{"id":1048,"date":"2026-08-29T01:52:15","date_gmt":"2026-08-28T22:52:15","guid":{"rendered":"https:\/\/www.dztecs.com\/blockchain\/what-is-amm\/"},"modified":"2026-08-29T09:22:11","modified_gmt":"2026-08-29T06:22:11","slug":"what-is-amm","status":"publish","type":"post","link":"https:\/\/www.dztecs.com\/blockchain\/what-is-amm\/","title":{"rendered":"\u0645\u0627 \u0647\u0648 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0641\u064a \u0639\u0627\u0644\u0645 \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629\u061f","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"<div class=\"vfocused-takeaways-box\">\n<h4 class=\"vfocused-takeaways-title\"><span class=\"vfocused-takeaways-icon\" aria-hidden=\"true\">\ud83d\udca1<\/span> \u0623\u0647\u0645 \u0645\u0627 \u062a\u062d\u062a\u0627\u062c \u0625\u0644\u0649 \u0645\u0639\u0631\u0641\u062a\u0647<\/h4>\n<ul class=\"vfocused-takeaways-list\">\n<li>\u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u064a\u062a\u064a\u062d \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0645\u0628\u0627\u0634\u0631\u0629\u064b \u0645\u0642\u0627\u0628\u0644 \u0645\u062c\u0645\u0639\u0627\u062a \u0633\u064a\u0648\u0644\u0629 \u0645\u064f\u062f\u0627\u0631\u0629 \u0628\u0639\u0642\u0648\u062f \u0630\u0643\u064a\u0629\u060c \u0645\u0632\u064a\u0644\u0627\u064b \u0627\u0644\u062d\u0627\u062c\u0629 \u0644\u062f\u0641\u0627\u062a\u0631 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0623\u0648 \u0623\u0637\u0631\u0627\u0641 \u0645\u0642\u0627\u0628\u0644\u0629.<\/li>\n<li>\u064a\u062a\u0639\u0631\u0636 \u0645\u0648\u0641\u0631\u0648 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0641\u064a \u0645\u062c\u0645\u0639\u0627\u062a AMM \u0644\u0645\u062e\u0627\u0637\u0631 \u0631\u0626\u064a\u0633\u064a\u0629 \u0645\u062b\u0644 \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u063a\u064a\u0631 \u0627\u0644\u062f\u0627\u0626\u0645\u0629\u060c \u0627\u0644\u062a\u064a \u062a\u062d\u062f\u062b \u0639\u0646\u062f \u062a\u063a\u064a\u0631 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0648\u062f\u0639\u0629 \u0648\u062a\u0635\u0628\u062d \u062f\u0627\u0626\u0645\u0629 \u0639\u0646\u062f \u0627\u0644\u0633\u062d\u0628\u060c \u0645\u0645\u0627 \u0642\u062f \u064a\u0642\u0644\u0644 \u0645\u0646 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u0633\u062a\u0631\u062f\u0629 \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0627\u0644\u0623\u0635\u0648\u0644.<\/li>\n<li>\u062a\u0639\u062a\u0645\u062f \u0635\u0627\u0646\u0639\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a\u0629 \u0639\u0644\u0649 \u0635\u064a\u063a \u0631\u064a\u0627\u0636\u064a\u0629 \u0645\u062b\u0644 x * y = k \u0644\u062a\u0639\u062f\u064a\u0644 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u062a\u0644\u0642\u0627\u0626\u064a\u064b\u0627 \u0628\u0639\u062f \u0643\u0644 \u0639\u0645\u0644\u064a\u0629 \u062a\u062f\u0627\u0648\u0644\u060c \u0648\u062a\u0644\u0639\u0628 \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629 \u062f\u0648\u0631\u064b\u0627 \u062d\u064a\u0648\u064a\u064b\u0627 \u0641\u064a \u0645\u0648\u0627\u0621\u0645\u0629 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0645\u062c\u0645\u0639\u0627\u062a \u0645\u0639 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u062e\u0627\u0631\u062c\u064a\u0629.<\/li>\n<\/ul>\n<\/div>\n<nav class=\"vfocused-toc-box\" aria-label=\"\u062c\u062f\u0648\u0644 \u0627\u0644\u0645\u062d\u062a\u0648\u064a\u0627\u062a\"><strong class=\"vfocused-toc-title\">\ud83d\udccc \u062c\u062f\u0648\u0644 \u0627\u0644\u0645\u062d\u062a\u0648\u064a\u0627\u062a<\/strong><\/p>\n<ul class=\"vfocused-toc-list\">\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-1\">\u0645\u0642\u062f\u0645\u0629<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-2\">\u0646\u0642\u0627\u0637 \u0631\u0626\u064a\u0633\u064a\u0629<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-3\">\u0645\u0627 \u0647\u0648 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM)\u061f<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-4\">\u0643\u064a\u0641 \u062a\u062d\u0644 \u0635\u0627\u0646\u0639\u0648 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a\u0648\u0646 (AMMs) \u0645\u062d\u0644 \u062f\u0641\u0627\u062a\u0631 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0628\u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629\u061f<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-5\">\u0643\u064a\u0641 \u062a\u062d\u0631\u0643 \u0635\u064a\u063a\u0629 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0627\u0644\u0623\u0633\u0639\u0627\u0631\u061f<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-6\">\u0645\u0627\u0630\u0627 \u064a\u0641\u0639\u0644 \u0645\u0648\u0641\u0631\u0648 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0641\u064a AMM\u061f<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-7\">\u0645\u0627 \u0647\u064a \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u063a\u064a\u0631 \u0627\u0644\u062f\u0627\u0626\u0645\u0629\u061f<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-8\">\u0644\u0645\u0627\u0630\u0627 \u062a\u062d\u062a\u0627\u062c \u0623\u0633\u0639\u0627\u0631 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0625\u0644\u0649 \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629\u061f<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-9\">\u0645\u0627 \u0647\u0648 \u0647\u062c\u0648\u0645 \u0627\u0644\u0633\u0627\u0646\u062f\u0648\u064a\u062a\u0634 (Sandwich Attack)\u061f<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-10\">\u0623\u0646\u0648\u0627\u0639 AMM \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0648\u0645\u0643\u0627\u0646\u062a\u0647\u0627<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-11\">\u0645\u062e\u0627\u0637\u0631 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0644\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u064a\u0646 \u0648\u0645\u0632\u0648\u062f\u064a \u0627\u0644\u0633\u064a\u0648\u0644\u0629<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-12\">\u0623\u0645\u062b\u0644\u0629 \u0639\u0644\u0649 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-13\">\u0643\u064a\u0641\u064a\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 AMMs \u0628\u0623\u0645\u0627\u0646\u061f<\/a><\/li>\n<li class=\"vfocused-toc-item\"><a class=\"vfocused-toc-link\" href=\"#section-14\">\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629<\/a><\/li>\n<\/ul>\n<\/nav>\n<section>\n<header>\n<h2 id=\"section-1\">\u0645\u0642\u062f\u0645\u0629<\/h2>\n<\/header>\n<p>\u0639\u0646\u062f \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0641\u064a \u0645\u0639\u0638\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a\u060c \u062a\u062d\u062a\u0627\u062c \u0625\u0644\u0649 \u0637\u0631\u0641 \u0622\u062e\u0631 \u0644\u0625\u062a\u0645\u0627\u0645 \u0627\u0644\u0635\u0641\u0642\u0629\u060c \u0634\u062e\u0635 \u0645\u0633\u062a\u0639\u062f \u0644\u0628\u064a\u0639 \u0645\u0627 \u062a\u0631\u063a\u0628 \u0641\u064a \u0634\u0631\u0627\u0626\u0647 \u0628\u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0630\u064a \u062a\u0648\u0627\u0641\u0642 \u0639\u0644\u064a\u0647. \u064a\u0632\u064a\u0644 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM)\u060c \u0623\u0648 \u0645\u0627 \u064a\u064f\u0639\u0631\u0641 \u0627\u062e\u062a\u0635\u0627\u0631\u064b\u0627 \u0628\u0640 AMM \u0641\u064a \u0639\u0627\u0644\u0645 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629\u060c \u0647\u0630\u0627 \u0627\u0644\u0634\u0631\u0637. \u0641\u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0645\u0637\u0627\u0628\u0642\u0629 \u0627\u0644\u0645\u0634\u062a\u0631\u064a\u0646 \u0628\u0627\u0644\u0628\u0627\u0626\u0639\u064a\u0646\u060c \u064a\u062a\u064a\u062d \u0644\u0643 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0645\u0628\u0627\u0634\u0631\u0629\u064b \u0645\u0642\u0627\u0628\u0644 \u0645\u062c\u0645\u0639 \u0645\u0646 \u0627\u0644\u0631\u0645\u0648\u0632 (Tokens) \u0627\u0644\u0645\u062d\u062c\u0648\u0632\u0629 \u0641\u064a \u0639\u0642\u062f \u0630\u0643\u064a. \u062a\u0631\u0633\u0644 \u0631\u0645\u0632\u064b\u0627 \u0648\u0627\u062d\u062f\u064b\u0627 \u0648\u062a\u0633\u062a\u0644\u0645 \u0631\u0645\u0632\u064b\u0627 \u0622\u062e\u0631\u060c \u0648\u064a\u0642\u0648\u0645 \u0627\u0644\u0639\u0642\u062f \u0628\u062a\u0639\u062f\u064a\u0644 \u0627\u0644\u0633\u0639\u0631 \u062a\u0644\u0642\u0627\u0626\u064a\u064b\u0627 \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0645\u0627 \u062a\u0628\u0642\u0649 \u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0639.<\/p>\n<p>\u064a\u064f\u0645\u0643\u0646 \u0647\u0630\u0627 \u0627\u0644\u062a\u0635\u0645\u064a\u0645 \u0645\u0646 \u0625\u062c\u0631\u0627\u0621 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u0627\u062a \u062d\u062a\u0649 \u0644\u0644\u0631\u0645\u0648\u0632 \u0627\u0644\u062a\u064a \u0642\u062f \u0644\u0627 \u062a\u062c\u0630\u0628 \u0635\u0627\u0646\u0639 \u0633\u0648\u0642 \u0645\u062d\u062a\u0631\u0641\u064b\u0627 \u0623\u0648 \u0639\u062f\u062f\u064b\u0627 \u0643\u0627\u0641\u064a\u064b\u0627 \u0645\u0646 \u0627\u0644\u0645\u0634\u062a\u0631\u064a\u0646 \u0648\u0627\u0644\u0628\u0627\u0626\u0639\u064a\u0646 \u0644\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u062f\u0641\u062a\u0631 \u0623\u0648\u0627\u0645\u0631 \u0641\u0639\u0627\u0644. \u0643\u0645\u0627 \u064a\u062a\u064a\u062d \u0644\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u064a\u0646 \u0627\u0644\u0639\u0627\u062f\u064a\u064a\u0646 \u0625\u064a\u062f\u0627\u0639 \u0631\u0645\u0648\u0632\u0647\u0645 \u0627\u0644\u062e\u0627\u0635\u0629 \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0645\u062c\u0645\u0639\u0627\u062a \u0644\u0643\u0633\u0628 \u062d\u0635\u0629 \u0645\u0646 \u0631\u0633\u0648\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644. \u0644\u0643\u0646 \u0627\u0644\u0625\u064a\u062f\u0627\u0639 \u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0639 \u064a\u0646\u0637\u0648\u064a \u0639\u0644\u0649 \u0645\u062e\u0627\u0637\u0631 \u062d\u0642\u064a\u0642\u064a\u0629 \u062a\u0645\u064a\u0644 \u0645\u0635\u0637\u0644\u062d\u0627\u062a \u0645\u062b\u0644 <a href=\"https:\/\/www.dztecs.com\/blockchain\/what-is-yield-farming\/\">\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0633\u0644\u0628\u064a<\/a> \u0625\u0644\u0649 \u0625\u062e\u0641\u0627\u0626\u0647\u0627 \u2014 \u0648\u0647\u064a \u0645\u062e\u0627\u0637\u0631 \u062a\u0624\u062b\u0631 \u0639\u0644\u0649 \u0627\u0644\u0645\u0628\u0644\u063a \u0627\u0644\u0630\u064a \u062a\u0633\u062a\u0639\u064a\u062f\u0647 \u0639\u0646\u062f \u0627\u0644\u0633\u062d\u0628.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter size-large wp-image-featured-og\" src=\"https:\/\/www.dztecs.com\/blockchain\/wp-content\/uploads\/sites\/4\/2026\/08\/what-is-amm-1-1.jpg\" alt=\"\u0645\u0627 \u0647\u0648 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0641\u064a \u0639\u0627\u0644\u0645 \u0627\u0644\u0643\u0631\u064a\u0628\u062a\u0648\u061f\" width=\"1280\" height=\"720\" \/><\/p>\n<p>\u064a\u0634\u0631\u062d \u0647\u0630\u0627 \u0627\u0644\u062f\u0644\u064a\u0644 \u0643\u064a\u0641\u064a\u0629 \u0639\u0645\u0644 \u0635\u0627\u0646\u0639\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMMs) \u0645\u0646 \u0627\u0644\u0623\u0644\u0641 \u0625\u0644\u0649 \u0627\u0644\u064a\u0627\u0621\u060c \u0648\u0645\u0627 \u0627\u0644\u0630\u064a \u064a\u0644\u062a\u0632\u0645 \u0628\u0647 \u0645\u0648\u0641\u0631\u0648 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0628\u0627\u0644\u0641\u0639\u0644\u060c \u0648\u0645\u0627 \u0627\u0644\u0630\u064a \u064a\u062c\u0628 \u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646\u0647 \u0642\u0628\u0644 \u0625\u062c\u0631\u0627\u0621 \u0623\u064a \u0645\u0628\u0627\u062f\u0644\u0629 \u0623\u0648 \u0625\u064a\u062f\u0627\u0639.<\/p>\n<\/section>\n<section>\n<header>\n<h2 id=\"section-2\">\u0646\u0642\u0627\u0637 \u0631\u0626\u064a\u0633\u064a\u0629<\/h2>\n<\/header>\n<ul>\n<li><strong>\u0645\u0627 \u0647\u0648:<\/strong> \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0647\u0648 \u0628\u0646\u064a\u0629 \u062a\u062d\u062a\u064a\u0629 \u0644\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0630\u0643\u064a\u0629 \u062a\u062a\u064a\u062d \u0644\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u064a\u0646 \u0645\u0628\u0627\u062f\u0644\u0629 \u0623\u0635\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0645\u0642\u0627\u0628\u0644 \u0633\u064a\u0648\u0644\u0629 \u0645\u062c\u0645\u0639\u0629 \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0645\u0637\u0627\u0628\u0642\u0629.<\/li>\n<li><strong>\u0645\u0627\u0630\u0627 \u064a\u0641\u0639\u0644:<\/strong> \u064a\u062c\u0639\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629 (Onchain Trading) \u0645\u0645\u0643\u0646\u064b\u0627 \u062f\u0648\u0646 \u0627\u0644\u062d\u0627\u062c\u0629 \u0625\u0644\u0649 \u062f\u0641\u062a\u0631 \u0623\u0648\u0627\u0645\u0631 \u0645\u0631\u0643\u0632\u064a\u060c \u0623\u0648 \u0645\u0643\u062a\u0628 \u0635\u0627\u0646\u0639 \u0633\u0648\u0642\u060c \u0623\u0648 \u0645\u0646\u0635\u0629 \u062a\u062f\u0627\u0648\u0644 \u0642\u0627\u0626\u0645\u0629 \u0639\u0644\u0649 \u0627\u0644\u062d\u0633\u0627\u0628\u0627\u062a.<\/li>\n<li><strong>\u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0623\u0648 \u0627\u0644\u0642\u064a\u0648\u062f \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629:<\/strong> \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0639\u0631\u0636 \u0635\u0627\u0646\u0639\u0648 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMMs) \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u064a\u0646 \u0648\u0645\u0648\u0641\u0631\u064a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0644\u0644\u0627\u0646\u0632\u0644\u0627\u0642 \u0627\u0644\u0633\u0639\u0631\u064a (Slippage)\u060c \u0648\u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u063a\u064a\u0631 \u0627\u0644\u062f\u0627\u0626\u0645\u0629 (Impermanent Loss)\u060c \u0648MEV\u060c \u0648\u0627\u0644\u0631\u0645\u0648\u0632 \u0627\u0644\u0645\u0632\u064a\u0641\u0629\u060c \u0648\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u0648\u0627\u0641\u0642\u0629\u060c \u0648\u0641\u0634\u0644 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0630\u0643\u064a.