{"id":9344,"date":"2025-09-12T21:15:30","date_gmt":"2025-09-12T18:15:30","guid":{"rendered":"https:\/\/academy.tokonomo.com\/%d8%ba%d9%8a%d8%b1-%d9%85%d8%b5%d9%86%d9%81\/ma-hw-sana-alswq-ally-amm-dlyl-llmbtdyn-fy-tdawl-defi-altmwyl-allamrkzy\/"},"modified":"2025-09-22T02:56:46","modified_gmt":"2025-09-21T23:56:46","slug":"ma-hw-sana-alswq-ally-automated-market-maker-amm-dlyl-almbtdyn-ltdawl-defi","status":"publish","type":"post","link":"https:\/\/academy.tokonomo.com\/ar\/altmwyl-allamrkzy-defi\/ma-hw-sana-alswq-ally-automated-market-maker-amm-dlyl-almbtdyn-ltdawl-defi\/","title":{"rendered":"\u0645\u0627 \u0647\u0648 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (Automated Market Maker \u2014 AMM)\u061f \u062f\u0644\u064a\u0644 \u0627\u0644\u0645\u0628\u062a\u062f\u0626\u064a\u0646 \u0644\u062a\u062f\u0627\u0648\u0644 DeFi"},"content":{"rendered":"<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/academy.tokonomo.com\/ar\/\">Home<\/a><\/span> \u2192 <span><a href=\"https:\/\/academy.tokonomo.com\/ar\/category\/altmwyl-allamrkzy-defi\/\">\u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a (DeFi)<\/a><\/span> \u2192 <span class=\"breadcrumb_last\" aria-current=\"page\">\u0645\u0627 \u0647\u0648 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (Automated Market Maker \u2014 AMM)\u061f \u062f\u0644\u064a\u0644 \u0627\u0644\u0645\u0628\u062a\u062f\u0626\u064a\u0646 \u0644\u062a\u062f\u0627\u0648\u0644 DeFi<\/span><\/span><\/div>\n\n\n<div class=\"cnvs-block-toc cnvs-block-toc-1757695159303\" >\n\t<\/div>\n\n\n\n<h2 id=\"%d9%85%d9%82%d8%af%d9%85%d8%a9\" class=\"wp-block-heading\">\u0645\u0642\u062f\u0645\u0629<\/h2>\n\n\n\n<p>\u0644\u0642\u062f \u063a\u064a\u0651\u0631\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629\u060c \u0623\u0648 DeFi\u060c \u0639\u0627\u0644\u0645 \u0627\u0644\u0643\u0631\u064a\u0628\u062a\u0648 \u0628\u0634\u0643\u0644 \u062c\u0630\u0631\u064a \u0645\u0646 \u062e\u0644\u0627\u0644 \u062a\u0642\u062f\u064a\u0645 \u0637\u0631\u064a\u0642\u0629 \u062c\u062f\u064a\u062f\u0629 \u0644\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u0627\u0644\u0625\u0642\u0631\u0627\u0636 \u0648\u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u062f\u0648\u0646 \u0648\u0633\u0637\u0627\u0621. \u0641\u064a \u0642\u0644\u0628 \u0647\u0630\u0627 \u0627\u0644\u062a\u062d\u0648\u0644 \u064a\u0643\u0645\u0646 <strong>\u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM)<\/strong>\u060c \u0648\u0647\u064a \u062a\u0642\u0646\u064a\u0629 \u062b\u0648\u0631\u064a\u0629 \u062a\u062f\u0639\u0645 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0623\u0634\u0647\u0631 \u0645\u0646\u0635\u0627\u062a DeFi. \u0625\u0630\u0627 \u0643\u0646\u062a \u062c\u062f\u064a\u062f\u064b\u0627 \u0641\u064a <em>\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a DeFi<\/em> \u0648\u062a\u062a\u0633\u0627\u0621\u0644 \u0643\u064a\u0641 \u064a\u0645\u0643\u0646\u0643 \u062a\u0628\u062f\u064a\u0644 \u0627\u0644\u062a\u0648\u0643\u0646\u0627\u062a \u0641\u0648\u0631\u064b\u0627 \u062f\u0648\u0646 \u0628\u0648\u0631\u0635\u0629 \u062a\u0642\u0644\u064a\u062f\u064a\u0629\u060c \u0641\u0640 AMMs \u0647\u064a \u0627\u0644\u0625\u062c\u0627\u0628\u0629. \u0641\u064a \u062f\u0644\u064a\u0644 \u0627\u0644\u0645\u0628\u062a\u062f\u0626\u064a\u0646 \u0647\u0630\u0627\u060c \u0633\u0646\u0634\u0631\u062d <em>\u0645\u0627 \u0647\u0648 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM)<\/em>\u060c \u0643\u064a\u0641 \u064a\u0639\u0645\u0644\u060c \u0648\u0644\u0645\u0627\u0630\u0627 \u0623\u0635\u0628\u062d \u062d\u062c\u0631 \u0627\u0644\u0632\u0627\u0648\u064a\u0629 \u0641\u064a <em><a href=\"https:\/\/academy.tokonomo.com\/defi\/what-are-decentralized-exchanges-dexs-how-do-they-work\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 (DEXs)<\/a><\/em>. \u0633\u0648\u0627\u0621 \u0643\u0646\u062a \u0641\u0636\u0648\u0644\u064a\u064b\u0627 \u062d\u0648\u0644 <em>\u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629<\/em> \u0623\u0648 \u062a\u0631\u063a\u0628 \u0641\u064a \u0627\u0644\u063a\u0648\u0635 \u0641\u064a <em>\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 AMM<\/em>\u060c \u0641\u0644\u062f\u064a\u0646\u0627 \u0645\u0627 \u062a\u062d\u062a\u0627\u062c\u0647.<\/p>\n\n\n\n<h2 id=\"%d9%85%d8%a7-%d9%87%d9%88-%d8%b5%d8%a7%d9%86%d8%b9-%d8%a7%d9%84%d8%b3%d9%88%d9%82-%d8%a7%d9%84%d8%a2%d9%84%d9%8a-amm%d8%9f\" class=\"wp-block-heading\">\u0645\u0627 \u0647\u0648 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM)\u061f<\/h2>\n\n\n\n<p>\u0644\u0646\u0628\u062f\u0623 \u0628\u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0627\u062a. \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0647\u0648 \u0646\u0648\u0639 \u0645\u0646 \u0627\u0644\u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u0629 \u0641\u064a DeFi \u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u062f\u0648\u0646 \u0627\u0644\u062d\u0627\u062c\u0629 \u0625\u0644\u0649 \u062f\u0641\u0627\u062a\u0631 \u0623\u0648\u0627\u0645\u0631 \u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0627\u0644\u0645\u0648\u062c\u0648\u062f\u0629 \u0641\u064a \u0628\u0648\u0631\u0635\u0627\u062a \u0645\u0631\u0643\u0632\u064a\u0629 \u0645\u062b\u0644 Binance \u0623\u0648 Coinbase. \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0645\u0637\u0627\u0628\u0642\u0629 \u0627\u0644\u0645\u0634\u062a\u0631\u064a\u0646 \u0648\u0627\u0644\u0628\u0627\u0626\u0639\u064a\u0646\u060c \u062a\u0639\u062a\u0645\u062f AMMs \u0639\u0644\u0649 \u062e\u0648\u0627\u0631\u0632\u0645\u064a\u0627\u062a \u0648<strong>\u0639\u0642\u0648\u062f \u0630\u0643\u064a\u0629<\/strong> \u0644\u062a\u062d\u062f\u064a\u062f \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u062a\u0646\u0641\u064a\u0630 \u0627\u0644\u0635\u0641\u0642\u0627\u062a. \u0641\u0643\u0651\u0631 \u0641\u064a\u0647 \u0643\u0635\u0627\u0646\u0639 \u0633\u0648\u0642 \u0631\u0648\u0628\u0648\u062a\u064a \u062c\u0627\u0647\u0632 \u062f\u0627\u0626\u0645\u064b\u0627 \u0644\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0623\u064a \u0648\u0642\u062a \u0645\u0646 \u0627\u0644\u064a\u0648\u0645.