Table of Contents[Hūnā][Hōʻike]
Inā ua hoʻohana ʻoe i kekahi manawa ma ka lumi DeFi, ua lohe paha ʻoe i kahi wai wai. Hoʻolaha pinepine ʻia kēia mau loko ma ke ʻano he ala e loaʻa ai ka loaʻa kālā passive me ka crypto a i ʻole he ala e loaʻa ai kekahi mau uku.
Ma mua o kou lele ʻana i ka waiho ʻana i kāu waiwai i loko o kekahi o nā protocols LP ma laila, he mea nui e ʻike i nā kumu. He ʻenehana koʻikoʻi ʻo LP i ka kaiaola kālā decentralized e pono e aʻo e pili ana.
E ʻimi ana kēia alakaʻi i ke ʻano o ka wai wai, pehea e hana ai, a no ke aha ia mea nui. E nānā pū mākou i ka manaʻo o ka poho mau ʻole a pehea ʻoe e pale ai iā ia ma ke ʻano he mea hoʻopukapuka crypto.
He aha ka wai wai
ʻO nā wai wai wai he mau ʻaelike akamai e hiki ai i nā mea hoʻohana ke hoʻololi i ka crypto me ka ʻole o ka pono o nā mea kūʻai kūʻai kikowaena.
Hoʻohana nā hoʻololi kikowaena i kahi ʻōnaehana puke kauoha, e mālama ana i kahi moʻolelo o nā kauoha kūʻai a kūʻai aku. ʻO ka pilikia me ka ʻōnaehana puke kauoha, ʻo ia ke koi ʻana i nā ʻōnaehana waena e hoʻokūkū i nā kauoha, e hāʻawi ana i kahi papa o ka paʻakikī.
ʻO nā puke kauoha ʻaʻole ia he ʻōnaehana kūpono kahi e hiki ai i kekahi ke hana i kā lākou mau hōʻailona ponoʻī. He mea paʻakikī hoʻi ka hoʻohana ʻana i nā puke kauoha inā haʻahaʻa nā puke kālepa.
Ma mua o ka hoʻohana ʻana i ka ʻōnaehana puke kauoha kūʻai a kūʻai aku, hoʻohana nā loko wai wai nā mea hana mākeke automated e hoʻoholo i nā kumukūʻai i ke kālepa ʻana. Aia kahi algorithm e hoʻoholo ai i ke kumukūʻai, ma mua o nā mea kūʻai aku a me nā mea kūʻai aku.
ʻO nā loko wai liʻiliʻi, e like me ka inoa, hāʻawi i nā hoʻololi ka wai hoʻomaha. ʻO ka liquidity ka mea hiki ke hoʻololi i kahi kālā i fiat a i ʻole nā cryptocurrencies ʻē aʻe. Akā no ke aha he mea nui ka liquidity?
No ke aha he mea nui?
Me ka ʻole o nā loko wai, ʻaʻole hiki ke hiki iā DeFi.
He kūlana kūpono no ka nui o nā cryptocurrencies. Inā loaʻa nā hōʻailona, hoʻopaʻa ka liquidity i ke kumukūʻai mākeke a hoʻohaʻahaʻa i ka volatility o ka waiwai. Ke kūʻai ʻia nei ka nui o kekahi hōʻailona i loko o kahi wai wai, hiki ke lilo nā ʻokoʻa kumu kūʻai automated.
ʻO ka liʻiliʻi liʻiliʻi e alakaʻi i ka paheʻe kiʻekiʻe. Hōʻike ka Slippage i ka ʻokoʻa ma waena o ke kumukūʻai i manaʻo ʻia o kahi waiwai a me ke kumukūʻai a ka mea hoʻohana e uku ai ma ka hoʻokō ʻana i ke kālepa.
ʻAʻole ʻo ia wale nō, ʻo ka nele o ke kālā he mea paʻakikī ke kūʻai aku i kekahi waiwai. ʻO kēia ka hihia no nā hōʻailona hou i hoʻokuʻu ʻia i ka lehulehu.
I mea e hana maikaʻi ai nā papahana hou me ka kaiaola DeFi o kēia manawa, pono nā mea hoʻomohala e hōʻoia i ka protocol e hoʻoikaika i ka wai i hiki ke hoʻolaha ʻia nā hōʻailona.
Pehea lākou e hana ai?
E nānā kākou i ke ʻano o ka hana ʻana o ka mea hana makeke.
Hoʻohana ke ʻano AMM i kahi algorithm e hoʻonohonoho i nā kumukūʻai hōʻailona e pili ana i ka ratio o nā hōʻailona i hāʻawi ʻia. ʻo kahi laʻana, Maikaikai hoʻohana i ke ʻano huahana mau x * y = k no kona mau lua kalepa wai wai.
ʻO ke ʻano o kēia, ua hoʻololi ʻia ke kumukūʻai o x a me ke kumu kūʻai o y i mau ai ka nui o ka waiwai o ka loko i k mau.
No ka laʻana, e ʻōlelo kākou he paʻa USDC/ETH me 1 ETH waiwai $1000. E noʻonoʻo kākou he 10 ETH a me 10,000 USDC ka loko wai wai. ʻO kā mākou mau k e like me 10 * 10,000 = 100,000.
Inā kūʻai kekahi i 1 ETH mai loko mai o ka loko wai, e piʻi aʻe ka waiwai o ETH a e emi ka waiwai o USDC ma ke ʻano e mau ai ke k.