<\/li>\n<\/ul>\n<\/section>\n<section>\n<header>\n<h2 id=\"section-3\">\u0645\u0627 \u0647\u0648 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM)\u061f<\/h2>\n<\/header>\n<p>\u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0647\u0648 \u0622\u0644\u064a\u0629 \u062a\u0628\u0627\u062f\u0644 \u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 \u062a\u0633\u062a\u062e\u062f\u0645 \u0623\u0631\u0635\u062f\u0629 \u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0648\u0635\u064a\u063a\u0629 \u062a\u0633\u0639\u064a\u0631 \u0644\u062a\u062d\u062f\u064a\u062f \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0631\u0645\u0648\u0632 \u062a\u0644\u0642\u0627\u0626\u064a\u064b\u0627. \u0644\u0627 \u064a\u062a\u0637\u0644\u0628 \u0647\u0630\u0627 \u0627\u0644\u0646\u0638\u0627\u0645 \u0648\u062c\u0648\u062f \u0634\u0631\u0643\u0629 \u0635\u0627\u0646\u0639\u0629 \u0633\u0648\u0642 \u0628\u0634\u0631\u064a\u0629 \u0623\u0648 \u0645\u062a\u062e\u0635\u0635 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0629\u060c \u0628\u0644 \u0647\u0648 \u0639\u0628\u0627\u0631\u0629 \u0639\u0646 \u062a\u0639\u0644\u064a\u0645\u0627\u062a \u0628\u0631\u0645\u062c\u064a\u0629 \u062a\u062d\u062a\u0641\u0638 \u0628\u0627\u0644\u0623\u0635\u0648\u0644 \u0648\u062a\u0639\u062f\u0644 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0645\u0639 \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u064a\u0646 \u0644\u062a\u0644\u0643 \u0627\u0644\u0623\u0635\u0648\u0644.<\/p>\n<p>\u064a\u062d\u062a\u0648\u064a \u0623\u0628\u0633\u0637 \u0645\u062c\u0645\u0639 AMM \u0639\u0644\u0649 \u0631\u0645\u0632\u064a\u0646\u060c \u0645\u062b\u0644 ETH \u0648 USDC. \u064a\u0642\u0648\u0645 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644 \u0628\u0625\u0631\u0633\u0627\u0644 \u0631\u0645\u0632 \u0648\u0627\u062d\u062f \u0625\u0644\u0649 \u0627\u0644\u0645\u062c\u0645\u0639 \u0648\u064a\u062a\u0644\u0642\u0649 \u0627\u0644\u0622\u062e\u0631 \u0641\u064a \u0627\u0644\u0645\u0642\u0627\u0628\u0644. \u064a\u0639\u064a\u062f \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0630\u0643\u064a \u062d\u0633\u0627\u0628 \u0633\u0639\u0631 \u0627\u0644\u0635\u0631\u0641 \u0628\u0639\u062f \u0643\u0644 \u0639\u0645\u0644\u064a\u0629 \u062a\u062f\u0627\u0648\u0644 \u0644\u0623\u0646 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a \u062a\u0643\u0648\u0646 \u0642\u062f \u062a\u063a\u064a\u0631\u062a.<\/p>\n<p>\u062a\u062a\u0641\u0627\u0639\u0644 \u062b\u0644\u0627\u062b \u0645\u062c\u0645\u0648\u0639\u0627\u062a \u0645\u0639 \u0643\u0644 \u0645\u062c\u0645\u0639 AMM\u060c \u0648\u062a\u0644\u0639\u0628 \u0643\u0644 \u0645\u0646\u0647\u0627 \u062f\u0648\u0631\u064b\u0627 \u0645\u062e\u062a\u0644\u0641\u064b\u0627:<\/p>\n<ul>\n<li><strong>\u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0648\u0646<\/strong>: \u064a\u0633\u062a\u062e\u062f\u0645\u0648\u0646 \u0627\u0644\u0645\u062c\u0645\u0639 \u0644\u062a\u0628\u062f\u064a\u0644 \u0631\u0645\u0632 \u0628\u0622\u062e\u0631. \u064a\u0647\u062a\u0645\u0648\u0646 \u0628\u0627\u0644\u0633\u0639\u0631\u060c \u0648\u0627\u0644\u0627\u0646\u0632\u0644\u0627\u0642 \u0627\u0644\u0633\u0639\u0631\u064a\u060c \u0648\u0627\u0644\u0631\u0633\u0648\u0645.<\/li>\n<li><strong>\u0645\u0648\u0641\u0631\u0648 \u0627\u0644\u0633\u064a\u0648\u0644\u0629<\/strong>: \u064a\u0648\u062f\u0639\u0648\u0646 \u0623\u0632\u0648\u0627\u062c \u0627\u0644\u0631\u0645\u0648\u0632 \u0627\u0644\u0645\u0645\u064a\u0632\u0629 \u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0639 \u0648\u064a\u0643\u0633\u0628\u0648\u0646 \u062d\u0635\u0629 \u0645\u0646 \u0627\u0644\u0631\u0633\u0648\u0645 \u0645\u0646 \u0643\u0644 \u0639\u0645\u0644\u064a\u0629 \u0645\u0628\u0627\u062f\u0644\u0629. \u064a\u0647\u062a\u0645\u0648\u0646 \u0628\u062f\u062e\u0644 \u0627\u0644\u0631\u0633\u0648\u0645 \u0645\u0642\u0627\u0628\u0644 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0627\u0644\u0631\u0645\u0648\u0632 \u062f\u0627\u062e\u0644 \u0627\u0644\u0645\u062c\u0645\u0639.<\/li>\n<li><strong>\u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0648\u0646<\/strong>: \u064a\u062a\u062f\u0627\u0648\u0644\u0648\u0646 \u0636\u062f \u0627\u0644\u0645\u062c\u0645\u0639 \u0639\u0646\u062f\u0645\u0627 \u064a\u0646\u062d\u0631\u0641 \u0633\u0639\u0631\u0647 \u0639\u0646 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0623\u062e\u0631\u0649. \u064a\u062d\u0627\u0641\u0638\u0648\u0646 \u0639\u0644\u0649 \u062a\u0648\u0627\u0641\u0642 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0645\u062c\u0645\u0639 \u062a\u0642\u0631\u064a\u0628\u064b\u0627 \u0645\u0639 \u0628\u0642\u064a\u0629 \u0627\u0644\u0633\u0648\u0642.<\/li>\n<\/ul>\n<p>\u062a\u0639\u062a\u0645\u062f \u062c\u0645\u064a\u0639 \u0627\u0644\u0623\u062f\u0648\u0627\u0631 \u0627\u0644\u062b\u0644\u0627\u062b\u0629 \u0639\u0644\u0649 \u0646\u0641\u0633 \u0627\u0644\u0645\u062c\u0645\u0639. \u064a\u062d\u062a\u0627\u062c \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0648\u0646 \u0625\u0644\u0649 \u0639\u0645\u0642 \u0643\u0627\u0641\u064d \u062d\u062a\u0649 \u0644\u0627 \u062a\u0624\u062f\u064a \u0627\u0644\u0645\u0628\u0627\u062f\u0644\u0627\u062a \u0627\u0644\u0643\u0628\u064a\u0631\u0629 \u0625\u0644\u0649 \u062a\u062d\u0631\u064a\u0643 \u0627\u0644\u0633\u0639\u0631 \u0628\u0639\u064a\u062f\u064b\u0627 \u062c\u062f\u064b\u0627. \u064a\u062d\u062a\u0627\u062c \u0645\u0648\u0641\u0631\u0648 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0625\u0644\u0649 \u062d\u062c\u0645 \u062a\u062f\u0627\u0648\u0644 \u0643\u0627\u0641\u064d \u0644\u062c\u0639\u0644 \u0627\u0644\u0631\u0633\u0648\u0645 \u062a\u0633\u062a\u062d\u0642 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u0629. \u0628\u064a\u0646\u0645\u0627 \u064a\u062d\u062a\u0627\u062c \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0648\u0646 \u0625\u0644\u0649 \u0625\u063a\u0644\u0627\u0642 \u0641\u062c\u0648\u0627\u062a \u0627\u0644\u0623\u0633\u0639\u0627\u0631. \u0639\u0646\u062f\u0645\u0627 \u062a\u063a\u064a\u0628 \u0625\u062d\u062f\u0649 \u0627\u0644\u0645\u062c\u0645\u0648\u0639\u0627\u062a\u060c \u062a\u062a\u0623\u062b\u0631 \u0627\u0644\u0645\u062c\u0645\u0648\u0639\u0627\u062a \u0627\u0644\u0623\u062e\u0631\u0649 \u0628\u0634\u0643\u0644 \u0645\u0628\u0627\u0634\u0631\u061b \u0641\u0645\u062c\u0645\u0639 \u0644\u0627 \u064a\u0634\u0647\u062f \u0646\u0634\u0627\u0637 \u0645\u0631\u0627\u062c\u062d\u0629 \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0638\u0644 \u0628\u0633\u0639\u0631 \u0631\u0627\u0643\u062f \u0644\u0633\u0627\u0639\u0627\u062a\u060c \u0648\u0627\u0644\u0645\u062c\u0645\u0639 \u0627\u0644\u0630\u064a \u064a\u0641\u062a\u0642\u0631 \u0625\u0644\u0649 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u064a\u062c\u0639\u0644 \u0643\u0644 \u0639\u0645\u0644\u064a\u0629 \u062a\u062f\u0627\u0648\u0644 \u0645\u0643\u0644\u0641\u0629.<\/p>\n<\/section>\n<section>\n<header>\n<h2 id=\"section-4\">\u0643\u064a\u0641 \u062a\u062d\u0644 \u0635\u0627\u0646\u0639\u0648 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a\u0648\u0646 (AMMs) \u0645\u062d\u0644 \u062f\u0641\u0627\u062a\u0631 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0628\u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629\u061f<\/h2>\n<\/header>\n<p>\u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629\u060c \u0644\u0627 \u062a\u062a\u0645 \u0627\u0644\u0635\u0641\u0642\u0629 \u0625\u0644\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0647\u0646\u0627\u0643 \u0637\u0631\u0641 \u0622\u062e\u0631 \u0645\u0633\u062a\u0639\u062f \u0644\u0645\u0637\u0627\u0628\u0642\u062a\u0647\u0627. \u064a\u0636\u0639 \u0627\u0644\u0645\u0634\u062a\u0631\u0648\u0646 \u0639\u0631\u0648\u0636 \u0627\u0644\u0634\u0631\u0627\u0621 (bids)\u060c \u0648\u064a\u0636\u0639 \u0627\u0644\u0628\u0627\u0626\u0639\u0648\u0646 \u0639\u0631\u0648\u0636 \u0627\u0644\u0628\u064a\u0639 (asks)\u060c \u0648\u062a\u0642\u0648\u0645 \u0645\u062d\u0631\u0643\u0627\u062a \u0627\u0644\u0645\u0637\u0627\u0628\u0642\u0629 \u0628\u0645\u0632\u0627\u0648\u062c\u0629 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0645\u062a\u0648\u0627\u0641\u0642\u0629. \u0625\u0630\u0627 \u0644\u0645 \u064a\u0643\u0646 \u0647\u0646\u0627\u0643 \u0628\u0627\u0626\u0639 \u0628\u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0630\u064a \u062a\u0631\u064a\u062f\u0647\u060c \u0641\u0639\u0644\u064a\u0643 \u0627\u0644\u0627\u0646\u062a\u0638\u0627\u0631 \u0623\u0648 \u062a\u0639\u062f\u064a\u0644 \u0637\u0644\u0628\u0643.<\/p>\n<p>\u064a\u0632\u064a\u0644 \u0635\u0627\u0646\u0639\u0648 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a\u0648\u0646 (AMMs) \u0647\u0630\u0627 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f. \u0641\u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u062a\u0628\u0627\u062f\u0644 \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0643 \u062a\u0633\u062d\u0628 \u0627\u0644\u0631\u0645\u0648\u0632 \u0645\u0628\u0627\u0634\u0631\u0629 \u0645\u0646 \u0645\u062c\u0645\u0639 \u0633\u064a\u0648\u0644\u0629 \u0648\u062a\u062f\u0641\u0639 \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0630\u064a \u0623\u062f\u062e\u0644\u062a\u0647 \u0625\u0644\u0649 \u0646\u0641\u0633 \u0627\u0644\u0645\u062c\u0645\u0639. \u064a\u062a\u0645 \u062a\u0639\u062f\u064a\u0644 \u0627\u0644\u0633\u0639\u0631 \u062a\u0644\u0642\u0627\u0626\u064a\u064b\u0627. \u0644\u0627 \u064a\u0644\u0632\u0645 \u0648\u062c\u0648\u062f \u0628\u0627\u0626\u0639 \u0645\u062a\u0635\u0644 \u0628\u0627\u0644\u0625\u0646\u062a\u0631\u0646\u062a\u060c \u0648\u0644\u0627 \u062a\u0648\u062c\u062f \u0645\u062d\u0631\u0643\u0627\u062a \u0645\u0637\u0627\u0628\u0642\u0629.<\/p>\n<table>\n<thead>\n<tr>\n<th>\u0627\u0644\u0646\u0645\u0648\u0630\u062c<\/th>\n<th>\u0643\u064a\u0641 \u062a\u062a\u0645 \u0627\u0644\u0635\u0641\u0642\u0629<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u062f\u0641\u062a\u0631 \u0627\u0644\u0623\u0648\u0627\u0645\u0631<\/td>\n<td>\u064a\u0636\u0639 \u0627\u0644\u0645\u0634\u062a\u0631\u0648\u0646 \u0648\u0627\u0644\u0628\u0627\u0626\u0639\u0648\u0646 \u0639\u0631\u0648\u0636 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0628\u064a\u0639\u060c \u062b\u0645 \u062a\u0642\u0648\u0645 \u0645\u062d\u0631\u0643\u0627\u062a \u0627\u0644\u0645\u0637\u0627\u0628\u0642\u0629 \u0628\u0645\u0632\u0627\u0648\u062c\u0629 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0645\u062a\u0648\u0627\u0641\u0642\u0629.<\/td>\n<\/tr>\n<tr>\n<td>\u0645\u062c\u0645\u0639 AMM<\/td>\n<td>\u064a\u0642\u0648\u0645 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0630\u0643\u064a \u0628\u062a\u0633\u0639\u064a\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062c\u0645\u0639\u0629\u060c \u062b\u0645 \u064a\u062d\u062f\u062b \u0627\u0644\u0645\u062c\u0645\u0639 \u0628\u0639\u062f \u0643\u0644 \u0639\u0645\u0644\u064a\u0629 \u062a\u0628\u0627\u062f\u0644.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629\u060c \u0642\u062f \u064a\u0643\u0648\u0646 \u0644\u0644\u0631\u0645\u0632 \u0627\u0644\u0630\u064a \u0644\u0627 \u064a\u062d\u0638\u0649 \u0628\u0627\u0647\u062a\u0645\u0627\u0645 \u062a\u062f\u0627\u0648\u0644 \u0643\u0628\u064a\u0631 \u0641\u0631\u0648\u0642 \u0623\u0633\u0639\u0627\u0631 \u0648\u0627\u0633\u0639\u0629 \u0623\u0648 \u0644\u0627 \u064a\u0648\u062c\u062f \u0644\u0647 \u0633\u0648\u0642 \u0646\u0634\u0637 \u0639\u0644\u0649 \u0627\u0644\u0625\u0637\u0644\u0627\u0642. \u0623\u0645\u0627 \u0641\u064a \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM)\u060c \u0641\u064a\u0645\u0643\u0646 \u0644\u0623\u064a \u0634\u062e\u0635 \u0625\u0646\u0634\u0627\u0621 \u0645\u062c\u0645\u0639 \u0644\u0623\u064a \u0632\u0648\u062c \u0645\u0646 \u0627\u0644\u0631\u0645\u0648\u0632\u060c \u0645\u0645\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0645\u0645\u0643\u0646 \u062d\u062a\u0649 \u0644\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062a\u064a \u0644\u0646 \u062a\u062c\u0630\u0628 \u0623\u0628\u062f\u064b\u0627 \u0635\u0627\u0646\u0639 \u0633\u0648\u0642 \u0645\u062e\u0635\u0635\u064b\u0627. \u0647\u0630\u0647 \u0627\u0644\u0633\u0647\u0648\u0644\u0629 \u0641\u064a \u0627\u0644\u0648\u0635\u0648\u0644 \u062d\u0642\u064a\u0642\u064a\u0629\u060c \u0644\u0643\u0646\u0647\u0627 \u062a\u0623\u062a\u064a \u0645\u0639 \u0645\u0642\u0627\u064a\u0636\u0629: \u0641\u0627\u0644\u0645\u062c\u0645\u0639\u0627\u062a \u0630\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u0646\u062e\u0641\u0636\u0629 \u064a\u0633\u0647\u0644 \u0627\u0644\u062a\u0644\u0627\u0639\u0628 \u0628\u0647\u0627 \u0648\u062a\u0643\u0648\u0646 \u062a\u0643\u0644\u0641\u062a\u0647\u0627 \u0645\u0631\u062a\u0641\u0639\u0629 \u0639\u0646\u062f \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0628\u0643\u0645\u064a\u0627\u062a \u0643\u0628\u064a\u0631\u0629\u060c \u0645\u0645\u0627 \u0642\u062f \u064a\u0624\u062f\u064a \u0625\u0644\u0649 <a href=\"https:\/\/www.dztecs.com\/blockchain\/do-i-have-to-report-crypto-on-my-taxes-if-i-lost-money\/\">\u062e\u0633\u0627\u0626\u0631<\/a>.<\/p>\n<p>\u062a\u064f\u0639\u062f \u0635\u0627\u0646\u0639\u0648 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a\u0648\u0646 (AMMs) \u0623\u0633\u0627\u0633 \u0645\u0639\u0638\u0645 \u062a\u0635\u0645\u064a\u0645\u0627\u062a \u0627\u0644\u062a\u0628\u0627\u062f\u0644\u0627\u062a \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 (DEX) \u0644\u0623\u0646 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0630\u0643\u064a\u0629 \u064a\u0645\u0643\u0646\u0647\u0627 \u0625\u062f\u0627\u0631\u0629 \u0623\u0631\u0635\u062f\u0629 \u0627\u0644\u0645\u062c\u0645\u0639\u0627\u062a \u0628\u0634\u0641\u0627\u0641\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629. \u062a\u0642\u0648\u0645 \u0627\u0644\u0628\u0648\u0631\u0635\u0629 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0628\u062d\u0641\u0638 \u0623\u0645\u0648\u0627\u0644\u0643 \u0648\u0645\u0637\u0627\u0628\u0642\u0629 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u062f\u0627\u062e\u0644\u064a\u064b\u0627. \u0628\u064a\u0646\u0645\u0627 \u062a\u062a\u0645 \u062a\u0633\u0648\u064a\u0629 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0641\u064a \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0645\u0646 \u062e\u0644\u0627\u0644 \u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0645\u0648\u0642\u0639\u0629 \u0628\u0627\u0644\u0645\u062d\u0641\u0638\u0629\u060c \u0645\u0645\u0627 \u064a\u0639\u0646\u064a \u0623\u0646\u0643 \u062a\u062d\u062a\u0641\u0638 \u0628\u0627\u0644\u0648\u0635\u0627\u064a\u0629 \u0639\u0644\u0649 \u0623\u0645\u0648\u0627\u0644\u0643 \u062d\u062a\u0649 \u0644\u062d\u0638\u0629 \u0627\u0644\u062a\u0648\u0642\u064a\u0639.