{"id":9354,"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\/shi-amm-defi\/"},"modified":"2025-09-22T02:57:13","modified_gmt":"2025-09-21T23:57:13","slug":"shi-amm-defi","status":"publish","type":"post","link":"https:\/\/academy.tokonomo.com\/zh-hans\/defi-zhong\/shi-amm-defi\/","title":{"rendered":"\u4ec0\u4e48\u662f\u81ea\u52a8\u505a\u5e02\u5546\uff08AMM\uff09\uff1fDeFi \u4ea4\u6613\u5165\u95e8\u6307\u5357"},"content":{"rendered":"<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/academy.tokonomo.com\/zh-hans\/\">Home<\/a><\/span> \u2192 <span><a href=\"https:\/\/academy.tokonomo.com\/zh-hans\/category\/defi-zhong\/\">DeFi\uff08\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff09<\/a><\/span> \u2192 <span class=\"breadcrumb_last\" aria-current=\"page\">\u4ec0\u4e48\u662f\u81ea\u52a8\u505a\u5e02\u5546\uff08AMM\uff09\uff1fDeFi \u4ea4\u6613\u5165\u95e8\u6307\u5357<\/span><\/span><\/div>\n\n\n<div class=\"cnvs-block-toc cnvs-block-toc-1757695159303\" >\n\t<\/div>\n\n\n\n<h2 id=\"%e7%ae%80%e4%bb%8b\" class=\"wp-block-heading\">\u7b80\u4ecb<\/h2>\n\n\n\n<p>\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff0c\u6216 <a href=\"https:\/\/academy.tokonomo.com\/defi\/what-is-defi\/\" target=\"_blank\" rel=\"noreferrer noopener\">DeFi<\/a>\uff0c\u5df2\u5728\u52a0\u5bc6\u9886\u57df\u6380\u8d77\u53d8\u9769\uff0c\u4e3a\u65e0\u9700\u4e2d\u4ecb\u7684\u4ea4\u6613\u3001\u501f\u8d37\u548c\u6295\u8d44\u63d0\u4f9b\u4e86\u65b0\u9014\u5f84\u3002\u5728\u8fd9\u573a\u9769\u547d\u7684\u6838\u5fc3\uff0c\u662f<strong>\u81ea\u52a8\u5316\u505a\u5e02\u5546 (Automated Market Maker, AMM)<\/strong>\uff0c\u4e00\u79cd\u63a8\u52a8\u8bb8\u591a\u6d41\u884c DeFi \u5e73\u53f0\u8fd0\u884c\u7684\u98a0\u8986\u6027\u6280\u672f\u3002\u5982\u679c\u4f60\u662f <em>DeFi \u4ea4\u6613<\/em> \u65b0\u624b\uff0c\u60f3\u77e5\u9053\u5982\u4f55\u5728\u4e0d\u7ecf\u8fc7\u4f20\u7edf\u4ea4\u6613\u6240\u7684\u60c5\u51b5\u4e0b\u5373\u65f6\u5151\u6362\u4ee3\u5e01\uff0cAMM \u5c31\u662f\u7b54\u6848\u3002\u5728\u8fd9\u7bc7\u5165\u95e8\u6307\u5357\u4e2d\uff0c\u6211\u4eec\u5c06\u62c6\u89e3<em>\u4ec0\u4e48\u662f\u81ea\u52a8\u5316\u505a\u5e02\u5546<\/em>\u3001\u5b83\u5982\u4f55\u5de5\u4f5c\uff0c\u4ee5\u53ca\u4e3a\u4ec0\u4e48\u5b83\u5df2\u6210\u4e3a<em><a href=\"https:\/\/academy.tokonomo.com\/defi\/what-are-decentralized-exchanges-dexs-how-do-they-work\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff08DEXs\uff09<\/a><\/em>\u7684\u57fa\u77f3\u3002\u65e0\u8bba\u4f60\u5bf9<em>\u6d41\u52a8\u6027\u6c60<\/em>\u597d\u5947\uff0c\u8fd8\u662f\u60f3\u6df1\u5165\u4e86\u89e3<em>AMM \u4ea4\u6613\u7b56\u7565<\/em>\uff0c\u6211\u4eec\u90fd\u4f1a\u4e3a\u4f60\u8bb2\u89e3\u6e05\u695a\u3002<\/p>\n\n\n\n<h2 id=\"%e4%bb%80%e4%b9%88%e6%98%af%e8%87%aa%e5%8a%a8%e5%8c%96%e5%81%9a%e5%b8%82%e5%95%86-amm%ef%bc%9f\" class=\"wp-block-heading\">\u4ec0\u4e48\u662f\u81ea\u52a8\u5316\u505a\u5e02\u5546 (AMM)\uff1f<\/h2>\n\n\n\n<p>\u5148\u4ece\u57fa\u7840\u8bf4\u8d77\u3002\u81ea\u52a8\u5316\u505a\u5e02\u5546 (AMM) \u662f DeFi \u4e2d\u7528\u4e8e\u4fc3\u6210\u4ea4\u6613\u7684\u4e00\u7c7b\u534f\u8bae\uff0c\u907f\u514d\u4f7f\u7528\u50cf Binance \u6216 Coinbase \u8fd9\u6837\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u7684\u4f20\u7edf\u8ba2\u5355\u7c3f\u3002AMM \u4e0d\u53bb\u64ae\u5408\u4e70\u5bb6\u548c\u5356\u5bb6\uff0c\u800c\u662f\u4f9d\u8d56\u7b97\u6cd5\u548c\u667a\u80fd\u5408\u7ea6\u6765\u51b3\u5b9a\u8d44\u4ea7\u4ef7\u683c\u5e76\u6267\u884c\u4ea4\u6613\u3002\u628a\u5b83\u60f3\u8c61\u6210\u4e00\u4e2a\u968f\u65f6\u51c6\u5907\u4ea4\u6613\u7684\u201c\u673a\u5668\u4eba\u505a\u5e02\u5546\u201d\uff0c\u65e0\u8bba\u4f55\u65f6\u90fd\u80fd\u5b8c\u6210\u4ea4\u6613\u3002<\/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=\"\u4ec0\u4e48\u662f\u81ea\u52a8\u5316\u505a\u5e02\u5546\uff08AMM\uff09\uff1f\" 