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ExoniumDEX: Advantages of an Asymmetric Liquidity Pool 嘉库DEX:非对称流动资金池的优势

Liquidity pools in decentralised finance protocols will never be the same. 分散式金融协议中的流动资金池系统将在未来更加有效地运行。

As Exonium tech team is working hard on building world’s first omni-chain decentralized exchange with synthetic assets, it is important to educate new community members who are interested but may not have the background to understand some of our technical approaches in building ExoniumDEX.

This article is aimed to break down some key concepts for design decisions that are relevant to ExoniumDEX. Without further ado, let’s delve into today’s topic: Asymmetric liquidity pools.

Decentralized exchanges and liquidity pools

In many decentralized exchanges, users can add liquidity to liquidity pools and earn a portion of the transaction fees charged to other users who want to swap tokens in the pool. The constraint that most liquidity pools put on liquidity providers is that they must put in an equal value of each token pair. For example, in the ETH/DAI liquidity pool in Uniswap, a user is required to add 2.64 ETH for every 1,000 DAI that is added at the time of this writing. And then based on the amount the user puts into the pool, they then receive a proportionate amount of the fees charged.

What if users don’t have both tokens to add to the liquidity pool?

With ExoniumDEX, users who want to add liquidity to a pool can add any amount of either or both tokens. This is known as adding liquidity asymmetrically, which gives users ultimate flexibility. Based on the amount of tokens in the pool and the amount that the user adds, they will then own a percentage of the entire pool.

How is ownership % calculated?

The formula that is used to calculate ownership % is designed to incentivize users to keep the liquidity pool balanced. As one side of the pool increases, users can gain a higher % of the overall pool by adding tokens to the other side.

Below is the formula used to calculate the units owned by a user when they add tEXO or another asset to the liquidity pool.

slipAdjustment = 1- (Ta — tA)/(2t +T) X (a +A)

units = (P (Ta + tA)/2TA) X slipAdjustment

  • t = tEXO deposited
  • a = asset deposited
  • T = tEXO Balance (before)
  • A = Asset Balance (before)
  • P = Existing Pool Units

The liquidity provider is allocated a portion of the fees collected from swappers proportional to their ownership of the pool. For example, If the liquidity provider owns 2% of the pool, they are allocated 2% of the fees collected.

How does the system ensure that there’s enough liquidity in a pool, if users only have to add one token in the pool and not both?

The interesting thing about the formula above is that it creates an economic incentive for users to balance the pool. If the pool gets too oversubscribed on one side, the formula gives users an incentive to add liquidity to the other side by giving them a higher ownership % to add to the side that needs more units to balance the pool.

Scenario 1: Bob stakes 1,000 tEXO
Scenario 2: Bob stakes 1,000 Token A

In this liquidity pool, tEXO is oversubscribed at 10,000 compared to Token A at only 1,000. In scenario 1, Bob adds 1,000 tEXO to the pool, which gives him ownership of 4%. In scenario 2, Bob adds 1,000 to the undersubscribed side (Token A) of the pool, which gives him ownership of 20%. By rewarding users with a higher ownership % to add liquidity to the undersubscribed side of the pool, the system creates an incentive to balance the pool.

If a user only pools one side of the pool, what are they allowed to withdraw?

With an asymmetric liquidity pool, users are allowed to pool one side or the other, and they are allowed to withdraw one side or the other. Because the system calculates the user’s overall ownership at the time they added liquidity, it can now use that ownership % to calculate the amount(s) to withdraw.

At the time of withdrawal, the user specifies the following:

  • Liquidity Pool: eg, tEXO: Token A pool
  • Basis Points to withdraw from 0 to 10,000 (100%): The amount of their ownership that’s available for withdrawal.
  • Asymmetry: It specifies how users wants to withdraw between the two tokens in the liquidity pool. The user can specify any decimal value between -1 and 1
    * -1 means user wants to withdraw 100% tEXO
    * 0 means user wants to withdraw equally on both sides of the pool
    * 1 means they want to withdraw 100% token A

By using basis points and the asymmetry value, the system gives poolers a very high level of precision in specifying exactly how much to withdraw from each side of the pool. This differs from other symmetric liquidity pools, where poolers must withdraw equal value from both sides.

With that, we hope that you were able to get some key takeaways from this post, as we believe it is important for our users to understand the tools they are using. If you have any additional questions or would like to discuss with fellow community members, join our communities below!

ExoniumDEX — tEXO

ExoniumDEX is developing a blockchain-based platform that aims to provide a bridge between synthetic assets and fiat money, cryptocurrencies, stocks and other financial instruments.

The recent expansion of DeFi projects brought multiple innovative platforms to the ecosystem but most projects are still centralized or governed by a small group of participants making it difficult to make a smooth integration with other platforms.

We aim to aggregate all current and future DeFi applications under the same ecosystem that can be managed in a decentralized way without unnecessary fragmentation. This approach will allow for quick development and a more efficient market for users.

DeFi protocols like tEXO are the future for savvy investors to mitigate regulatory risk in a world of uncertainty. CEX can always pause withdrawals and has control over your funds. With a DEX, you remain in full control.