<\/p>\n<p>\u064a\u0645\u064a\u0632 \u0647\u0630\u0627 \u0623\u064a\u0636\u064b\u0627 \u0635\u0627\u0646\u0639\u0648 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a\u0648\u0646 (AMMs) \u0639\u0646 \u0634\u0631\u0643\u0627\u062a \u0635\u0646\u0627\u0639\u0629 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0627\u062d\u062a\u0631\u0627\u0641\u064a\u0629. \u0641\u0628\u064a\u0646\u0645\u0627 \u062a\u0642\u0648\u0645 \u062a\u0644\u0643 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0628\u062a\u0633\u0639\u064a\u0631 \u0639\u0631\u0648\u0636 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0628\u064a\u0639 \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0648\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u064a\u0642\u0648\u0645 \u0635\u0627\u0646\u0639\u0648 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a\u0648\u0646 (AMMs) \u0628\u0627\u0644\u062a\u0633\u0639\u064a\u0631 \u0645\u0646 \u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a \u0627\u0644\u0645\u062c\u0645\u0639\u0627\u062a \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062a\u0639\u0644\u064a\u0645\u0627\u062a \u0627\u0644\u0628\u0631\u0645\u062c\u064a\u0629\u060c \u0639\u0644\u0649 \u0627\u0644\u0631\u063a\u0645 \u0645\u0646 \u0623\u0646 \u0627\u0644\u0634\u0631\u0643\u0627\u062a \u0648\u0627\u0644\u0631\u0648\u0628\u0648\u062a\u0627\u062a \u0644\u0627 \u064a\u0632\u0627\u0644 \u0628\u0625\u0645\u0643\u0627\u0646\u0647\u0627 \u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0623\u0648 \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629 \u0641\u064a \u062a\u0644\u0643 \u0627\u0644\u0645\u062c\u0645\u0639\u0627\u062a.<\/p>\n<\/section>\n<section>\n<header>\n<h2 id=\"section-5\">\u0643\u064a\u0641 \u062a\u062d\u0631\u0643 \u0635\u064a\u063a\u0629 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0627\u0644\u0623\u0633\u0639\u0627\u0631\u061f<\/h2>\n<\/header>\n<p>\u064a\u062d\u062a\u0627\u062c \u0643\u0644 \u0635\u0627\u0646\u0639 \u0633\u0648\u0642 \u0622\u0644\u064a (AMM) \u0630\u0648 \u0645\u0646\u062a\u062c \u062b\u0627\u0628\u062a \u0625\u0644\u0649 \u0642\u0627\u0639\u062f\u0629 \u0644\u062a\u062d\u062f\u064a\u062f \u0643\u0645\u064a\u0629 \u0627\u0644\u0631\u0645\u0632 B \u0627\u0644\u062a\u064a \u062a\u062d\u0635\u0644 \u0639\u0644\u064a\u0647\u0627 \u0639\u0646\u062f \u0625\u064a\u062f\u0627\u0639 \u0627\u0644\u0631\u0645\u0632 A. \u0641\u0628\u062f\u0648\u0646 \u0647\u0630\u0647 \u0627\u0644\u0642\u0627\u0639\u062f\u0629\u060c \u0644\u0646 \u064a\u0643\u0648\u0646 \u0644\u062f\u0649 \u0627\u0644\u0645\u062c\u0645\u0639 \u0637\u0631\u064a\u0642\u0629 \u0644\u062a\u062d\u062f\u064a\u062f \u0627\u0644\u0633\u0639\u0631 \u2014 \u0648\u0642\u062f \u064a\u062a\u0645\u0643\u0646 \u0634\u062e\u0635 \u0645\u0627 \u0645\u0646 \u0633\u062d\u0628 \u062c\u0645\u064a\u0639 \u0631\u0645\u0648\u0632 \u0623\u062d\u062f \u0627\u0644\u0623\u0635\u0648\u0644 \u0628\u0625\u0631\u0633\u0627\u0644 \u0643\u0645\u064a\u0629 \u0636\u0626\u064a\u0644\u0629 \u0645\u0646 \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0622\u062e\u0631. \u0625\u0646 \u0635\u064a\u063a\u0629 x * y = k \u0647\u064a \u0647\u0630\u0647 \u0627\u0644\u0642\u0627\u0639\u062f\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629.<\/p>\n<p>\u062a\u062d\u0627\u0641\u0638 \u0647\u0630\u0647 \u0627\u0644\u0635\u064a\u063a\u0629 \u0639\u0644\u0649 \u062b\u0628\u0627\u062a \u062d\u0627\u0635\u0644 \u0636\u0631\u0628 \u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a \u0627\u0644\u0631\u0645\u0632\u064a\u0646 \u0642\u0628\u0644 \u0627\u062d\u062a\u0633\u0627\u0628 \u0627\u0644\u0631\u0633\u0648\u0645 \u0648\u0627\u0644\u062a\u0642\u0631\u064a\u0628. \u0641\u0625\u0630\u0627 \u0627\u0631\u062a\u0641\u0639 \u0623\u062d\u062f \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a \u0628\u0633\u0628\u0628 \u0642\u064a\u0627\u0645 \u0645\u062a\u062f\u0627\u0648\u0644 \u0628\u0625\u064a\u062f\u0627\u0639 \u0630\u0644\u0643 \u0627\u0644\u0631\u0645\u0632\u060c \u0641\u064a\u062c\u0628 \u0623\u0646 \u064a\u0646\u062e\u0641\u0636 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0622\u062e\u0631 \u0644\u0623\u0646 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644 \u064a\u062a\u0644\u0642\u0627\u0647. \u064a\u0628\u0642\u0649 \u062d\u0627\u0635\u0644 \u0627\u0644\u0636\u0631\u0628 \u0643\u0645\u0627 \u0647\u0648\u060c \u0645\u0645\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u0627\u0644\u0633\u0639\u0631 \u064a\u062a\u0639\u062f\u0644 \u062a\u0644\u0642\u0627\u0626\u064a\u064b\u0627 \u0645\u0639 \u0643\u0644 \u0639\u0645\u0644\u064a\u0629 \u062a\u062f\u0627\u0648\u0644. \u062a\u0639\u062f \u0647\u0630\u0647 \u0627\u0644\u0622\u0644\u064a\u0629 \u0623\u0633\u0627\u0633\u064a\u0629 \u0644\u0639\u0645\u0644 \u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0627\u0644\u062a\u064a \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u062a\u0643\u0648\u0646 \u062c\u0632\u0621\u064b\u0627 \u0645\u0646 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0632\u0631\u0627\u0639\u0629 \u0627\u0644\u0639\u0627\u0626\u062f.<\/p>\n<p>\u0644\u062a\u0633\u0647\u064a\u0644 \u0641\u0647\u0645 \u0647\u0630\u0627 \u0627\u0644\u0645\u0641\u0647\u0648\u0645\u060c \u062f\u0639\u0646\u0627 \u0646\u0623\u062e\u0630 \u0645\u062b\u0627\u0644\u0627\u064b \u0645\u0644\u0645\u0648\u0633\u064b\u0627. \u062a\u062e\u064a\u0644 \u0645\u062c\u0645\u0639\u064b\u0627 \u064a\u062d\u062a\u0648\u064a \u0639\u0644\u0649 10 ETH \u0648 20,000 USDC. \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0636\u0645\u0646\u064a \u0647\u0646\u0627 \u0647\u0648 \u062a\u0642\u0631\u064a\u0628\u064b\u0627 2,000 USDC \u0644\u0643\u0644 ETH. \u062d\u0627\u0635\u0644 \u0636\u0631\u0628 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a \u0647\u0648 200,000 (10 \u00d7 20,000 = 200,000).<\/p>\n<p>\u0627\u0644\u0622\u0646\u060c \u064a\u0634\u062a\u0631\u064a \u0645\u062a\u062f\u0627\u0648\u0644 1 ETH \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 USDC. \u064a\u0642\u0648\u0645 \u0628\u0625\u0631\u0633\u0627\u0644 USDC \u0625\u0644\u0649 \u0627\u0644\u0645\u062c\u0645\u0639 \u0648\u064a\u062a\u0644\u0642\u0649 ETH \u0645\u0646\u0647. \u0628\u0639\u062f \u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u064a\u0635\u0628\u062d \u0627\u0644\u0645\u062c\u0645\u0639 \u064a\u062d\u062a\u0648\u064a \u0639\u0644\u0649 \u0643\u0645\u064a\u0629 \u0623\u0642\u0644 \u0645\u0646 ETH \u0648\u0643\u0645\u064a\u0629 \u0623\u0643\u0628\u0631 \u0645\u0646 USDC. \u064a\u062c\u0628 \u0623\u0646 \u064a\u0638\u0644 \u062d\u0627\u0635\u0644 \u0627\u0644\u0636\u0631\u0628 \u0645\u0633\u0627\u0648\u064a\u064b\u0627 \u062a\u0642\u0631\u064a\u0628\u064b\u0627 \u0644\u0640 200,000\u060c \u0644\u0630\u0627 \u062a\u0633\u062a\u0642\u0631 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a \u0627\u0644\u062c\u062f\u064a\u062f\u0629 \u0639\u0646\u062f \u062d\u0648\u0627\u0644\u064a 9 ETH \u0648 22,222 USDC. \u064a\u0635\u0628\u062d \u0633\u0639\u0631 \u0627\u0644\u0640 ETH \u0627\u0644\u062a\u0627\u0644\u064a \u0623\u063a\u0644\u0649 \u0627\u0644\u0622\u0646\u060c \u0644\u0623\u0646\u0647 \u0623\u0635\u0628\u062d \u0623\u0642\u0644 \u062a\u0648\u0641\u0631\u064b\u0627 \u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0639.<\/p>\n<p>\u0627\u0644\u062a\u0633\u0644\u0633\u0644 \u0627\u0644\u0630\u064a \u062a\u062a\u0628\u0639\u0647 \u0643\u0644 \u0639\u0645\u0644\u064a\u0629 \u0645\u0628\u0627\u062f\u0644\u0629 (swap):<\/p>\n<ul>\n<li>\u064a\u0631\u0633\u0644 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0631\u0645\u0632 A \u0625\u0644\u0649 \u0627\u0644\u0645\u062c\u0645\u0639.<\/li>\n<li>\u064a\u0631\u0633\u0644 \u0627\u0644\u0645\u062c\u0645\u0639 \u0627\u0644\u0631\u0645\u0632 B \u0625\u0644\u0649 \u0627\u0644\u062e\u0627\u0631\u062c.<\/li>\n<li>\u064a\u0639\u064a\u062f \u0627\u0644\u0645\u062c\u0645\u0639 \u062d\u0633\u0627\u0628 \u0646\u0633\u0628\u0629 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a.<\/li>\n<li>\u064a\u0639\u0643\u0633 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u062c\u062f\u064a\u062f \u0627\u0644\u0631\u0635\u064a\u062f \u0627\u0644\u062c\u062f\u064a\u062f.<\/li>\n<\/ul>\n<p>\u0627\u0644\u0627\u0646\u0632\u0644\u0627\u0642 \u0627\u0644\u0633\u0639\u0631\u064a (Slippage) \u0647\u0648 \u0627\u0644\u0641\u0627\u0631\u0642 \u0628\u064a\u0646 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0645\u0639\u0631\u0648\u0636 \u0639\u0646\u062f \u0645\u0639\u0627\u064a\u0646\u0629 \u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u0645\u0628\u0627\u062f\u0644\u0629 \u0648\u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0630\u064a \u062a\u062a\u0644\u0642\u0627\u0647 \u0641\u0639\u0644\u064a\u064b\u0627 \u0639\u0646\u062f \u062a\u0646\u0641\u064a\u0630\u0647\u0627. \u064a\u0646\u0634\u0623 \u062c\u0632\u0621 \u0645\u0646 \u0627\u0644\u0627\u0646\u0632\u0644\u0627\u0642 \u0627\u0644\u0633\u0639\u0631\u064a \u0645\u0646 \u062d\u062c\u0645 \u062a\u062f\u0627\u0648\u0644\u0643 \u0627\u0644\u062e\u0627\u0635 \u2014 \u0641\u0627\u0644\u0645\u0628\u0627\u062f\u0644\u0627\u062a \u0627\u0644\u0623\u0643\u0628\u0631 \u062a\u062d\u0631\u0643 \u0627\u0644\u0645\u062c\u0645\u0639 \u0628\u0634\u0643\u0644 \u0623\u0643\u0628\u0631. \u0648\u0642\u062f \u064a\u0623\u062a\u064a \u0627\u0644\u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0627\u0646\u0632\u0644\u0627\u0642 \u0645\u0646 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0627\u0644\u0623\u062e\u0631\u0649 \u0627\u0644\u062a\u064a \u062a\u062a\u0645 \u0642\u0628\u0644 \u0645\u0639\u0627\u0645\u0644\u062a\u0643 \u0628\u064a\u0646\u0645\u0627 \u062a\u0646\u062a\u0638\u0631 \u0645\u0639\u0627\u0645\u0644\u062a\u0643 \u0641\u064a \u0627\u0644\u0640 mempool (\u0642\u0627\u0626\u0645\u0629 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0639\u0644\u0642\u0629 \u0627\u0644\u062a\u064a \u062a\u0646\u062a\u0638\u0631 \u0625\u0636\u0627\u0641\u062a\u0647\u0627 \u0625\u0644\u0649 \u0627\u0644\u0640 blockchain).<\/p>\n<p>\u0644\u0627 \u062a\u0633\u062a\u062e\u062f\u0645 \u062c\u0645\u064a\u0639 \u0635\u0627\u0646\u0639\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a\u0629 (AMMs) \u0635\u064a\u063a\u0629 x * y = k \u0627\u0644\u0646\u0642\u064a\u0629. \u0641\u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0645\u0628\u0627\u062f\u0644\u0629 \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 (Stable-swap pools) \u0645\u0635\u0645\u0645\u0629 \u0644\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062a\u064a \u064a\u062c\u0628 \u0623\u0646 \u062a\u062a\u062f\u0627\u0648\u0644 \u0628\u0623\u0633\u0639\u0627\u0631 \u0645\u062a\u0642\u0627\u0631\u0628\u0629 \u062c\u062f\u064b\u0627\u060c \u0645\u062b\u0644 USDC \u0648 USDT. \u062a\u0633\u0645\u062d \u0647\u0630\u0647 \u0627\u0644\u0645\u062c\u0645\u0639\u0627\u062a \u0628\u0625\u062c\u0631\u0627\u0621 \u0645\u0628\u0627\u062f\u0644\u0627\u062a \u0623\u0643\u0628\u0631 \u0645\u0639 \u062d\u0631\u0643\u0629 \u0633\u0639\u0631\u064a\u0629 \u0623\u0642\u0644 \u0637\u0627\u0644\u0645\u0627 \u0623\u0646 \u0643\u0644\u0627 \u0627\u0644\u0623\u0635\u0644\u064a\u0646 \u064a\u062d\u0627\u0641\u0638\u0627\u0646 \u0639\u0644\u0649 \u0631\u0628\u0637\u0647\u0645\u0627 (peg). \u0625\u0630\u0627 \u0641\u0642\u062f \u0623\u062d\u062f \u0627\u0644\u0623\u0635\u0648\u0644 \u0631\u0628\u0637\u0647\u060c \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0635\u0628\u062d \u0646\u0641\u0633 \u0627\u0644\u0645\u062c\u0645\u0639 \u0645\u0633\u0627\u0631 \u062e\u0631\u0648\u062c \u0623\u062d\u0627\u062f\u064a \u0627\u0644\u0627\u062a\u062c\u0627\u0647 \u062d\u064a\u062b \u064a\u062c\u062f \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u0648\u0646 \u0627\u0644\u0623\u0628\u0637\u0623 \u0623\u0646\u0641\u0633\u0647\u0645 \u064a\u062d\u062a\u0641\u0638\u0648\u0646 \u0628\u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0623\u0636\u0639\u0641\u060c \u0645\u0645\u0627 \u0642\u062f \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062e\u0633\u0627\u0626\u0631 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629\u060c \u0648\u064a\u062c\u0639\u0644 <a href=\"https:\/\/www.dztecs.com\/blockchain\/buy-borrow-die-high-ltv-crypto-loans\/\">\u0635\u0648\u0646 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644<\/a> \u0623\u0645\u0631\u064b\u0627 \u0628\u0627\u0644\u063a \u0627\u0644\u0623\u0647\u0645\u064a\u0629.<\/p>\n<\/section>\n<section>\n<header>\n<h2 id=\"section-6\">\u0645\u0627\u0630\u0627 \u064a\u0641\u0639\u0644 \u0645\u0648\u0641\u0631\u0648 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0641\u064a AMM\u061f<\/h2>\n<\/header>\n<p>\u064a\u0642\u0648\u0645 \u0645\u0648\u0641\u0631\u0648 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0628\u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062a\u064a \u062a\u062c\u0639\u0644 \u0645\u0646\u0635\u0627\u062a \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645. \u0641\u0628\u062f\u0648\u0646\u0647\u0645\u060c \u0644\u0646 \u064a\u0643\u0648\u0646 \u0647\u0646\u0627\u0643 \u0645\u062c\u0645\u0639 \u0633\u064a\u0648\u0644\u0629\u060c \u0648\u0644\u0646 \u064a\u062c\u062f \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0648\u0646 \u0623\u064a \u0634\u064a\u0621 \u0644\u0625\u062c\u0631\u0627\u0621 \u0627\u0644\u0645\u0642\u0627\u064a\u0636\u0627\u062a \u0645\u0642\u0627\u0628\u0644\u0647.<\/p>\n<p>\u0641\u064a \u0645\u062c\u0645\u0639 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u0643\u0648\u0646 \u0645\u0646 \u0631\u0645\u0632\u064a\u0646\u060c \u064a\u0648\u062f\u0639 \u0627\u0644\u0645\u0632\u0648\u062f \u0643\u0644\u0627 \u0627\u0644\u0623\u0635\u0644\u064a\u0646 \u0628\u0646\u0633\u0628\u0629 \u062b\u0627\u0628\u062a\u0629 \u2014 \u0639\u0627\u062f\u0629\u064b 50\/50 \u0645\u0646 \u062d\u064a\u062b \u0627\u0644\u0642\u064a\u0645\u0629 \u0648\u0642\u062a \u0627\u0644\u0625\u064a\u062f\u0627\u0639. \u0648\u0641\u064a \u0627\u0644\u0645\u0642\u0627\u0628\u0644\u060c \u064a\u062a\u0644\u0642\u0648\u0646 \u0633\u062c\u0644\u0627\u064b \u0628\u062d\u0635\u062a\u0647\u0645\u060c \u0642\u062f \u064a\u0643\u0648\u0646 \u0647\u0630\u0627 \u0623\u062d\u064a\u0627\u0646\u064b\u0627 \u0631\u0645\u0632 LP (LP token)\u060c \u0623\u0648 \u0645\u0631\u0643\u0632\u064b\u0627 \u0628\u0646\u0637\u0627\u0642 \u0633\u0639\u0631\u064a \u0645\u062d\u062f\u062f\u060c \u0648\u0630\u0644\u0643 \u062d\u0633\u0628 \u062a\u0635\u0645\u064a\u0645 \u0627\u0644\u0645\u062c\u0645\u0639. \u062a\u0645\u0646\u062d\u0647\u0645 \u0647\u0630\u0647 \u0627\u0644\u062d\u0635\u0629 \u0646\u0633\u0628\u0629 \u0645\u0646 \u062c\u0645\u064a\u0639 \u0631\u0633\u0648\u0645 \u0627\u0644\u0645\u0642\u0627\u064a\u0636\u0629 \u0627\u0644\u062a\u064a \u064a\u062c\u0645\u0639\u0647\u0627 \u0627\u0644\u0645\u062c\u0645\u0639\u060c \u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0625\u064a\u062f\u0627\u0639\u0647\u0645 \u0627\u0644\u0623\u0635\u0644\u064a \u0639\u0646\u062f \u0627\u0644\u0633\u062d\u0628.