DeFi 流动性提供商如何权衡不同策略的盈利能力
How do defi liquidity providers weigh the profitability of different strategies
通过链上数据和公共数据，用户可以很容易地检查出与讨论因素相关的指标来判断 DeFi 流动性提供商的风险回报状况。
Through the data on the chain and public data, users can easily check out the indicators related to the discussion factors to judge the risk return status of defi liquidity providers.
原文标题：《DeFi 流动性提供商的基本赌注》 撰文：ChinaDeFi
Original title: basic bet of defi liquidity provider
DeFi 协议依赖流动性，因此为任何愿意为其平台增加流动性的人建立了经济激励机制。在我们的低利率宏观经济环境中，闲置现金几乎赚不到钱，DeFi 收益率变得非常诱人。然而，有抱负的流动性提供者可能会发现，理解和预测其策略的盈利能力是复杂和令人困惑的。
The defi protocol relies on liquidity, so it establishes an economic incentive mechanism for anyone willing to increase liquidity for its platform. In our low interest rate macroeconomic environment, idle cash can hardly make money, and the yield of defi becomes very attractive. However, aspiring liquidity providers may find it complex and confusing to understand and predict the profitability of their strategies.
在本文中，分解了影响盈利能力的因素，探讨了它们之间的权衡，并了解了不同流动性提供策略可用的各种风险回报状况。
In this paper, the factors affecting profitability are decomposed, the trade-offs between them are discussed, and the various risk return conditions available for different liquidity provision strategies are understood.
流动性提供者的基本押注
Basic bet of liquidity provider
上述不平等代表了流动性提供者的基本押注：他们押注收益 (左) 将超过损失 (右)。本文将围绕上述不等式以及影响其中各变量的各个子因素展开。
These inequalities represent the basic bet of liquidity providers that gains (left) will outweigh losses (right). This paper will focus on the above inequality and the sub factors affecting each variable.
变量和子因素可能会根据使用的特定流动性池而有所不同。即使在每一种流动性池类型中，协议也可能会有变化，从而引入新的因素。因此，最好阅读文档。流动性池的例子包括 :
Variables and sub factors may vary depending on the specific liquidity pool used. Even in each liquidity pool type, the protocol may change, introducing new factors. Therefore, it is best to read the documentation. Examples of liquidity pools include:
去中心化交易所 (DEX) 的流动性池：Pancakeswap、Uniswap、Curve 等。
Liquidity pool of decentralized exchange (DEX): pancakeswap, uniswap, curve, etc.
去中心化交易所 (DEX) 的流动性池：Pancakeswap、Uniswap、Curve 等。
Liquidity pool of decentralized exchange (DEX): pancakeswap, uniswap, curve, etc.
双边借贷协议中的借贷池：Aave、Compound、Cream Finance 等。
Loan pools in bilateral loan agreements: AAVE, compound, cream finance, etc.
双边借贷协议中的借贷池：Aave、Compound、Cream Finance 等。
Loan pools in bilateral loan agreements: AAVE, compound, cream finance, etc.
其他流动性池类型（宽松定义）：Liquity 的稳定池（Lending）、Unslashed Finance 的 Capital Buckets （Insurance）
Other types of liquidity pools (loosely defined): stable pools (lending) of liquidity and capital buckets (insurance) of unsheathed finance
其他流动性池类型（宽松定义）：Liquity 的稳定池（Lending）、Unslashed Finance 的 Capital Buckets （Insurance）
Other types of liquidity pools (loosely defined): stable pools (lending) of liquidity and capital buckets (insurance) of unsheathed finance
LP 代币价值
LP token value
当向池中添加流动性时，用户是在协议的智能合约中锁定代币。作为交换，协议通常为用户提供流动性提供者 (LP) 代币，以代表该池的部分所有权。这些 LP 代币可以在用户希望解锁流动性时在稍后的日期进行交换。
When adding liquidity to the pool, users lock tokens in the smart contract of the protocol. In exchange, protocols typically provide users with liquidity provider (LP) tokens to represent partial ownership of the pool. These LP tokens can be exchanged at a later date when the user wants to unlock liquidity.
LP 代币的价值取决于 3 个主要变量：池中代币的价格收益、无常损失以及池中赚取并分配给 LP 代币持有者的费用。下面的图表总结了接下来几节的内容，并强调了影响每个变量的子因素。
The value of LP tokens depends on three main variables: the price gain of tokens in the pool, the impermanent loss, and the cost earned in the pool and distributed to LP token holders. The following chart summarizes the next few sections and highlights the sub factors that affect each variable.
