# ExinSwap ExinSwap is the automated market making (AMM) trading platform of Exin. # Languages * [English](/en) * [中文](/zh) # English [**ExinSwap**](https://mixin.one/codes/d1790a2e-da04-429c-b289-5ecac43863a2) is the automated market making (AMM) trading platform of Exin, the most popular developer in the Mixin ecosystem, and the first MiFi (Mixin DeFi) product from the Exin team. > **Warm Reminder**: Click on the top left corner to open the navigation directory. # Getting Started ## What is ExinSwap? **ExinSwap** is the automated market making (AMM) trading platform of Exin, the most popular developer in the Mixin ecosystem, and the first MiFi (Mixin DeFi) product from the Exin team. The Mixin ID of ExinSwap is **7000102352**, you can visit this [link](mixin://users/29f23576-4651-47ff-8c16-6c8a5d76985e) to authorize and experience it. How to download and update Mixin Messenger: * Google Play: * App Store: ## What pairs are currently supported by ExinSwap? ExinSwap supports 93 trading pairs with the following lists. * **USDT-XIN** * **WGT-XIN** * **USDT-WGT** * **USDT-EOS** * **EOS-BTC** * **USDT-BTC** * **ETH-USDT** * **BTC-XIN** * **ETH-XIN** * **EOS-XIN** * **USDT-BOX** * **ETH-BTC** * **pUSD-USDT** * **pUSD-BTC** * **pUSD-XIN** * **pUSD-MOB** * **pUSD-ETH** * **pUSD-EOS** * **pUSD-BOX** * **XIN-MOB** * **ETH-EOS** * **BTC-MOB** * **BTC-BOX** * **DOT-XIN** * **DOT-BTC** * **pUSD-DOT** * **pUSD-UNI** * **UNI-BTC** * **UNI-XIN** * **ONE-XIN** * **ONE-BTC** * **ONE-pUSD** * **PRS-XIN** * **PRS-BTC** * **pUSD-PRS** * **pUSD-VCASH** * **VCASH-BTC** * **VCASH-XIN** * **pUSD-DOGE** * **DOGE-BTC** * **DOGE-XIN** * **GRIN-pUSD** * **GRIN-BTC** * **GRIN-XIN** * **USDT-USDT** * **USDT-USDT** * **PRS-BOX** * **CANDYBOX-pUSD** * **CANDYBOX-XIN** * **CANDYBOX-BTC** * **FIL-pUSD** * **FIL-XIN** * **FIL-BTC** * **BNB-pUSD** * **BNB-XIN** * **BNB-BTC** * **XRP-pUSD** * **XRP-XIN** * **XRP-BTC** * **pUSD-LTC** * **LTC-XIN** * **LTC-BTC** * **pUSD-LINK** * **XIN-LINK** * **BTC-LINK** * **pUSD-ZEN** * **ZEN-XIN** * **ZEN-BTC** * **pUSD-BCH** * **XIN-BCH** * **BTC-BCH** * **TRX-pUSD** * **TRX-XIN** * **TRX-BTC** * **pUSD-BTT** * **BTT-XIN** * **BTT-BTC** * **pUSD-XLM** * **XLM-XIN** * **XLM-BTC** * **pUSD-USDC** * **WBTC-BTC** * **SOL-XIN** * **SOL-BTC** * **pUSD-SHIB** * **XIN-SHIB** * **BTC-SHIB** * **DOGE-SHIB** * **ETH-SOL** * **pUSD-RUM** * **RUM-XIN** * **RUM-BTC** ## What is Mixin Network and Mixin Messenger? **Mixin Network** is a free and fast peer-to-peer digital asset trading network. It uses sidechains, Layer2 Off-Chain and other technologies, uses PoS + Asynchronous BFT consensus, and uses DAG to store transaction records. Finally, it achieves second-level confirmation, zero fees and enhanced transactions features of privacy. **Mixin Messenger** is an open source end-to-end encrypted chat software and integrates a multi-chain wallet based on Mixin Network. ## What’s the difference between ExinSwap and an exchange? ExinSwap uses the AMM (Automated Market Maker) model, which eliminates the need for users to place orders. Exchanges usually take an order book model, which usually requires a market maker to service the exchange and provide liquidity to traders. ## What is the difference between ExinSwap and ExinOne? ExinSwap is a Uniswap-like DEX that uses the AMM model. ExinOne's trading is based on the "**Exchange Purchase**" model, where ExinOne helps users trade cryptocurrencies through an exchange API. ## How do I exchange cryptocurrencies with ExinSwap? If you are new to ExinSwap and would like to learn how to exchange cryptocurrencies, please read our step-by-step guide: "[ExinSwap V1 Exchange tutorial](https://w3c.group/c/1601035226049738)". ## How do I provide liquidity for ExinSwap? If you are new to ExinSwap and would like to provide liquidity to ExinSwap, please read our step-by-step guide, "[ExinSwap V1 Liquidity Provisioning Tutorial](https://w3c.group/c/1601035281421913)". ## How do I exit liquidity at ExiSwap? If you are new to ExinSwap and are exiting