<\/p>\n<p>\u0644\u0627 \u064a\u0639\u062a\u0628\u0631 \u0647\u0630\u0627 \u0627\u0644\u0645\u0631\u0643\u0632 \u062d\u0633\u0627\u0628 \u062a\u0648\u0641\u064a\u0631. \u062a\u0646\u062f\u0631\u062c \u0645\u0646\u0635\u0627\u062a AMM \u0636\u0645\u0646 \u0642\u0637\u0627\u0639 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a (<a class=\"vfocused-internal-link\" title=\"\u0646\u0637\u0627\u0642 ENS \u0641\u064a Crypto: \u062f\u0644\u064a\u0644 \u0627\u0644\u0645\u0628\u062a\u062f\u0626\u064a\u0646\" href=\"https:\/\/www.dztecs.com\/blockchain\/what-is-ens-domain\/\">DeFi<\/a>) \u0627\u0644\u0623\u0648\u0633\u0639 \u0644\u0623\u0646\u0647\u0627 \u062a\u062c\u0645\u0639 \u0628\u064a\u0646 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u060c \u0648\u0627\u0644\u062d\u0641\u0638\u060c \u0648\u0627\u0644\u062d\u0648\u0627\u0641\u0632\u060c \u0648\u062a\u0633\u0648\u064a\u0629 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0630\u0643\u064a\u0629 \u0641\u064a \u0646\u0638\u0627\u0645 \u0648\u0627\u062d\u062f. \u0644\u0627 \u064a\u0642\u0648\u0645 \u0645\u0648\u0641\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0628\u0625\u0642\u0631\u0627\u0636 \u0645\u0642\u062a\u0631\u0636 \u0648\u0627\u062d\u062f \u0628\u062c\u062f\u0648\u0644 \u0633\u062f\u0627\u062f \u062b\u0627\u0628\u062a\u060c \u0628\u0644 \u064a\u062a\u064a\u062d \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0644\u0623\u064a \u0645\u062a\u062f\u0627\u0648\u0644 \u064a\u0633\u062a\u062e\u062f\u0645 \u0647\u0630\u0627 \u0627\u0644\u0645\u062c\u0645\u0639\u060c \u0641\u064a \u0623\u064a \u0648\u0642\u062a\u060c \u0648\u0628\u0623\u064a \u062d\u062c\u0645\u060c \u062d\u062a\u0649 \u064a\u0642\u0648\u0645 \u0628\u0633\u062d\u0628\u0647.<\/p>\n<p>\u062a\u062d\u062f\u062b \u062b\u0644\u0627\u062b\u0629 \u0623\u0645\u0648\u0631 \u0644\u0645\u0631\u0643\u0632 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0641\u064a \u0648\u0642\u062a \u0648\u0627\u062d\u062f\u060c \u0648\u0642\u062f \u062a\u0639\u0645\u0644 \u0647\u0630\u0647 \u0627\u0644\u0623\u0645\u0648\u0631 \u0636\u062f \u0628\u0639\u0636\u0647\u0627 \u0627\u0644\u0628\u0639\u0636:<\/p>\n<ul>\n<li>\u062a\u062a\u0631\u0627\u0643\u0645 <strong>\u062d\u0635\u0629 \u0627\u0644\u0631\u0633\u0648\u0645 \u0645\u0646 \u0627\u0644\u0645\u0642\u0627\u064a\u0636\u0627\u062a<\/strong> \u0628\u0645\u0627 \u064a\u062a\u0646\u0627\u0633\u0628 \u0645\u0639 \u062d\u0635\u0629 \u0627\u0644\u0645\u0632\u0648\u062f \u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0639.<\/li>\n<li>\u064a\u062a\u063a\u064a\u0631 <strong>\u0645\u0632\u064a\u062c \u0627\u0644\u0631\u0645\u0648\u0632<\/strong> \u0645\u0639 \u062d\u062f\u0648\u062b \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u0627\u062a. \u0641\u0627\u0644\u0645\u062c\u0645\u0639 \u0627\u0644\u0630\u064a \u064a\u0633\u062a\u0645\u0631 \u0641\u064a \u0628\u064a\u0639 ETH \u064a\u0646\u062a\u0647\u064a \u0628\u0647 \u0627\u0644\u0645\u0637\u0627\u0641 \u0628\u0627\u0645\u062a\u0644\u0627\u0643 \u0643\u0645\u064a\u0629 \u0623\u0642\u0644 \u0645\u0646 ETH \u0648\u0627\u0644\u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0622\u062e\u0631. \u064a\u062a\u0628\u0639 \u0645\u0631\u0643\u0632 \u0627\u0644\u0645\u0632\u0648\u062f \u0647\u0630\u0627 \u0627\u0644\u062a\u062d\u0648\u0644 \u062a\u0644\u0642\u0627\u0626\u064a\u064b\u0627.<\/li>\n<li>\u0642\u062f \u062a\u0643\u0645\u0644 <strong>\u0627\u0644\u062d\u0648\u0627\u0641\u0632<\/strong> \u0623\u0648 \u0627\u0644\u0627\u0646\u0628\u0639\u0627\u062b\u0627\u062a \u062f\u062e\u0644 \u0627\u0644\u0631\u0633\u0648\u0645\u060c \u0648\u0644\u0643\u0646\u0647\u0627 \u0642\u062f \u062a\u062a\u063a\u064a\u0631 \u0623\u0648 \u062a\u062e\u062a\u0641\u064a \u062f\u0648\u0646 \u0633\u0627\u0628\u0642 \u0625\u0646\u0630\u0627\u0631.<\/li>\n<\/ul>\n<p>\u0628\u0628\u0633\u0627\u0637\u0629\u060c \u064a\u0645\u0643\u0646\u0643 \u0627\u0644\u062a\u0641\u0643\u064a\u0631 \u0641\u064a \u0627\u0644\u0623\u0645\u0631 \u0643\u0627\u0644\u062a\u0627\u0644\u064a: \u062a\u0642\u0648\u0645 \u0628\u0625\u064a\u062f\u0627\u0639 \u0642\u064a\u0645\u0629 \u0645\u062a\u0633\u0627\u0648\u064a\u0629 \u0645\u0646 \u0631\u0645\u0632\u064a\u0646. \u0628\u064a\u0646\u0645\u0627 \u062a\u0643\u0648\u0646 \u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0639\u060c \u064a\u0642\u0648\u0645 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0648\u0646 \u0628\u0627\u0633\u062a\u0645\u0631\u0627\u0631 <a href=\"https:\/\/www.dztecs.com\/blockchain\/do-i-get-form-1099-da-if-i-trade-crypto-for-crypto\/\">\u0628\u0645\u0642\u0627\u064a\u0636\u0629 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629<\/a>. \u064a\u0628\u064a\u0639 \u0627\u0644\u0645\u062c\u0645\u0639 \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0630\u064a \u064a\u062a\u0645 \u0634\u0631\u0627\u0624\u0647\u060c \u0648\u064a\u0634\u062a\u0631\u064a \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0630\u064a \u064a\u062a\u0645 \u0628\u064a\u0639\u0647. \u062a\u0639\u0643\u0633 \u062d\u0635\u062a\u0643 \u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0639 \u0647\u0630\u0627 \u0627\u0644\u062a\u0648\u0627\u0632\u0646 \u0627\u0644\u0645\u0633\u062a\u0645\u0631\u060c \u0648\u0644\u064a\u0633 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0641\u064a \u0644\u062d\u0638\u0629 \u0625\u064a\u062f\u0627\u0639\u0643.<\/p>\n<p><strong>\u0645\u0627\u0630\u0627 \u064a\u062d\u062f\u062b \u0639\u0646\u062f \u0627\u0644\u0633\u062d\u0628<\/strong> \u0647\u0648 \u0645\u0627 \u064a\u0641\u0627\u062c\u0626 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0645\u0632\u0648\u062f\u064a\u0646. \u0644\u0627 \u062a\u062a\u0644\u0642\u0649 \u0627\u0644\u0631\u0645\u0648\u0632 \u0627\u0644\u062f\u0642\u064a\u0642\u0629 \u0627\u0644\u062a\u064a \u0623\u0648\u062f\u0639\u062a\u0647\u0627. \u0628\u0644 \u062a\u062a\u0644\u0642\u0649 \u062d\u0635\u062a\u0643 \u0645\u0645\u0627 \u064a\u062d\u062a\u0641\u0638 \u0628\u0647 \u0627\u0644\u0645\u062c\u0645\u0639 \u062d\u0627\u0644\u064a\u064b\u0627\u060c \u0648\u0627\u0644\u0630\u064a \u0642\u062f \u064a\u0643\u0648\u0646 \u0645\u0632\u064a\u062c\u064b\u0627 \u0645\u062e\u062a\u0644\u0641\u064b\u0627 \u0648\u0642\u064a\u0645\u0629 \u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0645\u062e\u062a\u0644\u0641\u0629 \u0639\u0646 \u0625\u064a\u062f\u0627\u0639\u0643 \u0627\u0644\u0623\u0635\u0644\u064a. \u062a\u0634\u0645\u0644 \u0647\u0630\u0647 \u0627\u0644\u062d\u0635\u0629 \u0627\u0644\u0631\u0633\u0648\u0645 \u0627\u0644\u0645\u0643\u062a\u0633\u0628\u0629\u060c \u0648\u0644\u0643\u0646\u0647\u0627 \u062a\u0634\u0645\u0644 \u0623\u064a\u0636\u064b\u0627 \u0623\u064a \u062e\u0633\u0627\u0631\u0629 \u063a\u064a\u0631 \u062f\u0627\u0626\u0645\u0629 (impermanent loss) \u062a\u0631\u0627\u0643\u0645\u062a. \u064a\u0634\u0631\u062d \u0627\u0644\u0642\u0633\u0645 \u0627\u0644\u062a\u0627\u0644\u064a \u0630\u0644\u0643 \u0628\u0627\u0644\u062a\u0641\u0635\u064a\u0644.<\/p>\n<\/section>\n<section>\n<header>\n<h2 id=\"section-7\">\u0645\u0627 \u0647\u064a \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u063a\u064a\u0631 \u0627\u0644\u062f\u0627\u0626\u0645\u0629\u061f<\/h2>\n<\/header>\n<p>\u062a\u064f\u0639\u062f \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u063a\u064a\u0631 \u0627\u0644\u062f\u0627\u0626\u0645\u0629 \u0627\u0644\u0645\u0641\u0647\u0648\u0645 \u0627\u0644\u0623\u0647\u0645 \u0644\u0623\u064a \u0634\u062e\u0635 \u064a\u0641\u0643\u0631 \u0641\u064a \u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629. \u0627\u0644\u0627\u0633\u0645 \u0645\u0636\u0644\u0644\u061b \u0641\u0643\u0644\u0645\u0629 &#8220;\u063a\u064a\u0631 \u062f\u0627\u0626\u0645\u0629&#8221; \u062a\u0648\u062d\u064a \u0628\u0623\u0646\u0647\u0627 \u062a\u062e\u062a\u0641\u064a \u0645\u0639 \u0645\u0631\u0648\u0631 \u0627\u0644\u0648\u0642\u062a\u060c \u0644\u0643\u0646\u0647\u0627 \u062a\u0635\u0628\u062d \u062f\u0627\u0626\u0645\u0629 \u0628\u0645\u062c\u0631\u062f \u0633\u062d\u0628 \u0623\u0645\u0648\u0627\u0644\u0643.<\/p>\n<p>\u0625\u0644\u064a\u0643 \u0645\u0627 \u064a\u0633\u0628\u0628\u0647\u0627: \u0639\u0646\u062f\u0645\u0627 \u062a\u0648\u062f\u0639 \u0641\u064a \u0645\u062c\u0645\u0639 \u0633\u064a\u0648\u0644\u0629 (pool)\u060c \u0641\u0625\u0646\u0643 \u062a\u0648\u0641\u0631 \u0639\u0645\u0644\u062a\u064a\u0646 \u0628\u0642\u064a\u0645\u0629 \u0645\u062a\u0633\u0627\u0648\u064a\u0629. \u064a\u0633\u062a\u062e\u062f\u0645 \u0627\u0644\u0645\u062c\u0645\u0639 \u0635\u064a\u063a\u0629 x * y = k \u0644\u062a\u0633\u0639\u064a\u0631 \u0627\u0644\u062a\u062f\u0627\u0648\u0644\u0627\u062a \u0628\u064a\u0646\u0647\u0645\u0627. \u0625\u0630\u0627 \u0627\u0631\u062a\u0641\u0639 \u0633\u0639\u0631 \u0625\u062d\u062f\u0649 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631 \u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u062e\u0627\u0631\u062c\u064a\u0629\u060c \u0633\u064a\u0642\u0648\u0645 \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0648\u0646 \u0628\u0634\u0631\u0627\u0621 \u062a\u0644\u0643 \u0627\u0644\u0639\u0645\u0644\u0629 \u0645\u0646 \u0645\u062c\u0645\u0639\u0643 (\u062d\u064a\u062b \u0623\u0635\u0628\u062d\u062a \u0631\u062e\u064a\u0635\u0629 \u0627\u0644\u0622\u0646) \u0648\u0628\u064a\u0639\u0647\u0627 \u0641\u064a \u0645\u0643\u0627\u0646 \u0622\u062e\u0631. \u064a\u0641\u0642\u062f \u0627\u0644\u0645\u062c\u0645\u0639 \u0627\u0644\u0639\u0645\u0644\u0629 \u0627\u0644\u0645\u062a\u0641\u0648\u0642\u0629 \u0623\u062f\u0627\u0621\u064b \u0648\u064a\u0643\u062a\u0633\u0628 \u0627\u0644\u0645\u0632\u064a\u062f \u0645\u0646 \u0627\u0644\u0639\u0645\u0644\u0629 \u0627\u0644\u0623\u0642\u0644 \u0623\u062f\u0627\u0621\u064b. \u062a\u062a\u0628\u0639 \u062d\u0635\u062a\u0643 \u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0639 \u0647\u0630\u0627 \u0627\u0644\u062a\u062d\u0648\u0644.<\/p>\n<p>\u0645\u062b\u0627\u0644 \u0639\u0645\u0644\u064a \u0628\u0623\u0631\u0642\u0627\u0645 \u062a\u0642\u0631\u064a\u0628\u064a\u0629:<\/p>\n<p>\u0623\u0648\u062f\u0639\u062a 1,000 \u062f\u0648\u0644\u0627\u0631 \u0623\u0645\u0631\u064a\u0643\u064a \u0645\u0646 ETH (0.5 ETH \u0628\u0633\u0639\u0631 2,000 \u062f\u0648\u0644\u0627\u0631) \u0648 1,000 \u062f\u0648\u0644\u0627\u0631 \u0623\u0645\u0631\u064a\u0643\u064a \u0645\u0646 USDC \u0641\u064a \u0645\u062c\u0645\u0639. \u0625\u062c\u0645\u0627\u0644\u064a \u0627\u0644\u0625\u064a\u062f\u0627\u0639: 2,000 \u062f\u0648\u0644\u0627\u0631.<\/p>\n<p>\u062a\u0636\u0627\u0639\u0641 \u0633\u0639\u0631 ETH \u0625\u0644\u0649 4,000 \u062f\u0648\u0644\u0627\u0631. \u064a\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0648\u0646 \u0636\u062f \u0627\u0644\u0645\u062c\u0645\u0639 \u062d\u062a\u0649 \u064a\u062a\u0637\u0627\u0628\u0642 \u0633\u0639\u0631\u0647. \u0628\u0639\u062f \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629\u060c \u064a\u0639\u064a\u062f \u0627\u0644\u0645\u062c\u0645\u0639 \u062a\u0648\u0627\u0632\u0646\u0647. \u0623\u0646\u062a \u0627\u0644\u0622\u0646 \u062a\u0645\u062a\u0644\u0643 \u0645\u0627 \u064a\u0642\u0631\u0628 \u0645\u0646 0.354 ETH \u0648 1,414 \u062f\u0648\u0644\u0627\u0631 \u0623\u0645\u0631\u064a\u0643\u064a \u0645\u0646 USDC \u2014 \u0628\u0625\u062c\u0645\u0627\u0644\u064a \u062d\u0648\u0627\u0644\u064a 2,828 \u062f\u0648\u0644\u0627\u0631.<\/p>\n<p>\u0644\u0648 \u0643\u0646\u062a \u0642\u062f \u0627\u062d\u062a\u0641\u0638\u062a \u0628\u0628\u0633\u0627\u0637\u0629 \u0628\u0640 0.5 ETH \u0648 1,000 \u062f\u0648\u0644\u0627\u0631 \u0623\u0645\u0631\u064a\u0643\u064a \u0645\u0646 USDC \u062e\u0627\u0631\u062c \u0627\u0644\u0645\u062c\u0645\u0639\u060c \u0644\u0643\u0627\u0646 \u0644\u062f\u064a\u0643 2,000 \u062f\u0648\u0644\u0627\u0631 + 1,000 \u062f\u0648\u0644\u0627\u0631 = 3,000 \u062f\u0648\u0644\u0627\u0631.<\/p>\n<p>\u0627\u0644\u0641\u0631\u0642\u060c 3,000 \u062f\u0648\u0644\u0627\u0631 \u0645\u0642\u0627\u0628\u0644 2,828 \u062f\u0648\u0644\u0627\u0631\u060c \u0647\u0648 \u062e\u0633\u0627\u0631\u062a\u0643 \u063a\u064a\u0631 \u0627\u0644\u062f\u0627\u0626\u0645\u0629. \u0644\u0642\u062f \u062d\u0642\u0642\u062a \u0623\u0631\u0628\u0627\u062d\u064b\u0627 \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0625\u064a\u062f\u0627\u0639\u0643 \u0627\u0644\u0623\u0635\u0644\u064a \u0627\u0644\u0628\u0627\u0644\u063a 2,000 \u062f\u0648\u0644\u0627\u0631\u060c \u0644\u0643\u0646\u0643 \u0643\u0633\u0628\u062a \u0623\u0642\u0644 \u0645\u0645\u0627 \u0643\u0646\u062a \u0633\u062a\u062d\u0642\u0642\u0647 \u0628\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0647\u0627. \u0642\u062f \u062a\u0639\u0648\u0636 \u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0627\u0644\u0631\u0633\u0648\u0645 \u0645\u0646 \u0627\u0644\u0645\u0642\u0627\u064a\u0636\u0627\u062a \u062c\u0632\u0621\u064b\u0627 \u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u0641\u062c\u0648\u0629 \u0623\u0648 \u0643\u0644\u0647\u0627\u060c \u0627\u0639\u062a\u0645\u0627\u062f\u064b\u0627 \u0639\u0644\u0649 \u0645\u062f\u0649 \u0646\u0634\u0627\u0637 \u0627\u0644\u0645\u062c\u0645\u0639\u060c \u0648\u0644\u0643\u0646 \u0641\u064a \u0632\u0648\u062c \u0645\u062a\u0642\u0644\u0628 \u0630\u064a \u062d\u062c\u0645 \u062a\u062f\u0627\u0648\u0644 \u0645\u0646\u062e\u0641\u0636\u060c \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u0644\u0627 \u064a\u062d\u062f\u062b \u0630\u0644\u0643.