{"id":4806,"date":"2026-09-13T21:28:21","date_gmt":"2026-09-13T13:28:21","guid":{"rendered":"http:\/\/www.lqhyjs.com\/?p=4806"},"modified":"2026-09-13T21:28:21","modified_gmt":"2026-09-13T13:28:21","slug":"defi%e5%b8%82%e5%9c%ba%e7%bb%93%e6%9e%84%e6%b7%b1%e5%85%a5%e8%a7%a3%e8%af%bb%ef%bc%9a%e4%bb%8e%e4%b8%89%e5%a4%a7%e6%a0%b8%e5%bf%83%e8%a6%81%e7%b4%a0%e5%b1%95%e5%bc%80","status":"publish","type":"post","link":"http:\/\/www.liaoxiaoha.com\/?p=4806","title":{"rendered":"DeFi\u5e02\u573a\u7ed3\u6784\u6df1\u5165\u89e3\u8bfb\uff1a\u4ece\u4e09\u5927\u6838\u5fc3\u8981\u7d20\u5c55\u5f00"},"content":{"rendered":"<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u4f5c\u8005\uff1aEast Asia Venture\uff1b\u6765\u6e90\uff1aX\uff0c@EastAsiaVenture<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">DeFi\u4e2d\u7684\u5e02\u573a\u7ed3\u6784\u51b3\u5b9a\u4e86\u4ea4\u6613\u8fc7\u7a0b\u4e2d\u6d41\u52a8\u6027\u3001\u5b9a\u4ef7\u6548\u7387\u548c\u53c2\u4e0e\u8005\u4e4b\u95f4\u7684\u535a\u5f08\u683c\u5c40\u3002\u4e0d\u540c\u7684\u4ea4\u6613\u6a21\u578b\uff08\u5982AMM\u3001CLOB\u3001\u6697\u6c60\u3001DFBA\u7b49\uff09\u5404\u6709\u4f18\u52a3\u3002\u7814\u7a76\u5e02\u573a\u7ed3\u6784\u6709\u52a9\u4e8e\u4ea4\u6613\u8005\u4e86\u89e3\u4ea4\u6613\u80cc\u540e\u7684\u673a\u5236\u3001\u98ce\u9669\u548c\u4e0d\u540c\u53c2\u4e0e\u8005\u7684\u89d2\u8272\u5206\u5e03\uff0c\u4ece\u800c\u5236\u5b9a\u66f4\u4f18\u7b56\u7565\u3002\u603b\u4f53\u800c\u8a00\uff0c\u5e02\u573a\u7ed3\u6784\u7814\u7a76\u56f4\u7ed5\u4ee5\u4e0b\u4e09\u5927\u6838\u5fc3\u8981\u7d20\u5c55\u5f00\uff1a\u6d41\u52a8\u6027\u4e0e\u4ef7\u683c\u53d1\u73b0\u7684\u5e73\u8861\u3001\u4ea4\u6613\u7684\u300c\u4e0d\u53ef\u80fd\u4e09\u89d2\u300d\u4ee5\u53ca\u5e02\u573a\u53c2\u4e0e\u8005\u529b\u91cf\u5206\u914d\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u672c\u6587\u65e8\u5728\u7814\u7a76\u5e02\u573a\u7ed3\u6784\u7684\u6846\u67b6\uff0c\u5e76\u57fa\u4e8e\u6b64\u6846\u67b6\u5206\u6790\u5f53\u524d\u5e02\u573a\u4e3b\u8981\u7684\u51e0\u79cd\u5e02\u573a\u7ed3\u6784\u3002<\/p>\n<\/section>\n<section>\n<h2 style=\"text-align: left\">\u6838\u5fc3\u8981\u70b9<\/h2>\n<\/section>\n<p><!--$--><\/p>\n<div id=\"div-gpt-ad-cnyes_news_article_middle_1\" data-ad-status=\"loading\" class=\"ayopho3\" style=\"--ayopho3-0:728px;--ayopho3-1:90px;--ayopho3-2:728px;--ayopho3-3:90px;--ayopho3-4:32px;--ayopho3-5:32px;--ayopho3-6:auto;--ayopho3-7:auto;--ayopho3-8:block\"><span aria-live=\"polite\"><span class=\"react-loading-skeleton\" style=\"border-radius:6px;width:100%;height:100%\">\u200c<\/span><br \/><\/span><\/div>\n<p><!--\/$--><\/p>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u91d1\u878d\u5e02\u573a\u6700\u91cd\u8981\u7684\u6982\u5ff5\u53eb\u505a\u6d41\u52a8\u6027\uff0c\u300a\u4ea4\u6613\u4e0e\u4ea4\u6613\u8005\u300b\u4e00\u4e66\u4e2d\u8fd9\u6837\u89e3\u91ca\u5b83\uff1a\u6d41\u52a8\u6027\u662f\u6307\u5e02\u573a\u53c2\u4e0e\u8005\u80fd\u591f\u8fc5\u901f\u8fdb\u884c\u5927\u91cf\u4e70\u5356\u4ea4\u6613\uff0c\u4e14\u4e0d\u4f1a\u5bfc\u81f4\u6807\u7684\u4ef7\u683c\u53d1\u751f\u663e\u8457\u6ce2\u52a8\u7684\u53ef\u80fd\u6027\u3002\u6bcf\u4e00\u4e2a\u5e02\u573a\u53c2\u4e0e\u8005\u90fd\u559c\u6b22\u6d41\u52a8\u6027\uff0c\u800c\u6bcf\u4e00\u79cd\u5e02\u573a\u7ed3\u6784\u7684\u8bbe\u8ba1\uff0c\u6700\u5148\u8981\u8003\u8651\u7684\u70b9\uff0c\u4e5f\u662f\u6d41\u52a8\u6027\uff1a\u5982\u4f55\u83b7\u53d6\uff0c\u5982\u4f55\u66f4\u52a0\u9ad8\u6548\u5730\u5229\u7528\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u800c\u4e00\u4e2a\u5e38\u88ab\u5ffd\u89c6\u7684\u4e8b\u5b9e\u662f\uff1a\u6d41\u52a8\u6027\u6301\u7eed\u63d0\u5347\u5e76\u4e0d\u5fc5\u7136\u52a0\u901f\u4ef7\u683c\u53d1\u73b0\u3002\u5728\u6d41\u52a8\u6027\u6781\u4e3a\u5145\u88d5\u3001\u8ba2\u5355\u7c3f\u6df1\u5ea6\u8f83\u5927\u7684\u5e02\u573a\u4e2d\uff0c\u5355\u7b14\u4ea4\u6613\u7684\u4ef7\u683c\u51b2\u51fb\u88ab\u7a00\u91ca\uff0c\u8d44\u8baf\u5728\u4ef7\u683c\u4e2d\u7684\u53cd\u6620\u8282\u594f\u8d8b\u4e8e\u7f13\u6162\u3002\u5373\u4fbf\u662f\u5185\u5e55\u4ea4\u6613\u8005\uff0c\u8d44\u8baf\u5360\u4f18\uff0c\u5bf9\u6807\u7684\u7684\u5408\u7406\u4ef7\u503c\u6709\u660e\u786e\u5224\u65ad\uff0c\u4ef7\u683c\u5411\u8be5\u533a\u95f4\u7684\u6536\u655b\u4ecd\u53ef\u80fd\u88ab\u5ef6\u7f13\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u53cd\u5411\u4ea6\u6210\u7acb\uff1a\u4ef7\u683c\u53d1\u73b0\u96be\u5ea6\u7684\u964d\u4f4e\u4f1a\u5bfc\u81f4\u6d41\u52a8\u6027\u4e0b\u964d\u3002\u4ee5\u5185\u5e55\u4ea4\u6613\u8005\u4e3a\u4f8b\uff0c\u5176\u83b7\u5229\u8def\u5f84\u4e3a\uff1a\u2460 \u62e5\u6709\u8d85\u5e38\u91cd\u8981\u8d44\u8baf\uff1b\u2461 \u5728\u6d41\u52a8\u6027\u6709\u9650\u3001\u5176\u4ed6\u53c2\u4e0e\u8005\u5c1a\u672a\u83b7\u5f97\u8be5\u8d44\u8baf\u65f6\u5148\u884c\u4ea4\u6613\uff1b\u2462 \u5e02\u573a\u9010\u6b65\u53cd\u5e94\uff1b\u2463 \u8d44\u8baf\u88ab\u6d88\u5316\u3001\u6807\u7684\u4ef7\u683c\u5b8c\u6210\u53d1\u73b0\uff1b\u2464 \u5185\u5e55\u4ea4\u6613\u8005\u83b7\u5229\uff0c\u5176\u6536\u76ca\u6765\u6e90\u4e8e\u5176\u4ed6\u53c2\u4e0e\u8005\u63d0\u4f9b\u7684\u6d41\u52a8\u6027\uff1b\u2465 \u76f8\u5e94\u6d41\u52a8\u6027\u88ab\u5176\u6d88\u8017\u3002\u7531\u6b64\u53ef\u89c1\uff0c\u5185\u5e55\u4ea4\u6613\u8005\u7684\u5b58\u5728\u964d\u4f4e\u4e86\u4ef7\u683c\u53d1\u73b0\u7684\u96be\u5ea6\uff08\u56e0\u5176\u8f83\u65e9\u638c\u63e1\u5b8c\u6574\u8d44\u8baf\u5e76\u52a0\u5feb\u5e02\u573a\u6d88\u5316\uff09\uff0c\u4f46\u4f1a\u5e26\u6765\u6d41\u52a8\u6027\u7684\u635f\u5931\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u4e0a\u8ff0\u73b0\u8c61\u5e38\u88ab\u79f0\u4e3a\u300c\u6d41\u52a8\u6027\u4e0e\u5305\u542b\u8d44\u8baf\u7684\u4ef7\u683c\u53d1\u73b0\u4e4b\u95f4\u5b58\u5728\u5bf9\u6297\u5173\u7cfb\u300d\u3002\u8fd9\u6784\u6210\u6846\u67b6\u7684\u7b2c\u4e00\u4e2a\u8981\u70b9\uff1a\u4efb\u4f55\u4e00\u79cd\u5e02\u573a\u7ed3\u6784\u90fd\u5fc5\u987b\u5728\u6d41\u52a8\u6027\u4e0e\u5305\u542b\u8d44\u8baf\u7684\u4ef7\u683c\u53d1\u73b0\u4e4b\u95f4\u4f5c\u51fa\u6743\u8861\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u56f4\u7ed5\u6d41\u52a8\u6027\uff0c\u7b2c\u4e8c\u4e2a\u4e8b\u5b9e\u662f\u300c\u4ea4\u6613\u7684\u4e0d\u53ef\u80fd\u4e09\u89d2\u300d\uff1a\u5728\u6d41\u52a8\u6027\u5e76\u975e\u65e0\u9650\u7684\u6761\u4ef6\u4e0b\uff0c\u5355\u7b14\u4ea4\u6613\u4e0d\u53ef\u80fd\u540c\u65f6\u6ee1\u8db3\u6700\u4f73\u4ef7\u683c\u3001\u6267\u884c\u65f6\u95f4\u4e0e\u6210\u4ea4\u6570\u91cf\u4e09\u8005\u3002\u4ee5\u5e38\u89c1\u7684 AMM \u4e3a\u4f8b\uff0c\u901a\u5e38\u662f\u727a\u7272\u6700\u4f73\u4ef7\u683c\u4ee5\u6362\u53d6\u6267\u884c\u65f6\u95f4\u548c\u6210\u4ea4\u6570\u91cf\u3002\u8fd9\u662f\u6846\u67b6\u7684\u7b2c\u4e8c\u4e2a\u8981\u70b9\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u7b2c\u4e09\u4e2a\u8981\u70b9\u662f\u5e02\u573a\u53c2\u4e0e\u8005\u7684\u529b\u91cf\u8c03\u914d\u3002\u6210\u719f\u5e02\u573a\u4e2d\u7684\u53c2\u4e0e\u8005\u7c7b\u578b\u591a\u6837\uff1a\u81ea\u7136\u6d41\u4ea4\u6613\u8005\u3001\u505a\u5e02\u5546\u3001\u9ad8\u9891\u4ea4\u6613\u8005\u3001\u5957\u5229\u8005\u7b49\uff1b\u4e0d\u540c\u7684\u5e02\u573a\u7ed3\u6784\u4f1a\u8d4b\u4e88\u5404\u7c7b\u4e3b\u4f53\u4e0d\u540c\u7684\u6743\u91cd\uff0c\u5e76\u5f62\u6210\u5dee\u5f02\u5316\u7684\u535a\u5f08\u73af\u5883\u3002\u957f\u671f\u6765\u770b\uff0c\u5065\u5eb7\u6210\u719f\u7684\u5e02\u573a\u5e94\u4ee5\u81ea\u7136\u6d41\u4ea4\u6613\u8005\u4e3a\u6700\u7ec8\u670d\u52a1\u5bf9\u8c61\uff1b\u7406\u60f3\u7684\u5e02\u573a\u7ed3\u6784\u5e94\u80fd\u591f\u5408\u7406\u8c03\u6574\u5404\u65b9\u7684\u5229\u76ca\u4e0e\u529b\u91cf\u5206\u5e03\uff0c\u5e76\u4e3a\u8be5\u7fa4\u4f53\u8425\u9020\u516c\u5e73\u7684\u7ade\u4e89\u73af\u5883\u2014\u2014\u4f8b\u5982\u66f4\u591a\u5728\u4ef7\u683c\u4e0e\u89c4\u6a21\u4e0a\u7ade\u4e89\uff0c\u800c\u975e\u5728\u901f\u5ea6\u4e0a\u7ade\u4e89\uff08\u540e\u8005\u662f\u9ad8\u9891\u4ea4\u6613\u7684\u4f18\u52bf\u6240\u5728\uff09\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u603b\u7ed3\u6765\u770b\uff0c\u5e02\u573a\u7ed3\u6784\u7684\u7814\u7a76\u5f52\u6839\u7ed3\u5e95\u4e3a\u4ee5\u4e0b\u4e09\u70b9\uff1a<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">1\uff09\u6d41\u52a8\u6027\u4e0e\u5305\u542b\u8d44\u8baf\u7684\u4ef7\u683c\u53d1\u73b0\u4e4b\u95f4\u7684\u5bf9\u6297\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">2\uff09\u4ea4\u6613\u7684\u4e0d\u53ef\u80fd\u4e09\u89d2\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">3\uff09\u5e02\u573a\u53c2\u4e0e\u8005\u7684\u529b\u91cf\u8c03\u914d\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u6982\u5ff5\u89e3\u8bfb<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u81ea\u7136\u6d41\u4ea4\u6613\u8005\uff1a\u7531\u4e8e\u5916\u90e8\u7ecf\u6d4e\u539f\u56e0\u8fdb\u5165\u5e02\u573a\u8fdb\u884c\u4ea4\u6613\u7684\u4ea4\u6613\u8005\u3002\u8fd9\u5305\u62ec\u5957\u671f\u4fdd\u503c\u8005\u3001\u6295\u8d44\u8005\u3001\u6295\u673a\u8005\u7b49\uff0c\u57fa\u672c\u4e0a\uff0c\u4efb\u4f55\u6709\u5916\u90e8\u539f\u56e0\u8fdb\u5165\u5e02\u573a\u8fdb\u884c\u4ea4\u6613\u7684\u4eba\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u6709\u6bd2\u8ba2\u5355\u6d41\uff1a\u5177\u5907\u8d44\u8baf\uff0c\u901f\u5ea6\u7b49\u4f18\u52bf\uff0c\u5feb\u901f\u83b7\u53d6\u5e02\u573a\u4e0d\u5145\u5206\u5b9a\u4ef7\uff0c\u4e0e\u505a\u5e02\u5546\uff0c\u81ea\u7136\u6d41\u4ea4\u6613\u8005\u7ade\u4e89\uff0c\u7a83\u53d6\u540e\u8005\u7684\u5229\u6da6\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h1 style=\"text-align: left\">\n<h2 style=\"text-align: left\">\u4e3b\u8981\u5e02\u573a\u7ed3\u6784\u5206\u6790<\/h2>\n<\/h1>\n<\/section>\n<section style=\"margin-top:30px\">\n<h2 style=\"text-align: left\">\n<h3 style=\"text-align: left\">AMM<\/h3>\n<\/h2>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u4f5c\u4e3acrypto\u6700\u5927\u7684\u521b\u65b0\u539f\u8bed\u4e4b\u4e00\uff0camm\u7b2c\u4e00\u6b21\u5b9e\u73b0\u4e86\u8d44\u4ea7\u4e0a\u7ebf\u4e0e\u4ea4\u6613\u7684\u5b8c\u5168\u5f00\u653e\u6027\uff08permissionless\uff09\uff0c\u4e5f\u56e0\u5176\u539f\u5b50\u6027\uff0c\u6210\u4e3aDefi\u300c\u4e50\u9ad8\u300d\u7684\u57fa\u7840\u6a21\u5757\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u4ee5 Uniswap v2 \u4e3a\u4f8b\uff0c\u5176\u7ecf\u5178\u5b9a\u4ef7\u516c\u5f0f\u4e3a X * Y = k\u3002LP \u5b58\u5165\u4e24\u79cd\u8d44\u4ea7 x \u4e0e y\uff0c\u516c\u5f0f\u4fdd\u8bc1\u6bcf\u4e00\u7b14\u4ea4\u6613\u90fd\u4f1a\u5f15\u53d1\u4ef7\u683c\u53d8\u52a8\uff1b\u4f46\u540c\u65f6\u4e5f\u5929\u7136\u5e26\u6765\u6ed1\u70b9\uff0c\u5e76\u4f7f LP \u53ea\u80fd\u88ab\u52a8\u63a5\u53d7\u4ea4\u6613\u8005\u7684\u8ba2\u5355\u6d41\uff0c\u4e14\u4f34\u968f