The future of finance belongs to the people.

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嘉库技术团队正在努力构建世界上第一个使用合成资产的全链去中心化交易所,因此重要的是教育有兴趣但可能没有背景来了解我们构建嘉库DEX的某些技术方法的新社区成员。
该博客旨在分解与嘉库DEX相关的设计决策的一些关键概念。事不宜迟,让我们深入探讨当今的话题:流动性池不对称。

去中心化交易所和流动资金池
在许多去中心化交易所中,用户可以在流动性池中增加流动性,并从向其他希望在池中交换代币的用户收取交易费用的一部分。大多数流动性池对流动性提供者的约束是,它们必须对每个代币对投入相等的价值。例如,在Uniswap的ETH / DAI流动资金池中,要求用户在撰写本文时,每增加1000个DAI,就要增加2.64 ETH。然后,根据用户放入池中的金额,他们将按比例收取一定的费用。

如果用户没有两个令牌添加到池中怎么办?
使用嘉库DEX,想要向池中添加流动性的用户可以添加任意数量的一个或两个令牌。这被称为非对称增加流动性,为用户提供了最大的灵活性。根据池中令牌的数量和用户添加的数量,他们将拥有整个池的一定比例。
当用户仅放入池的一侧时,如何计算其所有权百分比?
用于计算所有权百分比的公式旨在激励用户以保持流动资金池平衡。随着池一侧的增加,用户可以通过向另一侧添加令牌来获得整个池更高的百分比。
以下是用于在用户将tEXO或其他资产添加到流动资金池时计算用户拥有的单位的公式。

以下是用于在用户将tEXO或其他资产添加到流动资金池时计算用户拥有的单位的公式。

滑差 = 1-(Ta-tA)/(2t + T)X(a + A)
单位=(P(Ta + tA)/ 2TA)X滑差
t = tEXO存款
a =其他资产存款
T = tEXO余额(之前)
A =其他资产余额(之前)
P =现有流动资金池单元

分配给流动性提供者的部分费用是从交换者那里收取的,与交换者对资金池的所有权成正比。例如,如果流动性提供者拥有资产池的2%,则会向他们分配所收取费用的2%。

如果用户只需要在池中添加一个令牌而不必两个都添加,则系统如何确保池中有足够的流动性?
上面的公式有趣的是,它为用户创造了经济上的动力来平衡池。如果某一方池的认购额过高,则该公式会激励用户增加另一方的流动性,方法是让他们拥有更高的所有权百分比,以增加需要更多单位来平衡池方的一方。

在这种流动性池中,tEXO的超额认购额为10,000,而代币A的超额认购额仅为1,000。在方案1中,Bob向池中添加了1,000 tEXO,这使他拥有4%的所有权。在方案2中,Bob向池中未充分订阅的一面(令牌A)增加了1,000,这使他拥有20%的所有权。通过奖励拥有较高所有权百分比的用户以向池中未充分订阅的一侧增加流动性,该系统创建了一种激励以平衡池。
如果用户仅在池的一侧进行池化,则允许他们撤回哪些内容?
对于非对称流动资金池,允许用户将一侧或另一侧集中起来,并允许他们撤出一侧或另一侧。因为系统会在用户增加流动性时计算用户的总体所有权,所以现在可以使用该所有权百分比来计算提款金额。

提款时,用户指定以下内容:

  • 流动资金池:例如,tEXO:代币A池
  • 提现的基点从0到10,000(100%):可提现的所有权数量。
  • 不对称性:它指定用户如何在流动性池中的两个代币之间取款。用户可以指定-1到1之间的任何十进制值
    * -1表示用户要提取100%tEXO
    * 0表示用户希望在池的两边均等地提款
    * 1表示他们要提取100%代币A

通过使用基点和不对称值,该系统为池工作者提供了非常高的精度,可以精确地指定从池的每一侧中撤出多少资金。这不同于其他对称流动性池,在池中池池管理者必须从双方撤回相等的价值。

我们希望您能够从这篇文章中获得一些重要的收获,因为我们认为对于用户来说,了解他们所使用的工具非常重要。如果您还有其他疑问或想与其他社区成员讨论,请加入下面的社区!

嘉库DEX — tEXO

嘉库DEX正在开发基于区块链的平台,旨在在合成资产与法定货币,加密货币,股票和其他金融工具之间架起桥梁。

DeFi项目的最新扩展为生态系统带来了多个创新平台,但是大多数项目仍处于集中或由一小部分参与者支配的状况,因此很难与其他平台顺利集成。
我们的目标是将所有当前和将来的DeFi应用程序聚合在同一个生态系统中,并且可以以分散的方式进行管理,而不会造成不必要的分散。这种方法将为用户带来快速的发展和更有效的市场。

像tEXO这样的DeFi协议是精明的投资者在不确定性世界中减轻监管风险的未来。 CEX始终可以暂停取款并控制您的资金。使用DEX,您可以完全控制。
金融的未来属于人民。

推特: https://twitter.com/ExoniumDex

电报: https://t.me/exoniumofficial

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