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"577\" src=\"https:\/\/academy.tokonomo.com\/wp-content\/uploads\/2025\/09\/What-Does-the-Future-of-DeFi-Look-Like-\u043a\u043e\u043f\u0438\u044f-2-2-1024x577.png\" alt=\"\u0645\u0627 \u0647\u0648 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM)\u061f\" class=\"wp-image-9199\" srcset=\"https:\/\/academy.tokonomo.com\/wp-content\/uploads\/2025\/09\/What-Does-the-Future-of-DeFi-Look-Like-\u043a\u043e\u043f\u0438\u044f-2-2-1024x577.png 1024w, https:\/\/academy.tokonomo.com\/wp-content\/uploads\/2025\/09\/What-Does-the-Future-of-DeFi-Look-Like-\u043a\u043e\u043f\u0438\u044f-2-2-300x169.png 300w, https:\/\/academy.tokonomo.com\/wp-content\/uploads\/2025\/09\/What-Does-the-Future-of-DeFi-Look-Like-\u043a\u043e\u043f\u0438\u044f-2-2-768x433.png 768w, https:\/\/academy.tokonomo.com\/wp-content\/uploads\/2025\/09\/What-Does-the-Future-of-DeFi-Look-Like-\u043a\u043e\u043f\u0438\u044f-2-2.png 1640w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>\u0639\u0644\u0649 \u062e\u0644\u0627\u0641 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u062d\u064a\u062b \u062a\u0639\u062a\u0645\u062f \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0639\u0644\u0649 \u0627\u0644\u0645\u0634\u0627\u0631\u0643\u064a\u0646 \u0627\u0644\u0646\u0634\u0637\u064a\u0646\u060c \u062a\u0633\u062a\u062e\u062f\u0645 AMMs <em><a href=\"https:\/\/academy.tokonomo.com\/defi\/understanding-dex-liquidity-pools-what-they-are-and-how-they-work\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629<\/a><\/em>\u2014\u0648\u0647\u064a \u062a\u062c\u0645\u0639\u0627\u062a \u0645\u0646 \u0627\u0644\u062a\u0648\u0643\u0646\u0627\u062a \u064a\u0642\u062f\u0651\u0645\u0647\u0627 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u0648\u0646\u2014\u0644\u0636\u0645\u0627\u0646 \u0648\u062c\u0648\u062f \u0633\u064a\u0648\u0644\u0629 \u0643\u0627\u0641\u064a\u0629 \u062f\u0627\u0626\u0645\u064b\u0627 \u0644\u0644\u062a\u062f\u0627\u0648\u0644. \u0647\u0630\u0647 \u0627\u0644\u0627\u0628\u062a\u0643\u0627\u0631\u0627\u062a\u060c \u0627\u0644\u062a\u064a \u0631\u0648\u062c\u062a \u0644\u0647\u0627 \u0645\u0646\u0635\u0627\u062a \u0645\u062b\u0644 Uniswap\u060c \u062c\u0639\u0644\u062a <em>\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a DeFi<\/em> \u0645\u062a\u0627\u062d\u064b\u0627 \u0644\u0623\u064a \u0634\u062e\u0635 \u0644\u062f\u064a\u0647 \u0627\u062a\u0635\u0627\u0644 \u0628\u0627\u0644\u0625\u0646\u062a\u0631\u0646\u062a \u0648\u0645\u062d\u0641\u0638\u0629 \u0643\u0631\u064a\u0628\u062a\u0648. \u0648\u0648\u0641\u0642\u064b\u0627 \u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0645\u0646 <a href=\"https:\/\/defillama.com\/\">DeFiLlama<\/a> (\u062d\u062a\u0649 \u0633\u0628\u062a\u0645\u0628\u0631 2025)\u060c \u0647\u0646\u0627\u0643 \u0623\u0643\u062b\u0631 \u0645\u0646 160 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0642\u064a\u0645\u0629 \u0643\u0644\u064a\u0629 \u0645\u062d\u062c\u0648\u0632\u0629 (TVL) \u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627\u062a <a href=\"https:\/\/academy.tokonomo.com\/defi\/how-defi-protocols-generate-revenue\/\" target=\"_blank\" rel=\"noreferrer noopener\">DeFi<\/a>\u060c \u0645\u0639 \u062c\u0632\u0621 \u0643\u0628\u064a\u0631 \u064a\u062f\u0639\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 \u0627\u0644\u0645\u0628\u0646\u064a\u0629 \u0639\u0644\u0649 AMM.<\/p>\n\n\n\n<h2 id=\"%d9%84%d9%85%d8%a7%d8%b0%d8%a7-%d9%88%d9%8f%d8%ac%d8%af%d8%aa-amms-%d8%a7%d9%84%d9%85%d8%b4%d9%83%d9%84%d8%a9-%d8%a7%d9%84%d8%aa%d9%8a-%d8%aa%d8%ad%d9%84%d9%87%d8%a7\" class=\"wp-block-heading\">\u0644\u0645\u0627\u0630\u0627 \u0648\u064f\u062c\u062f\u062a AMMs: \u0627\u0644\u0645\u0634\u0643\u0644\u0629 \u0627\u0644\u062a\u064a \u062a\u062d\u0644\u0647\u0627<\/h2>\n\n\n\n<p>\u0642\u0628\u0644 \u0638\u0647\u0648\u0631 AMMs\u060c \u0643\u0627\u0646 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0627\u0644\u062a\u0648\u0643\u0646\u0627\u062a \u0627\u0644\u0623\u0642\u0644 \u0634\u0647\u0631\u0629 \u0643\u0627\u0628\u0648\u0633\u064b\u0627. \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u0643\u0627\u0646\u062a \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u062a\u0631\u0641\u0636 \u0625\u062f\u0631\u0627\u062c \u0627\u0644\u062a\u0648\u0643\u0646\u0627\u062a \u0627\u0644\u0635\u063a\u064a\u0631\u0629 \u0623\u0648 \u0627\u0644\u0645\u062a\u062e\u0635\u0635\u0629 \u0628\u0633\u0628\u0628 \u0627\u0646\u062e\u0641\u0627\u0636 \u062d\u062c\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u0645\u0645\u0627 \u064a\u062a\u0631\u0643 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0628\u062e\u064a\u0627\u0631\u0627\u062a \u0645\u062d\u062f\u0648\u062f\u0629. \u0648\u062d\u062a\u0649 \u0639\u0646\u062f \u0625\u062f\u0631\u0627\u062c \u0627\u0644\u062a\u0648\u0643\u0646\u0627\u062a\u060c \u0623\u062f\u062a \u062f\u0641\u0627\u062a\u0631 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0636\u0639\u064a\u0641\u0629 \u0625\u0644\u0649 \u0627\u0646\u0632\u0644\u0627\u0642 \u0633\u0639\u0631\u064a \u0645\u0631\u062a\u0641\u0639 \u0648\u062a\u0633\u0639\u064a\u0631 \u0633\u064a\u0626. \u0647\u0646\u0627 \u064a\u0628\u0631\u0632 \u062f\u0648\u0631 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a\u2014\u062d\u0644 \u0644\u0645\u0634\u0643\u0644\u0629 \u0627\u0644\u0633\u064a\u0648\u0644\u0629.<\/p>\n\n\n\n<p>\u062a\u0639\u0645\u0644 AMMs \u0639\u0644\u0649 \u062f\u064a\u0645\u0642\u0631\u0627\u0637\u064a\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0628\u0631 \u062a\u0645\u0643\u064a\u0646 \u0623\u064a \u0634\u062e\u0635 \u0645\u0646 \u0625\u0646\u0634\u0627\u0621 \u0633\u0648\u0642 \u0644\u0623\u064a \u0632\u0648\u062c \u062a\u0648\u0643\u0646\u0627\u062a. \u0641\u0647\u064a \u062a\u0642\u0636\u064a \u0639\u0644\u0649 \u0627\u0644\u062d\u0627\u062c\u0629 \u0644\u0648\u062c\u0648\u062f \u0637\u0631\u0641 \u0645\u0642\u0627\u0628\u0650\u0644\u060c \u0628\u0645\u0639\u0646\u0649 \u0623\u0646\u0643 \u0644\u0627 \u062a\u062d\u062a\u0627\u062c \u0644\u0644\u0627\u0646\u062a\u0638\u0627\u0631 \u062d\u062a\u0649 \u064a\u062c\u062f \u0634\u062e\u0635 \u0645\u0627 \u0627\u0644\u062c\u0627\u0646\u0628 \u0627\u0644\u0622\u062e\u0631 \u0644\u0635\u0641\u0642\u062a\u0643. \u0647\u0630\u0627 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id=\"%d9%83%d9%8a%d9%81-%d9%8a%d8%b9%d9%85%d9%84-%d8%b5%d8%a7%d9%86%d8%b9-%d8%a7%d9%84%d8%b3%d9%88%d9%82-%d8%a7%d9%84%d8%a2%d9%84%d9%8a\" class=\"wp-block-heading\">\u0643\u064a\u0641 \u064a\u0639\u0645\u0644 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a<\/h2>\n\n\n\n<p>\u0628\u0639\u062f \u0623\u0646 \u063a\u0637\u0651\u064a\u0646\u0627 \u0627\u0644\u0640 &#8220;\u0644\u0645\u0627\u0630\u0627&#8221;\u060c \u062f\u0639\u0646\u0627 \u0646\u0646\u062a\u0642\u0644 \u0625\u0644\u0649 \u0627\u0644\u0640 &#8220;\u0643\u064a\u0641&#8221;. \u0641\u064a \u062c\u0648\u0647\u0631\u0647\u0627\u060c \u062a\u0639\u0645\u0644 AMMs \u0639\u0628\u0631 \u0639\u0642\u0648\u062f \u0630\u0643\u064a\u0629\u2014\u0643\u0648\u062f \u064a\u0646\u0641\u0630 \u062a\u0644\u0642\u0627\u0626\u064a\u064b\u0627 \u0639\u0644\u0649 \u0634\u0628\u0643\u0627\u062a \u0645\u062b\u0644 Ethereum\u2014\u062a\u062f\u064a\u0631 \u0627\u0644\u0635\u0641\u0642\u0627\u062a \u0648\u0627\u0644\u062a\u0633\u0639\u064a\u0631. \u0644\u0643\u0646 \u0645\u0627 \u0627\u0644\u0630\u064a \u064a\u062c\u0639\u0644\u0647\u0627 \u062a\u0639\u0645\u0644\u061f \u062f\u0639\u0646\u0627 \u0646\u0643\u0633\u0631\u0647\u0627 \u0625\u0644\u0649 \u0645\u0643\u0648\u0646\u0627\u062a \u0631\u0626\u064a\u0633\u064a\u0629.