MEV \u7b49\u95ee\u9898\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u7531\u4e8e\u5151\u6362\u5728\u5355\u7b14\u94fe\u4e0a\u4ea4\u6613\u4e2d\u5b8c\u6210\uff0c\u4ece\u533a\u5757\u94fe\u6267\u884c\u89d2\u5ea6\u770b\u51e0\u8fd1\u5373\u65f6\uff1b\u4f46\u6ed1\u70b9\u7684\u5b58\u5728\u610f\u5473\u8457\uff1a\u82e5\u8ffd\u6c42\u66f4\u4f18\u4ef7\u683c\uff0c\u5355\u7b14\u53ef\u6210\u4ea4\u6570\u91cf\u5c31\u53d7\u9650\uff1b\u82e5\u8ffd\u6c42\u5927\u989d\u6210\u4ea4\uff0c\u5219\u5fc5\u7136\u5728\u4ef7\u683c\u4e0a\u627f\u62c5\u66f4\u9ad8\u6210\u672c\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u8be5\u673a\u5236\u65e0\u6cd5\u6291\u5236\u4ef7\u683c\u53d1\u73b0\u8fc7\u7a0b\u5bf9\u6d41\u52a8\u6027\u7684\u6d88\u8017\uff0c\u5176\u7ed3\u679c\u5f80\u5f80\u4f53\u73b0\u4e3a LP \u7684\u65e0\u5e38\u635f\u5931\u3002\u5e76\u4e14\uff0cLP \u5b9e\u8d28\u4e0a\u4ec5\u80fd\u8fdb\u884c\u300c\u9006\u5411\u9009\u62e9\u300d\uff0c\u9664\u64a4\u51fa\u6d41\u52a8\u6027\u5916\u65e0\u6cd5\u57fa\u4e8e\u8d44\u8baf\u4f5c\u51fa\u4e3b\u52a8\u64cd\u4f5c\uff1b\u636e\u6b64\u751a\u81f3\u53ef\u4ee5\u8ba4\u4e3a AMM \u4e0a\u7684\u4ea4\u6613\u5bf9 LP \u6784\u6210\u300c\u6709\u6bd2\u8ba2\u5355\u6d41\u300d\uff0c\u8fd9\u663e\u8457\u524a\u5f31\u4e86 LP \u7684\u8bae\u4ef7\u4e0e\u6536\u76ca\u80fd\u529b\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u5728uniswap v2\u4e4b\u540e\uff0c\u51fa\u73b0\u4e86\u4e00\u4e9b\u65b0\u7684amm\u7c7b\u8bbe\u8ba1\uff0c\u7edd\u5927\u591a\u6570\u90fd\u662f\u5728\u5bf9\u4e0a\u8ff0\u8c08\u5230\u67d0\u4e9b\u95ee\u9898\u505a\u4e00\u4e9b\u4f18\u5316\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u6bd4\u5982curve\u4e13\u95e8\u4e3a\u7a33\u5b9a\u5e01swap\u505a\u7684amm\uff0c\u66f4\u52a0\u5e73\u6ed1\u7684\u66f2\u7ebf\u80cc\u540e\uff0c\u672c\u8d28\u4e0a\u662f\u901a\u8fc7\u964d\u4f4e\u4ef7\u683c\u53d1\u73b0\u53bb\u589e\u5927\u6d41\u52a8\u6027\uff0c\u800c\u6d41\u52a8\u6027\u7684\u589e\u5927\uff0c\u4f1a\u6781\u5927\u7a0b\u5ea6\u4e0a\u89e3\u51b3\uff0c\u6216\u8005\u8bf4\u7f13\u89e3\u4ea4\u6613\u7684\u4e0d\u53ef\u80fd\u4e09\u89d2\u95ee\u9898\uff0c\u4e8e\u662fcurve\u6210\u4e3a\u4e86\u7a33\u5b9a\u5e01swap\u7684\u9996\u9009\uff0c\u4f46\u7531\u4e8e\u4ef7\u683c\u53d1\u73b0\u80fd\u529b\u88ab\u6781\u5927\u524a\u5f31\u4e86\uff0c\u5b83\u4e5f\u53ea\u80fd\u7528\u4e8e\u7a33\u5b9a\u5e01\u8fd9\u79cd\u6ce2\u52a8\u5f88\u5c0f\u7684\u8d44\u4ea7\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u518d\u8c08Uniswap v3\uff0c\u767d\u76ae\u4e66\u7684\u5f00\u5934\u4fbf\u5199\u5230\uff1a\u300c&#8230;provides increased capital efficiency and fine-tuned control to liquidity providers, \u2026\u300d; \u5b83\u53ef\u4ee5\u652f\u6301lp\u81ea\u5b9a\u4e49\u533a\u95f4\u53bb\u505a\u5e02\uff0c\u901a\u8fc7\u96c6\u4e2d\u6d41\u52a8\u6027\u7684\u65b9\u5f0f\uff0c\u63d0\u9ad8\u8d44\u672c\u6548\u7387\uff0c\u8fd9\u662f\u5728\u589e\u5f3alp\u7684\u529b\u91cf\uff0c\u540c\u65f6\u4e5f\u662f\u51cf\u5c11\u4ef7\u683c\u53d1\u73b0\u5bf9\u4e8elp\u6d41\u52a8\u6027\u7684\u635f\u5931\uff0c\u95ee\u9898\u5728\u4e8e\uff0c\u8fd9\u5e76\u6ca1\u6709\u6539\u53d8\u300camm\u7684lp\u53ea\u80fd\u8fdb\u884c\u9006\u5411\u9009\u62e9\u300d\u8fd9\u4e00\u4e8b\u5b9e\uff0c\u4e0d\u80fd\u4e3b\u52a8\u53bb\u8c03\u6574\u4ef7\u683c\uff0c\u53ea\u80fd\u88ab\u52a8\u53bb\u63a5\u53d7\uff0c\u8fd9\u662f\u4e00\u79cd\u76f8\u5bf9\u4f4e\u6548\u7684\u65b9\u5f0f\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u6240\u4ee5\u603b\u7684\u6765\u770b\uff0cAMM \u7684\u4ea4\u6613\u5bf9\u4e8elp\u6765\u8bf4\u5176\u5b9e\u5e76\u4e0d\u53cb\u597d\uff0c\u751a\u81f3\u300c\u6709\u6bd2\u300d\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u5173\u4e8e MEV\uff0cAMM \u9891\u7e41\u906d\u53d7\u76f8\u5173\u5957\u5229\u5e76\u975e\u4ec5\u6e90\u4e8e AMM \u672c\u8eab\uff0c\u4e5f\u4e0e\u5e95\u5c42\u516c\u94fe\u7684\u673a\u5236\u76f8\u5173\u3002\u7b80\u800c\u8a00\u4e4b\uff0c\u94fe\u4e0a\u4ea4\u6613\u7c7b\u5e94\u7528\u7f3a\u4e4f\u5bf9\u81ea\u8eab\u4ea4\u6613\u6392\u5e8f\u7684\u63a7\u5236\u6743\uff0c\u4ece\u800c\u4ea7\u751f\u5927\u91cf\u53ef\u88ab\u5229\u7528\u7684\u673a\u4f1a\u3002\u5bf9\u6b64\uff0c\u540e\u7eed\u5c06\u4f5c\u8fdb\u4e00\u6b65\u8ba8\u8bba\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h2 style=\"text-align: left\">\n<h3 style=\"text-align: left\">CLOB<\/h3>\n<\/h2>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u8ba2\u5355\u8584\u662ftradfi\u6700\u4e3a\u7ecf\u5178\u7684\u5e02\u573a\u7ed3\u6784\uff0c\u76f8\u6bd4\u4e8eamm\uff0c\u5176\u6700\u5927\u7684\u4f5c\u7528\u662f\u771f\u6b63\u8d4b\u4e88\u4e86\u505a\u5e02\u5546\u53c2\u4e0e\u4e3b\u52a8\u9009\u62e9\uff0c\u4e3b\u52a8\u8c03\u6574\u4ef7\u683c\u7684\u80fd\u529b\uff0c\u800c\u975e\u53ea\u80fd\u88ab\u52a8\u7684\u53bb\u63a5\u53d7\u6765\u81ea\u4ea4\u6613\u8005\u7684\u5b9a\u4ef7\uff0c\u6362\u53e5\u8bdd\u8bf4\uff0c\u505a\u5e02\u5546\u7684\u8d44\u4ea7\u6548\u7387\u6781\u5927\u63d0\u9ad8\u4e86\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u540c\u65f6\uff0c\u4e3b\u52a8\u9009\u62e9\u7684\u8bbe\u8ba1\u4f7f\u5f97clob\u76f8\u6bd4amm\uff0c\u5728\u300c\u6d41\u52a8\u6027\u4e0e\u4ef7\u683c\u53d1\u73b0\u7684\u6743\u8861\u300d\u4e0a\u66f4\u504f\u5411\u4e8e\u4ef7\u683c\u53d1\u73b0\uff0c\u5177\u6709\u66f4\u5f3a\u7684\u5b9a\u4ef7\u80fd\u529b\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u5728