简析无常损失(Impermanent Loss) 无常损失的定义无常损失，英文为 Impermanent Loss，即资产因币价变化，资产在流动性池内及池外的两种状况的资...
资讯 2024-07-03 阅读:26 评论:0
无常损失的定义
Definition of unusual loss
无常损失，英文为 Impermanent Loss，即资产因币价变化，资产在流动性池内及池外的两种状况的资产差额。无常损失针对的是向 DEX 的流动性池中注入资产的提供者，称为流动性提供者（Liquidity Provider 简称 LP），LP 在将资产注入流动性池（Liquidity Pool 也简称 LP），和不将资产注入流动性池，上述两种不同方向下的资产机会成本。
Unusual losses, in English Impermanent Loss, i.e. asset balances in and outside the liquid pool due to changes in currency prices. Unusual losses relate to asset-injecting providers in the liquid pool, known as liquid providers (Liquidity Provider & nbsp; LP), which injects assets into the liquidity pool (Liquidity Pool also & nbsp; LP), and the cost of asset opportunities in the two different directions mentioned above.
无常损失举例
Examples of unusual losses
为了更好的说明无常损失是什么，首先我们假设有如下三个前提：
In order to better explain what aberrant losses are, first of all, we assume that there are three premises:
第一，假设有如下流动性池。这里仍延续上一期知识小课堂中的 AMM 例子，流动性池中现有 1000 FC 及 250 USDT。
First, assume the following liquid pools. This continues with the example of AMM, which is currently in 1000 FC and 250 USDT.
如下图 FC 和 USDT 流动性池。根据经典流动性池的特点，FC 数量和 USDT 数量的乘积为一个常数，公式即为 X*Y=K（常数）。初始情况下，FC 和 USDT 在池子中的价格为 1:1，若 FC 现价为 0.25 美元，USDT 为稳定币 1 美元，假设池子中的 FC 数量为为 1000 个，则 USDT 的数量为（0.25*1000）/1=250个。根据 X*Y=K，可得常数K 为1000*250=250000。
Figures & nbsp; FC and USDT Liquid Pools. Depending on the characteristics of the classic liquidity pool, the number of FCs and USDTs multiplied by one constant, the formula being X*Y=K (variable). In initial cases, FC and USDT prices in the pool are 1 if FC current prices are 0.25 USDT is stable currency & nbsp; 1& nbsp; 1 & nbsp; assuming & nbsp in the pool; FC numbers are & nbsp; 1000 & nbsp; 1 & nbsp; USDT numbers are (0.25*1000)/1 = 250. According to & nbsp; XY= K, the constant K is 1000*250 = 250 000.
第二，假设流动性池中有我提供的 100 FC 及 25 USDT，我就有流动性池中 10% 的资产；
Second, assuming that the liquidity pool contains my & nbsp; 100 & nbsp; FC and & nbsp; 25 & nbsp; USDT, I have assets in the liquidity pool & nbsp; 10 % & nbsp;
第三，FC 不断上涨，直至某一时刻，流动性池中 FC 数量减少至 500 个，USDT 数量增加至 500 个。
Third, the FC continues to rise until at some point in the liquidity pool & nbsp; the number of FCs is reduced to 500 & nbsp; one, the number of USDTs increased to & nbsp; 500 & nbsp; and one.
问题一：根据假设，我目前的资产状况如何？
Question I: What is my current asset position based on assumptions?
答：因为我所占流动性池的比例为 10%，所以目前我在流动性池中的资产为 50 FC及 50 USDT。
Answer: Because my share of the liquid pool is 10%, my assets in the liquid pool are now 50 FC and & nbsp; 50 USDT.
问题二：如果未参与提供流动性，那么我的资产状况如何？
Question II: If not involved in providing liquidity, what is my asset position?
答：若未提供流动性，则我的资产为 100 FC及 25 USDT 。
Answer: If liquidity is not provided, my assets are 100 FC and 25 USDT.
问题三：此刻我本次的无常损失是多少？
Question III: What is my extraordinary loss at this time?
答：本次的无常损失为 25 美元，资产损失为 20%（未考虑手续费等收入）。计算过程如下：
Answer: The unusual losses at this time are 25 United States dollars, 20% (income such as fees not taken into account). The calculation is as follows:
1、 未提供流动性情况下：
1, in the absence of liquidity:
我的资产为 100 FC 及 25 USDT，即100*FC现价+25*USDT价格=100*1+25*1=125
My assets are 100 FC and 25 USDT, i.e. 100*FC current price + 25*USDT price = 100*1+25*1=125
2、 提供流动性情况下：
2. & nbsp; where mobility is provided:
我的资产为50FC及50USDT，即 50*FC现价+50*USDT价格=50*1+50*1=100
My assets are 50 FC and 50 USDT, i.e. & nbsp; 50 *FC current price + 50 * USDT price = 50 * 1 + 50 * 1 = 100
3、 未提供流动性情况下的资产价格与提供流动性情况下的资产价格差：
3, difference between the price of assets without liquidity and the price of assets if liquidity is provided:
125-100=25。损失比率为 25/125=20%。
125-100 = 25. Loss rate & nbsp; 25/125 = 20%.
问题四：为什么会出现无常损失？
Question IV: Why is there anomalous loss?