<\/p>\n<p>\u062a\u0632\u062f\u0627\u062f \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u0643\u0644\u0645\u0627 \u0627\u062a\u0633\u0639 \u0627\u0644\u0641\u0627\u0631\u0642 \u0627\u0644\u0633\u0639\u0631\u064a \u0628\u064a\u0646 \u0627\u0644\u0639\u0645\u0644\u062a\u064a\u0646. \u0623\u0632\u0648\u0627\u062c \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 (USDC\/USDT) \u0644\u062f\u064a\u0647\u0627 \u062e\u0633\u0627\u0631\u0629 \u063a\u064a\u0631 \u062f\u0627\u0626\u0645\u0629 \u0636\u0626\u064a\u0644\u0629 \u0644\u0623\u0646 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0646\u0627\u062f\u0631\u064b\u0627 \u0645\u0627 \u062a\u062a\u0628\u0627\u0639\u062f. \u0623\u0632\u0648\u0627\u062c ETH\/USDC \u0644\u062f\u064a\u0647\u0627 \u062e\u0633\u0627\u0631\u0629 \u0623\u0643\u0628\u0631. \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u062a\u0639\u0631\u0636 \u0639\u0645\u0644\u0629 \u062c\u062f\u064a\u062f\u0629 \u0645\u0642\u062a\u0631\u0646\u0629 \u0628\u0640 ETH \u0644\u062e\u0633\u0627\u0631\u0629 \u063a\u064a\u0631 \u062f\u0627\u0626\u0645\u0629 \u0634\u062f\u064a\u062f\u0629 \u0625\u0630\u0627 \u062a\u062d\u0631\u0643\u062a \u0627\u0644\u0639\u0645\u0644\u0629 \u0627\u0644\u062c\u062f\u064a\u062f\u0629 10 \u0623\u0636\u0639\u0627\u0641 \u0623\u0648 \u0627\u0646\u0647\u0627\u0631\u062a.<\/p>\n<\/section>\n<section>\n<header>\n<h2 id=\"section-8\">\u0644\u0645\u0627\u0630\u0627 \u062a\u062d\u062a\u0627\u062c \u0623\u0633\u0639\u0627\u0631 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0625\u0644\u0649 \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629\u061f<\/h2>\n<\/header>\n<p>\u064a\u0639\u0645\u0644 \u0645\u062c\u0645\u0639 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0628\u0645\u0639\u0632\u0644 \u0639\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u062e\u0627\u0631\u062c\u064a\u0629\u060c \u0641\u0647\u0648 \u064a\u0631\u0649 \u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a\u0647 \u0627\u0644\u062e\u0627\u0635\u0629 \u0641\u0642\u0637 \u0648\u0644\u0627 \u064a\u0631\u062a\u0628\u0637 \u0645\u0628\u0627\u0634\u0631\u0629 \u0628\u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0623\u062e\u0631\u0649. \u0625\u0630\u0627 \u0627\u0631\u062a\u0641\u0639 \u0633\u0639\u0631 ETH \u0628\u0646\u0633\u0628\u0629 5% \u0641\u064a \u0628\u0648\u0631\u0635\u0629 \u0645\u0631\u0643\u0632\u064a\u0629 \u0628\u064a\u0646\u0645\u0627 \u064a\u0638\u0644 \u0627\u0644\u0645\u062c\u0645\u0639 \u062e\u0627\u0645\u0644\u0627\u064b\u060c \u0641\u0633\u064a\u0638\u0644 \u0627\u0644\u0645\u062c\u0645\u0639 \u064a\u0639\u0631\u0636 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0642\u062f\u064a\u0645 \u062d\u062a\u0649 \u064a\u0642\u0648\u0645 \u0634\u062e\u0635 \u0645\u0627 \u0628\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0636\u062f\u0647.<\/p>\n<p>\u0647\u0630\u0647 \u0627\u0644\u0641\u062c\u0648\u0629 \u0647\u064a \u0645\u0627 \u064a\u0633\u0639\u0649 \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0648\u0646 \u0644\u0633\u062f\u0647\u0627. \u064a\u0642\u0648\u0645\u0648\u0646 \u0628\u0634\u0631\u0627\u0621 \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0645\u0645\u064a\u0632 \u0627\u0644\u0645\u0642\u0648\u0645 \u0628\u0623\u0642\u0644 \u0645\u0646 \u0633\u0639\u0631\u0647 \u0627\u0644\u062d\u0642\u064a\u0642\u064a \u0645\u0646 \u0627\u0644\u0645\u062c\u0645\u0639 \u0648\u0628\u064a\u0639\u0647 \u0641\u064a \u0645\u0643\u0627\u0646 \u0622\u062e\u0631 \u062d\u062a\u0649 \u064a\u0635\u0628\u062d \u0641\u0631\u0642 \u0627\u0644\u0633\u0639\u0631 \u0635\u063a\u064a\u0631\u0627\u064b \u062c\u062f\u0627\u064b \u0628\u062d\u064a\u062b \u0644\u0627 \u064a\u0633\u062a\u062d\u0642 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0640 gas \u0648\u0627\u0644\u0631\u0633\u0648\u0645. \u0648\u0627\u0644\u0646\u062a\u064a\u062c\u0629 \u0647\u064a \u0623\u0646 \u0623\u0633\u0639\u0627\u0631 AMM \u062a\u0645\u064a\u0644 \u0625\u0644\u0649 \u0627\u0644\u0628\u0642\u0627\u0621 \u0642\u0631\u064a\u0628\u0629 \u0645\u0646 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0623\u0648\u0633\u0639\u060c \u0637\u0627\u0644\u0645\u0627 \u0623\u0646 \u0646\u0634\u0627\u0637 \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629 \u0645\u062a\u0643\u0631\u0631 \u0628\u0645\u0627 \u064a\u0643\u0641\u064a \u0644\u0644\u062d\u0641\u0627\u0638 \u0639\u0644\u0649 \u0647\u0630\u0627 \u0627\u0644\u062a\u0648\u0627\u0641\u0642.<\/p>\n<p>\u062a\u064f\u0639\u062f \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u0629 \u0645\u0641\u064a\u062f\u0629 \u0644\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u064a\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u0635\u0644\u0648\u0646 \u0628\u0639\u062f \u062a\u062d\u0631\u0643 \u0627\u0644\u0633\u0639\u0631\u060c \u0644\u0623\u0646 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0642\u062f\u064a\u0645\u0629 \u064a\u062a\u0645 \u062a\u0635\u062d\u064a\u062d\u0647\u0627 \u0628\u0633\u0631\u0639\u0629. \u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0636\u0631 \u0645\u0642\u062f\u0645\u064a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 (LPs) \u0644\u0623\u0646 \u0627\u0644\u0645\u0631\u0627\u062c\u062d\u064a\u0646 \u064a\u0633\u062a\u062d\u0648\u0630\u0648\u0646 \u0639\u0644\u0649 \u0627\u0644\u0642\u064a\u0645\u0629 \u0645\u0646 \u0627\u0644\u0645\u062c\u0645\u0639 \u0641\u064a \u0643\u0644 \u0645\u0631\u0629 \u062a\u062a\u062d\u0631\u0643 \u0641\u064a\u0647\u0627 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u062e\u0627\u0631\u062c\u064a\u0629 \u0623\u0648\u0644\u0627\u064b. \u0639\u0646\u062f\u0645\u0627 \u064a\u0642\u0648\u0645 \u0627\u0644\u0645\u0631\u0627\u062c\u062d \u0628\u062a\u0635\u062d\u064a\u062d \u0633\u0639\u0631 \u0645\u062c\u0645\u0639 \u0642\u062f\u064a\u0645\u060c \u0641\u0625\u0646\u0647 \u064a\u0634\u062a\u0631\u064a \u0641\u0639\u0644\u064a\u0627\u064b \u0628\u0633\u0639\u0631 \u0645\u0646\u062e\u0641\u0636 \u0645\u0646 LPs.<\/p>\n<p>\u062a\u062d\u0645\u0644 \u0623\u0633\u0639\u0627\u0631 AMM \u0627\u0644\u0641\u0648\u0631\u064a\u0629 \u0623\u064a\u0636\u0627\u064b \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0623\u0648\u0631\u0627\u0643\u0644 (oracle risk). \u064a\u0645\u0643\u0646 \u0627\u0644\u062a\u0644\u0627\u0639\u0628 \u0628\u0633\u0639\u0631 \u0627\u0644\u0645\u062c\u0645\u0639 \u0644\u0641\u062a\u0631\u0629 \u0648\u062c\u064a\u0632\u0629 \u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u0645\u062c\u0645\u0639 \u0636\u0639\u064a\u0641 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 (thin) \u0648\u0643\u0627\u0646 \u0627\u0644\u0645\u0647\u0627\u062c\u0645 \u0642\u0627\u062f\u0631\u0627\u064b \u0639\u0644\u0649 \u062a\u062f\u0627\u0648\u0644 \u062d\u062c\u0645 \u0643\u0627\u0641\u064d. \u062a\u0639\u0645\u0644 \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0645\u062a\u0648\u0633\u0637\u0629 \u0627\u0644\u0645\u0631\u062c\u062d\u0629 \u0632\u0645\u0646\u064a\u0627\u064b (Time-weighted average prices &#8211; TWAP) \u0639\u0644\u0649 \u062a\u0642\u0644\u064a\u0644 \u0647\u0630\u0627 \u0627\u0644\u062e\u0637\u0631 \u0639\u0646 \u0637\u0631\u064a\u0642 \u062d\u0633\u0627\u0628 \u0627\u0644\u0645\u062a\u0648\u0633\u0637 \u0639\u0628\u0631 \u0641\u062a\u0631\u0629 \u0632\u0645\u0646\u064a\u0629 \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0642\u0631\u0627\u0621\u0629 \u0644\u062d\u0638\u0629 \u0648\u0627\u062d\u062f\u0629\u060c \u0644\u0643\u0646\u0647\u0627 \u0644\u0627 \u062a\u0642\u0636\u064a \u0639\u0644\u0649 \u0627\u0644\u0645\u0634\u0643\u0644\u0629 \u062a\u0645\u0627\u0645\u0627\u064b.<\/p>\n<p>\u064a\u0636\u064a\u0641 \u0645\u0641\u0647\u0648\u0645 MEV \u0637\u0628\u0642\u0629 \u0623\u062e\u0631\u0649 \u0645\u0646 \u0627\u0644\u062a\u0639\u0642\u064a\u062f\u060c \u0648\u0633\u064a\u062a\u0645 \u062a\u063a\u0637\u064a\u062a\u0647 \u0641\u064a \u0627\u0644\u0642\u0633\u0645 \u0627\u0644\u062a\u0627\u0644\u064a.<\/p>\n<\/section>\n<section>\n<header>\n<h2 id=\"section-9\">\u0645\u0627 \u0647\u0648 \u0647\u062c\u0648\u0645 \u0627\u0644\u0633\u0627\u0646\u062f\u0648\u064a\u062a\u0634 (Sandwich Attack)\u061f<\/h2>\n<\/header>\n<p>\u0647\u062c\u0648\u0645 \u0627\u0644\u0633\u0627\u0646\u062f\u0648\u064a\u062a\u0634 (Sandwich Attack) \u0647\u0648 \u0646\u0648\u0639 \u0645\u062d\u062f\u062f \u0645\u0646 MEV (\u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0642\u0635\u0648\u0649 \u0627\u0644\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u0627\u0633\u062a\u062e\u0631\u0627\u062c) \u2014 \u0648\u0647\u064a \u0641\u0626\u0629 \u0645\u0646 \u0627\u0644\u062a\u0642\u0646\u064a\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u0633\u062a\u063a\u0644 \u0641\u064a\u0647\u0627 \u0627\u0644\u0631\u0648\u0628\u0648\u062a\u0627\u062a \u0627\u0644\u0641\u062c\u0648\u0629 \u0627\u0644\u0632\u0645\u0646\u064a\u0629 \u0628\u064a\u0646 \u0625\u0631\u0633\u0627\u0644 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0629 \u0648\u062a\u0623\u0643\u064a\u062f\u0647\u0627 \u0639\u0644\u0649 \u0627\u0644\u0628\u0644\u0648\u0643\u062a\u0634\u064a\u0646.<\/p>\n<p>\u0625\u0644\u064a\u0643 \u0643\u064a\u0641\u064a\u0629 \u0639\u0645\u0644 \u0647\u062c\u0648\u0645 \u0627\u0644\u0633\u0627\u0646\u062f\u0648\u064a\u062a\u0634 \u0639\u0645\u0644\u064a\u0627\u064b. \u0639\u0646\u062f\u0645\u0627 \u062a\u0631\u0633\u0644 \u0637\u0644\u0628 \u0645\u0628\u0627\u062f\u0644\u0629 \u0644\u0643\u0645\u064a\u0629 \u0643\u0628\u064a\u0631\u0629 \u0645\u0646 ETH\u060c \u0648\u0642\u0628\u0644 \u062a\u0623\u0643\u064a\u062f \u0645\u0639\u0627\u0645\u0644\u062a\u0643\u060c \u064a\u0631\u0649 \u0631\u0648\u0628\u0648\u062a \u0647\u0630\u0647 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0629 \u062a\u0646\u062a\u0638\u0631 \u0641\u064a \u0627\u0644\u0640 mempool \u0648\u064a\u0642\u0648\u0645 \u0628\u0639\u0645\u0644\u064a\u0646 \u0645\u062a\u062a\u0627\u0644\u064a\u064a\u0646 \u0628\u0633\u0631\u0639\u0629: \u064a\u0634\u062a\u0631\u064a ETH \u0642\u0628\u0644 \u0645\u0639\u0627\u0645\u0644\u062a\u0643 \u0645\u0628\u0627\u0634\u0631\u0629 (\u0645\u0645\u0627 \u064a\u0631\u0641\u0639 \u0627\u0644\u0633\u0639\u0631)\u060c \u062b\u0645 \u064a\u0628\u064a\u0639 ETH \u0641\u0648\u0631 \u062a\u0623\u0643\u064a\u062f \u0645\u0639\u0627\u0645\u0644\u062a\u0643 (\u0645\u0645\u0627 \u064a\u062f\u0641\u0639 \u0627\u0644\u0633\u0639\u0631 \u0644\u0644\u0623\u0633\u0641\u0644 \u0645\u0631\u0629 \u0623\u062e\u0631\u0649). \u0628\u0647\u0630\u0647 \u0627\u0644\u0637\u0631\u064a\u0642\u0629\u060c \u062a\u0643\u0648\u0646 \u0642\u062f \u0627\u0634\u062a\u0631\u064a\u062a \u0628\u0633\u0639\u0631 \u0623\u0633\u0648\u0623\u060c \u0648\u064a\u062d\u0642\u0642 \u0627\u0644\u0631\u0648\u0628\u0648\u062a \u0627\u0644\u0631\u0628\u062d \u0645\u0646 \u0641\u0631\u0642 \u0627\u0644\u0633\u0639\u0631.<\/p>\n<p>\u064a\u0634\u064a\u0631 \u0645\u0635\u0637\u0644\u062d &#8220;\u0633\u0627\u0646\u062f\u0648\u064a\u062a\u0634&#8221; \u0625\u0644\u0649 \u062d\u0642\u064a\u0642\u0629 \u0623\u0646 \u0645\u0639\u0627\u0645\u0644\u062a\u0643 \u062a\u064f\u062d\u0634\u0631 \u0628\u064a\u0646 \u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0628\u064a\u0639 \u0627\u0644\u062a\u064a \u064a\u0642\u0648\u0645 \u0628\u0647\u0627 \u0627\u0644\u0631\u0648\u0628\u0648\u062a.<\/p>\n<p>\u0647\u0630\u0627 \u0644\u064a\u0633 \u0645\u062c\u0631\u062f \u062e\u0637\u0631 \u0646\u0638\u0631\u064a\u061b \u0628\u0644 \u0647\u0648 \u0623\u0645\u0631 \u0631\u0648\u062a\u064a\u0646\u064a \u0639\u0644\u0649 \u0633\u0644\u0627\u0633\u0644 \u0627\u0644\u0643\u062a\u0644 \u0630\u0627\u062a \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u0639\u0627\u0644\u064a \u0648\u064a\u0624\u062b\u0631 \u0639\u0644\u0649 \u0623\u064a \u0639\u0645\u0644\u064a\u0629 \u0645\u0628\u0627\u062f\u0644\u0629 \u062a\u062d\u0631\u0643 \u0627\u0644\u0645\u062c\u0645\u0639 \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631. \u062a\u0642\u062f\u0645 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0645\u0648\u062c\u0647\u0627\u062a DEX \u0627\u0644\u0622\u0646 \u062d\u0645\u0627\u064a\u0629 \u0645\u062f\u0645\u062c\u0629 \u0636\u062f MEV\u060c \u062d\u064a\u062b \u062a\u0631\u0633\u0644 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0639\u0628\u0631 \u0642\u0646\u0648\u0627\u062a \u062e\u0627\u0635\u0629 \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0627\u0644\u0640 mempool \u0627\u0644\u0639\u0627\u0645\u060c \u0645\u0645\u0627 \u064a\u0642\u0644\u0644 \u0645\u0646 \u0627\u0644\u062a\u0639\u0631\u0636 \u0644\u0647\u062c\u0645\u0627\u062a \u0627\u0644\u0633\u0627\u0646\u062f\u0648\u064a\u062a\u0634. \u0643\u0645\u0627 \u064a\u0633\u0627\u0639\u062f \u062a\u062d\u062f\u064a\u062f \u062a\u062d\u0645\u0644 \u0627\u0646\u0632\u0644\u0627\u0642 \u0633\u0639\u0631\u064a (slippage tolerance) \u0636\u064a\u0642\u060c \u062d\u064a\u062b \u0644\u0627 \u064a\u0645\u0643\u0646 \u0644\u0644\u0631\u0648\u0628\u0648\u062a \u0623\u0646 \u064a\u062d\u0642\u0642 \u0631\u0628\u062d\u0627\u064b \u0645\u0646 \u0647\u062c\u0648\u0645 \u0633\u0627\u0646\u062f\u0648\u064a\u062a\u0634 \u0639\u0644\u0649 \u0645\u0628\u0627\u062f\u0644\u0629 \u0633\u062a\u064f\u0631\u0641\u0636 \u0625\u0630\u0627 \u062a\u062d\u0631\u0643 \u0627\u0644\u0633\u0639\u0631 \u0628\u0623\u0643\u062b\u0631 \u0645\u0646 0.5%.<\/p>\n<p>\u062a\u0643\u0648\u0646 \u0627\u0644\u0645\u062c\u0645\u0639\u0627\u062a \u0630\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u0646\u062e\u0641\u0636\u0629 (Thin pools) \u0623\u0643\u062b\u0631 \u0639\u0631\u0636\u0629 \u0644\u0644\u062e\u0637\u0631 \u0644\u0623\u0646 \u0643\u0645\u064a\u0627\u062a \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0623\u0635\u063a\u0631 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u062d\u0631\u0643 \u0627\u0644\u0633\u0639\u0631 \u0628\u0645\u0627 \u064a\u0643\u0641\u064a \u0644\u062c\u0639\u0644 \u0647\u062c\u0645\u0627\u062a \u0627\u0644\u0633\u0627\u0646\u062f\u0648\u064a\u062a\u0634 \u0645\u0631\u0628\u062d\u0629.<\/p>\n<\/section>\n<header>\n<h2 id=\"section-10\">\u0623\u0646\u0648\u0627\u0639 AMM \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0648\u0645\u0643\u0627\u0646\u062a\u0647\u0627<\/h2>\n<\/header>\n<p>\u062a\u0637\u0648\u0631\u062a \u062a\u0635\u0645\u064a\u0645\u0627\u062a \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631\u060c \u0645\u062a\u062c\u0627\u0648\u0632\u0629 \u0627\u0644\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0623\u0635\u0644\u064a \u0644\u0644\u0645\u0646\u062a\u062c \u0627\u0644\u062b\u0627\u0628\u062a. \u064a\u0642\u062f\u0645 \u0643\u0644 \u0646\u0648\u0639 \u0645\u0646\u0647\u0627 \u0645\u0642\u0627\u064a\u0636\u0629 \u0645\u062e\u062a\u0644\u0641\u0629 \u0628\u064a\u0646 \u0627\u0644\u0628\u0633\u0627\u0637\u0629\u060c \u0648\u0643\u0641\u0627\u0621\u0629 \u0631\u0623\u0633 \u0627\u0644\u0645\u0627\u0644\u060c \u0648\u0646\u0637\u0627\u0642 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062a\u064a \u064a\u062a\u0639\u0627\u0645\u0644 \u0645\u0639\u0647\u0627 \u0628\u0641\u0639\u0627\u0644\u064a\u0629.