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>\u4e0e\u4f9d\u8d56\u6d3b\u8dc3\u53c2\u4e0e\u8005\u63d0\u4f9b\u6d41\u52a8\u6027\u7684\u4f20\u7edf\u5e02\u573a\u4e0d\u540c\uff0cAMM \u4f7f\u7528<em><a href=\"https:\/\/academy.tokonomo.com\/defi\/understanding-dex-liquidity-pools-what-they-are-and-how-they-work\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6d41\u52a8\u6027\u6c60<\/a><\/em>\u2014\u2014\u7531\u7528\u6237\u63d0\u4f9b\u7684\u4ee3\u5e01\u6c60\u2014\u2014\u6765\u4fdd\u8bc1\u59cb\u7ec8\u6709\u8db3\u591f\u7684\u6d41\u52a8\u6027\u53ef\u4f9b\u4ea4\u6613\u3002\u8fd9\u4e00\u521b\u65b0\u7531 Uniswap \u7b49\u5e73\u53f0\u7387\u5148\u63a8\u5e7f\uff0c\u4f7f\u5f97\u4efb\u4f55\u62e5\u6709\u7f51\u7edc\u8fde\u63a5\u548c\u52a0\u5bc6\u94b1\u5305\u7684\u4eba\u90fd\u80fd\u53c2\u4e0e<em>DeFi \u4ea4\u6613<\/em>\u3002\u6839\u636e <a href=\"https:\/\/defillama.com\/\">DeFiLlama<\/a> \u7684\u6570\u636e\uff08\u622a\u81f3 2025 \u5e74 9 \u6708\uff09\uff0c\u8d85\u8fc7 1600 \u4ebf\u7f8e\u5143\u7684\u603b\u9501\u4ed3\u4ef7\u503c\uff08TVL\uff09\u4e0e<a href=\"https:\/\/academy.tokonomo.com\/defi\/how-defi-protocols-generate-revenue\/\" target=\"_blank\" rel=\"noreferrer noopener\">DeFi \u534f\u8bae<\/a>\u76f8\u5173\u8054\uff0c\u5176\u4e2d\u5f88\u5927\u4e00\u90e8\u5206\u9a71\u52a8\u7740\u57fa\u4e8e AMM \u7684<em>\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240<\/em>\u3002<\/p>\n\n\n\n<h2 id=\"%e4%b8%ba%e4%bb%80%e4%b9%88%e9%9c%80%e8%a6%81-amm%ef%bc%9a%e5%ae%83%e4%bb%ac%e8%a7%a3%e5%86%b3%e4%ba%86%e4%bb%80%e4%b9%88%e9%97%ae%e9%a2%98\" class=\"wp-block-heading\">\u4e3a\u4ec0\u4e48\u9700\u8981 AMM\uff1a\u5b83\u4eec\u89e3\u51b3\u4e86\u4ec0\u4e48\u95ee\u9898<\/h2>\n\n\n\n<p>\u5728 AMM \u51fa\u73b0\u4e4b\u524d\uff0c\u4ea4\u6613\u4e0d\u77e5\u540d\u4ee3\u5e01\u662f\u4e00\u573a\u5669\u68a6\u3002\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u5e38\u56e0\u4ea4\u6613\u91cf\u4f4e\u800c\u62d2\u7edd\u4e0a\u7ebf\u5c0f\u4f17\u4ee3\u5e01\uff0c\u6295\u8d44\u8005\u53ef\u9009\u9879\u5c11\u3002\u5373\u4fbf\u4ee3\u5e01\u88ab\u5217\u51fa\uff0c\u7a00\u8584\u7684\u8ba2\u5355\u7c3f\u4e5f\u4f1a\u5bfc\u81f4\u9ad8\u6ed1\u70b9\u548c\u7cdf\u7cd5\u7684\u5b9a\u4ef7\u3002\u81ea\u52a8\u5316\u505a\u5e02\u5546\u5e94\u8fd0\u800c\u751f\uff0c\u89e3\u51b3\u4e86\u6d41\u52a8\u6027\u95ee\u9898\u3002<\/p>\n\n\n\n<p>AMM \u901a\u8fc7\u5141\u8bb8\u4efb\u4f55\u4eba\u4e3a\u4efb\u610f\u4ee3\u5e01\u5bf9\u521b\u5efa\u5e02\u573a\uff0c\u6c11\u4e3b\u5316\u4e86\u4ea4\u6613\u6d41\u7a0b\u3002\u5b83\u4eec\u6d88\u9664\u4e86\u5bf9\u624b\u65b9\u7684\u9700\u6c42\uff0c\u4e5f\u5c31\u662f\u8bf4\u4f60\u4e0d\u5fc5\u7b49\u5f85\u4ed6\u4eba\u6765\u63a5\u624b\u4f60\u7684\u4ea4\u6613\u3002\u8fd9\u5bf9 <em>DeFi \u4ea4\u6613<\/em> \u6765\u8bf4\u610f\u4e49\u91cd\u5927\uff0c\u56e0\u4e3a\u5b83\u5b9e\u73b0\u4e86\u8d44\u4ea7\u5373\u4f7f\u5728\u4f4e\u6d41\u52a8\u6027\u5e02\u573a\u4e2d\u4e5f\u80fd\u65e0\u7f1d\u4ea4\u6362\u3002\u6b63\u5982\u6211\u4eec\u7684\u5206\u6790\u5e08\u6307\u51fa\uff0c\u81ea 2020 \u5e74\u4ee5\u6765\uff0cAMM \u5728\u5438\u5f15\u6570\u767e\u4e07\u7528\u6237\u8fdb\u5165 DeFi \u65b9\u9762\u53d1\u6325\u4e86\u5173\u952e\u4f5c\u7528\u3002<\/p>\n\n\n\n<h2 id=\"%e8%87%aa%e5%8a%a8%e5%8c%96%e5%81%9a%e5%b8%82%e5%95%86%e5%a6%82%e4%bd%95%e5%b7%a5%e4%bd%9c\" class=\"wp-block-heading\">\u81ea\u52a8\u5316\u505a\u5e02\u5546\u5982\u4f55\u5de5\u4f5c<\/h2>\n\n\n\n<p>\u65e2\u7136\u6211\u4eec\u8bb2\u4e86\u201c\u4e3a\u4ec0\u4e48\u201d\uff0c\u63a5\u4e0b\u6765\u770b\u770b\u201c\u5982\u4f55\u201d\u3002\u5728\u6838\u5fc3\u5c42\u9762\uff0cAMM \u7531\u667a\u80fd\u5408\u7ea6\u9a71\u52a8\u2014\u2014\u90e8\u7f72\u5728\u4ee5\u592a\u574a\u7b49\u533a\u5757\u94fe\u4e0a\u7684\u81ea\u6267\u884c\u4ee3\u7801\u2014\u2014\u8d1f\u8d23\u7ba1\u7406\u4ea4\u6613\u548c\u5b9a\u4ef7\u3002\u90a3\u5b83\u4eec\u7684\u8fd0\u4f5c\u539f\u7406\u662f\u4ec0\u4e48\uff1f\u6211\u4eec\u628a\u5173\u952e\u7ec4\u6210\u90e8\u5206\u5206\u89e3\u5982\u4e0b\u3002<\/p>\n\n\n\n<h3 id=\"%e6%a0%b8%e5%bf%83%e6%a6%82%e5%bf%b5%ef%bc%9a%e6%b5%81%e5%8a%a8%e6%80%a7%e6%b1%a0\" class=\"wp-block-heading\">\u6838\u5fc3\u6982\u5ff5\uff1a\u6d41\u52a8\u6027\u6c60<\/h3>\n\n\n\n<p>AMM \u4e0d\u4f9d\u8d56\u8ba2\u5355\u7c3f\uff0c\u800c\u662f\u4f9d\u9760<strong><a href=\"https:\/\/academy.tokonomo.com\/defi\/understanding-dex-liquidity-pools-what-they-are-and-how-they-work\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6d41\u52a8\u6027\u6c60<\/a><\/strong>\u3002\u8fd9\u4e9b\u662f\u9501\u5b9a\u5728\u667a\u80fd\u5408\u7ea6\u4e2d\u7684\u4e24\u79cd\u6216\u591a\u79cd\u4ee3\u5e01\u6c60\uff0c\u7531\u88ab\u79f0\u4e3a\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\uff08LP\uff09\u7684\u7528\u6237\u8d21\u732e\u3002\u4f8b\u5982\uff0cUniswap \u7684\u67d0\u4e2a\u6c60\u53ef\u80fd\u7531 ETH \u548c\u50cf USDC \u8fd9\u6837\u7684\u7a33\u5b9a\u5e01\u7ec4\u6210\u3002\u5f53\u4f60\u5c06 ETH \u5151\u6362\u4e3a USDC \u65f6\uff0c\u672c\u8d28\u4e0a\u662f\u4e0e\u8be5\u6c60\u4ea4\u4e92\uff0c\u800c\u4e0d\u662f\u4e0e\u53e6\u4e00\u4e2a\u4ea4\u6613\u8005\u5bf9\u624b\u65b9\u4ea4\u6613\u3002\u6bcf\u7b14\u4ea4\u6613\u90fd\u4f1a\u6539\u53d8\u6c60\u5185\u7684\u4f59\u989d\uff0c\u4ef7\u683c\u4e5f\u4f1a\u76f8\u5e94\u8c03\u6574\u3002<\/p>\n\n\n\n<p>\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u901a\u8fc7\u6536\u53d6\u4e00\u90e8\u5206\u4ea4\u6613\u8d39\u7528\u6765\u83b7\u5f97\u6536\u76ca\uff0c\u6fc0\u52b1\u4ed6\u4eec\u8d28\u62bc\u4ee3\u5e01\u3002\u8be5\u673a\u5236\u786e\u4fdd\u5373\u4f7f\u662f\u51b7\u95e8\u4ee3\u5e01\uff0c\u4e5f\u80fd\u4e3a<em>AMM \u4ea4\u6613\u7b56\u7565<\/em>\u63d0\u4f9b\u6d41\u52a8\u6027\u3002<\/p>\n\n\n\n<h3 id=\"%e8%87%aa%e5%8a%a8%e5%8c%96%e5%81%9a%e5%b8%82%e5%95%86%e5%85%ac%e5%bc%8f%ef%bc%88xyk%ef%bc%89\" class=\"wp-block-heading\">\u81ea\u52a8\u5316\u505a\u5e02\u5546\u516c\u5f0f\uff08x*y=k\uff09<\/h3>\n\n\n\n<p>\u8fd9\u5c31\u662f\u5173\u952e\u6240\u5728\u3002\u5927\u591a\u6570 AMM \u4f7f\u7528\u4e00\u4e2a\u6570\u5b66\u516c\u5f0f\u6765\u51b3\u5b9a\u5b9a\u4ef7\uff0c\u6700\u5e38\u89c1\u7684\u662f\u6052\u5b9a\u4e58\u79ef\u516c\u5f0f\uff1a<strong>x*y=k<\/strong>\u3002\u5728\u8fd9\u4e2a\u65b9\u7a0b\u4e2d\uff0c\u201cx\u201d\u548c\u201cy\u201d\u4ee3\u8868\u6c60\u4e2d\u4e24\u79cd\u4ee3\u5e01\u7684\u6570\u91cf\uff0c\u201ck\u201d\u662f\u5e38\u6570\u3002\u8be5\u516c\u5f0f\u786e\u4fdd\u5373\u4f7f\u53d1\u751f\u4ea4\u6613\uff0c\u4e24\u79cd\u4ee3\u5e01\u6570\u91cf\u7684\u4e58\u79ef\u4ecd\u4fdd\u6301\u4e0d\u53d8\u3002<\/p>\n\n\n\n<p>\u5047\u8bbe\u67d0\u6c60\u6709 100 ETH \u548c 200,000 USDC\uff0c\u5219 k = 20,000,000\u3002\u5982\u679c\u6709\u4eba\u4e70\u5165 1 ETH\uff0c\u6c60\u5185\u7684 USDC \u6570\u91cf\u5fc5\u987b\u8c03\u6574\u4ee5\u7ef4\u6301\u5e38\u6570 k\u3002\u7ed3\u679c\u662f\uff1a\u968f\u7740\u6c60\u4e2d ETH \u4f9b\u5e94\u51cf\u5c11\uff0cETH \u7684\u4ef7\u683c\u4e0a\u5347\u3002\u8be5\u673a\u5236\u662f<em>\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u4ea4\u6613<\/em>\u7684\u652f\u67f1\uff0c\u5b9e\u73b0\u4e86\u65e0\u9700\u4eba\u5de5\u5e72\u9884\u7684\u81ea\u52a8\u4ef7\u683c\u53d1\u73b0\u3002<\/p>\n\n\n\n<h3 id=\"%e6%89%8b%e7%bb%ad%e8%b4%b9%e4%b8%8e%e6%bf%80%e5%8a%b1\" class=\"wp-block-heading\">\u624b\u7eed\u8d39\u4e0e\u6fc0\u52b1<\/h3>\n\n\n\n<p>\u5728 AMM \u4e0a\u4ea4\u6613\u5e76\u975e\u514d\u8d39\u3002\u6bcf\u7b14\u4ea4\u6613\u90fd\u4f1a\u4ea7\u751f\u5c11\u91cf\u8d39\u7528\u2014\u2014\u901a\u5e38\u5728 0.1% \u5230 