影响 LP 代币价值的变量和子因素
Variables and sub factors affecting LP token value
代币价格上涨
Rising token prices
由于 LP 代币持有者是流动性池的所有者，他们基本上持有池中持有的代币多头头寸。池中代币类型的数量各不相同。通常，借贷池有一种代币类型，而大多数去中心化交易所的每个流动性池按特定比率有两种代币类型。当标的代币的价格升值时，LP 代币的价值也会升值。
Since LP token holders are the owners of the liquidity pool, they basically hold long positions of tokens held in the pool. The number of token types in the pool varies. Typically, loan pools have one token type, while each liquidity pool in most decentralized exchanges has two token types at a specific rate. When the price of the underlying token rises, the value of LP token will also rise.
无常损失
Impermanence loss
在单个代币池中，代币价值的 x% 增益 / 损失将导致 LP 代币值的 x% 增益 / 损失。与此同时，多代币池经历了一种称为失常损失的效应，该效应放大了百分比损失，同时抑制了代币价格的百分比收益。换句话说，任何基础代币价值的 x% 收益 / 损失将导致 LP 代币价值的≤x% 收益或≥x% 损失。
In a single token pool, X% gain / loss of token value will result in X% gain / loss of LP token value. At the same time, the multi token pool experienced an effect called abnormal loss, which amplified the percentage loss and suppressed the percentage gain of token price. In other words, X% gain / loss of any base token value will result in ≤ x% gain or ≥ x% loss of LP token value.
使用 XYK 模型的双代币 50/50 流动性池的 DEX 的价格比率变化与无常损失的关系
Relationship between price ratio change and impermanent loss of Dex in dual token 50 / 50 liquidity pool using xyk model
由上式可知，IL 是流动性池代币对汇率变动的函数：价格比率变化越大 ,IL 越大。因此 , 具有高度相关代币的矿池经历较少的 IL，而具有非对称代币价格变动的矿池经历较大的 IL。当 IL 只是意识到退出资金池，重要的是价格比率的入口和出口点的区别。进出点之间的波动可以忽略不计。
It can be seen from the above formula that IL is a function of the change of liquidity pool token to exchange rate: the greater the change of price ratio, the greater the IL. Thus, pools with highly correlated tokens experience less IL, while pools with asymmetric token price changes experience greater IL. When IL is only aware of exiting the capital pool, what matters is the difference between the entry and exit points of the price ratio. Fluctuations between entry and exit points are negligible.
在了解了 IL 后，人们可能很容易对流动性供应产生反感。因此，将其规模置于不同背景下是很重要的：在标准 XYK 池（例如 Uniswap V2、Sushiswap、Pancakeswap）中，价格比率翻倍只会导致 5.72% 的 IL。为了更好地理解 IL，用户可以使用这个计算器来探索数字。请注意，对于不基于 XYK 模型（例如 Balancer），没有 50/50 组成或应用集中流动性（例如 Uniswap v3）的池，所示的非永久性损失的方程式和计算是不同的。
After learning about IL, people may easily dislike the supply of liquidity. Therefore, it is important to put its scale in different contexts: in standard xyk pools (such as uniswap V2, sushiswap, pancakeswap), doubling the price ratio will only lead to 5.72% IL. To better understand IL, users can use this calculator to explore numbers. Note that the equations and calculations for non permanent losses shown are different for pools that are not based on the xyk model (e.g. balancer), do not have a 50 / 50 composition or apply centralized liquidity (e.g. uniswap V3).
Balancer 的值函数 (左) 和临时损失方程 (右)
Value function of balancer (left) and temporary loss equation (right)
为了说明非永久性损失计算在其他池类型中有何不同，我们看一下 Balancer。Balancer 池是多代币，不一定是 50/50，它们的池由上面显示的价值函数控制。尽管如此，IL 与代币价格的不对称变化之间的一般关系仍然成立。
To illustrate how non permanent loss calculations differ from other pool types, let's take a look at balancer. The balancer pool is multi token, not necessarily 50 / 50. Their pool is controlled by the value function shown above. Nevertheless, the general relationship between IL and asymmetric changes in token prices remains valid.