<\/p>\n<table>\n<thead>\n<tr>\n<th>\u0646\u0645\u0648\u0630\u062c AMM<\/th>\n<th>\u0623\u0641\u0636\u0644 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0648\u0627\u0644\u0645\u0642\u0627\u064a\u0636\u0627\u062a<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>\u0645\u062c\u0645\u0639 \u0627\u0644\u0645\u0646\u062a\u062c \u0627\u0644\u062b\u0627\u0628\u062a<\/td>\n<td>\u064a\u0639\u0645\u0644 \u062c\u064a\u062f\u064b\u0627 \u0645\u0639 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0623\u0632\u0648\u0627\u062c \u0627\u0644\u0645\u062a\u0642\u0644\u0628\u0629\u060c \u0644\u0643\u0646 \u0627\u0644\u0635\u0641\u0642\u0627\u062a \u0627\u0644\u0643\u0628\u064a\u0631\u0629 \u0642\u062f \u062a\u062d\u0631\u0643 \u0627\u0644\u0633\u0639\u0631 \u0628\u0634\u0643\u0644 \u062d\u0627\u062f \u0641\u064a \u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0623\u0642\u0644 \u0639\u0645\u0642\u064b\u0627.<\/td>\n<\/tr>\n<tr>\n<td>\u0645\u062c\u0645\u0639 \u0627\u0644\u0645\u0642\u0627\u064a\u0636\u0629 \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629<\/td>\n<td>\u064a\u0646\u0627\u0633\u0628 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\u0627\u0644\u0633\u064a\u0648\u0644\u0629. \u064a\u0645\u0643\u0646 \u0644\u0647\u0630\u0647 \u0627\u0644\u0645\u0631\u0648\u0646\u0629 \u0623\u0646 \u062a\u062d\u0633\u0646 \u0627\u0644\u062a\u0648\u062c\u064a\u0647 \u0623\u0648 \u062a\u0635\u0645\u064a\u0645 \u0627\u0644\u0631\u0633\u0648\u0645\u060c \u0644\u0643\u0646\u0647\u0627 \u062a\u0639\u0646\u064a \u0623\u064a\u0636\u064b\u0627 \u0623\u0646 \u0627\u0644\u0645\u062c\u0645\u0639 \u0642\u062f \u064a\u062a\u0635\u0631\u0641 \u0628\u0634\u0643\u0644 \u0645\u062e\u062a\u0644\u0641 \u0639\u0646 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0627\u0644\u0642\u064a\u0627\u0633\u064a. \u064a\u062c\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u064a\u0646 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0627\u0644\u0645\u062c\u0645\u0639\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u0623\u0644\u0648\u0641\u0629 \u0627\u0644\u062a\u064a \u062a\u062d\u062a\u0648\u064a \u0639\u0644\u0649 \u062e\u0637\u0627\u0641\u0627\u062a \u0645\u062e\u0635\u0635\u0629 \u0643\u0633\u0637\u062d \u0645\u062e\u0627\u0637\u0631 \u0623\u0643\u062b\u0631 \u062a\u0642\u062f\u0645\u064b\u0627.<\/p>\n<section>\n<header>\n<h2 id=\"section-11\">\u0645\u062e\u0627\u0637\u0631 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0644\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u064a\u0646 \u0648\u0645\u0632\u0648\u062f\u064a \u0627\u0644\u0633\u064a\u0648\u0644\u0629<\/h2>\n<\/header>\n<p>\u062a\u0646\u0642\u0633\u0645 \u0645\u062e\u0627\u0637\u0631 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0628\u064a\u0646 \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u064a\u0646 \u0648\u0645\u0632\u0648\u062f\u064a \u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0639\u0644\u0649 \u0627\u0644\u0631\u063a\u0645 \u0645\u0646 \u0623\u0646 \u0628\u0639\u0636\u0647\u0627 \u064a\u0646\u0637\u0628\u0642 \u0639\u0644\u0649 \u0643\u0644\u064a\u0647\u0645\u0627. \u064a\u0633\u0627\u0639\u062f \u0641\u0647\u0645 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u062a\u064a \u062a\u0624\u062b\u0631 \u0639\u0644\u0649 \u0643\u0644 \u062f\u0648\u0631 \u0641\u064a \u0627\u062a\u062e\u0627\u0630 \u0642\u0631\u0627\u0631 \u0645\u0633\u062a\u0646\u064a\u0631 \u0628\u0634\u0623\u0646 \u0625\u062c\u0631\u0627\u0621 \u0645\u0642\u0627\u064a\u0636\u0629\u060c \u0623\u0648 \u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0623\u0648 \u062a\u062c\u0646\u0628 \u0627\u0644\u0645\u062c\u0645\u0639 \u0628\u0627\u0644\u0643\u0627\u0645\u0644.<\/p>\n<p><strong>\u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u064a\u0646<\/strong>\u060c \u064a\u062a\u0645\u062b\u0644 \u0627\u0644\u062e\u0637\u0631 \u0627\u0644\u0623\u0633\u0627\u0633\u064a \u0641\u064a \u0627\u0644\u0627\u0646\u0632\u0644\u0627\u0642 \u0627\u0644\u0633\u0639\u0631\u064a (Slippage). \u0625\u0646 \u0627\u0644\u0633\u0639\u0631 \u0627\u0644\u0645\u0639\u0631\u0648\u0636 \u0639\u0644\u0649 \u0634\u0627\u0634\u0629 \u0627\u0644\u0645\u0642\u0627\u064a\u0636\u0629 \u0647\u0648 \u062a\u0642\u062f\u064a\u0631 \u064a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u062d\u0627\u0644\u0629 \u0627\u0644\u0645\u062c\u0645\u0639 \u0641\u064a \u0644\u062d\u0638\u0629 \u0627\u0644\u0645\u0639\u0627\u064a\u0646\u0629. \u0628\u062d\u0644\u0648\u0644 \u0648\u0642\u062a \u062a\u0623\u0643\u064a\u062f \u0645\u0639\u0627\u0645\u0644\u062a\u0643\u060c \u0642\u062f \u064a\u0643\u0648\u0646 \u0627\u0644\u0645\u062c\u0645\u0639 \u0642\u062f \u062a\u063a\u064a\u0631. \u062a\u0632\u062f\u0627\u062f \u0647\u0630\u0647 \u0627\u0644\u0641\u062c\u0648\u0629 \u0633\u0648\u0621\u064b\u0627 \u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0639\u0627\u062a \u0630\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u0646\u062e\u0641\u0636\u0629\u060c \u0648\u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u0642\u0644\u0628\u0629\u060c \u0648\u0623\u062d\u062c\u0627\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0643\u0628\u064a\u0631\u0629.<\/p>\n<p><strong>\u0623\u0645\u0627 \u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0645\u0632\u0648\u062f\u064a \u0627\u0644\u0633\u064a\u0648\u0644\u0629<\/strong>\u060c \u0641\u0625\u0646 \u0627\u0644\u062e\u0637\u0631 \u0627\u0644\u0623\u0628\u0631\u0632 \u0647\u0648 \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u063a\u064a\u0631 \u0627\u0644\u062f\u0627\u0626\u0645\u0629 (Impermanent Loss)\u060c \u0648\u0627\u0644\u062a\u064a \u062a\u0645 \u062a\u0646\u0627\u0648\u0644\u0647\u0627 \u0628\u0627\u0644\u062a\u0641\u0635\u064a\u0644 \u0623\u0639\u0644\u0627\u0647. \u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0630\u0644\u0643\u060c \u062a\u0634\u0645\u0644 \u0642\u0627\u0626\u0645\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0643\u0627\u0645\u0644\u0629 \u0627\u0644\u0645\u062c\u0645\u0648\u0639\u062a\u064a\u0646:<\/p>\n<ul>\n<li>\u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u062c\u0639\u0644 <strong>\u0627\u0644\u0627\u0646\u0632\u0644\u0627\u0642 \u0627\u0644\u0633\u0639\u0631\u064a<\/strong> \u0627\u0644\u0645\u0642\u0627\u064a\u0636\u0629 \u0623\u0633\u0648\u0623 \u0645\u0645\u0627 \u064a\u0638\u0647\u0631 \u0641\u064a \u0645\u0639\u0627\u064a\u0646\u0629 \u0627\u0644\u0634\u0627\u0634\u0629.<\/li>\n<li>\u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0639\u0648\u0636 <strong>\u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u063a\u064a\u0631 \u0627\u0644\u062f\u0627\u0626\u0645\u0629<\/strong> \u062f\u062e\u0644 \u0627\u0644\u0631\u0633\u0648\u0645 \u0628\u0627\u0644\u0643\u0627\u0645\u0644\u060c \u062e\u0627\u0635\u0629 \u0641\u064a \u0623\u0632\u0648\u0627\u062c \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u062a\u0642\u0644\u0628\u0629.<\/li>\n<li>\u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0632\u064a\u062f \u0647\u062c\u0645\u0627\u062a <strong>MEV<\/strong> \u0648 <strong>Sandwich Attacks<\/strong> \u0645\u0646 \u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0645\u0642\u0627\u064a\u0636\u0629 \u0627\u0644\u0641\u0639\u0644\u064a\u0629.<\/li>\n<li>\u062a\u0639\u062a\u0628\u0631 <strong>\u0627\u0644\u0645\u062c\u0645\u0639\u0627\u062a \u0630\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u0646\u062e\u0641\u0636\u0629<\/strong> \u0623\u0633\u0647\u0644 \u0641\u064a \u0627\u0644\u062a\u0644\u0627\u0639\u0628 \u0648\u062a\u0638\u0647\u0631 \u062a\u0623\u062b\u064a\u0631\u064b\u0627 \u0633\u0639\u0631\u064a\u064b\u0627 \u0623\u0643\u062b\u0631 \u062d\u062f\u0629 \u0644\u0643\u0644 \u0639\u0645\u0644\u064a\u0629 \u062a\u062f\u0627\u0648\u0644.<\/li>\n<li>\u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0639\u0631\u0636 <strong>\u0645\u0648\u0627\u0641\u0642\u0627\u062a \u0627\u0644\u0631\u0645\u0648\u0632<\/strong> \u0623\u0631\u0635\u062f\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0644\u0644\u062e\u0637\u0631 \u0625\u0630\u0627 \u062a\u0645 \u0627\u062e\u062a\u0631\u0627\u0642 \u0627\u0644\u0648\u0627\u062c\u0647\u0629 \u0627\u0644\u0623\u0645\u0627\u0645\u064a\u0629 \u0623\u0648 \u0643\u0627\u0646 \u0627\u0644\u0639\u0642\u062f \u062e\u0628\u064a\u062b\u064b\u0627.<\/li>\n<li>\u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0624\u062f\u064a <strong>\u0627\u0644\u0623\u062e\u0637\u0627\u0621 \u0641\u064a \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0630\u0643\u064a\u0629<\/strong> \u0625\u0644\u0649 \u0633\u062d\u0628 \u0627\u0644\u0623\u0645\u0648\u0627\u0644 \u0623\u0648 \u062a\u062c\u0645\u064a\u062f\u0647\u0627\u060c \u062d\u062a\u0649 \u0641\u064a \u0627\u0644\u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u0645 \u062a\u062f\u0642\u064a\u0642\u0647\u0627.<\/li>\n<li>\u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u062a\u0631\u0643 <strong>\u0639\u0645\u0644\u064a\u0627\u062a \u0641\u0643 \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637 \u0628\u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 (Stablecoin Depegs)<\/strong> \u0645\u0632\u0648\u062f\u064a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 (LPs) \u064a\u062d\u0645\u0644\u0648\u0646 \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0623\u0636\u0639\u0641 \u062f\u0648\u0646 \u0645\u062e\u0631\u062c \u0648\u0627\u0636\u062d.<\/li>\n<li>\u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u0646\u0633\u062e <strong>\u0627\u0644\u0631\u0645\u0648\u0632 \u0627\u0644\u0645\u0632\u064a\u0641\u0629<\/strong> \u0631\u0645\u0648\u0632 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0648\u062a\u0638\u0647\u0631 \u0641\u064a \u0646\u062a\u0627\u0626\u062c \u0627\u0644\u0628\u062d\u062b \u0623\u0648 \u0642\u0648\u0627\u0626\u0645 \u0627\u0644\u0645\u062c\u0645\u0639\u0627\u062a.<\/li>\n<\/ul>\n<p>\u062a\u062a\u0642\u0627\u0637\u0639 \u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0645\u0639 \u0643\u0644 \u0647\u0630\u0647 \u0627\u0644\u0645\u062e\u0627\u0637\u0631. \u0641\u0627\u0644\u0645\u0648\u0627\u0641\u0642\u0629 \u0639\u0644\u0649 \u0648\u0635\u0648\u0644 \u063a\u064a\u0631 \u0645\u062d\u062f\u0648\u062f \u0644\u0644\u0631\u0645\u0648\u0632 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0648\u0627\u062c\u0647\u0629 \u0623\u0645\u0627\u0645\u064a\u0629 \u0645\u062e\u062a\u0631\u0642\u0629 \u062a\u062e\u062a\u0644\u0641 \u0639\u0646 \u0627\u062e\u062a\u064a\u0627\u0631 \u0645\u062c\u0645\u0639 \u0630\u064a \u0633\u064a\u0648\u0644\u0629 \u0645\u0646\u062e\u0641\u0636\u0629\u060c \u0644\u0643\u0646 \u0643\u0644\u0627\u0647\u0645\u0627 \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0641\u0642\u062f\u0627\u0646 \u0627\u0644\u0623\u0645\u0648\u0627\u0644. \u0625\u0646 \u0641\u0647\u0645 \u0648\u0627\u062e\u062a\u064a\u0627\u0631 \u0623\u062d\u062f \u0623\u0641\u0636\u0644 \u0625\u0639\u062f\u0627\u062f\u0627\u062a \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0630\u0627\u062a\u064a\u0629 \u0627\u0644\u062d\u0641\u0638 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 \u0642\u0628\u0644 \u0627\u0644\u0627\u062a\u0635\u0627\u0644 \u0628\u0623\u064a DEX \u064a\u0642\u0644\u0644 \u0645\u0646 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0647\u0630\u0647 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u062f\u0641\u0639\u0629 \u0648\u0627\u062d\u062f\u0629.<\/p>\n<p>\u0644\u0627 \u064a\u0644\u063a\u064a \u0623\u064a \u0635\u0627\u0646\u0639 \u0633\u0648\u0642 \u0622\u0644\u064a (AMM) \u0627\u0644\u062d\u0627\u062c\u0629 \u0625\u0644\u0649 \u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0639\u0642\u062f \u0627\u0644\u0631\u0645\u0632\u060c \u0648\u0639\u0646\u0648\u0627\u0646 \u0627\u0644\u0645\u062c\u0645\u0639\u060c \u0648\u0627\u0644\u0645\u0633\u0627\u0631\u060c \u0648\u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0631\u0633\u0648\u0645\u060c \u0648\u062d\u062f \u0627\u0644\u0627\u0646\u0632\u0644\u0627\u0642 \u0627\u0644\u0633\u0639\u0631\u064a. \u0644\u0627 \u064a\u0636\u0645\u0646 \u0627\u0633\u0645 \u0627\u0644\u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644 \u0627\u0644\u0645\u0639\u0631\u0648\u0641 \u0623\u0646 \u0627\u0644\u0648\u0627\u062c\u0647\u0629 \u0627\u0644\u0623\u0645\u0627\u0645\u064a\u0629 \u0623\u0635\u0644\u064a\u0629\u060c \u0623\u0648 \u0623\u0646 \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0645\u0648\u062c\u0648\u062f \u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0639 \u0647\u0648 \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u060c \u0623\u0648 \u0623\u0646 \u0627\u0644\u0645\u062c\u0645\u0639 \u064a\u062a\u0645\u062a\u0639 \u0628\u0639\u0645\u0642 \u0633\u064a\u0648\u0644\u0629 \u0643\u0628\u064a\u0631.<\/p>\n<\/section>\n<section>\n<header>\n<h2 id=\"section-12\">\u0623\u0645\u062b\u0644\u0629 \u0639\u0644\u0649 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629<\/h2>\n<\/header>\n<p>\u062a\u062a\u0646\u0648\u0639 \u0623\u0645\u062b\u0644\u0629 \u0635\u0627\u0646\u0639\u064a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0641\u064a \u0639\u0627\u0644\u0645 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629\u060c \u0628\u062f\u0621\u064b\u0627 \u0645\u0646 \u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0639\u0627\u0645\u0629 \u0641\u064a \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 (DEX) \u0648\u0635\u0648\u0644\u0627\u064b \u0625\u0644\u0649 \u0627\u0644\u0645\u0646\u0635\u0627\u062a \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0633\u0644\u0627\u0633\u0644 \u0628\u0644\u0648\u0643\u062a\u0634\u064a\u0646 \u0645\u062d\u062f\u062f\u0629. \u0646\u0633\u062a\u0639\u0631\u0636 \u0647\u0646\u0627 \u0623\u0628\u0631\u0632 \u0647\u0630\u0647 \u0627\u0644\u0623\u0645\u062b\u0644\u0629 \u0648\u0645\u0627 \u064a\u0645\u064a\u0632 \u0643\u0644 \u0645\u0646\u0647\u0627.<\/p>\n<p>\u064a\u064f\u0639\u062f <strong>Uniswap<\/strong> \u0627\u0644\u0645\u0639\u064a\u0627\u0631 \u0627\u0644\u0623\u0633\u0627\u0633\u064a \u0644\u062a\u0635\u0645\u064a\u0645 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM). \u0641\u0642\u062f \u0633\u0627\u0647\u0645 \u0641\u064a \u062a\u0639\u0645\u064a\u0645 \u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0645\u0646\u062a\u062c \u0627\u0644\u062b\u0627\u0628\u062a (constant-product model) \u0648\u062c\u0639\u0644 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u0631\u0643\u0632\u0629 (concentrated liquidity) \u0633\u0627\u0626\u062f\u0629 \u0645\u0639 \u0625\u0637\u0644\u0627\u0642 \u0627\u0644\u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u062b\u0627\u0644\u062b (v3). \u064a\u064f\u0639\u062a\u0628\u0631 \u0631\u0645\u0632 Uniswap (UNI) \u0623\u0635\u0644\u064b\u0627 \u0645\u0646\u0641\u0635\u0644\u064b\u0627 \u0639\u0646 \u0622\u0644\u064a\u0629 AMM \u0646\u0641\u0633\u0647\u0627.