\u4ea4\u6613\u7684\u4e0d\u53ef\u80fd\u4e09\u89d2\u4e0a\uff0c\u4ea4\u6613\u8005\u53ef\u4ee5\u9009\u62e9\u4fdd\u8bc1\u6700\u4f73\u4ef7\u683c\u548c\u6210\u4ea4\u6570\u91cf\uff0c\u4f46\u90a3\u6837\u8ba2\u5355\u5f80\u5f80\u4f1a\u4f1a\u53d8\u6302\u5355\u8fdb\u5165\u8ba2\u5355\u8584\uff0c\u4f1a\u82b1\u8d39\u66f4\u957f\u65f6\u95f4\u53bb\u5b8c\u6210\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u800c\u5982\u679c\u60f3\u8981\u4fdd\u8bc1\u6700\u4f73\u4ef7\u683c\u548c\u6267\u884c\u65f6\u95f4\uff0c\u6216\u8005\u6362\u53e5\u8bdd\u8bf4\u4ea4\u6613\u8005\u5e0c\u671b\u8981\u8ba2\u5355\u4f5c\u4e3a\u5403\u5355\u53bb\u7acb\u9a6c\u6210\u4ea4\uff0c\u90a3\u4e48\u5c31\u4e0d\u80fd\u4fdd\u8bc1\u6210\u4ea4\u6570\u91cf\uff0c\u6bd5\u7adf\u5bf9\u5e94\u7684\u8ba2\u5355\u8584\u91cc\u548c\u5403\u5355\u76f8\u5339\u914d\u7684\u6302\u5355\u6570\u91cf\u662f\u6709\u9650\u7684\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">Clob\u6709\u4e24\u4e2a\u5f88\u91cd\u8981\u7684\u7279\u6027\uff1a\u8fde\u7eed\u64ae\u5408\uff0c\u65f6\u95f4\u4f18\u5148\u7ea7\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u8fde\u7eed\u64ae\u5408\u662f\u4e00\u79cd\u4ea4\u6613\u65f6\u6bb5\uff0c\u610f\u5473\u8457\u64ae\u5408\u662f\u300c\u968f\u5230\u968f\u914d\u300d\u3002\u6bcf\u5f53\u6709\u65b0\u8ba2\u5355\u5230\u8fbe\u64ae\u5408\u5f15\u64ce\uff0c\u7cfb\u7edf\u7acb\u523b\u5c1d\u8bd5\u628a\u5b83\u4e0e\u7c3f\u4e0a\u5bf9\u624b\u4ef7\u7684\u6302\u5355\u6210\u4ea4\uff1b\u82e5\u5269\u4f59\u6ca1\u6210\u4ea4\uff0c\u5c31\u628a\u672a\u6210\u4ea4\u90e8\u5206\u653e\u5165\u8ba2\u5355\u7c3f\u7b49\u5f85\u4e0b\u4e00\u7b14\u5230\u6765\u3002\u6ca1\u6709\u56fa\u5b9a\u7684\u300c\u96c6\u5408\u7ade\u4ef7\u65f6\u523b\u300d\uff08\u8fd9\u662f\u5e02\u573a\u7ed3\u6784\u53e6\u4e00\u79cd\u5e38\u89c1\u7684\u4ea4\u6613\u65f6\u6bb5\uff09\uff0c\u8ba2\u5355\u5728\u4efb\u610f\u65f6\u523b\u90fd\u53ef\u80fd\u89e6\u53d1\u6210\u4ea4\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u65f6\u95f4\u4f18\u5148\u7ea7\uff0c\u5e38\u4e0e\u4ef7\u683c\u4f18\u5148\u5408\u79f0\u4e3a\u4ef7\u683c\u2014\u65f6\u95f4\u4f18\u5148\uff1b\u64ae\u5408\u5148\u6bd4\u4ef7\u683c\u597d\u574f\uff0c\u5728\u540c\u4e00\u4ef7\u683c\u6863\u91cc\uff0c\u518d\u6309\u5230\u8fbe\u7684\u5148\u540e\u6392\u961f\uff1a\u5148\u5230\u5148\u6210\u4ea4\uff1b<\/p>\n<p>\u800c\u8fd9\u4e24\u7279\u6027\uff0c\u4f1a\u4ea7\u751f\u4e00\u4e2a\u53eb\u505a \u300c\u961f\u5217\u4f4d\u7f6e\u6709\u4ef7\u300d\u7684\u6982\u5ff5\uff0c\u8bb8\u591a\u4ea4\u6613\u8005\u4f1a\u6295\u5165\u5f88\u591a\u8d44\u6e90\u53bb\u63d0\u5347\u901f\u5ea6\uff0c\u62a2\u5230\u6700\u524d\u65b9\u90a3\u4e2a\u6700\u6709\u4ef7\u503c\u7684\u961f\u5217\u4f4d\u7f6e\uff0c\u8fd9\u5f88\u5927\u673a\u7387\u4f1a\u5f15\u53d1\u901f\u5ea6\u4e0a\u7684\u519b\u5907\u7ade\u8d5b\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u5728\u533a\u5757\u94fe\u73af\u5883\u4e0b\uff0c\u8fd9\u4e9b\u6548\u5e94\u88ab\u8fdb\u4e00\u6b65\u653e\u5927\uff1a\u5176\u4e00\uff0c\u94fe\u4e0a\u6570\u636e\u516c\u5f00\uff0c\u5bfc\u81f4\u8ba2\u5355\/\u610f\u56fe\u66b4\u9732\uff0c\u6f5c\u5728\u4ef7\u683c\u5f71\u54cd\u5bf9\u6240\u6709\u53c2\u4e0e\u8005\u53ef\u89c1\uff1b\u5176\u4e8c\uff0c\u4ea4\u6613\u5177\u6709\u53ef\u91cd\u6392\u6027\uff0c\u56e0\u5e95\u5c42\u51fa\u5757\u8005\/\u533a\u5757\u6784\u5efa\u8005\u62e5\u6709\u91cd\u6392\u6743\u3002\u7531\u6b64\u5f15\u53d1\u7684 MEV \u653b\u51fb\uff0c\u4f7f\u94fe\u4e0a CLOB \u7684\u81ea\u7136\u6d41\u4ea4\u6613\u8005\u627f\u62c5\u8f83\u9ad8\u7684\u9690\u6027\u6210\u672c\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h2 style=\"text-align: left\">\n<h3 style=\"text-align: left\">Dark pool<\/h3>\n<\/h2>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u6697\u6c60\u4e5f\u662ftradfi\u91cc\u5f88\u7ecf\u5178\u7684\u4ea4\u6613\u573a\u6240\uff0c\u7279\u6027\u4e3a\uff1a\u9690\u85cf\u8ba2\u5355\u7c3f\u3001\u951a\u5b9a\u5916\u90e8\u53c2\u8003\u4ef7\u3001\u5bf9\u5916\u4e0d\u516c\u5f00\u6df1\u5ea6\uff1b\u670d\u52a1\u5bf9\u8c61\u5f88\u591a\u90fd\u662f\u673a\u6784\u6295\u8d44\u8005\uff0c\u5141\u8bb8\u4ed6\u4eec\u5728\u4e0d\u60ca\u52a8\u5e02\u573a\u7684\u60c5\u51b5\u4e0b\u53bb\u6267\u884c\u4e00\u4e9b\u5927\u989d\u8ba2\u5355\uff08\u82e5\u662f\u8ba2\u5355\u6d41\u516c\u5f00\uff0c\u4e5f\u8bb8\u4f1a\u5f15\u53d1\u4e00\u4e9b\u4e0d\u5229\u7684\u4ef7\u683c\u6ce2\u52a8\uff09\uff0c\u4ee5\u6b64\u9690\u853d\u6d41\u52a8\u6027\u4e0e\u4ea4\u6613\u610f\u56fe\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u5c3d\u7ba1\u5e38\u88ab\u6279\u8bc4\u4e3a\u6d41\u52a8\u6027\u788e\u7247\u5316\u3001\u7f3a\u4e4f\u900f\u660e\u5ea6\uff0c\u4f46\u4e0d\u53ef\u5426\u8ba4\u7684\u662f\uff0c\u5bf9\u4e8e\u9700\u8981\u5904\u7406\u5927\u989d\u4ea4\u6613\u7684\u673a\u6784\u6765\u8bf4\uff0c\u6697\u6c60\u662f\u4e0d\u53ef\u6216\u7f3a\u7684\u5e02\u573a\u7ed3\u6784\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u90a3\u4e48\uff0cDeFi \u4e3a\u4ec0\u4e48\u4e5f\u9700\u8981\u6697\u6c60\uff1f<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u57fa\u4e8e\u6b64\u524d\u7684\u8ba8\u8bba\uff1aAMM \u867d\u7136\u63d0\u4f9b\u4e86\u6700\u5f00\u653e\u7684\u6d41\u52a8\u6027\uff0c\u4f46 LP \u88ab\u52a8\u627f\u53d7\u6709\u6bd2\u6d41\uff0c\u8d44\u91d1\u6548\u7387\u957f\u671f\u504f\u4f4e\uff1bCLOB \u867d\u7136\u8d4b\u4e88\u505a\u5e02\u5546\u4e3b\u52a8\u9009\u62e9\u6743\uff0c\u4f46\u94fe\u4e0a\u7684\u8ba2\u5355\u900f\u660e\u4e14\u53ef\u91cd\u6392\uff0c\u5bfc\u81f4\u81ea\u7136\u6d41\u4ea4\u6613\u8005\u66b4\u9732\u5728 MEV \u548c\u62a2\u8dd1\u7684\u6210\u672c\u4e2d\uff1b\u5927\u989d\u4ea4\u6613\u8005\u5728\u8fd9\u6837\u7684\u5e02\u573a\u4e2d\u51e0\u4e4e\u65e0\u5904\u85cf\u8eab\uff1a\u5728 AMM \u91cc\u4f1a\u88ab\u6ed1\u70b9\u6536\u5272\uff0c\u5728 CLOB \u91cc\u5219\u4f1a\u56e0\u4e3a\u8ba2\u5355\u53ef\u89c1\u6027\u88ab\u524d\u7f6e\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u800c\u6697\u6c60\u63d0\u4f9b\u4e86\u4e00\u79cd\u89e3\u51b3\u601d\u8def\uff0c\u5229\u7528\u79c1\u6709\u7684\u6d41\u52a8\u6027\uff0c\u4e13\u4e1a\u505a\u5e02\u5546\u9a71\u52a8\u7684\u4e0d\u516c\u5f00\u7684\u62a5\u4ef7\uff0c\u63d0\u4f9b\u7ed9\u4ea4\u6613\u8005\u66f4\u6709\u5229\u7684\u62a5\u4ef7\uff0c\u4ee5\u53ca\u4e0d\u540c\u7a0b\u5ea6\u7684\u9690\u79c1\u4fdd\u62a4\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u4e8b\u5b9e\u4e0a\uff0ccrypto\u7684\u6697\u6c60\u6709\u5f88\u591a\u79cd\u5b9e\u73b0\u8def\u5f84\uff1a<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<li>\n<p style=\"text-align: left\">Solana\u4e0a\u7684dark amm\uff08\u79c1\u6709\u6d41\u52a8\u6027\u6c60\uff09<\/p>\n<p style=\"text-align: left\">\u901a\u8fc7\u94fe\u4e0b\u4e13\u4e1a\u505a\u5e02\u5546\u53bb\u6301\u7eed\u62a5\u4ef7\uff08\u673a\u5236\u4e0d\u900f\u660e\uff09\u3001\u94fe\u4e0a\u7ed3\u7b97\u7684\u65b9\u5f0f\uff0c\u628a\u4ea4\u6613\u9690\u85cf\u5230\u63d0\u4ea4\u7ed9\u9a8c\u8bc1\u8005\u4e4b\u524d\uff0c\u7528\u6237\u5927\u591a\u662f\u901a\u8fc7\u805a\u5408\u5668\u95f4\u63a5\u89e6\u8fbe\uff1b\u9690\u79c1\u5c42\u7ea7\uff1a\u8ba2\u5355\u5728\u7ed3\u7b97\u524d\u9690\u85cf<\/p>\n<\/li>\n<\/section>\n<section style=\"margin-top:30px\">\n<li>\n<p style=\"text-align: left\">ethereum\u7684\u79c1\u5bc6\u4ea4\u6613\u901a\u9053\uff08private tx relays\uff09<\/p>\n<p style=\"text-align: left\">\u5178\u578b\u5982 Flashbots\u3002\u7528\u6237\u6216\u641c\u5bfb\u8005\u7ed5\u8fc7 mempool\uff0c\u76f4\u63a5\u5c06\u4ea4\u6613\u53d1\u9001\u7ed9\u9a8c\u8bc1\u8005\uff0c\u6548\u679c\u4e0e Solana \u7684 dark AMM \u7c7b\u4f3c\uff0c\u5747\u53ef\u5728\u6210\u4ea4\u524d\u9690\u85cf\u8ba2\u5355\uff1b\u533a\u522b\u5728\u4e8e\u901a\u5e38\u4e0d\u7ecf\u7531\u805a\u5408\u5668\u3002<\/p>\n<\/li>\n<\/section>\n<section style=\"margin-top:30px\">\n<li>\n<p style=\"text-align: left\">ethereum\u4e0a\u7684\u9690\u79c1\u534f\u8bae<\/p>\n<p style=\"text-align: left\">\u5982 Railgun\uff0c\u5229\u7528\u94fe\u4e0a\u96f6\u77e5\u8bc6\u8bc1\u660e\u4e0e\u533f\u540d\u6c60\uff0c\u4f7f\u5f97\u8ba2\u5355\u5728\u7ed3\u7b97\u524d\u540e\u5747\u53ef\u9690\u85cf\u8d44\u91d1\u6d41\u3002<\/p>\n<\/li>\n<\/section>\n<section style=\"margin-top:30px\">\n<li>\n<p style=\"text-align: left\">\u94fe\u4e0a\u539f\u751f\u6697\u6c60<\/p>\n<p style=\"text-align: left\">\u5982\u90e8\u7f72\u5728 Arbitrum \u7684 Renegade\uff0c\u9075\u5faa\u4f20\u7edf\u6697\u6c60\u903b\u8f91\uff1a\u6309 Binance \u7684\u4e2d\u70b9\u4ef7\u64ae\u5408\uff0c\u907f\u514d\u70b9\u5dee\u4e0e\u6ed1\u70b9\uff1b\u4ea4\u6613\u7ec6\u8282\u5728\u96f6\u77e5\u8bc6\u7535\u8def\u4e2d\u5339\u914d\uff0c\u76f4\u81f3\u7ed3\u7b97\u65f6\u624d\u516c\u5f00\u7ed3\u679c\u3002<\/p>\n<\/li>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u5176\u4e2d\uff083\uff09\uff084\uff09\u5728\u9690\u79c1\u7a0b\u5ea6\u4e0a\u6700\u63a5\u8fd1\u4f20\u7edf\u6697\u6c60\u3002\u9274\u4e8e\u533a\u5757\u94fe\u7684\u5929\u7136\u900f\u660e\u6027\uff0c\u5b9e\u73b0\u96be\u5ea6\u5e76\u4e0d\u4f4e\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u4e0d\u8bba\u662f\u54ea\u4e00\u79cd\u5b9e\u73b0\u8def\u5f84\uff0ccrypto\u7684\u6697\u6c60\u90fd\u662f\u66f4\u504f\u5411\u4e8e\u7528\u4ef7\u683c\u53d1\u73b0\u7684\u5f31\u5316\u53bb\u5f3a\u5316\u6d41\u52a8\u6027\u7684\u4fdd\u62a4\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u800c\u6697\u6c60\u7684\u9690\u79c1\u4fdd\u62a4\uff0c\u4e0d\u8bba\u662f\u54ea\u4e00\u4e2a\u7a0b\u5ea6\u7684\uff0c\u90fd\u53ef\u4ee5\u8ba9\u4ea4\u6613\u8005\u514d\u53d7mev\u7b49\u4ef7\u683c\u98ce\u9669\uff0c\u540c\u65f6\uff0c\u4e0d\u900f\u660e\u7684\u62a5\u4ef7\u673a\u5236\uff0c\u4ece\u6839\u672c\u4e0a\u4ea7\u751f\u4e86\u4e00\u79cd\u8d44\u8baf\u5c4f\u853d\uff08\u8fd9\u4e5f\u610f\u5473\u8457\u4ef7\u683c\u53d1\u73b0\u96be\u5ea6\u9ad8\uff09\uff0c\u5728\u6697\u6c60\u91cc\uff0c\u8d44\u8baf\u4f18\u52bf\u88ab\u6781\u5927\u964d\u4f4e\uff0c\u505a\u5e02\u5546\u4e0d\u7528\u592a\u8fc7\u4e8e\u62c5\u5fc3\u6709\u6bd2\u8ba2\u5355\u6d41\u5e26\u6765\u7684\u9006\u5411\u9009\u62e9\u98ce\u9669\uff0c\u6240\u4ee5\u8fdb\u4e00\u6b65\u7ed9\u4e86\u4ea4\u6613\u8005\u4ef7\u683c\u4e0a\u7684\u4f18\u52bf\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u800c\u6697\u6c60\u6700\u5927\u7684\u95ee\u9898\u5728\u4e8e\uff0c\u4ea4\u6613\u8005\u4e0d\u6e05\u695a\u6267\u884c\u6210\u529f\u7684\u673a\u7387\u6709\u591a\u5927\uff0c\u56e0\u4e3a\uff0c\u4e0d\u8bba\u662f\u54ea\u4e00\u79cd\u5b9e\u73b0\u8def\u5f84\uff0c\u7531\u4e8e\u5b9a\u4ef7\u662f\u4e0d\u900f\u660e\u7684\uff0c\u90a3\u4e48\u5e02\u573a\u6df1\u5ea6\u4e5f\u662f\u4e0d\u900f\u660e\u7684\uff0c\u8fd9\u53ef\u80fd\u4f1a\u7ed9\u4ea4\u6613\u8005\u5e26\u6765\u6267\u884c\u65f6\u95f4\u4e0a\u7684\u76f4\u89c2\u611f\u53d7\u7b49\u7b49\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u5bf9\u4e8esolana\u4e0a\u7684dark