费用收益 / 收入分成
Cost income / revenue sharing
流动性池使 DApp 能够向用户提供服务并收取费用，从而产生收入。然后，这部分收入将分配给流动性提供者。由于协议通常也会将收入分配给其他利益相关者，因此了解收入共享结构以及作为 LP 用户得到了多少收入是很重要的。收入通常与 :
The liquidity pool enables DAPP to generate revenue by providing services and charging users. This income will then be allocated to liquidity providers. Since agreements usually distribute revenue to other stakeholders, it is important to understand the revenue sharing structure and how much revenue you get as an LP user. Revenue generally relates to:
治理代币的持有者 (通常通过销毁代币供应，这是传统金融中股票回购的概念)
Manage the holder of tokens (usually by destroying the token supply, which is the concept of stock repurchase in traditional finance)
治理代币的持有者 (通常通过销毁代币供应，这是传统金融中股票回购的概念)
Manage the holder of tokens (usually by destroying the token supply, which is the concept of stock repurchase in traditional finance)
协议储备 (储备可能有预先确定的特定用途，或者可能由治理代币持有者监督)
Agreement reserve (the reserve may have a predetermined specific purpose or may be supervised by the governance token holder)
协议储备 (储备可能有预先确定的特定用途，或者可能由治理代币持有者监督)
Agreement reserve (the reserve may have a predetermined specific purpose or may be supervised by the governance token holder)
协议开发团队
Agreement development team
协议开发团队
Agreement development team
LP 的预期费用收入可以看作是流动性池中供求关系的函数。更高的需求会增加收入，而更大的供给 (池规模) 意味着收入必须在更多人之间分享。
The expected fee income of LP can be regarded as a function of supply and demand in the liquidity pool. Higher demand increases income, while larger supply (pool size) means that income must be shared among more people.
上面的表格总结了可用于确定当前供应和需求的常见指标。然而，更有趣的是未来的需求和供应。
The table above summarizes common indicators that can be used to determine current supply and demand. However, what is more interesting is the future demand and supply.
对冲 IL
Hedge IL
对冲策略可以选择性地减少 IL。从本文前面的 IL 图可以清楚地看出，IL 是双向的和非线性的。因此，像永久和未来这样的线性工具不起作用。
Hedging strategies can selectively reduce IL. It can be clearly seen from the IL diagram in front of this paper that IL is bidirectional and nonlinear. Therefore, linear tools such as permanence and the future do not work.
为了模拟 IL 的非线性特性，用户使用了一些期权。期权是非线性的，因为损失以购买期权的价格 (期权溢价) 为上限，而收益不受限制。同时，可以通过购买具有不同执行价格的看涨期权和看跌期权来模仿和粗略地对冲 IL 的双向性质及其形状。然而，期权缺乏流动性可能会阻碍这一策略。
In order to simulate the nonlinear characteristics of IL, users use some options. Options are nonlinear, because the loss is capped by the price of the purchase option (option premium), and the return is unlimited. At the same time, we can imitate and roughly hedge the two-way nature and shape of IL by purchasing call options and put options with different execution prices. However, the lack of liquidity of options may hinder this strategy.
还有其他新兴的 IL 套期对冲方法，例如为 IL 对冲创建双边保险市场。无论用户的对冲方法如何，只有当用户从套期保值中获得的预期节省超过使用的套期保值工具的成本时，才进行套期对冲。
There are other emerging IL hedging methods, such as the creation of a bilateral insurance market for IL hedging. Regardless of the hedging method of the user, the hedging is carried out only when the expected savings obtained by the user from the hedging exceed the cost of the hedging instrument used.
LP 代币挖矿
LP token mining
由于协议需要流动性来发挥作用，许多协议通过为 LP 代币持有者创造挖矿机会来激励流动性的提供。然而，并非所有 LP 代币都有流动性挖矿机会。
Since agreements require liquidity to function, many agreements encourage the provision of liquidity by creating mining opportunities for LP token holders. However, not all LP tokens have liquidity mining opportunities.
在实践中，这通常涉及将 LP 代币锁定在保险库中或将它们抵押并以可变的 APR 超时接收其他代币。LP 代币和产生的收益可以在以后撤回。有些 dApp 不将此作为单独的步骤。例如，流动性稳定池的提供者会自动获得 LQTY 奖励。
In practice, this usually involves locking LP tokens in a vault or mortgaging them and receiving other tokens with a variable APR timeout. LP tokens and the proceeds generated can be withdrawn later. Some dapps do not use this as a separate step. For example, the provider of the liquidity stability pool will automatically receive the lqty reward.