<\/p>\n<p>\u064a\u0631\u0643\u0632 <strong>Curve<\/strong> \u0639\u0644\u0649 \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u062a\u0628\u0627\u062f\u0644 \u0628\u064a\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062a\u064a \u064a\u064f\u0641\u062a\u0631\u0636 \u0623\u0646 \u062a\u062a\u062f\u0627\u0648\u0644 \u0628\u0623\u0633\u0639\u0627\u0631 \u0645\u062a\u0637\u0627\u0628\u0642\u0629 \u062a\u0642\u0631\u064a\u0628\u064b\u0627 \u2014 \u062e\u0627\u0635\u0629 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 (stablecoins) \u0648\u0627\u0644\u0625\u0635\u062f\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u063a\u0644\u0641\u0629 (wrapped versions) \u0645\u0646 \u0646\u0641\u0633 \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u0623\u0633\u0627\u0633\u064a. \u062a\u0633\u0645\u062d \u0635\u064a\u063a\u0629 \u0627\u0644\u062a\u0628\u0627\u062f\u0644 \u0627\u0644\u0645\u0633\u062a\u0642\u0631 (stable-swap formula) \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0647 \u0628\u0625\u062c\u0631\u0627\u0621 \u0639\u0645\u0644\u064a\u0627\u062a \u062a\u0628\u0627\u062f\u0644 \u0643\u0628\u064a\u0631\u0629 \u0648\u0645\u0646\u062e\u0641\u0636\u0629 \u0627\u0644\u0627\u0646\u0632\u0644\u0627\u0642 \u0627\u0644\u0633\u0639\u0631\u064a (low-slippage) \u0639\u0646\u062f \u0627\u0644\u062a\u0643\u0627\u0641\u0624. \u0639\u0646\u062f\u0645\u0627 \u062a\u0641\u0642\u062f \u0639\u0645\u0644\u0629 \u0645\u0633\u062a\u0642\u0631\u0629 \u0641\u064a \u0645\u062c\u0645\u0639 Curve \u0631\u0628\u0637\u0647\u0627 (depegs)\u060c \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0635\u0628\u062d \u0627\u0644\u0645\u062c\u0645\u0639 \u063a\u064a\u0631 \u0645\u062a\u0648\u0627\u0632\u0646 \u0628\u0633\u0631\u0639\u0629.<\/p>\n<p>\u064a\u0648\u0633\u0639 <strong>Balancer<\/strong> \u0645\u0641\u0647\u0648\u0645 \u0627\u0644\u0645\u062c\u0645\u0639 \u0644\u064a\u0634\u0645\u0644 \u0633\u0644\u0627\u0644\u064b\u0627 \u0645\u0631\u062c\u062d\u0629 (weighted baskets) \u062d\u064a\u062b \u0644\u0627 \u062a\u062d\u062a\u0627\u062c \u0627\u0644\u0623\u0635\u0648\u0644 \u0625\u0644\u0649 \u0623\u0646 \u062a\u0643\u0648\u0646 \u0641\u064a \u0632\u0648\u062c \u0628\u0646\u0633\u0628\u0629 50\/50. \u0642\u062f \u064a\u062d\u062a\u0648\u064a \u0627\u0644\u0645\u062c\u0645\u0639 \u0639\u0644\u0649 ETH \u0648 WBTC \u0648 USDC \u0628\u0646\u0633\u0628 \u063a\u064a\u0631 \u0645\u062a\u0633\u0627\u0648\u064a\u0629\u060c \u0645\u0645\u0627 \u064a\u063a\u064a\u0631 \u0643\u064a\u0641\u064a\u0629 \u0639\u0645\u0644 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0633\u0639\u0631 (price impact) \u0639\u0628\u0631 \u0627\u062a\u062c\u0627\u0647\u0627\u062a \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0645\u062e\u062a\u0644\u0641\u0629.<\/p>\n<p>\u064a\u064f\u0639\u062f <strong>Raydium<\/strong> \u0635\u0627\u0646\u0639 \u0633\u0648\u0642 \u0622\u0644\u064a (AMM) \u0648\u0628\u0648\u0631\u0635\u0629 \u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 (DEX) \u0645\u0628\u0646\u064a\u0629 \u0639\u0644\u0649 Solana\u060c \u0648\u064a\u0636\u0645 \u0645\u062c\u0645\u0639\u0627\u062a \u0633\u064a\u0648\u0644\u0629 \u0628\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0645\u0646\u062a\u062c \u0627\u0644\u062b\u0627\u0628\u062a (constant-product) \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u0631\u0643\u0632\u0629 (concentrated-liquidity). \u062a\u0633\u062a\u062e\u062f\u0645 <a href=\"https:\/\/docs.raydium.io\/raydium\/build\/developer-guides\/cpmm\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">\u0645\u062c\u0645\u0639\u0627\u062a CPMM<\/a> \u0627\u0644\u062e\u0627\u0635\u0629 \u0628\u0647 \u0646\u0645\u0648\u0630\u062c x * y = k \u0627\u0644\u0643\u0644\u0627\u0633\u064a\u0643\u064a. \u062a\u062f\u0639\u0645 \u0645\u062c\u0645\u0639\u0627\u062a CLMM \u0646\u0637\u0627\u0642\u0627\u062a \u0623\u0633\u0639\u0627\u0631 \u0645\u062e\u0635\u0635\u0629. \u0639\u0646\u062f \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0623\u064a \u0645\u062c\u0645\u0639 Raydium\u060c \u064a\u062c\u0628 \u0627\u0644\u062a\u062d\u0642\u0642 \u0623\u0648\u0644\u0627\u064b \u0645\u0646 \u0646\u0648\u0639 \u0627\u0644\u062a\u0635\u0645\u064a\u0645 \u0627\u0644\u0630\u064a \u062a\u062a\u0639\u0627\u0645\u0644 \u0645\u0639\u0647\u060c \u062d\u064a\u062b \u064a\u062e\u062a\u0644\u0641 \u0645\u0644\u0641 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 (risk profile). \u064a\u062a\u062a\u0628\u0639 CryptoSlate \u0631\u0645\u0632 Raydium (RAY) \u0628\u0634\u0643\u0644 \u0645\u0646\u0641\u0635\u0644 \u0639\u0646 \u0627\u0644\u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644.<\/p>\n<p>\u064a\u064f\u0639\u062f <strong>SpiritSwap<\/strong> \u0628\u0648\u0631\u0635\u0629 \u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 (DEX) \u0639\u0644\u0649 Fantom <a href=\"https:\/\/docs.silverswap.io\/spirit-swap\/master\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">\u0645\u0628\u0646\u064a\u0629 \u0639\u0644\u0649 \u0646\u0645\u0648\u0630\u062c AMM \u0644\u0644\u0645\u0646\u062a\u062c \u0627\u0644\u062b\u0627\u0628\u062a \u0639\u0644\u0649 \u063a\u0631\u0627\u0631 Uniswap<\/a>\u060c \u062d\u064a\u062b \u062a\u064f\u0648\u0632\u0639 \u0627\u0644\u0631\u0633\u0648\u0645 \u0639\u0644\u0649 \u0645\u0632\u0648\u062f\u064a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0646\u0634\u0627\u0637 \u0627\u0644\u062a\u0628\u0627\u062f\u0644. \u0644\u0627 \u064a\u0632\u0627\u0644 \u064a\u062a\u0639\u064a\u0646 \u0639\u0644\u0649 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u064a\u0646 \u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0638\u0631\u0648\u0641 \u0634\u0628\u0643\u0629 Fantom \u0648\u0639\u0645\u0642 \u0627\u0644\u0645\u062c\u0645\u0639 \u0648\u0639\u0642\u0648\u062f \u0627\u0644\u0631\u0645\u0648\u0632 \u0642\u0628\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0623\u0648 \u0627\u0644\u0625\u064a\u062f\u0627\u0639. \u064a\u064f\u0639\u062f \u0633\u064a\u0627\u0642 \u0631\u0645\u0632 SPIRIT \u0645\u0646\u0641\u0635\u0644\u0627\u064b \u0639\u0646 \u0622\u0644\u064a\u0629 AMM.<\/p>\n<p>\u062c\u0644\u0628 <strong>PancakeSwap<\/strong> \u062a\u062f\u0627\u0648\u0644 AMM \u0625\u0644\u0649 BNB Chain \u0628\u0646\u0645\u0648\u0630\u062c \u062a\u0628\u0627\u062f\u0644 \u0648\u0645\u062c\u0645\u0639 \u0645\u0623\u0644\u0648\u0641.<\/p>\n<p>\u064a\u064f\u0639\u062f <strong>Bancor<\/strong> \u0645\u0631\u062c\u0639\u064b\u0627 \u0645\u0628\u0643\u0631\u064b\u0627 \u0644\u062a\u0635\u0645\u064a\u0645 AMM\u060c \u0648\u064a\u0634\u062a\u0647\u0631 \u0628\u062a\u062c\u0631\u0628\u062a\u0647 \u0645\u0639 \u0627\u0644\u0648\u062f\u0627\u0626\u0639 \u0623\u062d\u0627\u062f\u064a\u0629 \u0627\u0644\u062c\u0627\u0646\u0628 (single-sided deposits) \u0648\u0627\u0644\u062d\u0645\u0627\u064a\u0629 \u0627\u0644\u0645\u062f\u0645\u062c\u0629 \u0645\u0646 \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u063a\u064a\u0631 \u0627\u0644\u062f\u0627\u0626\u0645\u0629 (impermanent loss protection) \u2014 \u0648\u0647\u0648 \u0646\u0647\u062c \u0648\u0627\u062c\u0647 \u0644\u0627\u062d\u0642\u064b\u0627 \u0645\u0634\u0627\u0643\u0644 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0648\u0627\u0644\u0627\u0633\u062a\u062f\u0627\u0645\u0629.<\/p>\n<p>\u064a\u0633\u062a\u062e\u062f\u0645 <strong>DODO<\/strong> \u0646\u0645\u0648\u0630\u062c \u0635\u0627\u0646\u0639 \u0633\u0648\u0642 \u0627\u0633\u062a\u0628\u0627\u0642\u064a (proactive market maker) \u064a\u0633\u062a\u0646\u062f \u0625\u0644\u0649 \u0623\u0648\u0631\u0627\u0643\u0644 \u0623\u0633\u0639\u0627\u0631 \u062e\u0627\u0631\u062c\u064a (external price oracle) \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0641\u0642\u0637 \u0639\u0644\u0649 \u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a \u0627\u0644\u0645\u062c\u0645\u0639\u060c \u0645\u0645\u0627 \u064a\u063a\u064a\u0631 \u0633\u0644\u0648\u0643\u0647 \u0627\u0644\u062a\u0633\u0639\u064a\u0631\u064a \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u062a\u0635\u0627\u0645\u064a\u0645 \u0627\u0644\u0645\u0646\u062a\u062c \u0627\u0644\u062b\u0627\u0628\u062a.<\/p>\n<\/section>\n<section>\n<header>\n<h2 id=\"section-13\">\u0643\u064a\u0641\u064a\u0629 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 AMMs \u0628\u0623\u0645\u0627\u0646\u061f<\/h2>\n<\/header>\n<p>\u0642\u0628\u0644 \u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0623\u064a AMM\u060c \u064a\u062c\u0628 \u062a\u0648\u0641\u0631 \u062b\u0644\u0627\u062b\u0629 \u0623\u0645\u0648\u0631 \u0623\u0633\u0627\u0633\u064a\u0629. \u062a\u062c\u0627\u0647\u0644 \u0623\u064a \u0645\u0646\u0647\u0627 \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u0645\u0634\u0627\u0643\u0644 \u064a\u0645\u0643\u0646 \u062a\u062c\u0646\u0628\u0647\u0627.<\/p>\n<p><strong>\u0645\u062d\u0641\u0638\u0629 \u0630\u0627\u062a\u064a\u0629 \u0627\u0644\u062d\u0641\u0638 (self-custodial wallet).<\/strong> \u0644\u0627 \u062a\u0645\u062a\u0644\u0643 AMMs \u062d\u0633\u0627\u0628\u0627\u062a. \u0623\u0646\u062a \u062a\u0642\u0648\u0645 \u0628\u0631\u0628\u0637 \u0645\u062d\u0641\u0638\u0629\u060c \u0648\u062a\u0648\u0642\u064a\u0639 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a\u060c \u0648\u062a\u062d\u062a\u0641\u0638 \u0628\u0627\u0644\u0648\u0635\u0627\u064a\u0629 \u0639\u0644\u0649 \u0623\u0645\u0648\u0627\u0644\u0643 \u0637\u0648\u0627\u0644 \u0627\u0644\u0648\u0642\u062a.<\/p>\n<p><strong>\u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0645\u0645\u064a\u0632 \u0627\u0644\u0630\u064a \u062a\u0631\u063a\u0628 \u0641\u064a \u0645\u0628\u0627\u062f\u0644\u062a\u0647\u060c \u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0631\u0633\u0648\u0645 \u0627\u0644\u063a\u0627\u0632 (gas).<\/strong> \u0643\u0644 \u0645\u0639\u0627\u0645\u0644\u0629 \u0639\u0644\u0649 \u0627\u0644\u0628\u0644\u0648\u0643 \u062a\u0634\u064a\u0646 \u062a\u062a\u0637\u0644\u0628 \u0631\u0633\u0648\u0645\u064b\u0627 \u0635\u063a\u064a\u0631\u0629 \u062a\u064f\u062f\u0641\u0639 \u0628\u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0623\u0635\u0644\u064a \u0644\u0644\u0634\u0628\u0643\u0629 \u2014 \u0645\u062b\u0644 ETH \u0639\u0644\u0649 Ethereum\u060c \u0648 SOL \u0639\u0644\u0649 Solana\u060c \u0648 BNB \u0639\u0644\u0649 BNB Chain. \u0625\u0630\u0627 \u0643\u0646\u062a \u062a\u0645\u062a\u0644\u0643 \u0641\u0642\u0637 \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0645\u0645\u064a\u0632 \u0627\u0644\u0630\u064a \u062a\u0631\u064a\u062f \u0645\u0628\u0627\u062f\u0644\u062a\u0647 \u0648\u0644\u0645 \u064a\u062a\u0628\u0642 \u0644\u062f\u064a\u0643 \u0634\u064a\u0621 \u0644\u0631\u0633\u0648\u0645 \u0627\u0644\u063a\u0627\u0632\u060c \u0641\u0633\u062a\u0641\u0634\u0644 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0629. \u0627\u062d\u062a\u0641\u0638 \u062f\u0627\u0626\u0645\u064b\u0627 \u0628\u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0635\u063a\u064a\u0631 \u0645\u0646 \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0623\u0635\u0644\u064a \u0644\u0644\u0634\u0628\u0643\u0629.<\/p>\n<p><strong>\u0639\u0646\u0648\u0627\u0646 \u0627\u0644\u0639\u0642\u062f \u0627\u0644\u0635\u062d\u064a\u062d \u0644\u0623\u064a \u0631\u0645\u0632 \u0645\u0645\u064a\u0632 \u063a\u064a\u0631 \u0645\u0623\u0644\u0648\u0641.<\/strong> \u0627\u0644\u0631\u0645\u0648\u0632 \u0627\u0644\u0645\u0632\u064a\u0641\u0629 \u0630\u0627\u062a \u0627\u0644\u0631\u0645\u0648\u0632 \u0627\u0644\u0634\u0631\u064a\u0637\u064a\u0629 \u0627\u0644\u0645\u062a\u0637\u0627\u0628\u0642\u0629 (ticker symbols) \u0634\u0627\u0626\u0639\u0629 \u0639\u0644\u0649 AMMs. \u064a\u0645\u0643\u0646 \u0644\u0623\u064a \u0634\u062e\u0635 \u0646\u0633\u062e \u0627\u0633\u0645 \u0627\u0644\u0631\u0645\u0632 \u0648\u0631\u0645\u0632\u0647 \u0627\u0644\u0645\u0639\u0631\u0648\u0636 \u0641\u064a \u0648\u0627\u062c\u0647\u0629 \u0627\u0644\u0645\u0642\u0627\u064a\u0636\u0629. \u0644\u0643\u0646 \u0639\u0646\u0648\u0627\u0646 \u0627\u0644\u0639\u0642\u062f \u0644\u0627 \u064a\u0645\u0643\u0646 \u062a\u0632\u0648\u064a\u0631\u0647. \u062a\u0623\u0643\u062f \u062f\u0627\u0626\u0645\u064b\u0627 \u0645\u0646 \u0639\u0646\u0648\u0627\u0646 \u0627\u0644\u0639\u0642\u062f \u0645\u0646 \u0627\u0644\u0645\u0648\u0642\u0639 \u0627\u0644\u0631\u0633\u0645\u064a \u0644\u0644\u0645\u0634\u0631\u0648\u0639 \u0623\u0648 \u0648\u062b\u0627\u0626\u0642\u0647 \u0642\u0628\u0644 \u0625\u062c\u0631\u0627\u0621 \u0623\u064a \u0645\u0642\u0627\u064a\u0636\u0629.<\/p>\n<p>\u0628\u0645\u062c\u0631\u062f \u062a\u0648\u0641\u0631 \u0647\u0630\u0647 \u0627\u0644\u0623\u0645\u0648\u0631 \u0627\u0644\u062b\u0644\u0627\u062b\u0629\u060c \u0641\u0625\u0646 \u0627\u0644\u0641\u062d\u0648\u0635\u0627\u062a \u0627\u0644\u062a\u064a \u064a\u062c\u0628 \u0625\u062c\u0631\u0627\u0624\u0647\u0627 \u0642\u0628\u0644 \u062a\u0648\u0642\u064a\u0639 \u0623\u064a \u0645\u0642\u0627\u064a\u0636\u0629 \u0647\u064a:<\/p>\n<ul>\n<li>\u062a\u0623\u0643\u064a\u062f \u0639\u0642\u062f \u0627\u0644\u0631\u0645\u0632 \u0627\u0644\u0645\u0645\u064a\u0632 \u0645\u0646 \u0645\u0635\u062f\u0631 \u0645\u0648\u062b\u0648\u0642.<\/li>\n<li>\u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u062c\u0645\u0639 (pool liquidity) \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u062d\u062c\u0645 \u062a\u062f\u0627\u0648\u0644\u0643. \u0645\u062c\u0645\u0639 \u062a\u0628\u0644\u063a \u0625\u062c\u0645\u0627\u0644\u064a \u0633\u064a\u0648\u0644\u062a\u0647 50,000 \u062f\u0648\u0644\u0627\u0631 \u0633\u064a\u062a\u062d\u0631\u0643 \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631 \u0639\u0646\u062f \u0645\u0642\u0627\u064a\u0636\u0629 \u0628\u0642\u064a\u0645\u0629 5,000 \u062f\u0648\u0644\u0627\u0631.<\/li>\n<li>\u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u0645\u0633\u0627\u0631 \u0627\u0644\u0643\u0627\u0645\u0644 \u0648\u0627\u0644\u0645\u062e\u0631\u062c\u0627\u062a \u0627\u0644\u0645\u062a\u0648\u0642\u0639\u0629 \u0642\u0628\u0644 \u0627\u0644\u062a\u0623\u0643\u064a\u062f.