<\/p>\n\n\n\n<h3 id=\"%d8%a7%d9%84%d9%85%d9%81%d9%87%d9%88%d9%85-%d8%a7%d9%84%d8%a3%d8%b3%d8%a7%d8%b3%d9%8a-%d9%85%d8%ac%d9%85%d8%b9%d8%a7%d8%aa-%d8%a7%d9%84%d8%b3%d9%8a%d9%88%d9%84%d8%a9\" class=\"wp-block-heading\">\u0627\u0644\u0645\u0641\u0647\u0648\u0645 \u0627\u0644\u0623\u0633\u0627\u0633\u064a: \u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629<\/h3>\n\n\n\n<p>\u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u062f\u0641\u0627\u062a\u0631 \u0627\u0644\u0623\u0648\u0627\u0645\u0631\u060c \u062a\u0639\u062a\u0645\u062f AMMs \u0639\u0644\u0649 <strong><a href=\"https:\/\/academy.tokonomo.com\/defi\/understanding-dex-liquidity-pools-what-they-are-and-how-they-work\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629<\/a><\/strong>. \u0647\u0630\u0647 \u0647\u064a \u062a\u062c\u0645\u0639\u0627\u062a \u0645\u0646 \u062a\u0648\u0643\u0646\u064a\u0646 \u0623\u0648 \u0623\u0643\u062b\u0631 \u0645\u0642\u0641\u0644\u0629 \u0641\u064a \u0639\u0642\u062f \u0630\u0643\u064a\u060c \u064a\u0642\u062f\u0651\u0645\u0647\u0627 \u0645\u0633\u062a\u062e\u062f\u0645\u0648\u0646 \u064a\u064f\u0639\u0631\u0641\u0648\u0646 \u0628\u0645\u0632\u0648\u062f\u064a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 (LPs). \u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u0642\u062f \u064a\u062a\u0643\u0648\u0646 \u0645\u062c\u0645\u0639 \u0639\u0644\u0649 Uniswap \u0645\u0646 ETH \u0648\u0645\u0633\u062a\u0642\u0631 \u0645\u062b\u0644 USDC. \u0639\u0646\u062f\u0645\u0627 \u062a\u062a\u062f\u0627\u0648\u0644 ETH \u0645\u0642\u0627\u0628\u0644 USDC\u060c \u0641\u0623\u0646\u062a \u062a\u062a\u0641\u0627\u0639\u0644 \u0641\u0639\u0644\u064a\u064b\u0627 \u0645\u0639 \u0647\u0630\u0627 \u0627\u0644\u0645\u062c\u0645\u0639\u060c \u0648\u0644\u064a\u0633 \u0645\u0639 \u0645\u062a\u062f\u0627\u0648\u0644 \u0622\u062e\u0631. \u064a\u062a\u063a\u064a\u0631 \u062a\u0648\u0627\u0632\u0646 \u0627\u0644\u0645\u062c\u0645\u0639 \u0645\u0639 \u0643\u0644 \u0635\u0641\u0642\u0629\u060c \u0648\u064a\u062a\u0643\u064a\u0641 \u0627\u0644\u0633\u0639\u0631 \u0648\u0641\u0642\u064b\u0627 \u0644\u0630\u0644\u0643.<\/p>\n\n\n\n<p>\u064a\u0643\u0633\u0628 \u0645\u0632\u0648\u062f\u0648 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u062d\u0635\u0629 \u0645\u0646 \u0631\u0633\u0648\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u0645\u0645\u0627 \u064a\u062d\u0641\u0632\u0647\u0645 \u0639\u0644\u0649 \u0625\u064a\u062f\u0627\u0639 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\u0645\u0639\u0638\u0645 AMMs \u0645\u0639\u0627\u062f\u0644\u0629 \u0631\u064a\u0627\u0636\u064a\u0629 \u0644\u062a\u062d\u062f\u064a\u062f \u0627\u0644\u062a\u0633\u0639\u064a\u0631\u060c \u0648\u0627\u0644\u0623\u0643\u062b\u0631 \u0634\u064a\u0648\u0639\u064b\u0627 \u0647\u064a \u0645\u0639\u0627\u062f\u0644\u0629 \u0627\u0644\u0645\u0646\u062a\u062c \u0627\u0644\u062b\u0627\u0628\u062a: <strong>x*y=k<\/strong>. \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0645\u0639\u0627\u062f\u0644\u0629\u060c &#8220;x&#8221; \u0648&#8221;y&#8221; \u062a\u0645\u062b\u0644\u0627\u0646 \u0643\u0645\u064a\u0627\u062a \u062a\u0648\u0643\u0646\u064a\u0646 \u0641\u064a \u0645\u062c\u0645\u0639\u060c \u0648&#8221;k&#8221; \u0647\u0648 \u062b\u0627\u0628\u062a. \u062a\u0636\u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u0645\u0639\u0627\u062f\u0644\u0629 \u0623\u0646 \u064a\u0628\u0642\u0649 \u062d\u0627\u0635\u0644 \u0636\u0631\u0628 \u0643\u0645\u064a\u062a\u064a \u0627\u0644\u062a\u0648\u0643\u0646\u064a\u0646 \u062b\u0627\u0628\u062a\u064b\u0627\u060c \u062d\u062a\u0649 \u0645\u0639 \u062d\u062f\u0648\u062b \u0627\u0644\u0635\u0641\u0642\u0627\u062a.<\/p>\n\n\n\n<p>\u0644\u0646\u0641\u062a\u0631\u0636 \u0623\u0646 \u0645\u062c\u0645\u0639\u064b\u0627 \u064a\u062d\u062a\u0648\u064a \u0639\u0644\u0649 100 ETH \u0648200,000 USDC\u060c \u0645\u0645\u0627 \u064a\u062c\u0639\u0644 k = 20,000,000. \u0625\u0630\u0627 \u0627\u0634\u062a\u0631\u0649 \u0634\u062e\u0635 \u0645\u0627 1 ETH\u060c \u064a\u062c\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u062c\u0645\u0639 \u062a\u0639\u062f\u064a\u0644 \u0643\u0645\u064a\u0629 USDC \u0644\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0627\u0644\u062b\u0627\u0628\u062a &#8220;k&#8221;. \u0627\u0644\u0646\u062a\u064a\u062c\u0629\u061f \u064a\u0631\u062a\u0641\u0639 \u0633\u0639\u0631 ETH \u0643\u0644\u0645\u0627 \u0627\u0646\u062e\u0641\u0636 \u0645\u0639\u0631\u0648\u0636\u0647 \u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0639. \u0647\u0630\u0647 \u0627\u0644\u0622\u0644\u064a\u0629 \u0647\u064a \u0627\u0644\u0639\u0645\u0648\u062f \u0627\u0644\u0641\u0642\u0631\u064a \u0644\u062a\u062f\u0627\u0648\u0644 <em>\u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629<\/em> \u0648\u062a\u0636\u0645\u0646 \u0627\u0643\u062a\u0634\u0627\u0641\u064b\u0627 \u0622\u0644\u064a\u064b\u0627 \u0644\u0644\u0623\u0633\u0639\u0627\u0631 \u062f\u0648\u0646 \u062a\u062f\u062e\u0644 \u0628\u0634\u0631\u064a.<\/p>\n\n\n\n<h3 id=\"%d8%a7%d9%84%d8%b1%d8%b3%d9%88%d9%85-%d9%88%d8%a7%d9%84%d8%ad%d9%88%d8%a7%d9%81%d8%b2\" class=\"wp-block-heading\">\u0627\u0644\u0631\u0633\u0648\u0645 \u0648\u0627\u0644\u062d\u0648\u0627\u0641\u0632<\/h3>\n\n\n\n<p>\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0644\u0649 AMM \u0644\u064a\u0633 \u0645\u062c\u0627\u0646\u064a\u064b\u0627. \u0643\u0644 \u0645\u0639\u0627\u0645\u0644\u0629 \u062a\u062a\u0631\u062a\u0628 \u0639\u0644\u064a\u0647\u0627 \u0631\u0633\u0648\u0645 \u0635\u063a\u064a\u0631\u0629\u2014\u063a\u0627\u0644\u0628\u064b\u0627 \u0628\u064a\u0646 0.1% \u06480.3%\u2014\u062a\u064f\u0648\u0632\u0639 \u0639\u0644\u0649 \u0645\u0632\u0648\u062f\u064a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0643\u0645\u0643\u0627\u0641\u0623\u0629. \u0644\u0627 \u062a\u064f\u0639\u0648\u0636 \u0647\u0630\u0647 \u0627\u0644\u0631\u0633\u0648\u0645 LPs \u0641\u062d\u0633\u0628\u060c \u0628\u0644 \u062a\u064f\u0642\u0644\u0651\u0644 \u0623\u064a\u0636\u064b\u0627 \u0645\u0646 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0641\u0631\u0637 \u0627\u0644\u0630\u064a \u0642\u062f \u064a\u0632\u0639\u0632\u0639 \u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u0627\u0644\u0645\u062c\u0645\u0639\u0627\u062a. \u062a\u0642\u062f\u0645 \u0628\u0639\u0636 \u0627\u0644\u0645\u0646\u0635\u0627\u062a\u060c \u0645\u062b\u0644 Curve\u060c \u062d\u0648\u0627\u0641\u0632 \u0625\u0636\u0627\u0641\u064a\u0629 \u0639\u0628\u0631 <a href=\"https:\/\/academy.tokonomo.com\/defi\/what-is-yield-farming-in-defi\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u0632\u0631\u0627\u0639\u0629 \u0627\u0644\u0639\u0627\u0626\u062f<\/a>\u060c \u062d\u064a\u062b \u064a\u0643\u0633\u0628 LPs \u062a\u0648\u0643\u0646\u0627\u062a \u0623\u0635\u0644\u064a\u0629 \u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0627\u0644\u0631\u0633\u0648\u0645. \u0625\u0646\u0647 \u0645\u0643\u0633\u0628 \u0644\u0644\u0637\u0631\u0641\u064a\u0646 \u0644\u0623\u0648\u0644\u0626\u0643 \u0627\u0644\u0630\u064a\u0646 \u064a\u063a\u0648\u0635\u0648\u0646 \u0641\u064a <em>\u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0641\u064a DeFi<\/em>.