0.3% \u4e4b\u95f4\u2014\u2014\u8fd9\u4e9b\u8d39\u7528\u4f1a\u5206\u914d\u7ed9\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u4f5c\u4e3a\u56de\u62a5\u3002\u8fd9\u79cd\u8d39\u7528\u7ed3\u6784\u4e0d\u4ec5\u8865\u507f\u4e86 LP\uff0c\u4e5f\u6291\u5236\u4e86\u53ef\u80fd\u4f7f\u6c60\u4e0d\u7a33\u5b9a\u7684\u8fc7\u5ea6\u4ea4\u6613\u3002\u4e00\u4e9b\u5e73\u53f0\uff0c\u4f8b\u5982 Curve\uff0c\u8fd8\u901a\u8fc7<a href=\"https:\/\/academy.tokonomo.com\/defi\/what-is-yield-farming-in-defi\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6d41\u52a8\u6027\u6316\u77ff<\/a>\u63d0\u4f9b\u989d\u5916\u6fc0\u52b1\uff0cLP \u5728\u83b7\u5f97\u624b\u7eed\u8d39\u4e4b\u5916\u8fd8\u80fd\u83b7\u5f97\u5e73\u53f0\u539f\u751f\u4ee3\u5e01\u5956\u52b1\u3002\u5bf9\u4e8e\u53c2\u4e0e<em>DeFi \u4e2d\u7684\u6d41\u52a8\u6027\u63d0\u4f9b<\/em>\u7684\u7528\u6237\u6765\u8bf4\uff0c\u8fd9\u662f\u4e00\u79cd\u53cc\u8d62\u3002<\/p>\n\n\n\n<h2 id=\"%e5%b8%b8%e8%a7%81%e7%9a%84-amm-%e7%b1%bb%e5%9e%8b\" class=\"wp-block-heading\">\u5e38\u89c1\u7684 AMM \u7c7b\u578b<\/h2>\n\n\n\n<p>\u5e76\u975e\u6240\u6709 AMM \u90fd\u76f8\u540c\u3002\u591a\u5e74\u6765\uff0c\u5f00\u53d1\u8005\u5bf9\u57fa\u672c\u6a21\u578b\u8fdb\u884c\u4e86\u8c03\u6574\u4ee5\u9002\u5e94\u4e0d\u540c\u7528\u4f8b\u3002\u4ee5\u4e0b\u662f\u5851\u9020\u5f53\u4eca<em>DeFi \u4ea4\u6613<\/em>\u7684\u4e00\u4e9b\u4e3b\u6d41\u7c7b\u578b\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u6052\u5b9a\u4e58\u79ef\u505a\u5e02\u5546\uff08CPMMs\uff09\uff1a<\/strong>Uniswap \u4f7f\u7528\u7684\u6a21\u578b\uff0c\u4f9d\u8d56 x*y=k \u516c\u5f0f\uff0c\u9002\u5408\u901a\u7528\u4ee3\u5e01\u5151\u6362\u3002<\/li>\n\n\n\n<li><strong>\u6052\u5b9a\u548c\u505a\u5e02\u5546\uff08CSMMs\uff09\uff1a<\/strong>\u7ef4\u6301\u4ee3\u5e01\u603b\u548c\u4e0d\u53d8\uff08x+y=k\uff09\uff0c\u66f4\u9002\u5408\u6ce2\u52a8\u6027\u6781\u4f4e\u7684\u7a33\u5b9a\u5e01\u5bf9\u3002<\/li>\n\n\n\n<li><strong>\u6df7\u5408\u578b AMM\uff1a<\/strong>\u50cf Balancer \u8fd9\u6837\u7684\u5e73\u53f0\u7ed3\u5408\u4e86\u591a\u79cd\u516c\u5f0f\uff0c\u652f\u6301\u591a\u4e8e\u4e24\u79cd\u4ee3\u5e01\u7684\u6c60\uff0c\u4e3a\u590d\u6742\u7684<em>AMM \u4ea4\u6613\u7b56\u7565<\/em>\u63d0\u4f9b\u66f4\u5927\u7075\u6d3b\u6027\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u6bcf\u79cd\u7c7b\u578b\u90fd\u6709\u5176\u4f18\u52bf\uff0c\u9009\u62e9\u4f55\u79cd\u6a21\u578b\u53d6\u51b3\u4e8e\u4f60\u5728<em>\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u4ea4\u6613<\/em>\u4e2d\u7684\u76ee\u6807\u3002<\/p>\n\n\n\n<h2 id=\"%e4%bd%bf%e7%94%a8-amm-%e7%9a%84%e5%a5%bd%e5%a4%84\" class=\"wp-block-heading\">\u4f7f\u7528 AMM \u7684\u597d\u5904<\/h2>\n\n\n\n<p>\u4e3a\u4ec0\u4e48\u4f60\u5e94\u5173\u6ce8 AMM\uff1f\u9996\u5148\uff0c\u5b83\u4eec\u8ba9<em>DeFi \u4ea4\u6613<\/em>\u53d8\u5f97\u6781\u5176\u4fbf\u6377\u3002\u4ee5\u4e0b\u662f\u4e00\u4e9b\u663e\u8457\u4f18\u52bf\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5168\u5929\u5019\u6d41\u52a8\u6027\uff1a<\/strong>\u4e0d\u540c\u4e8e\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\uff0cAMM \u4e0d\u4f1a\u201c\u4f11\u7720\u201d\u3002\u4f60\u53ef\u4ee5\u968f\u65f6\u968f\u5730\u8fdb\u884c\u4ea4\u6613\u3002<\/li>\n\n\n\n<li><strong>\u65e0\u9700\u8bb8\u53ef\u8bbf\u95ee\uff1a<\/strong>\u65e0\u9700 KYC\uff0c\u65e0\u95e8\u69db\u2014\u2014\u53ea\u9700\u8fde\u63a5\u94b1\u5305\u5373\u53ef\u5728<em>\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240<\/em>\u4e0a\u5f00\u59cb\u4ea4\u6613\u3002<\/li>\n\n\n\n<li><strong>\u4ee3\u5e01\u591a\u6837\u6027\uff1a<\/strong>AMM \u652f\u6301\u65e0\u6570\u4ee3\u5e01\u5bf9\uff0c\u5305\u62ec\u4e3b\u6d41\u4ea4\u6613\u6240\u672a\u5217\u51fa\u7684\u4ee3\u5e01\u3002<\/li>\n\n\n\n<li><strong>\u6536\u76ca\u673a\u4f1a\uff1a<\/strong>\u901a\u8fc7<em>DeFi \u4e2d\u7684\u6d41\u52a8\u6027\u63d0\u4f9b<\/em>\uff0c\u7528\u6237\u53ef\u4ee5\u4ece\u4ea4\u6613\u624b\u7eed\u8d39\u548c\u5956\u52b1\u4e2d\u83b7\u5f97\u88ab\u52a8\u6536\u5165\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u8fd9\u4e9b\u4f18\u52bf\u63a8\u52a8\u4e86 AMM \u7684\u7206\u53d1\u5f0f\u589e\u957f\uff0c\u4f8b\u5982 Uniswap \u7684\u65e5\u5747\u4ea4\u6613\u91cf\u4ee5\u6570\u5341\u4ebf\u7f8e\u5143\u8ba1\uff08\u636e Messari \u5728 2025 \u5e74\u7b2c\u4e8c\u5b63\u5ea6\u7684\u62a5\u544a\uff09\u3002<\/p>\n\n\n\n<h2 id=\"amm-%e7%9a%84%e9%a3%8e%e9%99%a9%e4%b8%8e%e6%8c%91%e6%88%98\" class=\"wp-block-heading\">AMM \u7684\u98ce\u9669\u4e0e\u6311\u6218<\/h2>\n\n\n\n<p>\u867d\u7136 AMM \u5177\u6709\u53d8\u9769\u6027\uff0c\u4f46\u5e76\u975e\u6ca1\u6709\u7f3a\u9677\u3002\u5982\u679c\u4f60\u51c6\u5907\u8fdb\u5165<em>DeFi \u4ea4\u6613<\/em>\uff0c\u9700\u8981\u4e86\u89e3\u4ee5\u4e0b\u98ce\u9669\uff1a<\/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\">\u65e0\u5e38\u635f\u5931<\/a>\uff1a<\/strong>\u5982\u679c\u6c60\u4e2d\u4ee3\u5e01\u4ef7\u683c\u51fa\u73b0\u663e\u8457\u5206\u6b67\uff0c\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u53ef\u80fd\u906d\u53d7\u4ef7\u503c\u635f\u5931\u3002\u8fd9\u662f<em>DeFi \u4e2d\u6d41\u52a8\u6027\u63d0\u4f9b<\/em>\u7684\u9690\u6027\u6210\u672c\u3002<\/li>\n\n\n\n<li><strong>\u6ed1\u70b9\uff1a<\/strong>\u5728\u5c0f\u578b\u6c60\u6267\u884c\u5927\u989d\u4ea4\u6613\u4f1a\u5bfc\u81f4\u663e\u8457\u4ef7\u683c\u53d8\u52a8\uff0c\u4ece\u800c\u9020\u6210\u610f\u5916\u635f\u5931\u3002<\/li>\n\n\n\n<li><strong>\u667a\u80fd\u5408\u7ea6\u98ce\u9669\uff1a<\/strong>AMM \u534f\u8bae\u4e2d\u7684\u6f0f\u6d1e\u6216\u88ab\u9ed1\u53ef\u80fd\u5bfc\u81f4\u8d44\u91d1\u635f\u5931\u3002\u52a1\u5fc5\u8c03\u7814\u5e73\u53f0\u7684\u5b89\u5168\u8bb0\u5f55\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u5e94\u5bf9\u8fd9\u4e9b\u6311\u6218\u9700\u8981\u8c28\u614e\u548c\u624e\u5b9e\u7684<em>AMM \u4ea4\u6613\u7b56\u7565<\/em>\u7406\u89e3\u3002\u4e0d\u8981\u76f2\u76ee\u8fdb\u5165\u2014\u2014\u5148\u505a\u597d\u529f\u8bfe\u3002<\/p>\n\n\n\n<h2 id=\"%e5%a6%82%e4%bd%95%e5%bc%80%e5%a7%8b%e4%bd%bf%e7%94%a8-amm\" class=\"wp-block-heading\">\u5982\u4f55\u5f00\u59cb\u4f7f\u7528 AMM<\/h2>\n\n\n\n<p>\u51c6\u5907\u597d\u63a2\u7d22<em>\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u4ea4\u6613<\/em>\u4e86\u5417\uff1f\u4ee5\u4e0b\u662f\u5feb\u901f\u4e0a\u624b AMM \u7684\u8def\u7ebf\u56fe\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u8bbe\u7f6e\u94b1\u5305\uff1a<\/strong>\u4f7f\u7528\u975e\u6258\u7ba1\u94b1\u5305\uff0c\u4f8b\u5982 MetaMask\uff0c\u4e0e DeFi \u5e73\u53f0\u4ea4\u4e92\u3002<\/li>\n\n\n\n<li><strong>\u9009\u62e9\u5e73\u53f0\uff1a<\/strong>\u6d41\u884c\u7684 AMM \u5305\u62ec Uniswap\u3001SushiSwap \u548c Curve\u3002\u6839\u636e\u4f60\u7684\u4ea4\u6613\u9700\u6c42\u9009\u62e9\u5408\u9002\u7684\u5e73\u53f0\u3002<\/li>\n\n\n\n<li><strong>\u4e3a\u94b1\u5305\u5145\u503c\uff1a<\/strong>\u6dfb\u52a0 ETH \u6216\u5176\u4ed6\u57fa\u7840\u4ee3\u5e01\u4ee5\u652f\u4ed8 gas \u8d39\u7528\u548c\u4ea4\u6613\u3002<\/li>\n\n\n\n<li><strong>\u4ea4\u6613\u6216\u63d0\u4f9b\u6d41\u52a8\u6027\uff1a<\/strong>\u76f4\u63a5\u5151\u6362\u4ee3\u5e01\u6216\u5c06\u8d44\u4ea7\u8d28\u62bc\u5230<em>\u6d41\u52a8\u6027\u6c60<\/em>\u4ee5\u8d5a\u53d6\u624b\u7eed\u8d39\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u4ece\u5c0f\u989d\u5f00\u59cb\uff0c\u5c1d\u8bd5\u4e0d\u540c\u7684<em>AMM \u4ea4\u6613\u7b56\u7565<\/em>\uff0c\u5e76\u59cb\u7ec8\u6838\u5bf9\u4ea4\u6613\u7ec6\u8282\u4ee5\u907f\u514d\u9ad8\u6602\u5931\u8bef\u3002\u60f3\u638c\u63e1\u66f4\u591a DeFi \u77e5\u8bc6\uff1f\u67e5\u770b DeFi Academy \u7684\u5168\u9762\u6307\u5357\u3002<\/p>\n\n\n\n<h2 