得到利用。

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.

通过集中流动性，有限合伙人现在可以将其资本集中在更窄的价格范围内，从而提高资本效率并最终提高其收益率。例如，如果 LP 选择将流动性集中在 1% 的价格范围内，那么与选择将流动性分散在 10% 的价格范围内的 LP 相比，其资本利用率将明显更高。

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，集中流动性池为有限合伙人提供了高度的灵活性，并控制他们选择如何分配资本。通过这样做，他们有时可以获得非常丰厚的收益；然而，它们变化很大，因为收益率取决于它们选择的价格范围。

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，集中流动性收益率根据每个流动性提供者选择的价格范围而变化：

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 池的经典示例，所有流动性提供者都获得 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%.

请注意，在上述示例中，集中流动性收益率从 0.18% 到 284.19% 不等。这是因为每个流动性头寸都会产生自己的一组收益率。收益率不再像 Syncswap 的 XYK 池那样在公共池中共享，所有流动性提供者都获得相同的收益率，即 8.94%。

Drawbacks of Concentrated Liquidity Pools

集中流动性池的缺点

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

虽然利润丰厚，但集中流动性头寸需要付出更多努力来维持，并且您必须提防多个陷阱。

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.

加强监督如上所述，每当您的集中流动性超出范围时，您将不再收取费用。这意味着与更被动的 XYK 流动性池相比，集中流动性头寸需要主动监控。

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

以下是可能需要什么样的监督的示例。

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.

在上面的示例中，Trader Joe 的 TIA/ETH 流动性头寸超出范围。为了解决这个问题，您必须首先删除您的流动性头寸，将您的首选流动性供应范围更新为当前市场价格，然后重新存入流动性。

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.

如果您在流动性头寸超出范围时不进行调整，您将不会产生任何收益。但是，请务必小心，因为频繁更新集中流动性头寸的价格范围可能会很昂贵。在更广泛的价格范围的安全性和更窄的价格范围的更高收益之间取得平衡通常是一个复杂的选择。

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.

潜在更高的无常损失在集中流动性头寸中，每当您的头寸超出范围时，您的流动性就会完全以一种资产计价。例如，在上面的示例中，由于在撰写本文时 TIA 相对于 ETH 的相对价格上涨，之前 TIA/ETH 的 50/50 分割已完全转向 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.

这与 XYK 池不同，在 XYK 池中，由于价格范围无限，您的流动性仍部分保留在两种资产中。因此，与 XYK 池相比，集中流动性池中的无常损失可能更为明显。

Frequently Asked Questions

常见问题解答

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

什么是交易仓？集中流动性的引入导致了现在广泛使用的术语“交易仓”的创建。集中流动性将以前连续的价格空间范围划分为离散的部分，交易仓代表流动性头寸的名义边界。虽然有些DEX