<\/p>\n\n\n\n<h2 id=\"%d8%a3%d9%86%d9%88%d8%a7%d8%b9-amms-%d8%a7%d9%84%d8%b4%d8%a7%d8%a6%d8%b9%d8%a9\" class=\"wp-block-heading\">\u0623\u0646\u0648\u0627\u0639 AMMs \u0627\u0644\u0634\u0627\u0626\u0639\u0629<\/h2>\n\n\n\n<p>\u0644\u064a\u0633\u062a \u0643\u0644 AMMs \u0645\u062a\u0633\u0627\u0648\u064a\u0629. \u0639\u0644\u0649 \u0645\u0631 \u0627\u0644\u0633\u0646\u064a\u0646\u060c \u0639\u062f\u0651\u0644 \u0627\u0644\u0645\u0637\u0648\u0631\u0648\u0646 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0623\u0633\u0627\u0633\u064a \u0644\u064a\u062a\u0646\u0627\u0633\u0628 \u0645\u0639 \u062d\u0627\u0644\u0627\u062a \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0645\u062e\u062a\u0644\u0641\u0629. \u0641\u064a\u0645\u0627 \u064a\u0644\u064a \u0628\u0639\u0636 \u0627\u0644\u0623\u0646\u0648\u0627\u0639 \u0627\u0644\u0623\u0643\u062b\u0631 \u0634\u064a\u0648\u0639\u064b\u0627 \u0627\u0644\u062a\u064a \u062a\u0634\u0643\u0644 \u0645\u0634\u0647\u062f <em>\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a DeFi<\/em> \u0627\u0644\u064a\u0648\u0645:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u0635\u0627\u0646\u0639\u0648 \u0627\u0644\u0633\u0648\u0642 \u0628\u0627\u0644\u0645\u064f\u0646\u062a\u062c \u0627\u0644\u062b\u0627\u0628\u062a (CPMMs):<\/strong> \u062a\u064f\u0633\u062a\u062e\u062f\u0645 \u0641\u064a Uniswap\u060c \u0648\u062a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0645\u0639\u0627\u062f\u0644\u0629 x*y=k. \u0645\u0646\u0627\u0633\u0628\u0629 \u0644\u062a\u0628\u062f\u064a\u0644\u0627\u062a \u0627\u0644\u062a\u0648\u0643\u0646\u0627\u062a \u0627\u0644\u0639\u0627\u0645\u0629.<\/li>\n\n\n\n<li><strong>\u0635\u0627\u0646\u0639\u0648 \u0627\u0644\u0633\u0648\u0642 \u0628\u0627\u0644\u0645\u062c\u0645\u0648\u0639 \u0627\u0644\u062b\u0627\u0628\u062a (CSMMs):<\/strong> \u064a\u062d\u0627\u0641\u0638\u0648\u0646 \u0639\u0644\u0649 \u0645\u062c\u0645\u0648\u0639 \u062b\u0627\u0628\u062a \u0645\u0646 \u0627\u0644\u062a\u0648\u0643\u0646\u0627\u062a (x+y=k) \u0648\u064a\u0643\u0648\u0646\u0648\u0646 \u0623\u0641\u0636\u0644 \u0644\u0623\u0632\u0648\u0627\u062c \u0627\u0644\u0633\u062a\u0627\u0628\u0644 \u0643\u0648\u064a\u0646 \u0627\u0644\u062a\u064a \u062a\u062a\u0645\u064a\u0632 \u0628\u062a\u0642\u0644\u0628 \u0633\u0639\u0631\u064a \u0645\u0646\u062e\u0641\u0636.<\/li>\n\n\n\n<li><strong>AMMs \u0647\u062c\u064a\u0646\u0629:<\/strong> \u0645\u0646\u0635\u0627\u062a \u0645\u062b\u0644 Balancer \u062a\u062f\u0645\u062c \u0645\u0639\u0627\u062f\u0644\u0627\u062a \u0645\u062a\u0639\u062f\u062f\u0629 \u0644\u062f\u0639\u0645 \u0645\u062c\u0645\u0639\u0627\u062a \u0628\u0623\u0643\u062b\u0631 \u0645\u0646 \u062a\u0648\u0643\u0646\u064a\u0646\u060c \u0645\u0645\u0627 \u064a\u0648\u0641\u0631 \u0645\u0631\u0648\u0646\u0629 \u0644\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a <em>\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 AMM<\/em> \u0627\u0644\u0645\u0639\u0642\u062f\u0629.<\/li>\n<\/ul>\n\n\n\n<p>\u0644\u0643\u0644 \u0646\u0648\u0639 \u0646\u0642\u0627\u0637 \u0642\u0648\u0629 \u062e\u0627\u0635\u0629 \u0628\u0647\u060c \u0648\u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0646\u0648\u0639 \u0627\u0644\u0645\u0646\u0627\u0633\u0628 \u064a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0623\u0647\u062f\u0627\u0641\u0643 \u0641\u064a <em>\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629<\/em>.<\/p>\n\n\n\n<h2 id=\"%d9%81%d9%88%d8%a7%d8%a6%d8%af-%d8%a7%d8%b3%d8%aa%d8%ae%d8%af%d8%a7%d9%85-amms\" class=\"wp-block-heading\">\u0641\u0648\u0627\u0626\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645 AMMs<\/h2>\n\n\n\n<p>\u0644\u0645\u0627\u0630\u0627 \u064a\u062c\u0628 \u0623\u0646 \u062a\u0647\u062a\u0645 \u0628\u0640 AMMs\u061f \u0644\u0644\u0628\u062f\u0621\u060c \u062c\u0639\u0644\u062a AMMs <em>\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a DeFi<\/em> \u064a\u0633\u064a\u0631\u064b\u0627 \u0644\u0644\u063a\u0627\u064a\u0629. \u0641\u064a\u0645\u0627 \u064a\u0644\u064a \u0628\u0639\u0636 \u0627\u0644\u0641\u0648\u0627\u0626\u062f \u0627\u0644\u0628\u0627\u0631\u0632\u0629:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u0633\u064a\u0648\u0644\u0629 \u0639\u0644\u0649 \u0645\u062f\u0627\u0631 \u0627\u0644\u0633\u0627\u0639\u0629:<\/strong> \u0639\u0644\u0649 \u0639\u0643\u0633 \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629\u060c \u0644\u0627 \u062a\u0646\u0627\u0645 AMMs \u0623\u0628\u062f\u064b\u0627. \u064a\u0645\u0643\u0646\u0643 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a \u0623\u064a \u0648\u0642\u062a \u0648\u0645\u0646 \u0623\u064a \u0645\u0643\u0627\u0646.<\/li>\n\n\n\n<li><strong>\u0648\u0635\u0648\u0644 \u0628\u062f\u0648\u0646 \u0623\u0630\u0648\u0646\u0627\u062a:<\/strong> \u0644\u0627 \u062d\u0627\u062c\u0629 \u0644\u0640 KYC \u0623\u0648 \u062d\u0648\u0627\u062c\u0632\u2014\u0641\u0642\u0637 \u0648\u0635\u0644 \u0645\u062d\u0641\u0638\u062a\u0643 \u0648\u0627\u0628\u062f\u0623 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0644\u0649 <em>\u0628\u0648\u0631\u0635\u0629 \u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629<\/em>.<\/li>\n\n\n\n<li><strong>\u062a\u0646\u0648\u0639 \u0627\u0644\u062a\u0648\u0643\u0646\u0627\u062a:<\/strong> \u062a\u062f\u0639\u0645 AMMs \u0639\u062f\u062f\u064b\u0627 \u0647\u0627\u0626\u0644\u064b\u0627 \u0645\u0646 \u0623\u0632\u0648\u0627\u062c \u0627\u0644\u062a\u0648\u0643\u0646\u0627\u062a\u060c \u0628\u0645\u0627 \u0641\u064a \u0630\u0644\u0643 \u062a\u0644\u0643 \u063a\u064a\u0631 \u0627\u0644\u0645\u062f\u0631\u062c\u0629 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0643\u0628\u0631\u0649.<\/li>\n\n\n\n<li><strong>\u0641\u0631\u0635 \u0627\u0644\u0643\u0633\u0628:<\/strong> \u0645\u0646 \u062e\u0644\u0627\u0644 <em>\u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0641\u064a DeFi<\/em>\u060c \u064a\u0645\u0643\u0646 \u0644\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u064a\u0646 \u0643\u0633\u0628 \u062f\u062e\u0644 \u0633\u0644\u0628\u064a \u0645\u0646 \u0631\u0633\u0648\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u0627\u0644\u0645\u0643\u0627\u0641\u0622\u062a.<\/li>\n<\/ul>\n\n\n\n<p>\u0644\u0642\u062f \u063a\u0630\u062a \u0647\u0630\u0647 \u0627\u0644\u0645\u0632\u0627\u064a\u0627 \u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0633\u0631\u064a\u0639 \u0644\u0640 AMMs\u060c \u062d\u064a\u062b \u062a\u062a\u0639\u0627\u0645\u0644 \u0645\u0646\u0635\u0627\u062a \u0645\u062b\u0644 Uniswap \u0628\u0645\u0644\u064a\u0627\u0631\u0627\u062a \u0645\u0646 \u062d\u062c\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u064a\u0648\u0645\u064a\u060c \u0643\u0645\u0627 \u0623\u0648\u0631\u062f\u062a Messari \u0641\u064a \u062a\u0642\u0631\u064a\u0631\u0647\u0627 \u0644\u0644\u0631\u0628\u0639 \u0627\u0644\u062b\u0627\u0646\u064a \u0645\u0646 2025.