Hoʻoulu hua ʻana
Hoʻoulu i ka mahiʻai He ala kaulana ia o ka hoʻokumu ʻana i ka loaʻa passive mai kāu waiwai crypto. E pili ana kēia i ke kaʻina o ka hāʻawi ʻana i kāu kālā i kahi wai wai wai i mea e loaʻa ai nā uku.
Hāʻawi nā protocols pool liquidity i nā uku a i ʻole "hua" e hoʻoikaika i ka poʻe e hāʻawi i ka wai.
No ka laʻana, hiki iā ʻoe ke hāʻawi i kahi nui o ka wai i kahi LP me kahi pālua hōʻailona USDT/BNB. ʻO nā mea hoʻohana e kūʻai a kūʻai aku i nā hōʻailona mai ka LP e uku i ka uku paʻa. Hāʻawi ʻia kēia uku ma ke ʻano he uku i nā mea hāʻawi kālā.
ʻO ka hāʻawi maoli ʻana o kēia mau uku e pili ana i ka protocol, akā pili pinepine ia i ka nui o ka wai āu e hāʻawi ai. ʻO ka nui o ka crypto āu e waiho ai, ʻoi aku ka kiʻekiʻe o kāu hua.
Nui nā pūnaewele e ʻae iā ʻoe e hoʻohua i ka mahiʻai. Waiwai Kuhi He protocol kaulana ia no ka mea e kālele ana i ka stablecoin swapping, ʻoi aku ka liʻiliʻi ma mua o nā hui kālepa ʻē aʻe. ʻO kekahi protocol kaulana Kālā kālā i koe, hiki iā ʻoe ke hōʻaiʻē a hōʻaiʻē i nā waiwai ma o kāna paepae.
Lilo paʻa paʻa ʻole
Ma mua o kou waiho ʻana i kāu crypto i loko o kahi wai wai, pono ʻoe e hoʻomaopopo i ka pilikia o nalowale paʻa ʻole.
No ka maʻalahi, ʻo ka poho mau ʻole ka nui o ke kālā āu i hana ai inā ʻoe i paʻa i kāu kālā ma mua o ka waiho ʻana i loko o kahi wai wai.
Pehea e hiki ai kēia?
No ka laʻana, e noʻonoʻo kākou he waihona wai wai USDC/ETH me ka ratio like o kēlā me kēia hōʻailona, me 1 ETH waiwai $100. Ma ke ʻano he mea hāʻawi kālā, hoʻohui ʻoe i 1 ETH a me 100 USDC i ka wai wai. He $200 ka huina kālā i ka wā o ka waiho ʻana.
Inā paha he 10 ETH a me 1,000 USDC i loko o ka wai wai. Ma muli o ke kumu kūʻai o kēlā me kēia waiwai i loko o ka loko wai e pili ana i nā lakio o kā lākou mau wai wai, ua kaʻawale kā lākou mau kumukūʻai mai nā kumukūʻai i ʻike ʻia ma nā hoʻololi.
E ʻōlelo kākou ua pāpālua ke kumu kūʻai o Ethereum i nā mahina ʻeono e hiki mai ana, ʻo ia hoʻi, he $200 ke kumukūʻai o kēlā me kēia ETH. No ka mālama ʻana i ka ratio 50/50, pono e loaʻa ma kahi o 7.071 ETH a me 1,414.21 USDC.
Inā haʻalele ʻoe i kēia manawa, loaʻa iā ʻoe ka 0.7071 ETH a me 141.42 USDC, ʻo ia hoʻi ma kahi o $282. Eia naʻe, inā paʻa wale ʻoe i kāu ETH, e loaʻa iā ʻoe he $300 o nā hōʻailona ($100 o USDC a me $200 o ETH).
ʻO ka ʻokoʻa o $18 ka mea i ʻike ʻia ʻo ka nui o ka poho mau loa iā ʻoe.
Aia kekahi mau ala e pale aku ai i ka poho mau loa. ʻO ka mea mua, hiki iā ʻoe ke nānā aku i nā hui stablecoin, e like me USDT/USDC. ʻAʻole paha ʻoe e loaʻa i nā uku nui mai nā hui like ʻole, akā e loaʻa mau ana ka loaʻa kālā mai kāu mahele o nā uku kālepa.
ʻO ka lua, hiki iā ʻoe ke loaʻa i nā loko wai wai e kākoʻo ana i ka lakene waiwai ʻole. Loaʻa kēia i nā loko wai maʻalahi e like me 95/5 a me 60/40.
Panina
ʻO nā loko wai wai kekahi o nā manaʻo koʻikoʻi i ka lumi DeFi. Inā ʻaʻole LP, ʻaʻole hiki iā mākou ke hoʻokō i nā hoʻololi decentralized, hāʻawi kālā, a me nā ʻaelike kālā ʻē aʻe.
Hiki i nā mea hoʻopukapuka Crypto ke hoʻohana i nā loko wai wai e hana i ke kālā passive me ka cryptocurrency i loaʻa iā lākou.
Ma mua o ka hoʻokomo ʻana i loko o kahi wai wai wai, pono nā mea hoʻopukapuka e noiʻi i ka nui o ka pilikia a lākou e hōʻike ai iā lākou iho a inā pono ka hopena i nā uku e hiki ai iā lākou ke hāʻawi.
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