amm\u8fd9\u4e00\u7c7b\uff0c\u8fd8\u6709\u4e00\u4e2a\u95ee\u9898\uff1a\u6d41\u52a8\u6027\u662f\u5206\u6563\u7684\uff0c\u4e3b\u8981\u901a\u8fc7\u805a\u5408\u5668\u53bb\u805a\u5408\u8d77\u6765\uff0c\u4ece\u5e02\u573a\u6574\u4f53\u7684\u89d2\u5ea6\u6765\u770b\u662f\u5bf9\u8d44\u672c\u6548\u7387\u7684\u964d\u4f4e\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h2 style=\"text-align: left\">\n<h3 style=\"text-align: left\">DFBA<\/h3>\n<\/h2>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">DFBA\u662fjump crypto\u63d0\u51fa\u7684\u4e00\u79cd\u65b0\u7684\u5e02\u573a\u7ed3\u6784\uff0c\u5168\u79f0\u662f\uff1aDual Flow Batch Auction\uff0c\u53cc\u6d41\u6279\u91cf\u62cd\u5356\u673a\u5236\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u4ece\u8bbe\u8ba1\u7406\u5ff5\u4e0a\uff0c\u5b83\u53c2\u8003\u4e86\u5148\u524d\u7684\u90a3\u4e9b\u5e02\u573a\u7ed3\u6784\uff0c\u300c\u53d6\u5176\u7cbe\u534e\uff0c\u53bb\u5176\u7cdf\u7c95\u300d\uff0c\u65e8\u5728\u6253\u9020\u4e00\u79cd\u771f\u6b63\u4e3a\u81ea\u7136\u6d41\u4ea4\u6613\u8005\u800c\u751f\u7684\u5e02\u573a\u7ed3\u6784\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u57fa\u4e8e\u6b64\u524d\u7684\u8ba8\u8bba\uff0camm\u8fd9\u79cd\u94fe\u4e0a\u539f\u751f\u7684\u5e02\u573a\u7ed3\u6784\u5929\u7136\u7684\u6548\u7387\u4e0d\u591f\u9ad8\uff0c\u6240\u4ee5\u6211\u4eec\u9700\u8981\u5f15\u5165\u94fe\u4e0aclob\uff0c\u800c\u7531\u4e8e\u533a\u5757\u94fe\u7684\u73af\u5883\uff0c\u4f7f\u5f97\u94fe\u4e0aclob\u6240\u9700\u4f9d\u8d56\u7684\u7279\u6027\uff1a\u8fde\u7eed\u64ae\u5408\u548c\u65f6\u95f4\u4f18\u5148\u7ea7\uff0c\u4e3a\u5ef6\u8fdf\u5957\u5229\u3001MEV \u5265\u524a\u548c\u9006\u5411\u6d41\u52a8\u6253\u5f00\u4e86\u5927\u95e8\uff0c\u4ece\u800c\u63a8\u9ad8\u4e86\u505a\u5e02\u5546\u548c\u81ea\u7136\u6d41\u4ea4\u6613\u8005\u7684\u6210\u672c\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">DFBA\u6b63\u662f\u4e3a\u4e86\u89e3\u51b3\u8fd9\u4e9b\u95ee\u9898\u800c\u751f\u7684\uff1a<br \/>\n\u5bf9\u4e8e\u505a\u5e02\u5546\u6765\u8bf4\uff0c\u5b83\u53ef\u4ee5\u51cf\u5c11\u6709\u6bd2\u6d41\u52a8\u7684\u98ce\u9669\uff0c\u5e76\u901a\u8fc7\u7edf\u4e00\u5b9a\u4ef7\u521b\u9020\u516c\u5e73\u7684\u7ade\u4e89\u73af\u5883\uff1b<br \/>\n\u5bf9\u4e8e\u81ea\u7136\u6d41\u4ea4\u6613\u8005\u6765\u8bf4\uff0c\u5b83\u901a\u8fc7\u89e3\u51b3 CLOB \u7ed9\u5206\u6563\u5e02\u573a\u5e26\u6765\u7684\u7ed3\u6784\u6027\u4f4e\u6548\u7387\uff0c\u63d0\u4f9b\u66f4\u5c0f\u7684\u4ef7\u5dee\u548c\u66f4\u6df1\u7684\u6d41\u52a8\u6027\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u5728 CLOB \u4e2d\uff0ctaker \u4e0e maker \u7531\u8ba2\u5355\u5230\u8fbe\u8ba2\u5355\u7c3f\u7684\u5148\u540e\u6765\u754c\u5b9a\uff1a\u5148\u5230\u8005\u4e3a\u6302\u5355\uff08maker\uff09\uff0c\u540e\u5230\u8005\u4e3a\u5403\u5355\uff08taker\uff09\uff0c\u5e76\u4e0e\u5148\u524d\u5230\u8fbe\u7684\u6302\u5355\u5339\u914d\u6210\u4ea4\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u800c\u5728 DFBA \u4e2d\u867d\u6cbf\u7528 taker\/maker \u7684\u672f\u8bed\uff0c\u4f46\u4e0d\u518d\u4ee5\u5230\u8fbe\u65f6\u95f4\u533a\u5206\uff0c\u800c\u662f\u4f9d\u636e\u8ba2\u5355\u53d1\u9001\u8005\u7684\u89d2\u8272\u4e0e\u610f\u56fe\uff1a\u82e5\u4e3a\u505a\u5e02\u5546\u4e14\u76ee\u6807\u662f\u63d0\u4f9b\u6d41\u52a8\u6027\uff0c\u5219\u5176\u8ba2\u5355\u4e3a\u6302\u5355\uff1b\u82e5\u4e3a\u81ea\u7136\u4ea4\u6613\u8005\uff08\u4e5f\u53ef\u80fd\u662f\u505a\u5e02\u5546\uff09\u4e14\u76ee\u6807\u662f\u83b7\u53d6\u6d41\u52a8\u6027\u5e76\u5bfb\u6c42\u7acb\u5373\u6267\u884c\uff0c\u5219\u5176\u8ba2\u5355\u4e3a\u5403\u5355\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">DFBA\u4f1a\u5148\u628a\u56fa\u5b9a\u671f\u9650\u5185\uff08\u7ea6100\u6beb\u79d2\uff09\u6240\u6709\u9650\u4ef7\u4e70\u5356\u8ba2\u5355\u6536\u96c6\u8d77\u6765\uff08\u5305\u62ec\u4e0a\u4e00\u8f6e\u62cd\u5356\u6ca1\u6210\u4ea4\u7684\uff09\uff0c\u5206\u4e3a\u6302\u5355\u7ec4\u548c\u5403\u5355\u7ec4\u3002\u7136\u540e\u4f1a\u8fdb\u884c\u4e24\u6b21\u5355\u72ec\u4e14\u540c\u65f6\u7684\u62cd\u5356\uff1a<\/p>\n<\/section>\n<section style=\"margin-top:20px\">\n<ul class=\" list-paddingleft-2\">\n<li>\n<p style=\"text-align: left\">\u6302\u5355\u4e70\u5165\u548c\u5403\u5355\u5356\u51fa\u4e4b\u95f4\u7684\u300c\u7ade\u4ef7\u300d<\/p>\n<\/li>\n<li>\n<p style=\"text-align: left\">\u6302\u5355\u5356\u5355\u548c\u5403\u5355\u4e70\u5355\u4e4b\u95f4\u7684\u300c\u8be2\u4ef7\u62cd\u5356\u300d<\/p>\n<\/li>\n<\/ul>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u5728\u6bcf\u6b21\u62cd\u5356\u4e2d\uff0c\u627e\u5230\u6700\u5927\u5316\u62cd\u5356\u4e2d\u5339\u914d\u91cf\u7684\u6e05\u7b97\u4ef7\u683c\uff0c\u5339\u914d\u7684\u6240\u6709\u8ba2\u5355\u90fd\u4ee5\u76f8\u540c\u7684\u4ef7\u683c\u6210\u4ea4 \uff0c\u800c\u4e14\u4ee5\u66f4\u4f18\u60e0\u7684\u4ef7\u683c\u7559\u4e0b\u6240\u6709\u672a\u5339\u914d\u7684\u8ba2\u5355\uff1b<br \/>\n\u7136\u540e\u5c31\u662f\u91cd\u590d\u4e0a\u8ff0\u8fc7\u7a0b\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u8be5\u673a\u5236\u6709\u4e00\u4e9b\u503c\u5f97\u5173\u6ce8\u7684\u70b9\uff1a<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<li>\n<p style=\"text-align: left\">DFBA\u91c7\u7528\u6279\u91cf\u62cd\u5356\uff0c\u7edf\u4e00\u5b9a\u4ef7\uff0c\u800c\u975e\u8fde\u7eed\u8fdb\u884c\u64ae\u5408<\/p>\n<p