<\/p>\n\n\n\n<h2 id=\"%d8%a7%d9%84%d9%85%d8%ae%d8%a7%d8%b7%d8%b1-%d9%88%d8%a7%d9%84%d8%aa%d8%ad%d8%af%d9%8a%d8%a7%d8%aa-%d8%a7%d9%84%d9%85%d8%b1%d8%aa%d8%a8%d8%b7%d8%a9-%d8%a8%d9%80-amms\" class=\"wp-block-heading\">\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u0627\u0644\u062a\u062d\u062f\u064a\u0627\u062a \u0627\u0644\u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u0640 AMMs<\/h2>\n\n\n\n<p>\u0631\u063a\u0645 \u0623\u0646 AMMs \u062b\u0648\u0631\u064a\u0629\u060c \u0625\u0644\u0627 \u0623\u0646\u0647\u0627 \u0644\u064a\u0633\u062a \u062e\u0627\u0644\u064a\u0629 \u0645\u0646 \u0627\u0644\u0639\u064a\u0648\u0628. \u0625\u0630\u0627 \u0643\u0646\u062a \u062a\u062e\u0648\u0636 \u063a\u0645\u0627\u0631 <em>\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a DeFi<\/em>\u060c \u0641\u0644\u0643 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0639\u0644\u0649 \u062f\u0631\u0627\u064a\u0629 \u0628\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u0627\u0644\u064a\u0629:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><a href=\"https:\/\/academy.tokonomo.com\/defi\/what-is-impermanent-loss-how-to-protect-your-funds-in-liquidity-pools\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u063a\u064a\u0631 \u0627\u0644\u062f\u0627\u0626\u0645\u0629 (Impermanent Loss)<\/a>:<\/strong> \u0642\u062f \u064a\u062e\u0633\u0631 \u0645\u0632\u0648\u062f\u0648 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0642\u064a\u0645\u0629 \u0625\u0630\u0627 \u062a\u0628\u0627\u064a\u0646\u062a \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u062a\u0648\u0643\u0646\u0627\u062a \u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0639 \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631. \u0625\u0646\u0647\u0627 \u062a\u0643\u0644\u0641\u0629 \u062e\u0641\u064a\u0629 \u0644\u0640 <em>\u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0641\u064a DeFi<\/em>.<\/li>\n\n\n\n<li><strong>\u0627\u0644\u0627\u0646\u0632\u0644\u0627\u0642 \u0627\u0644\u0633\u0639\u0631\u064a (Slippage):<\/strong> \u0627\u0644\u0635\u0641\u0642\u0627\u062a \u0627\u0644\u0643\u0628\u064a\u0631\u0629 \u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0635\u063a\u064a\u0631\u0629 \u0642\u062f \u062a\u062a\u0633\u0628\u0628 \u0641\u064a \u062a\u062d\u0648\u0644\u0627\u062a \u0633\u0639\u0631\u064a\u0629 \u0643\u0628\u064a\u0631\u0629\u060c \u0645\u0645\u0627 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062e\u0633\u0627\u0626\u0631 \u063a\u064a\u0631 \u0645\u062a\u0648\u0642\u0639\u0629.<\/li>\n\n\n\n<li><strong>\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0630\u0643\u064a\u0629:<\/strong> \u0627\u0644\u0623\u062e\u0637\u0627\u0621 \u0623\u0648 \u0627\u0644\u0627\u062e\u062a\u0631\u0627\u0642\u0627\u062a \u0641\u064a \u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627\u062a AMM \u0642\u062f \u062a\u0624\u062f\u064a \u0625\u0644\u0649 \u0641\u0642\u062f\u0627\u0646 \u0627\u0644\u0623\u0645\u0648\u0627\u0644. \u0627\u0628\u062d\u062b \u062f\u0627\u0626\u0645\u064b\u0627 \u0641\u064a \u0633\u062c\u0644 \u0623\u0645\u0627\u0646 \u0627\u0644\u0645\u0646\u0635\u0629 \u0642\u0628\u0644 \u0627\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645.<\/li>\n<\/ul>\n\n\n\n<p>\u064a\u062a\u0637\u0644\u0628 \u0627\u0644\u062a\u0646\u0642\u0644 \u0628\u064a\u0646 \u0647\u0630\u0647 \u0627\u0644\u062a\u062d\u062f\u064a\u0627\u062a \u0627\u0644\u062d\u0630\u0631 \u0648\u0641\u0647\u0645\u064b\u0627 \u0642\u0648\u064a\u064b\u0627 \u0644\u0640 <em>\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 AMM<\/em>. \u0644\u0627 \u062a\u0646\u062f\u0641\u0639 \u062f\u0648\u0646 \u062f\u0631\u0627\u0633\u0629\u2014\u0642\u0645 \u0628\u0648\u0627\u062c\u0628\u0643 \u0623\u0648\u0644\u0627\u064b.<\/p>\n\n\n\n<h2 id=\"%d9%83%d9%8a%d9%81-%d8%aa%d8%a8%d8%af%d8%a3-%d9%85%d8%b9-amms\" class=\"wp-block-heading\">\u0643\u064a\u0641 \u062a\u0628\u062f\u0623 \u0645\u0639 AMMs<\/h2>\n\n\n\n<p>\u0647\u0644 \u0623\u0646\u062a \u0645\u0633\u062a\u0639\u062f \u0644\u0627\u0633\u062a\u0643\u0634\u0627\u0641 <em>\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629<\/em>\u061f \u0625\u0644\u064a\u0643 \u062e\u0627\u0631\u0637\u0629 \u0637\u0631\u064a\u0642 \u0633\u0631\u064a\u0639\u0629 \u0644\u0644\u0628\u062f\u0621 \u0645\u0639 AMMs:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u0625\u0639\u062f\u0627\u062f \u0645\u062d\u0641\u0638\u0629:<\/strong> \u0627\u0633\u062a\u062e\u062f\u0645 \u0645\u062d\u0641\u0638\u0629 \u063a\u064a\u0631 \u0648\u0635\u064a\u0629 \u0645\u062b\u0644 MetaMask \u0644\u0644\u062a\u0641\u0627\u0639\u0644 \u0645\u0639 \u0645\u0646\u0635\u0627\u062a DeFi.<\/li>\n\n\n\n<li><strong>\u0627\u062e\u062a\u0631 \u0645\u0646\u0635\u0629:<\/strong> \u0645\u0646 \u0623\u0634\u0647\u0631 AMMs: Uniswap \u0648SushiSwap \u0648Curve. \u0627\u062e\u062a\u0631 \u0648\u0641\u0642\u064b\u0627 \u0644\u0627\u062d\u062a\u064a\u0627\u062c\u0627\u062a \u062a\u062f\u0627\u0648\u0644\u0643.<\/li>\n\n\n\n<li><strong>\u0645\u0645\u0648\u0651\u0644 \u0645\u062d\u0641\u0638\u062a\u0643:<\/strong> \u0623\u0636\u0641 ETH \u0623\u0648 \u062a\u0648\u0643\u0646 \u0623\u0633\u0627\u0633\u064a \u0622\u062e\u0631 \u0644\u062a\u063a\u0637\u064a\u0629 \u0631\u0633\u0648\u0645 \u0627\u0644\u063a\u0627\u0632 \u0648\u0627\u0644\u0635\u0641\u0642\u0627\u062a.<\/li>\n\n\n\n<li><strong>\u062a\u062f\u0627\u0648\u0644 \u0623\u0648 \u0642\u062f\u0651\u0645 \u0633\u064a\u0648\u0644\u0629:<\/strong> \u0642\u0645 \u0628\u062a\u0628\u062f\u064a\u0644 \u0627\u0644\u062a\u0648\u0643\u0646\u0627\u062a \u0645\u0628\u0627\u0634\u0631\u0629 \u0623\u0648 \u0631\u0647\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0641\u064a <em>\u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629<\/em> \u0644\u0643\u0633\u0628 \u0627\u0644\u0631\u0633\u0648\u0645.<\/li>\n<\/ul>\n\n\n\n<p>\u0627\u0628\u062f\u0623 \u0628\u0645\u0628\u0627\u0644\u063a \u0635\u063a\u064a\u0631\u0629\u060c \u062c\u0631\u0651\u0628 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a <em>\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 AMM<\/em> \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629\u060c \u0648\u062a\u0623\u0643\u062f \u062f\u0627\u0626\u0645\u064b\u0627 \u0645\u0646 \u062a\u0641\u0627\u0635\u064a\u0644 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0629 \u0644\u062a\u062c\u0646\u0651\u0628 \u0627\u0644\u0623\u062e\u0637\u0627\u0621 \u0627\u0644\u0645\u0643\u0644\u0641\u0629. \u0647\u0644 \u062a\u0631\u064a\u062f \u0645\u0639\u0631\u0641\u0629 \u0627\u0644\u0645\u0632\u064a\u062f \u0639\u0646 \u0625\u062a\u0642\u0627\u0646 DeFi\u061f \u0627\u0637\u0644\u0639 \u0639\u0644\u0649 \u0623\u062f\u0644\u062a\u0646\u0627 \u0627\u0644\u0634\u0627\u0645\u0644\u0629 \u0641\u064a \u0623\u0643\u0627\u062f\u064a\u0645\u064a\u0629 DeFi.