挖矿机会通常可以在以下方面找到：
Mining opportunities can usually be found in the following areas:
为用户提供 LP 代币的相同的 DApp （例如，Yearn Finance、Beefy Finance、Autofarm）
Provide users with the same DAPP for LP tokens (e.g., year finance, beefy finance, autofarm)
为用户提供 LP 代币的相同的 DApp （例如，Yearn Finance、Beefy Finance、Autofarm）
Provide users with the same DAPP for LP tokens (e.g., year finance, beefy finance, autofarm)
采用一系列不同策略来提高产量的挖矿 DApp。（例如，Yearn Finance、Beefy Finance、Autofarm）
Mining DAPP using a series of different strategies to improve production. (for example, year finance, beefy finance, autofarm)
采用一系列不同策略来提高产量的挖矿 DApp。（例如，Yearn Finance、Beefy Finance、Autofarm）
Mining DAPP using a series of different strategies to improve production. (for example, year finance, beefy finance, autofarm)
DApps 试图在一个主要的 DEX 上增加原生代币的流动性池。当用户从 Curve 去中心化交易所中持有 usd3crv LP 代币时，Alchemix 会提供奖励)
Dapps attempts to increase the liquidity pool of native tokens on a major DEX. Alchemix will provide rewards when users hold usd3crv LP tokens from curve decentralized exchange)
DApps 试图在一个主要的 DEX 上增加原生代币的流动性池。当用户从 Curve 去中心化交易所中持有 usd3crv LP 代币时，Alchemix 会提供奖励)
Dapps attempts to increase the liquidity pool of native tokens on a major DEX. Alchemix will provide rewards when users hold usd3crv LP tokens from curve decentralized exchange)
LP 代币挖矿的产量取决于许多因素 :
The production of LP token mining depends on many factors:
1. 提供 APR/APY
1. Provide APR / apy
LP 代币担保池和保险库通常引用 APY(年百分比收益率) 和 / 或 APR(年百分比率) 数字。虽然两者都表示每年的收益，但 APR 不考虑复利的影响，而 APY 考虑。因此，APR < APY。较不成熟的 DApps 通常在早期提供更高的 APR/ APYs 来吸引流动性。
LP token guarantee pools and vaults usually reference apy (annual percentage rate of return) and / or APR (annual percentage rate of return) figures. Although both represent annual earnings, APR does not consider the impact of compound interest, while apy does. Therefore, APR < apy. Less mature dapps usually provide higher APR / apys to attract liquidity in the early stage.
在考虑 APY 时，还应该理解计算 APY 时所做的假设。APY 随复合频率的不同而不同，频率越高，APY 越高。为了得到有吸引力的 APY 数据，一些保险库在计算中假定高复利频率，而实际上并没有按该频率复利 (一种糟糕的市场做法)。
When considering apy, you should also understand the assumptions made when calculating apy. Apy varies with different composite frequencies. The higher the frequency, the higher the apy. In order to obtain attractive apy data, some vaults assume a high compounding frequency in their calculations, but they do not actually compound at that frequency (a bad market practice).
因此，额外的好处是，用户可以在给定的频率上手动合成以实现广告的 APY。手动复利是麻烦和昂贵的，因为在提取收益并将其添加到金库时会产生交易费用。
Therefore, the additional benefit is that users can manually synthesize at a given frequency to realize the apy of advertising. Manual compounding is cumbersome and expensive because transaction costs arise when the proceeds are withdrawn and added to the vault.
2. 挖矿类型
2. Mining type
LP 代币挖矿产生的收益通常来自其他代币类型，有时是多种代币类型。因此，收益率的价值可能会随着时间的推移而改变。同时，这也会导致 APR/ APY 随着奖励代币类型的价值而波动。因此，用户必须知道自己将获得什么奖励代币，以及是否存在多种代币类型，从而了解它们之间的收益如何分配。
The revenue generated by LP token mining usually comes from other token types, sometimes multiple token types. Therefore, the value of the yield may change over time. At the same time, this will also cause APR / apy to fluctuate with the value of the reward token type. Therefore, users must know what reward tokens they will receive and whether there are multiple token types, so as to understand how the benefits are distributed among them.
