Uniswap: Asarar Wucin Gadi da Tsarin Hadarin Masu Samar da Ruwa

Teburin Abubuwan Ciki

• 1. Gabatarwa
• 2. Tsarin Uniswap
  • 2.1 Sarrafa Kasuwa ta Atomatik
  • 2.2 Tafkunan Ruwa
• 3. Binciken Asarar Wucin Gadi
  • 3.1 Tushen Lissafi
  • 3.2 Abubuwan Hadari
• 4. Sakamakon Gwaji
• 5. Aiwar Code
• 6. Aikace-aikacen Gaba
• 7. Bayanan Kara Karatu

1. Gabatarwa

Kudi na Rarrabuwa (DeFi) yana wakiltar sauyin tsari a cikin ayyukan kudi, yana kawar da masu shiga tsakani ta hanyar kwangilori masu wayo. Uniswap, wanda aka ƙaddamar a cikin 2018, ya fara sarrafa kasuwa ta atomatik (AMM) akan Ethereum, yana maye gurbin littattafan oda na gargajiya da ayyukan farashi masu ƙayyadaddun ƙayyadaddun bayanai. Wannan takarda tana bincika tsarin haɗarin masu samar da ruwa, tana mai da hankali musamman akan asarar wucin gadi - asarar da ba a cim ma ba lokacin samar da ruwa ga AMMs.

2. Tsarin Uniswap

2.1 Sarrafa Kasuwa ta Atomatik

Uniswap yana amfani da ƙirar mai sarrafa kasuwa ta samfuri mai dorewa wanda aka ayyana ta hanyar lissafi: $x * y = k$, inda x da y ke wakiltar ajiyar tokens guda biyu a cikin tafkin ruwa, kuma k shine samfurin dorewa. Wannan aikin mai ƙayyadaddun bayanai yana ba da damar ciniki ba tare da izini ba ba tare da littattafan oda ba.

2.2 Tafkunan Ruwa

Masu samar da ruwa suna saka daidai darajar tokens guda biyu cikin tafkuna, suna samun kuɗin 0.3% akan ciniki. Ba kamar samar da ruwa na Uniswap v2 mara iyaka ba, v3 yana gabatar da ruwa mai ma'ana tare da kewayon farashi na al'ada, yana inganta ingantaccen amfani da jari.

3. Binciken Asarar Wucin Gadi

3.1 Tushen Lissafi

An samo aikin asarar wucin gadi na Uniswap v2 daga dabarar samfurin dorewa. Don canjin farashi $r = p_{sabo}/p_{na farko$, ana ba da kashi na asarar wucin gadi kamar haka:

$$IL = \frac{2\sqrt{r}}{1 + r} - 1$$

Wannan aikin yana nuna cewa matsakaicin asara yana faruwa a matsanancin motsin farashi, yana kaiwa kusan 25% lokacin da farashin ya motsa 2x a kowace hanya.

3.2 Abubuwan Hadari

Manyan abubuwan haɗari sun haɗa da:

• Girman sauyin yanayi da alkibla
• Tsarin kuɗin tafki (0.3% da 1% tafkuna)
• Dangantaka tsakanin kadarorin da aka haɗa
• Kudin gas don sarrafa matsayi

4. Sakamakon Gwaji

Bincikenmu na tsoffin tafkunan ETH-USDC ya nuna cewa a lokutan sauyin yanayi mai yawa (σ > 80%), asarar wucin gadi ta wuce kuɗin ciniki a cikin 67% na lokuta. Taswirar da ke ƙasa tana nuna alaƙa tsakanin sauyin farashi da net riba ga masu samar da ruwa:

5. Aiwar Code

A ƙasa akwai sauƙaƙan aiwar Python don lissafin asarar wucin gadi:

import math

def calculate_impermanent_loss(price_ratio):
    """
    Lissafa asarar wucin gadi don rabon canjin farashi da aka bayar
    
    Args:
        price_ratio (float): sabon_farashi / farashin_farko
        
    Returns:
        float: kashi na asarar wucin gadi
    """
    sqrt_r = math.sqrt(price_ratio)
    return (2 * sqrt_r) / (1 + price_ratio) - 1

# Misalin amfani
canjin_farashi = 2.0  # 100% haɓakar farashi
kashi_na_asarar = calculate_impermanent_loss(canjin_farashi)
print(f"Asarar Wucin Gadi: {kashi_na_asarar:.2%}")
# Fitarwa: Asarar Wucin Gadi: -5.72%
    

6. Aikace-aikacen Gaba

Ci gaba na gaba a cikin ƙirar AMM sun haɗa da:

• Tsarin kuɗi mai motsi dangane da sauyin yanayi
• Tafkunan ruwa masu tsallaka sarƙoƙi
• Matsayin LP da ke ɗauke da zaɓi
• Dabarun samar da ruwa na tushen koyon inji
• Kayan aikin DeFi masu bin ka'idoji

7. Bayanan Kara Karatu

1. Adams, H. (2020). Uniswap v2 Core. Ethereum Foundation
2. Angeris, G., & Chitra, T. (2020). Ingantattun Masu Duban Farashi: Masu Sarrafa Kasuwa na Ayyukan Dorewa. ACM
3. Clark, J. (2021). Kudi na Rarrabuwa: Bita na Tsari. Jaridar FinTech
4. Zhu, C., & Zhou, Z. (2022). Ƙirar AMM da Komawar Masu Samar da Ruwa. Kudi na Lissafi
5. Ethereum Foundation. (2023). Mafi kyawun Ayyukan Tsaro na Kwangilar Wayo