<\/p>\n\n\n\n<h2 id=\"%d9%85%d8%b3%d8%aa%d9%82%d8%a8%d9%84-%d8%b5%d8%a7%d9%86%d8%b9%d9%8a-%d8%a7%d9%84%d8%b3%d9%88%d9%82-%d8%a7%d9%84%d8%a2%d9%84%d9%8a\" class=\"wp-block-heading\">\u0645\u0633\u062a\u0642\u0628\u0644 \u0635\u0627\u0646\u0639\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a<\/h2>\n\n\n\n<p>\u0625\u0644\u0649 \u0623\u064a\u0646 \u062a\u062a\u062c\u0647 AMMs\u061f \u0645\u0639 \u062a\u0637\u0648\u0631 <a href=\"https:\/\/academy.tokonomo.com\/defi\/what-is-defi\/\" target=\"_blank\" rel=\"noreferrer noopener\">DeFi<\/a>\u060c \u062a\u062a\u0637\u0648\u0631 \u0647\u0630\u0647 \u0627\u0644\u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627\u062a \u0623\u064a\u0636\u064b\u0627. \u0627\u0628\u062a\u0643\u0627\u0631\u0627\u062a \u0645\u062b\u0644 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u0631\u0643\u0632\u0629 (\u0627\u0644\u0645\u0642\u062f\u0645\u0629 \u0641\u064a Uniswap V3) \u062a\u062c\u0639\u0644 \u0627\u0644\u0645\u062c\u0645\u0639\u0627\u062a \u0623\u0643\u062b\u0631 \u0643\u0641\u0627\u0621\u0629 \u0631\u0623\u0633 \u0645\u0627\u0644\u064a\u0629\u060c \u0641\u064a \u062d\u064a\u0646 \u0623\u0646 AMMs \u0639\u0628\u0631 \u0627\u0644\u0633\u0644\u0627\u0633\u0644 \u062a\u0631\u0628\u0637 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0628\u064a\u0646 \u0634\u0628\u0643\u0627\u062a \u0627\u0644\u0628\u0644\u0648\u0643\u0634\u064a\u0646. \u0645\u0639 \u0623\u0643\u062b\u0631 \u0645\u0646 50 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a TVL \u0645\u0631\u062a\u0628\u0637\u0629 \u0628\u0640 AMMs \u0641\u0642\u0637 (\u0648\u0641\u0642\u064b\u0627 \u0644\u0640 <a href=\"https:\/\/defillama.com\/\">DeFiLlama<\/a>\u060c \u0633\u0628\u062a\u0645\u0628\u0631 2025)\u060c \u064a\u0628\u062f\u0648 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644 \u0648\u0627\u0639\u062f\u064b\u0627.<\/p>\n\n\n\n<p>\u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u0647\u0646\u0627\u0643 \u0631\u0642\u0627\u0628\u0629 \u062a\u0646\u0638\u064a\u0645\u064a\u0629 \u0648\u062a\u062d\u062f\u064a\u0627\u062a \u0641\u064a \u0642\u0627\u0628\u0644\u064a\u0629 \u0627\u0644\u062a\u0648\u0633\u0639 \u062a\u0644\u0648\u062d \u0641\u064a \u0627\u0644\u0623\u0641\u0642. \u0647\u0644 \u0633\u062a\u062a\u0643\u064a\u0641 AMMs \u0645\u0639 \u0642\u0648\u0627\u0639\u062f \u0623\u0643\u062b\u0631 \u0635\u0631\u0627\u0645\u0629\u060c \u0623\u0645 \u0633\u062a\u0638\u0644 \u0628\u0645\u062b\u0627\u0628\u0629 &#8220;\u0627\u0644\u063a\u0631\u0628 \u0627\u0644\u0645\u062a\u0648\u062d\u0634&#8221; \u0641\u064a \u0639\u0627\u0644\u0645 \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u061f \u0644\u0627 \u064a\u0639\u0644\u0645 \u0627\u0644\u0632\u0645\u0646\u060c \u0644\u0643\u0646 \u0634\u064a\u0621 \u0648\u0627\u062d\u062f \u0645\u0624\u0643\u062f: \u0633\u062a\u0648\u0627\u0635\u0644 AMMs \u062a\u0634\u0643\u064a\u0644 \u0645\u0634\u0647\u062f <em>\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a DeFi<\/em> \u0644\u0633\u0646\u0648\u0627\u062a \u0642\u0627\u062f\u0645\u0629.<\/p>\n\n\n\n<h2 id=\"%d8%a7%d9%84%d8%ae%d9%84%d8%a7%d8%b5%d8%a9\" class=\"wp-block-heading\">\u0627\u0644\u062e\u0644\u0627\u0635\u0629<\/h2>\n\n\n\n<p>\u0645\u0646 \u062d\u0644 \u0645\u0634\u0627\u0643\u0644 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0625\u0644\u0649 \u062a\u0645\u0643\u064a\u0646 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u062f\u0648\u0646 \u0623\u0630\u0648\u0646\u0627\u062a\u060c \u0623\u0639\u0627\u062f <strong>\u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM)<\/strong> \u062a\u0639\u0631\u064a\u0641 \u0627\u0644\u0625\u0645\u0643\u0627\u0646\u064a\u0627\u062a \u0641\u064a \u0639\u0627\u0644\u0645 <em>\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0641\u064a DeFi<\/em>. \u0633\u0648\u0627\u0621 \u0643\u0646\u062a \u062a\u062a\u0628\u0627\u062f\u0644 \u062a\u0648\u0643\u0646\u0627\u062a \u0639\u0644\u0649 <em>\u0628\u0648\u0631\u0635\u0629 \u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629<\/em> \u0623\u0648 \u062a\u064f\u062e\u0632\u0651\u0646 \u0623\u0635\u0648\u0644\u064b\u0627 \u0641\u064a <em><a href=\"https:\/\/academy.tokonomo.com\/defi\/understanding-dex-liquidity-pools-what-they-are-and-how-they-work\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629<\/a><\/em>\u060c \u0641\u0625\u0646 AMMs \u062a\u0641\u062a\u062d \u0628\u0648\u0627\u0628\u0629 \u0625\u0644\u0649 \u0646\u0638\u0627\u0645 \u0645\u0627\u0644\u064a \u062e\u0627\u0644\u064d \u0645\u0646 \u0627\u0644\u0648\u0633\u0637\u0627\u0621. \u0644\u0643\u0646 \u0645\u0639 \u0642\u0648\u0629 \u0643\u0628\u064a\u0631\u0629 \u062a\u0623\u062a\u064a \u0645\u0633\u0624\u0648\u0644\u064a\u0629 \u0643\u0628\u064a\u0631\u0629\u2014\u0627\u0641\u0647\u0645 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u062d\u0633\u0651\u0646 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a <em>\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 AMM<\/em> \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0643\u060c \u0648\u0627\u0628\u0642\u064e \u0645\u0637\u0644\u0639\u064b\u0627 \u0639\u0644\u0649 \u0647\u0630\u0627 \u0627\u0644\u0645\u062c\u0627\u0644 \u0633\u0631\u064a\u0639 \u0627\u0644\u062d\u0631\u0643\u0629. \u0647\u0644 \u062a\u0631\u064a\u062f \u0627\u0644\u062a\u0639\u0645\u0642 \u0623\u0643\u062b\u0631 \u0641\u064a <em>\u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0641\u064a DeFi<\/em>\u061f \u062a\u0627\u0628\u0639 \u0623\u0643\u0627\u062f\u064a\u0645\u064a\u0629 DeFi \u0644\u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0631\u0624\u0649 \u0648\u0627\u0644\u0646\u0635\u0627\u0626\u062d \u0627\u0644\u062e\u0628\u064a\u0631\u0629.<\/p>\n\n\n\n<h2 id=\"%d8%a7%d9%84%d8%a3%d8%b3%d8%a6%d9%84%d8%a9-%d8%a7%d9%84%d9%85%d8%aa%d9%83%d8%b1%d8%b1%d8%a9-faqs\" class=\"wp-block-heading\">\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0645\u062a\u0643\u0631\u0631\u0629 (FAQs)<\/h2>\n\n\n<div class=\"saswp-faq-block-section\"><ol style=\"list-style-type:none\"><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u0645\u0627 \u0647\u0648 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0628\u0628\u0633\u0627\u0637\u0629\u061f<\/strong><p class=\"saswp-faq-answer-text\">\u064a\u064f\u0639\u062f AMM \u0646\u0648\u0639\u064b\u0627 \u0645\u0646 \u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u062a\u064a\u062d \u0644\u0643 \u062a\u0628\u062f\u064a\u0644 \u062a\u0648\u0643\u0646\u0627\u062a \u0627\u0644\u0643\u0631\u064a\u0628\u062a\u0648 \u062f\u0648\u0646 \u0627\u0644\u062d\u0627\u062c\u0629 \u0644\u0648\u062c\u0648\u062f \u0645\u0634\u062a\u0631\u064a \u0623\u0648 \u0628\u0627\u0626\u0639 \u0641\u064a \u0627\u0644\u062c\u0627\u0646\u0628 \u0627\u0644\u0622\u062e\u0631. \u0628\u062f\u0644\u064b\u0627 \u0645\u0646 \u062f\u0641\u0627\u062a\u0631 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629\u060c \u062a\u0633\u062a\u062e\u062f\u0645 AMMs \u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0648\u062e\u0648\u0627\u0631\u0632\u0645\u064a\u0627\u062a \u0644\u062a\u062d\u062f\u064a\u062f \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u062a\u0644\u0642\u0627\u0626\u064a\u064b\u0627.