去中心化金融的交易机制综述

doi:10.11959/j.issn.2096-0271.2022064

Abstract

Abstract:

Decentralized finance (DeFi) is a new paradigm for providing financial services based on blockchain and smart contract, which support many applications including loans and derivatives.Therefore, the exchange mechanism of DeFi has attracted large amount of attention, as it directly affects the stability of upper-level applications.The exchange mechanism of DeFi was reviewed.Firstly, the concept and the protocols related to exchange mechanism were introduced.Secondly, the transaction mechanism was classified through their approaches of realization, and the methods based on order book, automated market maker and aggregator were discussed respectively.The differences and connections among the implementation of those methods were introduced.Finally, the fairness, security and anonymity problems faced by the decentralized exchange were analyzed and summarized, and potential future research directions were proposed.

Key words: blockchain, decentralized finance, decentralized exchange, exchange mechanism, automated market maker

CLC Number:

TP399

Yimin DENG, Shijing SI, Jianzong WANG, Zeyuan LI, Jing XIAO. Exchange mechanism for decentralized finance: a survey[J]. Big Data Research, 2022, 8(4): 67-84.

Figures/Tables 11

对比项	UNISWAP	mStable	Balancer
恒定函数状态值C	$t_{1} \cdot t_{2}$	$t_{1} + t_{2}$	$\prod_{i} t_{i}^{w_{i}}$
预设价格E_i,j	$\frac{t_{1}}{t_{2}}$	$C - t_{2}$	$\frac{t_{1} \cdot w_{2}}{t_{2} \cdot w_{1}}$
交易后通证数量 ${t^{'}}_{2}$	$\frac{C}{t_{1} + x_{1}}$	$C - (t_{1} + x_{1})$	$t_{2} {(\frac{t_{1}}{t_{1} + x_{1}})}^{\frac{w_{1}}{w_{2}}}$
交换数量x₂	$- \frac{t_{2} \cdot x_{1}}{t_{1} + x_{1}}$	$- x_{1}$	$t_{2} [{(\frac{t_{1}}{t_{1} + x_{1}})}^{\frac{w_{1}}{w_{2}}} - 1]$
滑点 $S (x_{i}, {t_{i}}_{i = 1, \dots, n}, C)$	$\frac{x_{1}}{t_{1}}$	0	$\frac{\frac{x_{1} \cdot w_{1}}{t_{1} \cdot w_{2}}}{1 - {(\frac{t_{1}}{t_{1} + x_{1}})}^{\frac{w_{1}}{w_{2}}}} - 1$

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交易所	订单匹配机制	账本收集方式	底层区块链
Coinbase^[27]	FIFO	中心化链下	Ethereum
Binance^[28]	FIFO	中心化链下	BSC
dYdX^[33]	FIFO	去中心化链下	Ethereum
Serum^[34]	collateral-FIFO	去中心化链上	Solana^[35]
0x Relayer^[36]	open order book	去中心化链下	Ethereum
Waves Exchange^[38]	FIFO	去中心化链上	Waves Blockchain
Injective^[40]	FBA	去中心化链下	Ethereum

符号	定义
C	恒定状态值
t_i	通证i的数量
x_i	池内通证C的数量变动情况，x_i＜0表示从池内提取通证i，x_i＞0表示向池内添加通证i
C(t)	恒定函数
E_i,j	以通证j表示的通证i的价格
S	滑点

协议名称恒定函数	池内资产交易形式	底层区块链
UNISWAP^[51]恒定积	两类	Ethereum
mStable^[52]恒定和	两类	Ethereum
Balancer^[53]恒定积	多类	Ethereum
UNISWAP v3^[55] 恒定积	两类	Ethereum
StableSwap^[56]改良恒定和与恒定积	多类	Solana^[27]
SushiSwap^[57]同UNISWAP	同UNISWAP	同UNISWAP
Raydium^[59]特殊	两类	Solana

交易机制	交易委托账本	自动做市商	聚合器
价格发现机制	账本收集公开	智能合约	智能合约
交易撮合方式	账本收集公开	智能合约	智能合约
清算系统	区块链	区块链	区块链
治理方式	去中心化自治组织	去中心化自治组织+智能合约	去中心化自治组织+智能合约
流动性依赖	交易量	流动性提供者	流动性提供者
交易对象	最优报价者	同种流动性池	多种流动性池
交易实现	订单匹配	同个恒定函数	多个恒定函数

Exchange mechanism for decentralized finance: a survey

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