id=\"%e8%87%aa%e5%8a%a8%e5%8c%96%e5%81%9a%e5%b8%82%e5%95%86%e7%9a%84%e6%9c%aa%e6%9d%a5\" class=\"wp-block-heading\">\u81ea\u52a8\u5316\u505a\u5e02\u5546\u7684\u672a\u6765<\/h2>\n\n\n\n<p>AMM \u7684\u672a\u6765\u8d70\u5411\u5982\u4f55\uff1f\u968f\u7740 <a href=\"https:\/\/academy.tokonomo.com\/defi\/what-is-defi\/\" target=\"_blank\" rel=\"noreferrer noopener\">DeFi<\/a> \u4e0d\u65ad\u6f14\u8fdb\uff0c\u8fd9\u4e9b\u534f\u8bae\u4e5f\u5728\u53d1\u5c55\u3002\u50cf Uniswap V3 \u5f15\u5165\u7684\u96c6\u4e2d\u6d41\u52a8\u6027\u6b63\u8ba9\u6c60\u66f4\u5177\u8d44\u672c\u6548\u7387\uff0c\u800c\u8de8\u94fe AMM \u6b63\u5728<a href=\"https:\/\/academy.tokonomo.com\/defi\/what-is-a-blockchain-bridge-exploring-the-connection-between-different-blockchain-networks\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6865\u63a5<\/a>\u4e0d\u540c\u533a\u5757\u94fe\u4e4b\u95f4\u7684\u6d41\u52a8\u6027\u3002\u6839\u636e <a href=\"https:\/\/defillama.com\/\">DeFiLlama<\/a>\uff082025 \u5e74 9 \u6708\uff09\u7684\u6570\u636e\uff0c\u4ec5 AMM \u5c31\u4e0e\u8d85\u8fc7 500 \u4ebf\u7f8e\u5143\u7684 TVL \u76f8\u5173\u8054\uff0c\u524d\u666f\u53ef\u89c2\u3002<\/p>\n\n\n\n<p>\u7136\u800c\uff0c\u76d1\u7ba1\u5ba1\u67e5\u4e0e\u53ef\u6269\u5c55\u6027\u6311\u6218\u4ecd\u7136\u5b58\u5728\u3002AMM \u4f1a\u9002\u5e94\u66f4\u4e25\u683c\u7684\u89c4\u5219\uff0c\u8fd8\u662f\u7ee7\u7eed\u4fdd\u6301\u91d1\u878d\u201c\u897f\u90e8\u725b\u4ed4\u201d\u5f0f\u7684\u81ea\u7531\uff1f\u65f6\u95f4\u4f1a\u8bc1\u660e\u4e00\u5207\uff0c\u4f46\u53ef\u4ee5\u80af\u5b9a\u7684\u662f\uff1aAMM \u5c06\u5728\u672a\u6765\u591a\u5e74\u7ee7\u7eed\u5851\u9020<em>DeFi \u4ea4\u6613<\/em>\u7684\u683c\u5c40\u3002<\/p>\n\n\n\n<h2 id=\"%e7%bb%93%e8%ae%ba\" class=\"wp-block-heading\">\u7ed3\u8bba<\/h2>\n\n\n\n<p>\u4ece\u89e3\u51b3\u6d41\u52a8\u6027\u95ee\u9898\u5230\u5b9e\u73b0\u65e0\u9700\u8bb8\u53ef\u7684\u4ea4\u6613\uff0c<strong>\u81ea\u52a8\u5316\u505a\u5e02\u5546 (AMM)<\/strong> \u5df2\u91cd\u65b0\u5b9a\u4e49\u4e86 DeFi \u4e2d\u7684\u53ef\u80fd\u6027\u3002\u65e0\u8bba\u4f60\u662f\u5728<em>\u53bb\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240<\/em>\u4e0a\u5151\u6362\u4ee3\u5e01\uff0c\u8fd8\u662f\u5728<em><a href=\"https:\/\/academy.tokonomo.com\/defi\/understanding-dex-liquidity-pools-what-they-are-and-how-they-work\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u6d41\u52a8\u6027\u6c60<\/a><\/em>\u4e2d\u8d28\u62bc\u8d44\u4ea7\uff0cAMM \u90fd\u4e3a\u6446\u8131\u4e2d\u4ecb\u7684\u91d1\u878d\u4f53\u7cfb\u63d0\u4f9b\u4e86\u5165\u53e3\u3002\u4f46\u80fd\u529b\u8d8a\u5927\uff0c\u8d23\u4efb\u8d8a\u5927\u2014\u2014\u8bf7\u7406\u89e3\u76f8\u5173\u98ce\u9669\uff0c\u4f18\u5316\u4f60\u7684<em>AMM \u4ea4\u6613\u7b56\u7565<\/em>\uff0c\u5e76\u968f\u65f6\u5173\u6ce8\u8fd9\u4e2a\u5feb\u901f\u53d8\u5316\u7684\u9886\u57df\u3002\u60f3\u6df1\u5165\u4e86\u89e3<em>DeFi \u4e2d\u7684\u6d41\u52a8\u6027\u63d0\u4f9b<\/em>\uff1f\u5173\u6ce8 DeFi Academy \u83b7\u53d6\u66f4\u591a\u89c1\u89e3\u548c\u4e13\u5bb6\u5efa\u8bae\u3002<\/p>\n\n\n\n<h2 id=\"%e5%b8%b8%e8%a7%81%e9%97%ae%e9%a2%98%ef%bc%88faqs%ef%bc%89\" class=\"wp-block-heading\">\u5e38\u89c1\u95ee\u9898\uff08FAQs\uff09<\/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\">\u7528\u901a\u4fd7\u7684\u8bdd\u89e3\u91ca\uff0c\u4ec0\u4e48\u662f\u81ea\u52a8\u5316\u505a\u5e02\u5546\uff1f<\/strong><p class=\"saswp-faq-answer-text\">AMM \u662f\u4e00\u79cd\u53bb\u4e2d\u5fc3\u5316\u7684\u4ea4\u6613\u7cfb\u7edf\uff0c\u5141\u8bb8\u4f60\u5728\u65e0\u9700\u5bf9\u624b\u65b9\u4e70\u5bb6\u6216\u5356\u5bb6\u7684\u60c5\u51b5\u4e0b\u5151\u6362\u52a0\u5bc6\u4ee3\u5e01\u3002AMM \u4e0d\u4f7f\u7528\u4f20\u7edf\u7684\u8ba2\u5355\u7c3f\uff0c\u800c\u662f\u901a\u8fc7\u6d41\u52a8\u6027\u6c60\u548c\u7b97\u6cd5\u81ea\u52a8\u51b3\u5b9a\u4ef7\u683c\u3002<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">AMM \u4e0e\u50cf Binance \u6216 Coinbase \u8fd9\u6837\u7684\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u6709\u4f55\u4e0d\u540c\uff1f<\/strong><p class=\"saswp-faq-answer-text\">\u4e2d\u5fc3\u5316\u4ea4\u6613\u6240\u901a\u8fc7\u8ba2\u5355\u7c3f\u64ae\u5408\u4e70\u5356\u53cc\u65b9\uff0c\u800c AMM \u5219\u4f9d\u8d56\u667a\u80fd\u5408\u7ea6\u548c\u6d41\u52a8\u6027\u6c60\u3002\u901a\u8fc7 AMM\uff0c\u4efb\u4f55\u4eba\u90fd\u53ef\u4ee5\u63d0\u4f9b\u6d41\u52a8\u6027\u5e76\u8fdb\u884c\u4ea4\u6613\uff0c\u65e0\u9700 KYC\uff0c\u4e5f\u6ca1\u6709\u4e2d\u5fc3\u5316\u673a\u6784\u63a7\u5236\u6d41\u7a0b\u3002<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u4ec0\u4e48\u662f\u6d41\u52a8\u6027\u6c60\uff0c\u4e3a\u4ec0\u4e48\u91cd\u8981\uff1f<\/strong><p class=\"saswp-faq-answer-text\">\u6d41\u52a8\u6027\u6c60\u662f\u9501\u5b9a\u5728\u667a\u80fd\u5408\u7ea6\u4e2d\u7684\u4ee3\u5e01\u96c6\u5408\u3002\u5b83\u4eec\u786e\u4fdd\u4ea4\u6613\u59cb\u7ec8\u6709\u6d41\u52a8\u6027\uff0c\u5e76\u5141\u8bb8\u4efb\u4f55\u4eba\u901a\u8fc7\u5c06\u4ee3\u5e01\u5b58\u5165\u6c60\u4e2d\u6765\u8d5a\u53d6\u624b\u7eed\u8d39\u3002\u6ca1\u6709\u6d41\u52a8\u6027\u6c60\uff0cAMM \u65e0\u6cd5\u8fd0\u4f5c\u3002<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">AMM \u5982\u4f55\u786e\u5b9a\u4ee3\u5e01\u4ef7\u683c\uff1f<\/strong><p class=\"saswp-faq-answer-text\">\u5927\u591a\u6570 AMM \u4f7f\u7528<strong>\u6052\u5b9a\u4e58\u79ef\u516c\u5f0f (x*y=k)<\/strong>\u3002\u5f53\u4e00\u79cd\u4ee3\u5e01\u88ab\u4e70\u5165\u65f6\uff0c\u5176\u5728\u6c60\u4e2d\u7684\u6570\u91cf\u51cf\u5c11\uff0c\u4ef7\u683c\u81ea\u52a8\u4e0a\u5347\uff0c\u800c\u53e6\u4e00\u79cd\u4ee3\u5e01\u76f8\u5e94\u51cf\u5c11\uff0c\u4fdd\u6301\u4e58\u79ef\u6052\u5b9a\u3002\u8be5\u673a\u5236\u5b9e\u73b0\u4e86\u65e0\u9700\u4eba\u5de5\u5e72\u9884\u7684\u6301\u7eed\u4ef7\u683c\u53d1\u73b0\u3002<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u4f7f\u7528 AMM \u7684\u4e3b\u8981\u98ce\u9669\u6709\u54ea\u4e9b\uff1f<\/strong><p class=\"saswp-faq-answer-text\">\u6700\u5927\u98ce\u9669\u5305\u62ec\uff1a<br><br>&#8211; <strong>\u65e0\u5e38\u635f\u5931\uff1a<\/strong> \u5f53\u60a8\u5b58\u5165\u7684\u4ee3\u5e01\u56e0\u5e02\u573a\u6ce2\u52a8\u800c\u4ef7\u683c\u51fa\u73b0\u8f83\u5927\u504f\u79bb\u65f6\uff0c\u53ef\u80fd\u5bfc\u81f4\u635f\u5931\u3002<br>&#8211; <strong>\u6ed1\u70b9\uff1a<\/strong> \u5728\u5c0f\u578b\u6d41\u52a8\u6027\u6c60\u4e2d\u8fdb\u884c\u5927\u989d\u4ea4\u6613\u4f1a\u5f15\u8d77\u663e\u8457\u7684\u4ef7\u683c\u53d8\u5316\u3002<br>&#8211; <strong>\u667a\u80fd\u5408\u7ea6\u6f0f\u6d1e\u6216\u88ab\u653b\u51fb\uff1a<\/strong> \u5982\u679c AMM \u7684\u4ee3\u7801\u5b58\u5728\u7f3a\u9677\uff0c\u8d44\u91d1\u53ef\u80fd\u9762\u4e34\u98ce\u9669\u3002<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u5982\u4f55\u901a\u8fc7 AMM \u8d5a\u94b1\uff1f<\/strong><p class=\"saswp-faq-answer-text\">\u60a8\u53ef\u4ee5\u901a\u8fc7\u6210\u4e3a<strong>\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\uff08LP\uff09<\/strong>\u6765\u8d5a\u53d6\u6536\u76ca\u3002\u5f53\u60a8\u5c06\u4ee3\u5e01\u5b58\u5165\u6d41\u52a8\u6027\u6c60\u65f6\uff0c\u4f1a\u83b7\u5f97\u76f8\u5e94\u7684\u4ea4\u6613\u624b\u7eed\u8d39\u4efd\u989d\u3002\u4e00\u4e9b\u5e73\u53f0\u8fd8\u901a\u8fc7\u6d41\u52a8\u6027\u6316\u77ff\u6216\u6cbb\u7406\u4ee3\u5e01\u63d0\u4f9b\u989d\u5916\u5956\u52b1\u3002<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u76ee\u524d\u6700\u53d7\u6b22\u8fce\u7684 AMM \u6709\u54ea\u4e9b\uff1f<\/strong><p class=\"saswp-faq-answer-text\">\u622a\u81f3 2025 \u5e74\uff0c\u9886\u5148\u7684 AMM \u5305\u62ec <strong>Uniswap<\/strong>\u3001<strong>SushiSwap<\/strong>\u3001<strong>Curve<\/strong> \u548c <strong>Balancer<\/strong>\u3002\u6bcf\u4e2a\u5e73\u53f0\u6709\u5176\u72ec\u7279\u529f\u80fd\u2014\u2014Uniswap \u9002\u5408\u901a\u7528\u4ee3\u5e01\u5151\u6362\uff0cCurve \u4e13\u6ce8\u7a33\u5b9a\u5e01\uff0cBalancer \u652f\u6301\u591a\u4ee3\u5e01\u6c60\u3002<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u63d0\u4f9b\u6d41\u52a8\u6027\u4f1a\u4e8f\u94b1\u5417\uff1f<\/strong><p class=\"saswp-faq-answer-text\">\u4f1a\u7684\u3002\u5373\u4fbf\u60a8\u8d5a\u53d6\u624b\u7eed\u8d39\uff0c<strong>\u65e0\u5e38\u635f\u5931<\/strong>\u4ecd\u53ef\u80fd\u5728\u60a8\u5b58\u5165\u7684\u4ee3\u5e01\u4ef7\u503c\u53d1\u751f\u663e\u8457\u53d8\u5316\u65f6\u964d\u4f4e\u603b\u4f53\u56de\u62a5\u3002\u5728\u62b5\u62bc\u8d44\u4ea7\u524d\u8bc4\u4f30\u6f5c\u5728\u98ce\u9669\u5f88\u91cd\u8981\u3002<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u4ec0\u4e48\u662f\u96c6\u4e2d\u6d41\u52a8\u6027\uff0c\u4e3a\u4ec0\u4e48\u91cd\u8981\uff1f<\/strong><p class=\"saswp-faq-answer-text\">\u7531 Uniswap V3 \u5f15\u5165\u7684\u96c6\u4e2d\u6d41\u52a8\u6027\u5141\u8bb8 LP \u4e3a\u5176\u8d44\u91d1\u8bbe\u7f6e\u7279\u5b9a\u7684\u4ef7\u683c\u533a\u95f4\u3002\u8fd9\u4f7f\u5f97\u8d44\u91d1\u6c60\u66f4\u9ad8\u6548\uff0c\u5e76\u80fd\u63d0\u9ad8\u6536\u76ca\u540c\u65f6\u964d\u4f4e\u4e0d\u5fc5\u8981\u7684\u98ce\u9669\u66b4\u9732\u3002<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">AMM \u4f7f\u7528\u5b89\u5168\u5417\uff1f<\/strong><p class=\"saswp-faq-answer-text\">\u77e5\u540d\u7684 AMM \u901a\u5e38\u8f83\u4e3a\u5b89\u5168\uff0c\u4f46 DeFi \u59cb\u7ec8\u5b58\u5728\u98ce\u9669\u3002\u9009\u62e9\u77e5\u540d\u5e73\u53f0\u3001\u67e5\u770b\u5ba1\u8ba1\u62a5\u544a\uff0c\u5e76\u4e14\u5207\u52ff\u6295\u5165\u8d85\u51fa\u627f\u53d7\u8303\u56f4\u7684\u8d44\u91d1\u3002\u5b89\u5168\u6027\u662f\u4fdd\u62a4\u8d44\u4ea7\u7684\u5173\u952e\u3002<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u4f5c\u4e3a\u65b0\u624b\uff0c\u5982\u4f55\u5f00\u59cb\u4f7f\u7528 AMM\uff1f<\/strong><p class=\"saswp-faq-answer-text\">1. \u83b7\u53d6\u4e00\u4e2a\u975e\u6258\u7ba1\u94b1\u5305\uff0c\u5982<strong>MetaMask<\/strong>\u3002<br>2. \u5145\u503c\u8d44\u91d1\uff08ETH \u6216\u5176\u4ed6\u57fa\u7840\u4ee3\u5e01\uff09\u3002<br>3. \u9009\u62e9\u53ef\u4fe1\u7684 AMM\uff0c\u5982 Uniswap \u6216 Curve\u3002<br>4. \u4ece\u5c0f\u989d\u4ea4\u6613\u6216\u63d0\u4f9b\u6d41\u52a8\u6027\u5f00\u59cb\uff0c\u5b89\u5168\u5b66\u4e60\u64cd\u4f5c\u6d41\u7a0b\u3002<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">AMM \u7684\u672a\u6765\u53d1\u5c55\u65b9\u5411\u662f\u4ec0\u4e48\uff1f<\/strong><p class=\"saswp-faq-answer-text\">\u6211\u4eec\u6b63\u5728\u770b\u5230\u8bf8\u5982\u8de8\u94fe AMM\u3001\u5148\u8fdb\u7684\u6d41\u52a8\u6027\u7b56\u7565\uff0c\u4ee5\u53ca\u4e0e layer-2 \u89e3\u51b3\u65b9\u6848\u96c6\u6210\u4ee5\u964d\u4f4e\u624b\u7eed\u8d39\u7b49\u521b\u65b0\u3002\u672a\u6765\u7684\u65b9\u5411\u662f\u8ba9 AMM \u66f4\u9ad8\u6548\u3001\u53ef\u6269\u5c55\u5e76\u5728\u5168\u7403\u8303\u56f4\u5185\u66f4\u6613\u83b7\u53d6\u3002<\/p><\/ul><\/div>","protected":false},"excerpt":{"rendered":"\u7b80\u4ecb \u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\uff0c\u6216 DeFi\uff0c\u5df2&hellip;\n","protected":false},"author":2,"featured_media":9203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_focuskw":"\u81ea\u52a8\u5316\u505a\u5e02\u5546 (AMM)","_yoast_wpseo_title":"\u4ec0\u4e48\u662f\u81ea\u52a8\u505a\u5e02\u5546\uff08AMM\uff09\uff1f %%page%% %%sep%% %%sitename%%","_yoast_wpseo_metadesc":"\u4e86\u89e3\u4ec0\u4e48\u662f\u81ea\u52a8\u5316\u505a\u5e02\u5546\uff08Automated Market Maker\uff0cAMM\uff09\u3001\u5b83\u5982\u4f55\u4e3a DeFi 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