<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u0643\u064a\u0641 \u064a\u062e\u062a\u0644\u0641 AMM \u0639\u0646 \u0628\u0648\u0631\u0635\u0629 \u0645\u0631\u0643\u0632\u064a\u0629 \u0645\u062b\u0644 Binance \u0623\u0648 Coinbase\u061f<\/strong><p class=\"saswp-faq-answer-text\">\u062a\u0637\u0627\u0628\u0642 \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0627\u0644\u0645\u0634\u062a\u0631\u064a\u0646 \u0648\u0627\u0644\u0628\u0627\u0626\u0639\u064a\u0646 \u0639\u0628\u0631 \u062f\u0641\u0627\u062a\u0631 \u0627\u0644\u0623\u0648\u0627\u0645\u0631\u060c \u0628\u064a\u0646\u0645\u0627 \u062a\u0639\u062a\u0645\u062f AMMs \u0639\u0644\u0649 \u0639\u0642\u0648\u062f \u0630\u0643\u064a\u0629 \u0648\u0645\u062c\u0645\u0639\u0627\u062a \u0633\u064a\u0648\u0644\u0629. \u0645\u0639 AMMs\u060c \u064a\u0645\u0643\u0646 \u0644\u0623\u064a \u0634\u062e\u0635 \u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0648\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u062f\u0648\u0646 KYC \u0623\u0648 \u0633\u0644\u0637\u0629 \u0645\u0631\u0643\u0632\u064a\u0629 \u062a\u0633\u064a\u0637\u0631 \u0639\u0644\u0649 \u0627\u0644\u0639\u0645\u0644\u064a\u0629.<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u0645\u0627 \u0647\u064a \u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0648\u0644\u0645\u0627\u0630\u0627 \u0647\u064a \u0645\u0647\u0645\u0629\u061f<\/strong><p class=\"saswp-faq-answer-text\">\u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0647\u064a \u0645\u062c\u0645\u0648\u0639\u0627\u062a \u0645\u0646 \u0627\u0644\u062a\u0648\u0643\u0646\u0627\u062a \u0645\u0642\u0641\u0644\u0629 \u0641\u064a \u0639\u0642\u0648\u062f \u0630\u0643\u064a\u0629. \u062a\u0636\u0645\u0646 \u0648\u062c\u0648\u062f \u0633\u064a\u0648\u0644\u0629 \u062f\u0627\u0626\u0645\u064b\u0627 \u0644\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u062a\u0633\u0645\u062d \u0644\u0623\u064a \u0634\u062e\u0635 \u0628\u0643\u0633\u0628 \u0631\u0633\u0648\u0645 \u0639\u0646 \u0637\u0631\u064a\u0642 \u0625\u064a\u062f\u0627\u0639 \u062a\u0648\u0643\u0646\u0627\u062a\u0647 \u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0639. \u0628\u062f\u0648\u0646 \u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0644\u0646 \u062a\u062a\u0645\u0643\u0646 AMMs \u0645\u0646 \u0627\u0644\u0639\u0645\u0644.<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u0643\u064a\u0641 \u062a\u062d\u062f\u062f AMMs \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u062a\u0648\u0643\u0646\u0627\u062a\u061f<\/strong><p class=\"saswp-faq-answer-text\">\u062a\u0633\u062a\u062e\u062f\u0645 \u0645\u0639\u0638\u0645 AMMs <strong>\u0645\u0639\u0627\u062f\u0644\u0629 \u0627\u0644\u0645\u0646\u062a\u062c \u0627\u0644\u062b\u0627\u0628\u062a (x*y=k)<\/strong>. \u0643\u0644\u0645\u0627 \u062a\u0645 \u0634\u0631\u0627\u0621 \u062a\u0648\u0643\u0646 \u0648\u0627\u062d\u062f\u060c \u064a\u0631\u062a\u0641\u0639 \u0633\u0639\u0631\u0647 \u062a\u0644\u0642\u0627\u0626\u064a\u064b\u0627 \u0628\u064a\u0646\u0645\u0627 \u064a\u0646\u062e\u0641\u0636 \u0627\u0644\u0622\u062e\u0631\u060c \u0645\u0639 \u0627\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u062b\u0628\u0627\u062a \u062d\u0627\u0635\u0644 \u0627\u0644\u0636\u0631\u0628. \u064a\u062a\u064a\u062d \u0647\u0630\u0627 \u0627\u0644\u0646\u0638\u0627\u0645 \u0627\u0643\u062a\u0634\u0627\u0641\u064b\u0627 \u0645\u0633\u062a\u0645\u0631\u064b\u0627 \u0644\u0644\u0623\u0633\u0639\u0627\u0631 \u062f\u0648\u0646 \u062a\u062f\u062e\u0644 \u064a\u062f\u0648\u064a.<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u0645\u0627 \u0647\u064a \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 AMMs\u061f<\/strong><p class=\"saswp-faq-answer-text\">\u0623\u0643\u0628\u0631 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u062a\u0634\u0645\u0644:<br><br>&#8211; <strong>\u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u063a\u064a\u0631 \u0627\u0644\u062f\u0627\u0626\u0645\u0629 (Impermanent Loss):<\/strong> \u0639\u0646\u062f\u0645\u0627 \u064a\u062a\u0628\u0627\u064a\u0646 \u0633\u0639\u0631 \u0627\u0644\u062a\u0648\u0643\u0646\u0627\u062a \u0627\u0644\u0645\u0648\u062f\u0639\u0629 \u0628\u0633\u0628\u0628 \u062a\u062d\u0631\u0643\u0627\u062a \u0627\u0644\u0633\u0648\u0642.<br>&#8211; <strong>\u0627\u0644\u0627\u0646\u0632\u0644\u0627\u0642 \u0627\u0644\u0633\u0639\u0631\u064a (Slippage):<\/strong> \u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0633\u0639\u0631 \u0623\u062b\u0646\u0627\u0621 \u0627\u0644\u0635\u0641\u0642\u0627\u062a \u0627\u0644\u0643\u0628\u064a\u0631\u0629 \u0641\u064a \u0645\u062c\u0645\u0639\u0627\u062a \u0635\u063a\u064a\u0631\u0629.<br>&#8211; <strong>\u0623\u062e\u0637\u0627\u0621 \u0623\u0648 \u0627\u062e\u062a\u0631\u0627\u0642\u0627\u062a \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0630\u0643\u064a\u0629:<\/strong> \u0625\u0630\u0627 \u0643\u0627\u0646 \u0643\u0648\u062f AMM \u0645\u0639\u064a\u0628\u064b\u0627\u060c \u0642\u062f \u062a\u0643\u0648\u0646 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0645\u0639\u0631\u0636\u0629 \u0644\u0644\u062e\u0637\u0631.<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u0643\u064a\u0641 \u064a\u0645\u0643\u0646\u0646\u064a \u0643\u0633\u0628 \u0627\u0644\u0645\u0627\u0644 \u0645\u0646 \u062e\u0644\u0627\u0644 AMMs\u061f<\/strong><p class=\"saswp-faq-answer-text\">\u064a\u0645\u0643\u0646\u0643 \u0627\u0644\u0643\u0633\u0628 \u0628\u0623\u0646 \u062a\u0635\u0628\u062d <strong>\u0645\u0632\u0648\u062f \u0633\u064a\u0648\u0644\u0629 (LP)<\/strong>. \u0639\u0646\u062f\u0645\u0627 \u062a\u0648\u062f\u0639 \u062a\u0648\u0643\u0646\u0627\u062a \u0641\u064a \u0645\u062c\u0645\u0639\u060c \u062a\u062d\u0635\u0644 \u0639\u0644\u0649 \u062d\u0635\u0629 \u0645\u0646 \u0631\u0633\u0648\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644. \u0643\u0645\u0627 \u062a\u0642\u062f\u0645 \u0628\u0639\u0636 \u0627\u0644\u0645\u0646\u0635\u0627\u062a \u0645\u0643\u0627\u0641\u0622\u062a \u0625\u0636\u0627\u0641\u064a\u0629 \u0639\u0628\u0631 \u0632\u0631\u0627\u0639\u0629 \u0627\u0644\u0639\u0627\u0626\u062f \u0623\u0648 \u062a\u0648\u0643\u0646\u0627\u062a \u0627\u0644\u062d\u0648\u0643\u0645\u0629.<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u0645\u0627 \u0647\u064a \u0623\u0634\u0647\u0631 AMMs \u0627\u0644\u064a\u0648\u0645\u061f<\/strong><p class=\"saswp-faq-answer-text\">\u062d\u062a\u0649 \u0639\u0627\u0645 2025\u060c \u062a\u0634\u0645\u0644 AMMs \u0627\u0644\u0631\u0627\u0626\u062f\u0629 <strong>Uniswap<\/strong>\u060c <strong>SushiSwap<\/strong>\u060c <strong>Curve<\/strong>\u060c \u0648<strong>Balancer<\/strong>. \u0644\u0643\u0644 \u0645\u0646\u0647\u0627 \u0645\u064a\u0632\u0627\u062a \u0641\u0631\u064a\u062f\u0629\u2014Uniswap \u0644\u062a\u0628\u062f\u064a\u0644\u0627\u062a \u0627\u0644\u062a\u0648\u0643\u0646 \u0627\u0644\u0639\u0627\u0645\u0629\u060c \u0648Curve \u0644\u0644\u0633\u062a\u0627\u0628\u0644 \u0643\u0648\u064a\u0646\u060c \u0648Balancer \u0644\u0645\u062c\u0645\u0639\u0627\u062a \u0645\u062a\u0639\u062f\u062f\u0629 \u0627\u0644\u062a\u0648\u0643\u0646\u0627\u062a.