答：因为 FC 价格不断上涨，而原始流动性池中 FC 相对就会比较便宜，所以就会有人不断在流动性池中充入 USDT，换出 FC 套利，池子中的 FC 就会减少，USDT 就会变多。对于我作为流动性提供者来说，相当于我手中的 FC 在不断被以比较低的价格卖出，而收入的是相对FC不断贬值的 USDT，这也就产生了无常损失。无常损失是从英文 Impermanent Loss 翻译来的，其实英文直译就是临时损失，也就是说，当我初始存入 FC 和 USDT 时，因为币价的变动 FC 和 USDT 的价值比变了，这时也就产生了 Impermanent Loss。但当一段时间以后，FC和USDT的价格比又回到了我初始存入时的比例时，这种损失就会消失。所以称为临时损失。
Answer: Because FC prices are rising and in the original liquidity pool; FC is relatively cheaper, there is a constant loss of in the liquidity pool; USDT, swapping FC arbitrage, in the pool; FC, decrease, USDT. For me as a liquidity provider, is equivalent to in my hand; while the FC is sold at a lower price and the income is & nbsp & & nbsp & & & & nbsp, which also results in an extraordinary loss. Unusual losses come from English & nbsp; Impermanent Loss, which is a temporary loss, i.e., when I initially put in & nbsp; FC & & & nbsp; USC & & & & nbUS, which is a temporary loss of price & L.D.
问题五：无常损失的函数曲线什么样的？
Question V: What is the function curve for irregular losses?
首先，通过计算，我们可以列出几个流动性池的 FC 和 USDT 数量的时间点，并依据问题三中提到的无常损失计算方法，得出相应的损失比例。如下图表：
First, by calculation, we can list the time points for the number of FC and USDT in several liquid pools and derive the corresponding proportion of the loss based on the method for calculating anomalous losses referred to in question 3.
根据此表，可以得出如下横轴为 FC 数量，纵轴为损失比率的折线图。
On the basis of this table, the following cross-axis can be derived: number of FCs, which are lined with the rate of loss.
上图中折线交横轴的点也就是上表中初始流动性池中的 USDT 为 25，FC 为 100 时状态，此时损失比例为 0。这也就意味着，如果不考虑其他收入的情况下，流动性提供者 LP 随着时间的推移，资产不会增长，而最多持平。
The point of the intersectional axis of the above figure is USDT is 25, FC is 100 the current state, where the loss is 0. This also means that the liquidity provider & nbsp; LP does not grow over time, but at the most equals, if other income is not taken into account.
问题六：问题五中的折线图为什么抛物线不是对称的呢？
Question VI: Why is the parabola not symmetrical in question 5?
答：根据问题五中图表可得知，对于 FC 的变动，其实损失比率也是均匀变动的。之所以问题五中折线图不是对称图的原因是横轴取值范围为 0-2000，若把问题五折线图横轴取值范围扩大至 0 至无穷大，同时将 FC 数量为 100 为中轴线画图，得出的图形大致如下：
Answer: According to the chart in question 5, for FC, the loss ratio is evenly variable. The reason why the midpoint of question 5 is not symmetrical is that the cross-axis range is 0-2000, if the cross-axis range of the question is expanded to 0 if the cross-axis of the problem is extended to FC number is 100 & nbsp; drawings for the centre axis are based on the following graphics:
问题七：盈利区间在哪呢？
Question VII: Where are the profit zones?
答：以上问题所画的图中，均未考虑流动性提供者的收入，这里主要就是手续费收入，手续费收入又和 DEX 中交易对的交易频率还有交易量有关。如果我们将手续费考虑在内的话，图形大概如下：
RESPONSE: None of the figures presented in the above question takes into account the income of the liquid provider, which is mainly the revenue from fees, fees and & nbsp; the transaction frequency of transactions in DEX is also related to the volume of transactions. If we take the fees into account, the graphics are as follows:
如上图，只有在坐标轴横轴的上方，且在抛物线内的区间，才是流动性提供者 LP 能够盈利的区间。
As shown above, the mobility provider & nbsp; LP is a profitable area only over the axis of coordinates and within the parabolic line.
问题八：无常损失这么厉害，那为什么还有人要做流动性提供者呢？
Question VIII: Why would anyone have to be a mobile provider?
答：大致有如下情况三种主要情况：
Answer: There are three main situations:
1、 如问题七，有盈利区间可以盈利；
i. & nbsp; if question 7 is a profitable area;
2、 有些币价比较稳定的交易对，在足够长的时间内，是很大可能会回到原始比例的，这时候取出就没有无常损失；
2. & nbsp; some transactions with more stable currencies are likely to return to the original ratio for a sufficiently long period of time, at which point there will be no unusual loss;
3、 参与流动性挖矿，挖矿年华收益较高时，盈利的可能性比较大。
3, & nbsp; more likely to be profitable when involved in mobile mining, where the annual returns are higher.
今天的 FLUX 课堂——无常损失（Impermanent Loss），能够让大家了解流动性提供者的危与机，有助于大家走近 DeFi（去中心化金融），了解 DEX（去中心化交易所）。
Today's & nbsp; FLUX Classroom — Impermanent Loss — allows you to understand the dangers and opportunities of mobile providers and helps you to approach & nbsp; DeFi (无常损失
注册有任何问题请添加 微信：MVIP619 拉你进入群
打开微信扫一扫
添加客服
进入交流群
发表评论