<\/li>\n<li>\u062a\u062d\u062f\u064a\u062f \u062a\u062d\u0645\u0644 \u0627\u0644\u0627\u0646\u0632\u0644\u0627\u0642 (slippage tolerance) \u0628\u0639\u0646\u0627\u064a\u0629. \u0625\u0630\u0627 \u0643\u0627\u0646 \u0645\u0631\u062a\u0641\u0639\u064b\u0627 \u062c\u062f\u064b\u0627\u060c \u064a\u0645\u0643\u0646 \u0644\u0644\u0631\u0648\u0628\u0648\u062a\u0627\u062a \u0627\u0633\u062a\u063a\u0644\u0627\u0644\u0647. \u0648\u0625\u0630\u0627 \u0643\u0627\u0646 \u0645\u0646\u062e\u0641\u0636\u064b\u0627 \u062c\u062f\u064b\u0627\u060c \u0641\u0642\u062f \u062a\u0641\u0634\u0644 \u0645\u0639\u0627\u0645\u0644\u062a\u0643 \u0628\u0634\u0643\u0644 \u0645\u062a\u0643\u0631\u0631 \u0641\u064a \u0627\u0644\u0638\u0631\u0648\u0641 \u0627\u0644\u0645\u062a\u0642\u0644\u0628\u0629.<\/li>\n<li>\u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u063a\u0627\u0632 (gas costs) \u0642\u0628\u0644 \u0627\u0644\u062a\u0623\u0643\u064a\u062f\u060c \u062e\u0627\u0635\u0629 \u0639\u0644\u0649 Ethereum \u062e\u0644\u0627\u0644 \u0641\u062a\u0631\u0627\u062a \u0627\u0644\u0627\u0632\u062f\u062d\u0627\u0645.<\/li>\n<li>\u062a\u062c\u0646\u0628 \u0627\u0644\u0645\u0648\u0627\u0641\u0642\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u062d\u062f\u0648\u062f\u0629 \u0644\u0644\u0631\u0645\u0648\u0632 (unlimited token approvals) \u0645\u0627 \u0644\u0645 \u062a\u0641\u0647\u0645 \u0645\u0627 \u062a\u0648\u0627\u0641\u0642 \u0639\u0644\u064a\u0647 \u0648\u062a\u062b\u0642 \u0628\u0627\u0644\u0639\u0642\u062f.<\/li>\n<li>\u0628\u0627\u0644\u0646\u0633\u0628\u0629 \u0644\u0644\u0631\u0645\u0648\u0632 \u063a\u064a\u0631 \u0627\u0644\u0645\u0623\u0644\u0648\u0641\u0629\u060c \u062c\u0631\u0628 \u0645\u0642\u0627\u064a\u0636\u0629 \u0627\u062e\u062a\u0628\u0627\u0631\u064a\u0629 \u0635\u063a\u064a\u0631\u0629 \u0642\u0628\u0644 \u0627\u0644\u0627\u0644\u062a\u0632\u0627\u0645 \u0628\u0627\u0644\u062d\u062c\u0645 \u0627\u0644\u0643\u0627\u0645\u0644.<\/li>\n<li>\u062d\u0627\u0641\u0638 \u0639\u0644\u0649 \u0641\u0635\u0644 \u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u0642\u0627\u064a\u0636\u0629 \u0648\u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0628\u062a\u0642\u064a\u064a\u0645\u0627\u062a \u0645\u062e\u0627\u0637\u0631 \u0645\u0646\u0641\u0635\u0644\u0629.<\/li>\n<\/ul>\n<\/section>\n<section>\n<header>\n<h2 id=\"section-14\">\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629<\/h2>\n<\/header>\n<details>\n<summary><strong>\u0645\u0627\u0630\u0627 \u064a\u0639\u0646\u064a AMM \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629\u061f<\/strong><\/summary>\n<p>\u064a\u0634\u064a\u0631 AMM \u0625\u0644\u0649 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (Automated Market Maker). \u0641\u064a \u0639\u0627\u0644\u0645 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629\u060c \u0647\u0648 \u0646\u0638\u0627\u0645 \u0639\u0642\u0648\u062f \u0630\u0643\u064a\u0629 \u064a\u062d\u062f\u062f \u0623\u0633\u0639\u0627\u0631 \u0645\u0628\u0627\u062f\u0644\u0629 \u0627\u0644\u0631\u0645\u0648\u0632 \u0645\u0646 \u0627\u062d\u062a\u064a\u0627\u0637\u064a\u0627\u062a \u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0645\u0637\u0627\u0628\u0642\u0629 \u0639\u0631\u0648\u0636 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0628\u064a\u0639 \u0641\u064a \u062f\u0641\u062a\u0631 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a.<\/p>\n<\/details>\n<details>\n<summary><strong>\u0643\u064a\u0641 \u062a\u062d\u062f\u062f AMM \u0627\u0644\u0623\u0633\u0639\u0627\u0631\u061f<\/strong><\/summary>\n<p>\u062a\u062d\u062f\u062f AMM \u0627\u0644\u0623\u0633\u0639\u0627\u0631 \u0639\u0646 \u0637\u0631\u064a\u0642 \u062a\u0639\u062f\u064a\u0644 \u0646\u0633\u0628\u0629 \u0627\u062d\u062a\u064a\u0627\u0637\u064a \u0627\u0644\u0645\u062c\u0645\u0639 \u0628\u0639\u062f \u0643\u0644 \u0639\u0645\u0644\u064a\u0629 \u0645\u0628\u0627\u062f\u0644\u0629. \u0641\u064a \u0645\u062c\u0645\u0639 \u0627\u0644\u0645\u0646\u062a\u062c \u0627\u0644\u062b\u0627\u0628\u062a\u060c \u062a\u062d\u0627\u0641\u0638 \u0635\u064a\u063a\u0629 x * y = k \u0639\u0644\u0649 \u062b\u0628\u0627\u062a \u0646\u0627\u062a\u062c \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0637\u064a\u060c \u0645\u0645\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u0634\u0631\u0627\u0621 \u0631\u0645\u0632 \u0648\u0627\u062d\u062f \u064a\u062c\u0639\u0644 \u0627\u0644\u0648\u062d\u062f\u0629 \u0627\u0644\u062a\u0627\u0644\u064a\u0629 \u0645\u0646 \u0646\u0641\u0633 \u0627\u0644\u0631\u0645\u0632 \u0623\u0643\u062b\u0631 \u062a\u0643\u0644\u0641\u0629.<\/p>\n<\/details>\n<details>\n<summary><strong>\u0647\u0644 \u0623\u062d\u062a\u0627\u062c \u0625\u0644\u0649 \u062d\u0633\u0627\u0628 \u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 AMM\u061f<\/strong><\/summary>\n<p>\u0644\u0627. \u0644\u0627 \u062a\u0633\u062a\u062e\u062f\u0645 AMMs \u062d\u0633\u0627\u0628\u0627\u062a \u0623\u0648 \u062a\u0633\u062c\u064a\u0644\u0627\u062a \u062f\u062e\u0648\u0644. \u064a\u0645\u0643\u0646\u0643 \u0631\u0628\u0637 \u0645\u062d\u0641\u0638\u0629 \u0639\u0645\u0644\u0627\u062a \u0645\u0634\u0641\u0631\u0629\u060c \u0648\u062a\u0648\u0642\u064a\u0639 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0645\u0628\u0627\u0634\u0631\u0629\u060c \u0648\u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0628\u0627\u0644\u0648\u0635\u0627\u064a\u0629 \u0639\u0644\u0649 \u0623\u0645\u0648\u0627\u0644\u0643 \u0637\u0648\u0627\u0644 \u0627\u0644\u0648\u0642\u062a. \u0644\u0627 \u062a\u0648\u062c\u062f \u0639\u0645\u0644\u064a\u0629 \u062a\u0633\u062c\u064a\u0644 \u0623\u0648 KYC \u0623\u0648 \u0637\u0644\u0628 \u0633\u062d\u0628.<\/p>\n<\/details>\n<details>\n<summary><strong>\u0647\u0644 \u064a\u0645\u0643\u0646 \u0623\u0646 \u062a\u062e\u0633\u0631 \u0627\u0644\u0645\u0627\u0644 \u0639\u0646\u062f \u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0644\u0640 AMM\u061f<\/strong><\/summary>\n<p>\u0646\u0639\u0645. \u064a\u0645\u0643\u0646 \u0644\u0645\u0642\u062f\u0645\u064a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0623\u0646 \u064a\u062e\u0633\u0631\u0648\u0627 \u0627\u0644\u0645\u0627\u0644 \u0625\u0630\u0627 \u0641\u0627\u0642\u062a \u0627\u0644\u062e\u0633\u0627\u0631\u0629 \u063a\u064a\u0631 \u0627\u0644\u062f\u0627\u0626\u0645\u0629 (impermanent loss)\u060c \u0648\u0645\u062e\u0627\u0637\u0631 \u0641\u0643 \u0627\u0644\u0627\u0631\u062a\u0628\u0627\u0637 (depeg risk)\u060c \u0648\u0623\u062e\u0637\u0627\u0621 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0630\u0643\u064a\u0629\u060c \u0648\u0641\u0634\u0644 \u0627\u0644\u0631\u0645\u0648\u0632\u060c \u0623\u0648 \u0627\u0644\u0627\u062e\u062a\u064a\u0627\u0631 \u0627\u0644\u0633\u0644\u0628\u064a (adverse selection)\u060c \u0625\u064a\u0631\u0627\u062f\u0627\u062a \u0627\u0644\u0631\u0633\u0648\u0645 \u0648\u0623\u064a \u062d\u0648\u0627\u0641\u0632 \u0625\u0636\u0627\u0641\u064a\u0629. \u0642\u062f \u064a\u064f\u0638\u0647\u0631 \u0627\u0644\u0645\u0631\u0643\u0632 \u0623\u0631\u0628\u0627\u062d\u064b\u0627 \u0625\u064a\u062c\u0627\u0628\u064a\u0629 \u0645\u0646 \u0627\u0644\u0631\u0633\u0648\u0645 \u0628\u064a\u0646\u0645\u0627 \u0644\u0627 \u064a\u0632\u0627\u0644 \u0623\u062f\u0627\u0624\u0647 \u0623\u0642\u0644 \u0645\u0646 \u0627\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0627\u0644\u0628\u0633\u064a\u0637 \u0628\u0643\u0644\u0627 \u0627\u0644\u0623\u0635\u0644\u064a\u0646 \u062e\u0627\u0631\u062c \u0627\u0644\u0645\u062c\u0645\u0639.<\/p>\n<\/details>\n<details>\n<summary><strong>\u0645\u0627 \u0627\u0644\u0641\u0631\u0642 \u0628\u064a\u0646 AMM \u0648\u062f\u0641\u062a\u0631 \u0627\u0644\u0623\u0648\u0627\u0645\u0631\u061f<\/strong><\/summary>\n<p>\u062a\u0633\u0645\u062d AMM \u0644\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u064a\u0646 \u0628\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0645\u0642\u0627\u0628\u0644 \u0633\u064a\u0648\u0644\u0629 \u0645\u062c\u0645\u0639\u0629 \u062a\u064f\u062f\u0627\u0631 \u0628\u0648\u0627\u0633\u0637\u0629 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0630\u0643\u064a\u0629. \u0628\u064a\u0646\u0645\u0627 \u064a\u0637\u0627\u0628\u0642 \u062f\u0641\u062a\u0631 \u0627\u0644\u0623\u0648\u0627\u0645\u0631 \u0623\u0648\u0627\u0645\u0631 \u0627\u0644\u0634\u0631\u0627\u0621 \u0648\u0627\u0644\u0628\u064a\u0639 \u0645\u0646 \u0627\u0644\u0645\u0634\u0627\u0631\u0643\u064a\u0646 \u0641\u064a \u0627\u0644\u0633\u0648\u0642\u060c \u0639\u0627\u062f\u0629\u064b \u0645\u0646 \u062e\u0644\u0627\u0644 \u0645\u062d\u0631\u0643 \u0645\u0637\u0627\u0628\u0642\u0629 \u0645\u0631\u0643\u0632\u064a \u0623\u0648 \u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644 \u062f\u0641\u062a\u0631 \u0623\u0648\u0627\u0645\u0631 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629.<\/p>\n<\/details>\n<details>\n<summary><strong>\u0645\u0627 \u0647\u0648 Raydium AMM \u0641\u064a \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629\u061f<\/strong><\/summary>\n<p>\u064a\u0634\u064a\u0631 Raydium AMM \u0625\u0644\u0649 \u0628\u0646\u064a\u0629 Raydium \u0627\u0644\u062a\u062d\u062a\u064a\u0629 \u0644\u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0648\u0627\u0644\u0645\u0628\u0627\u062f\u0644\u0629 \u0627\u0644\u0642\u0627\u0626\u0645\u0629 \u0639\u0644\u0649 Solana. \u064a\u062f\u0639\u0645 Raydium \u0643\u0644\u0627\u064b \u0645\u0646 \u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0645\u0646\u062a\u062c \u0627\u0644\u062b\u0627\u0628\u062a (constant-product pools) \u0648\u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u0631\u0643\u0632\u0629 (concentrated-liquidity pools)\u060c \u0644\u0630\u0627 \u064a\u062c\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u064a\u0646 \u0627\u0644\u062a\u0623\u0643\u062f \u0645\u0646 \u0646\u0648\u0639 \u0627\u0644\u0645\u062c\u0645\u0639 \u0648\u0625\u0639\u062f\u0627\u062f \u0627\u0644\u0631\u0633\u0648\u0645 \u0648\u0639\u0645\u0642 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u0637\u0628\u0642 \u0642\u0628\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644.<\/p>\n<\/details>\n<details>\n<summary><strong>\u0647\u0644 SpiritSwap \u0647\u0648 AMM\u061f<\/strong><\/summary>\n<p>\u0646\u0639\u0645. SpiritSwap \u0647\u0648 \u0628\u0648\u0631\u0635\u0629 \u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 (DEX) \u0639\u0644\u0649 \u063a\u0631\u0627\u0631 AMM \u062a\u0639\u0645\u0644 \u0639\u0644\u0649 \u0634\u0628\u0643\u0629 Fantom. \u062a\u0633\u062a\u062e\u062f\u0645 \u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0644\u0625\u062c\u0631\u0627\u0621 \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0645\u0628\u0627\u062f\u0644\u0629. \u064a\u062c\u0628 \u0639\u0644\u0649 \u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u064a\u0646 \u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0639\u0645\u0642 \u0627\u0644\u0645\u062c\u0645\u0639 \u0648\u0639\u0642\u0648\u062f \u0627\u0644\u0631\u0645\u0648\u0632 \u0648\u0638\u0631\u0648\u0641 \u0627\u0644\u0634\u0628\u0643\u0629 \u0642\u0628\u0644 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0623\u0648 \u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629.<\/p>\n<\/details>\n<\/section>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"excerpt":{"rendered":"<p>\u062a\u0639\u0631\u0641 \u0639\u0644\u0649 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0641\u064a \u0639\u0627\u0644\u0645 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629. \u0627\u0643\u062a\u0634\u0641 \u0643\u064a\u0641 \u062a\u0639\u0645\u0644 \u0647\u0630\u0647 \u0627\u0644\u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a (DeFi) \u0648\u0627\u0644\u0645\u0646\u0635\u0627\u062a \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 (DEXs) \u0644\u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629.<\/p>\n","protected":false,"gt_translate_keys":[{"key":"rendered","format":"html"}]},"author":7,"featured_media":1049,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[30,8],"class_list":["post-1048","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-defi","tag-learn"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u0645\u0627 \u0647\u0648 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0641\u064a \u0639\u0627\u0644\u0645 \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629\u061f<\/title>\n<meta name=\"description\" content=\"\u062a\u0639\u0631\u0641 \u0639\u0644\u0649 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0641\u064a \u0639\u0627\u0644\u0645 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629. \u0627\u0643\u062a\u0634\u0641 \u0643\u064a\u0641 \u062a\u0639\u0645\u0644 \u0647\u0630\u0647 \u0627\u0644\u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a (DeFi) \u0648\u0627\u0644\u0645\u0646\u0635\u0627\u062a \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 (DEXs) \u0644\u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.dztecs.com\/blockchain\/what-is-amm\/\" \/>\n<meta property=\"og:locale\" content=\"ar_AR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u0645\u0627 \u0647\u0648 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0641\u064a \u0639\u0627\u0644\u0645 \u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629\u061f\" \/>\n<meta property=\"og:description\" content=\"\u062a\u0639\u0631\u0641 \u0639\u0644\u0649 \u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0641\u064a \u0639\u0627\u0644\u0645 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629. \u0627\u0643\u062a\u0634\u0641 \u0643\u064a\u0641 \u062a\u0639\u0645\u0644 \u0647\u0630\u0647 \u0627\u0644\u062a\u0642\u0646\u064a\u0629 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a (DeFi) \u0648\u0627\u0644\u0645\u0646\u0635\u0627\u062a \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629 (DEXs) \u0644\u062a\u0648\u0641\u064a\u0631 \u0627\u0644\u0633\u064a\u0648\u0644\u0629.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.dztecs.com\/blockchain\/what-is-amm\/\" \/>\n<meta property=\"og:site_name\" content=\"DzTecnium - Crypto\" \/>\n<meta property=\"article:published_time\" content=\"2026-08-28T22:52:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-29T06:22:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.dztecs.com\/blockchain\/wp-content\/uploads\/sites\/4\/2026\/08\/what-is-amm-1-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mahmoud Adnan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta 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