style=\"text-align: left\">clob\u7684\u8fde\u7eed\u64ae\u5408\uff0c\u4f1a\u4ea7\u751f\u65f6\u95f4\u4f18\u5148\u7ea7\uff0c\u8fdb\u800c\u5f15\u53d1\u53c2\u4e0e\u8005\u5728\u901f\u5ea6\u4e0a\u8fdb\u884c\u4e00\u573a\u519b\u5907\u7ade\u8d5b\uff0c\u4f46\u6700\u540e\u5176\u5b9e\u6700\u5927\u7684\u6536\u76ca\u65b9\u662fHFT\uff0c\u800c\u505a\u5e02\u5546\u5e38\u5e38\u56e0\u4e3a\u65e0\u6cd5\u5728\u901f\u5ea6\u4e0a\u5339\u654chft\uff0c\u53ea\u80fd\u9006\u5411\u9009\u62e9\uff0c\u627f\u62c5\u4e86\u6709\u6bd2\u8ba2\u5355\u6d41\u5e26\u6765\u7684\u635f\u5931\uff0c\u6700\u7ec8\u8fd9\u79cd\u635f\u5931\u4f1a\u8ba9\u505a\u5e02\u5546\u901a\u8fc7\u6269\u5927\u4e70\u5356\u4ef7\u5dee\u7b49\u65b9\u5f0f\u8f6c\u79fb\u90e8\u5206\u5230\u81ea\u7136\u6d41\u4ea4\u6613\u8005\u8eab\u4e0a\uff1b\uff08\u5728\u94fe\u4e0a\uff0c\u7531\u4e8emev\u95ee\u9898\uff0c\u81ea\u7136\u4ea4\u6613\u8005\u53d7\u5230\u7684\u635f\u5931\u4f1a\u66f4\u4e3a\u4e25\u91cd\uff09\u3002<\/p>\n<p>\u800cDFBA\u4f7f\u7528\u7684\u6279\u91cf\u62cd\u5356\uff0c\u7edf\u4e00\u62a5\u4ef7\uff0c\u672c\u8d28\u4e0a\u5728\u4e00\u4e2a\u56fa\u5b9a\u671f\u9650\u5185\uff0c\u6240\u6709\u8ba2\u5355\u4e0d\u8bba\u5148\u6765\u540e\u5230\uff0c\u90fd\u6ca1\u6709\u4efb\u4f55\u533a\u522b\uff0c\u4ece\u800c\u6d88\u9664\u4e86\u65f6\u95f4\u4f18\u5148\u7ea7\u8fd9\u4e2a\u6982\u5ff5\uff0c\u6781\u5927\u51cf\u5c11\u4e86\u505a\u5e02\u5546\u906d\u53d7\u7684\u6709\u6bd2\u8ba2\u5355\u6d41\u98ce\u9669\uff0c\u5bf9\u6d41\u52a8\u6027\u4e5f\u662f\u4e00\u4e2a\u4fdd\u62a4\u624b\u6bb5\uff0c\u800c\u6700\u7ec8\u81ea\u7136\u4ea4\u6613\u8005\u4e5f\u53ef\u4ee5\u6536\u76ca\u4e8e\u505a\u5e02\u5546\u63d0\u4f9b\u7684\u66f4\u597d\u7684\u4e70\u5356\u4ef7\u5dee\uff0c\u800c\u4e14\u8fd9\u4e9b\u63aa\u65bd\u4e5f\u6781\u5927\u6d88\u51cf\u4e86\u5ef6\u8fdf\u5957\u5229\uff0cmev\u7b49\u4f20\u7edfclob\u65e0\u6cd5\u6d88\u9664\u7684\u7528\u6237\u4ea4\u6613\u9690\u6027\u6210\u672c\uff1b<\/p>\n<\/li>\n<\/section>\n<section style=\"margin-top:30px\">\n<li>\n<p style=\"text-align: left\">\u8fdb\u884c\u7684\u662f\u53cc\u5411\u62cd\u5356<\/p>\n<p style=\"text-align: left\">\u5728clob\u4e2d\uff0c\u505a\u5e02\u5546 A\u3001B \u90fd\u662f\u300cmaker \u8eab\u4efd\u300d\u7684\u53c2\u4e0e\u8005\uff0c\u4f46A \u5b8c\u5168\u53ef\u4ee5\u968f\u65f6\u5207\u6362\u6210 taker\uff0c\u53bb\u5229\u7528\u65f6\u95f4\u4f18\u5148\u7ea7\u6311\u6389\u5bf9\u624b B \u7684\u8fc7\u65f6\/\u5931\u771f\u6302\u5355\uff0c\u8fd9\u76f8\u5f53\u4e8e\u662fmaker\u548cmaker\u6210\u4ea4\uff0c\u6216\u8005\u8bf4\u300c\u505a\u5e02\u5546\u4e92\u6bb4\u300d\uff1a\u505a\u5e02\u5546\u4e4b\u95f4\u901a\u8fc7\u4e34\u65f6\u5145\u5f53 taker \u53bb\u6253\u5bf9\u65b9\u7684 maker \u4ef7\uff0c\u800c\u4e14\u8c01\u66f4\u5feb\u3001\u961f\u5217\u4f4d\u7f6e\u66f4\u597d\uff0c\u8c01\u5c31\u66f4\u80fd\u8d5a\u5230\u8fd9\u7b14\u300c\u901f\u5ea6\u94b1\u300d\uff0c\u8fd9\u4f1a\u63d0\u9ad8\u5bf9\u65b9\u7684\u9006\u5411\u9009\u62e9\u98ce\u9669\uff0c\u903c\u5f97\u5927\u5bb6\u62c9\u5bbd\u70b9\u5dee\u3001\u6536\u7a84\u6df1\u5ea6\uff1b<br \/>\n\u800cdfba\u673a\u5236\u4e0b\uff0c\u8ba2\u5355\u5728\u63d0\u4ea4\u65f6\u4fbf\u88ab\u786e\u8ba4\u5c5e\u6027\uff0c\u88ab\u5206\u4e3a\u4e24\u4e2a\u7ec4\u522b\uff0c\u8fdb\u884c\u4e24\u7ec4\u62cd\u5356\uff0ctaker\u4ec5\u80fd\u4e0emaker\u8fdb\u884c\u4ea4\u6613\uff1bMaker\u8ba2\u5355\u4e13\u6ce8\u63d0\u4f9b\u6d41\u52a8\u6027\uff0c\u800ctaker\u8ba2\u5355\u7531\u4e8e\u7edf\u4e00\u5b9a\u4ef7\u7b49\u65b9\u5f0f\uff0c\u4e5f\u4e0d\u5b58\u5728\u65f6\u95f4\u4f18\u5148\u7ea7\u53bb\u8d5a\u53d6\u5176\u4ed6\u505a\u5e02\u5546\u7684\u901f\u5ea6\u94b1\uff0c\u4ece\u800c\u6839\u672c\u4e0a\u675c\u7edd\u4e86maker\u4e0emaker\u7684\u6210\u4ea4\uff0c\u51cf\u5f31\u4e86\u505a\u5e02\u5546\u4e4b\u95f4\u7684\u535a\u5f08\uff0c\u8ba9\u505a\u5e02\u5546\u66f4\u4e13\u6ce8\u4e8e\u4e3a\u81ea\u7136\u6d41\u4ea4\u6613\u8005\u63d0\u4f9b\u66f4\u597d\u7684\u670d\u52a1\uff08\u66f4\u597d\u7684\u62a5\u4ef7\uff09\uff1b<br \/>\n\u5f3a\u5316\u4e86\u505a\u5e02\u5546\u4f5c\u4e3a\u4e13\u6ce8\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\u7684\u89d2\u8272\uff0c\u63a5\u53d7\u8005\u5219\u53d7\u76ca\u4e8e\u6e05\u6670\u4e14\u5177\u6709\u7ade\u4e89\u529b\u7684\u6267\u884c\uff1b\u89d2\u8272\u7684\u5206\u660e\u80fd\u591f\u5728\u6d41\u52a8\u6027\u63d0\u4f9b\u8005\uff08\u505a\u5e02\u5546\uff09\u548c\u6d41\u52a8\u6027\u9700\u6c42\u8005\uff08\u63a5\u53d7\u8005\uff09\u4e4b\u95f4\u5efa\u7acb\u76f4\u63a5\u3001\u9ad8\u6548\u7684\u4e92\u52a8\u6765\u589e\u5f3a\u4ef7\u683c\u53d1\u73b0\uff0c\u4ece\u800c\u63d0\u9ad8\u6574\u4e2a\u5e02\u573a\u7684\u5b9a\u4ef7\u6548\u7387\uff1b<\/p>\n<\/li>\n<\/section>\n<section style=\"margin-top:30px\">\n<li>\n<p style=\"text-align: left\">\u6e05\u7b97\u4ef7\u683c\u4ecb\u4e8e\u6700\u4f73\u6302\u5355\u4ef7\u683c\u548c\u6700\u5dee\u5403\u5355\u4ef7\u683c\u4e4b\u95f4\uff08\u5305\u542b\uff09<\/p>\n<p style=\"text-align: left\">\u5bf9\u4e8emaker\u548ctaker\u5747\u6709\u4e00\u4e2a\u4ef7\u683c\u6539\u5584\u7684\u6548\u679c\uff0c\u8fd9\u76f8\u5f53\u4e8e\u662f\u5728\u63d0\u5347\u505a\u5e02\u5546\u7684\u529b\u91cf\uff0c\u800c\u4f20\u7edfclob\u4ec5\u4ec5\u4f1a\u5bf9taker\u6709\u4e00\u4e2a\u4ef7\u683c\u6539\u5584\u6548\u679c\uff1b<\/p>\n<\/li>\n<\/section>\n<section style=\"margin-top:30px\">\n<li>\n<p style=\"text-align: left\">\u65f6\u95f4\u5468\u671f\u662f100\u6beb\u79d2<\/p>\n<p style=\"text-align: left\">\u6839\u636e\u539f\u6587\u7684\u63cf\u8ff0\uff0cjump\u901a\u8fc7\u7814\u7a76\u5f97\u51fa\u7ed3\u8bba\uff1a100ms\u5bf9\u4e8e\u4ef7\u683c\u7684\u6ce2\u52a8\u7387\u5f71\u54cd\u51e0\u4e4e\u53ef\u4ee5\u5ffd\u7565\u4e0d\u8ba1\uff0c\u800c\u4e14\u5bf9\u4e8e\u81ea\u7136\u6d41\u4ea4\u6613\u8005\u800c\u8a00\uff0c\u8fd9\u4e2a\u65f6\u5dee\u6ca1\u6709\u4efb\u4f55\u5f71\u54cd<\/p>\n<\/li>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u4ece\u66f4\u9ad8\u5c42\u89c6\u89d2\u770b\uff0cDFBA \u7684\u6838\u5fc3\u521b\u65b0\u5728\u4e8e\u5bf9\u5e02\u573a\u53c2\u4e0e\u8005\u529b\u91cf\u7684\u66f4\u4e3a\u5408\u7406\u5206\u914d\uff08\u66f4\u4fa7\u91cd\u670d\u52a1\u81ea\u7136\u6d41\u4ea4\u6613\u8005\uff09\uff1a\u5176\u673a\u5236\u663e\u8457\u524a\u5f31 HFT \u7684\u901f\u5ea6\u4f18\u52bf\uff0c\u51cf\u5c11\u505a\u5e02\u5546\u6240\u627f\u53d7\u7684\u6709\u6bd2\u8ba2\u5355\u6d41\u5f71\u54cd\uff0c\u5e76\u5728\u7ed3\u6784\u4e0a\u538b\u4f4e\u9006\u5411\u9009\u62e9\u3002\u7531\u6b64\uff0c\u505a\u5e02\u5546\u503e\u5411\u4e8e\u62a5\u51fa\u66f4\u7d27\u7684\u4ef7\u5dee\u5e76\u63d0\u4f9b\u66f4\u539a\u7684\u6df1\u5ea6\uff1b\u81ea\u7136\u6d41\u4ea4\u6613\u8005\u56e0\u800c\u53d7\u76ca\u4e8e\u66f4\u4f18\u7684\u70b9\u5dee\u4e0e\u6df1\u5ea6\uff0c\u540c\u65f6 MEV \u98ce\u9669\u663e\u8457\u7f13\u89e3\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u6d41\u52a8\u6027\u53d7\u5230\u66f4\u597d\u7684\u4fdd\u62a4\uff0c\u4ee3\u4ef7\u662f\u4ef7\u683c\u53d1\u73b0\u88ab\u79bb\u6563\u5728\u4e00\u4e2a\u4e00\u4e2a100ms\u91cc\uff0c\u800cjump\u7684\u7814\u7a76\u4e5f\u8868\u660e\u8fd9\u6bb5\u65f6\u95f4\u5e76\u4e0d\u5f71\u54cd\u4ef7\u683c\u7684\u6ce2\u52a8\u6027\uff0c\u5bf9\u81ea\u7136\u6d41\u7528\u6237\u4e5f\u6ca1\u6709\u4efb\u4f55\u611f\u77e5\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<h1 style=\"text-align: left\">\n<h2 style=\"text-align: left\">\u5e02\u573a\u7ed3\u6784\u4e0e\u516c\u94fe<\/h2>\n<\/h1>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">Defi\u7684\u5e02\u573a\u7ed3\u6784\u4e0e\u516c\u94fe\u7684\u53d1\u5c55\u662f\u606f\u606f\u76f8\u5173\u7684\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u4ee5\u592a\u574a\u65e9\u671f\u7684\u541e\u5410\/\u5ef6\u8fdf\u4e0e\u516c\u5f00\u5185\u5b58\u6c60\uff0c\u8ba9\u300c\u9ad8\u9891\u6302\u64a4 + \u961f\u5217\u535a\u5f08\u300d\u7684\u94fe\u4e0a\u8ba2\u5355\u7c3f\u5f88\u96be\u89c4\u6a21\u5316\uff0c\u4f46\u662f\u53ef\u4ee5\u8bde\u751famm\u8fd9\u79cd\u6027\u80fd\u8981\u6c42\u76f8\u5bf9\u4e0d\u9ad8\u7684\u5e94\u7528\uff1b\u800c\u5f53\u4e0b\u50cfsolana\u8fd9\u6837\u7684\u9ad8\u6027\u80fd\u94fe\u628a\u4f4e\u5ef6\u8fdf + \u9ad8\u5e76\u53d1\u5f53\u4f5c\u4e00\u7b49\u516c\u6c11\uff0c\u4e8e\u662forder book\u7684\u4e3b\u52a8\u62a5\u4ef7\u7b49\u7b49\u8bbe\u8ba1\u5c31\u53d8\u5f97\u53ef\u884c\u4e14\u81ea\u7136\uff1b<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u800c\u533a\u5757\u94fe\u4f53\u7cfb\u4e2d\u7684 MEV\uff0c\u672c\u8d28\u4e0a\u6e90\u4e8e\u4ea4\u6613\u987a\u5e8f\u7684\u63a7\u5236\u6743\u638c\u63e1\u5728\u516c\u94fe\u4e0e\u8282\u70b9\u800c\u975e\u5e94\u7528\u4fa7\uff1b\u5c31\u6210\u719f\u3001\u5065\u5eb7\u7684\u91d1\u878d\u5e02\u573a\u800c\u8a00\uff0c\u8fd9\u79cd\u5b89\u6392\u5e76\u4e0d\u5408\u7406\u3002Solana \u663e\u7136\u610f\u8bc6\u5230\u8be5\u95ee\u9898\uff0c\u5e76\u5728\u8fd1\u671f\u63d0\u51fa\u7684\u300c\u7f51\u8def\u8d44\u672c\u5e02\u573a\u300d\u8ba1\u5212\u4e2d\u5f15\u5165\u65b0\u7684\u533a\u5757\u6784\u5efa\u65b9\u5f0f BAM\uff08Block Assembly Marketplace\uff09\uff0c\u5176\u6548\u679c\u4e4b\u4e00\u662f\u5c06\u76f8\u5f53\u4e00\u90e8\u5206\u6392\u5e8f\u4e3b\u6743\u8fd8\u7ed9\u5e94\u7528\u672c\u8eab\uff1b\u5bf9\u4ea4\u6613\u578b\u573a\u666f\u800c\u8a00\uff0c\u8fd9\u4e00\u6a21\u5f0f\u66f4\u63a5\u8fd1\u300c\u4e3a\u5e02\u573a\u7ed3\u6784\u800c\u751f\u300d\u7684\u6267\u884c\u5c42\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p style=\"text-align: left\">\u56e0\u6b64\uff0c\u8bf8\u5982 DFBA \u7684\u521b\u65b0\u8bbe\u8ba1\u6216\u8bb8\u5c06\u7387\u5148\u5728 Solana \u843d\u5730\uff0c\u5229\u7528 BAM \u7684\u63d2\u4ef6\u5316\u7b49\u80fd\u529b\uff0c\u6784\u5efa\u9762\u5411\u81ea\u7136\u6d41\u4ea4\u6613\u8005\u7684\u65b0\u578b\u7f51\u8def\u8d44\u672c\u5e02\u573a\u3002<\/p>\n<\/section>\n<section style=\"margin-top:30px\">\n<p>\u6765\u6e90\uff1a\u91d1\u8272\u8d22\u7ecf<\/p>\n<\/section>\n<p><\/main><!--$--><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u4f5c\u8005\uff1aEast Asia Venture\uff1b\u6765\u6e90\uff1aX\uff0c@EastAsiaVenture DeFi\u4e2d\u7684\u5e02\u573a\u7ed3\u6784\u51b3\u5b9a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=\/wp\/v2\/posts\/4806","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4806"}],"version-history":[{"count":1,"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=\/wp\/v2\/posts\/4806\/revisions"}],"predecessor-version":[{"id":6769,"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=\/wp\/v2\/posts\/4806\/revisions\/6769"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=\/wp\/v2\/media\/3457"}],"wp:attachment":[{"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4806"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.liaoxiaoha.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}