<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u0647\u0644 \u064a\u0645\u0643\u0646 \u0623\u0646 \u0623\u062e\u0633\u0631 \u0627\u0644\u0645\u0627\u0644 \u0639\u0646\u062f \u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629\u061f<\/strong><p class=\"saswp-faq-answer-text\">\u0646\u0639\u0645. \u062d\u062a\u0649 \u0644\u0648 \u0643\u0633\u0628\u062a \u0631\u0633\u0648\u0645\u064b\u0627\u060c \u0642\u062f \u062a\u0642\u0644\u0644 <strong>\u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u063a\u064a\u0631 \u0627\u0644\u062f\u0627\u0626\u0645\u0629<\/strong> \u0645\u0646 \u0639\u0648\u0627\u0626\u062f\u0643 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0625\u0630\u0627 \u062a\u063a\u064a\u0631\u062a \u0642\u064a\u0645\u0629 \u0627\u0644\u062a\u0648\u0643\u0646\u0627\u062a \u0627\u0644\u062a\u064a \u0623\u0648\u062f\u0639\u062a\u0647\u0627 \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631. \u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u062d\u0633\u0627\u0628 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u062a\u0645\u0644\u0629 \u0642\u0628\u0644 \u0631\u0647\u0646 \u0623\u0635\u0648\u0644\u0643.<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u0645\u0627 \u0647\u064a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u0631\u0643\u0632\u0629 \u0648\u0644\u0645\u0627\u0630\u0627 \u062a\u0647\u0645\u061f<\/strong><p class=\"saswp-faq-answer-text\">\u062a\u0633\u0645\u062d \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u0631\u0643\u0632\u0629\u060c \u0627\u0644\u062a\u064a \u0642\u062f\u0645\u062a\u0647\u0627 Uniswap V3\u060c \u0644\u0645\u0632\u0648\u062f\u064a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0628\u0627\u062e\u062a\u064a\u0627\u0631 \u0646\u0637\u0627\u0642\u0627\u062a \u0633\u0639\u0631\u064a\u0629 \u0645\u062d\u062f\u062f\u0629 \u0644\u0623\u0645\u0648\u0627\u0644\u0647\u0645. \u0647\u0630\u0627 \u064a\u062c\u0639\u0644 \u0627\u0644\u0645\u062c\u0645\u0639\u0627\u062a \u0623\u0643\u062b\u0631 \u0643\u0641\u0627\u0621\u0629 \u0648\u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0645\u0639 \u062a\u0642\u0644\u064a\u0644 \u0627\u0644\u062a\u0639\u0631\u0636 \u063a\u064a\u0631 \u0627\u0644\u0636\u0631\u0648\u0631\u064a.<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u0647\u0644 AMMs \u0622\u0645\u0646\u0629 \u0644\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645\u061f<\/strong><p class=\"saswp-faq-answer-text\">AMMs \u0627\u0644\u0645\u0648\u062b\u0648\u0642\u0629 \u0639\u0645\u0648\u0645\u064b\u0627 \u0622\u0645\u0646\u0629\u060c \u0644\u0643\u0646 \u0647\u0646\u0627\u0643 \u062f\u0627\u0626\u0645\u064b\u0627 \u0645\u062e\u0627\u0637\u0631 \u0641\u064a DeFi. \u0627\u0644\u062a\u0632\u0645 \u0628\u0627\u0644\u0645\u0646\u0635\u0627\u062a \u0627\u0644\u0645\u0639\u0631\u0648\u0641\u0629\u060c \u0627\u0641\u062d\u0635 \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u062a\u062f\u0642\u064a\u0642\u060c \u0648\u0644\u0627 \u062a\u0633\u062a\u062b\u0645\u0631 \u0623\u0643\u062b\u0631 \u0645\u0645\u0627 \u062a\u0633\u062a\u0637\u064a\u0639 \u062a\u062d\u0645\u0651\u0644\u0647 \u0645\u0646 \u062e\u0633\u0627\u0631\u0629. \u0627\u0644\u0623\u0645\u0646 \u0647\u0648 \u0627\u0644\u0645\u0641\u062a\u0627\u062d \u0644\u062d\u0645\u0627\u064a\u0629 \u0623\u0635\u0648\u0644\u0643.<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u0643\u064a\u0641 \u0623\u0628\u062f\u0623 \u0645\u0639 AMM \u0643\u0645\u0628\u062a\u062f\u0626\u061f<\/strong><p class=\"saswp-faq-answer-text\">1. \u0627\u062d\u0635\u0644 \u0639\u0644\u0649 \u0645\u062d\u0641\u0638\u0629 \u063a\u064a\u0631 \u0648\u0635\u064a\u0629 \u0645\u062b\u0644 <strong>MetaMask<\/strong>.<br>2. \u0623\u0636\u0641 \u0623\u0645\u0648\u0627\u0644\u064b\u0627 (ETH \u0623\u0648 \u062a\u0648\u0643\u0646 \u0623\u0633\u0627\u0633\u064a \u0622\u062e\u0631).<br>3. \u0627\u062e\u062a\u0631 AMM \u0645\u0648\u062b\u0648\u0642\u064b\u0627 \u0645\u062b\u0644 Uniswap \u0623\u0648 Curve.<br>4. \u0627\u0628\u062f\u0623 \u0628\u0635\u0641\u0642\u0627\u062a \u0635\u063a\u064a\u0631\u0629 \u0623\u0648 \u0628\u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0644\u062a\u0639\u0644\u0651\u0645 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0627\u062a \u0628\u0623\u0645\u0627\u0646.<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u0645\u0627 \u0627\u0644\u0642\u0627\u062f\u0645 \u0644\u0640 AMMs \u0641\u064a \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u061f<\/strong><p class=\"saswp-faq-answer-text\">\u0646\u0634\u0647\u062f \u0627\u0628\u062a\u0643\u0627\u0631\u0627\u062a \u0645\u062b\u0644 AMMs \u0639\u0628\u0631 \u0627\u0644\u0633\u0644\u0627\u0633\u0644\u060c \u0648\u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0633\u064a\u0648\u0644\u0629 \u0645\u062a\u0642\u062f\u0645\u0629\u060c \u0648\u062f\u0645\u062c \u0645\u0639 \u062d\u0644\u0648\u0644 \u0627\u0644\u0637\u0628\u0642\u0629 \u0627\u0644\u062b\u0627\u0646\u064a\u0629 \u0644\u062a\u0642\u0644\u064a\u0644 \u0627\u0644\u0631\u0633\u0648\u0645. \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644 \u064a\u062a\u0639\u0644\u0642 \u0628\u062c\u0639\u0644 AMMs \u0623\u0643\u062b\u0631 \u0643\u0641\u0627\u0621\u0629 \u0648\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u0648\u0633\u0639 \u0648\u0645\u062a\u0627\u062d\u0629 \u0639\u0627\u0644\u0645\u064a\u064b\u0627.<\/p><\/ul><\/div>","protected":false},"excerpt":{"rendered":"\u0645\u0642\u062f\u0645\u0629 \u0644\u0642\u062f \u063a\u064a\u0651\u0631\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644\u0627\u062a \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629\u060c \u0623\u0648 DeFi\u060c \u0639\u0627\u0644\u0645 \u0627\u0644\u0643\u0631\u064a\u0628\u062a\u0648 \u0628\u0634\u0643\u0644 \u062c\u0630\u0631\u064a \u0645\u0646 \u062e\u0644\u0627\u0644 \u062a\u0642\u062f\u064a\u0645 \u0637\u0631\u064a\u0642\u0629 \u062c\u062f\u064a\u062f\u0629 \u0644\u0644\u062a\u062f\u0627\u0648\u0644 \u0648\u0627\u0644\u0625\u0642\u0631\u0627\u0636&hellip;\n","protected":false},"author":2,"featured_media":9203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_focuskw":"\u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM)","_yoast_wpseo_title":"\u0645\u0627 \u0647\u0648 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM)\u061f %%page%% %%sep%% %%sitename%%","_yoast_wpseo_metadesc":"\u062a\u0639\u0631\u0651\u0641 \u0639\u0644\u0649 \u0645\u0627 \u0647\u0648 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM)\u060c \u0648\u0643\u064a\u0641 \u064a\u0645\u0643\u0651\u0646 \u062a\u062f\u0627\u0648\u0644 DeFi\u060c \u0648\u0644\u0645\u0627\u0630\u0627 \u0647\u0648 \u062d\u064a\u0648\u064a \u0644\u0644\u0645\u0646\u0635\u0627\u062a \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629.","csco_singular_sidebar":"","csco_page_header_type":"large","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":""},"categories":[378],"tags":[379,380,404],"wf_post_folders":[],"class_list":{"0":"post-9344","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-altmwyl-allamrkzy-defi","8":"tag-amm-sana-swq-ly","9":"tag-sana-alswq-ally-amm","10":"tag-ma-hw","11":"cs-entry","12":"cs-video-wrap"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u0645\u0627 \u0647\u0648 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM)\u061f | Tokonomo Academy<\/title>\n<meta name=\"description\" content=\"\u062a\u0639\u0631\u0651\u0641 \u0639\u0644\u0649 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