Polygon 上的自动挖矿截图。总的 APY 被分解为 DApp 代币 (pAUTO APR)， L2 代币 (WMATIC APR) 和基础 LP 代币 (日 APR)
Screenshot of automatic mining on polygon. The total apy is broken down into DAPP token (pauto APR), L2 token (wmatic APR) and base LP token (daily APR)
常见的奖励代币类型包括 :
Common types of reward tokens include:
原生 DApp 代币 （例如 Pancakeswap 中的 $CAKE，Autofarm 金库中的 $AUTO）
Native DAPP tokens (e.g. $cake in pancakeswap, $Auto in autofarm vault)
原生 DApp 代币 （例如 Pancakeswap 中的 $CAKE，Autofarm 金库中的 $AUTO）
Native DAPP tokens (e.g. $cake in pancakeswap, $Auto in autofarm vault)
L2 代币（例如，侧链 Polygon 向 Polygon 上托管的 Aave 中的 LP 提供 $MATIC）
L2 token (for example, side chain polygon provides $matic to LP in AAVE hosted on polygon)
L2 代币（例如，侧链 Polygon 向 Polygon 上托管的 Aave 中的 LP 提供 $MATIC）
L2 token (for example, side chain polygon provides $matic to LP in AAVE hosted on polygon)
基础 LP 代币 (像 Beefy Finance 这样的可能会自动将奖励代币定期转换为 LP 代币，这是其挖矿策略的一部分)
Base LP tokens (like beefy finance may automatically convert reward tokens into LP tokens on a regular basis as part of its mining strategy)
基础 LP 代币 (像 Beefy Finance 这样的可能会自动将奖励代币定期转换为 LP 代币，这是其挖矿策略的一部分)
Base LP tokens (like beefy finance may automatically convert reward tokens into LP tokens on a regular basis as part of its mining strategy)
简而言之，最好是找到能够提供用户看好的奖励代币的挖矿机会。如果用户不看好奖励代币，就可以定期将它们转换为另一个代币。为了让这在经济上合理，用户的交易规模应该足够大，这样交易成本就不会过度侵蚀收益，而且用户可能想要波动较小的奖励代币，不会在转换之间失去重要的价值。
In short, it is best to find mining opportunities that can provide users with promising reward tokens. If users don't like reward tokens, they can convert them to another token on a regular basis. In order to make this economically reasonable, the transaction scale of users should be large enough so that the transaction cost will not excessively erode the income, and users may want reward tokens with less fluctuation and will not lose important value between conversions.
3. 流动性池规模和奖励供应
3. Liquidity pool size and incentive supply
分配的奖励代币的供应通常是固定的，并遵循奖励分配计划。为了吸引早期的流动性和激励早期的采用者，最初的奖励通常很高，但随着时间的推移会逐渐减少。此外，随着资金池规模的增长，奖励将分配给更多的持有者。随着时间的推移，这可能导致 APR/ APY 和产量的下降。
The supply of allocated reward tokens is usually fixed and follows the reward allocation plan. In order to attract early liquidity and motivate early adopters, the initial reward is usually high, but it will gradually decrease over time. In addition, as the size of the capital pool grows, the reward will be distributed to more holders. Over time, this may lead to a decline in Apr / apy and production.
代币对配置文件 (权衡)
Token pair profile (trade-off)
虽然我们都想要高产、高费用、低风险和低无常损失的机会，但这些机会很少存在。即使有，它们也只存在很短的时间。下表给出了一些概括，希望它能说明一些流动性提供者必须考虑的权衡 :
Although we all want opportunities for high yield, high cost, low risk and low volatile losses, these opportunities rarely exist. Even if there are, they only exist for a short time. The following table gives a summary of some of the trade-offs that liquidity providers must consider:
流动性提供者为代币对面临的权衡
Tradeoffs faced by liquidity providers as token pairs
从表格中，用户可以理解为什么小盘代币-小盘代币对很少存在：自然，首先用户对这样一个池的需求很少，对流动性提供者的激励也很少。这意味着池小，滑点较高，进一步阻止任何潜在的用户。
From the table, users can understand why small token small token pairs rarely exist: naturally, first of all, users have little demand for such a pool and little incentive for liquidity providers. This means that the pool is small and the slip point is high, further preventing any potential users.
当考虑农业产量时，考虑是谁提供的以及为什么提供是很有用的。代币创造者和 DApps 希望他们的原生代币具有流动性，因此鼓励他们的代币和大型代币或稳定币之间的主要 DEX 中的流动性对。DEX 相互竞争流动性，希望提供低滑点。因此，它们鼓励为通常有最高自然需求的池提供流动性 : 那些在大型代币和稳定币之间的池。
When considering agricultural production, it is useful to consider who provided it and why. Token creators and dapps want their native tokens to be liquid, so they encourage liquidity pairs in the main DEX between their tokens and large or stable tokens. DEX competes with each other for liquidity and hopes to provide a low slip point. Therefore, they encourage the provision of liquidity to pools that usually have the highest natural needs: those between large tokens and stable coins.
最终的想法
Final idea
对于流动性提供者来说，处理许多因素和权衡可能是难以应付的。然而，把它画出来会给思维过程带来清晰和结构化。虽然仍然需要重要的定性判断，但定量的历史数据可以作为决策的指导。有了链上数据和公共数据，用户可以很容易地检查出与讨论因素相关的指标。
For liquidity providers, dealing with many factors and tradeoffs may be difficult to cope with. However, drawing it will bring clarity and structure to the thinking process. Although important qualitative judgment is still needed, quantitative historical data can be used as a guide for decision-making. With the data on the chain and public data, users can easily check out the indicators related to the discussion factors.