liquidity at ExinSwap, please read our step-by-step guide: "[ExinSwap V1 Exiting Liquidity Tutorial](https://w3c.group/c/1601035317152981)". # DeFi ## What is DeFi? DeFi, the acronym for "Decentralized Finance", is also known as Open Finance as opposed to the traditional CeFi "Centralized Finance". DeFi refers to the decentralized protocols used to build an open financial system that allows anyone to perform all types of financial activities anytime, anywhere. In the existing financial system, financial services are mainly controlled and regulated by a central system, whether it is the most basic deposit and withdrawal transfers, loans or derivatives transactions; DeFi aims to establish a transparent, accessible and inclusive peer-to-peer financial system through distributed open source protocols, minimizing the risk of trust and making it easier and more convenient for participants to participate in it. ## What are the features of DeFi? DeFi offers three major advantages over traditional centralized financial systems. * Decentralized, with no need for any intermediaries to build trust relationships and transactions completed directly through smart contracts. * Data are stored in blockchain, transparent and accessible to all. * Protocols are open source, allowing anyone to collaborate to build new financial products on top of existing protocols and accelerate financial innovation with network effects. DeFi also has several disadvantages over traditional centralized financial systems. * Relatively niche, high barriers to entry and education costs. * The user experience is not as smooth as with CeFi products, as many DeFi products are web-only and not mobile app-only. * The security of many smart contracts is yet to be proven and some code issues can lead to hacking. Such issues have previously been seen with bZx, Curve and MakerDao. * Partial DeFi is only relatively centralized and not fully decentralized, and remains a potential risk of market manipulation. * The ecology is relatively fragile, with a domino effect of default if the pledged currencies experience large price fluctuations. ## What are the main applications of DeFi? DeFi is a relatively broad concept, and the concept of decentralization can be used to innovate and transform the existing financial system at all levels. To give a brief and incomplete overview, DeFi applications can be divided into three major categories and nine sub-categories. The three categories of applications are Issuance, Trading and Ownership. * The Issuance category includes stable coins, represented by Maker/Dai, AMPL; decentralized lending, represented by Compound; and securities, insurance, NFT, represented by bZx, Polymath. * The trading category includes the decentralized exchange DEX, represented by Uniswap; decentralized derivatives, represented by dYdX, Augur; and liquidity providers, represented by Kyber Network. * The ownership category includes decentralized wallets, represented by Metamask, decentralized money management, represented by ICONOMI, and decentralized payment methods, represented by Lightening Network and Sablier. ## What is Yield Farming? Yield farming is the process of generating revenue by depositing or lending designated token assets as required to provide liquidity to the product's pool. The proceeds may be the project's native token, or the governance rights it represents. ## What is MiFi? MiFi is the collective term for the DeFi project based on the Mixin ecosystem, proposed by @Cedric Fung. MiFi doesn't refer to a single product, it's a concept. Like DeFi, it's a concept, not a product. ## What are the advantages of developing MiFi based on Mixin? Mixin Network has the following advantages. * Natural cross-chain support. * Second-level confirmation of transactions. * No gas fees for transactions. * Mixin Trusted Group with smart contract-like technology. # Algorithm ## Constant Product Market Maker Model Exchanges that want to decentralize and don't use a pending order book need to rely on an algorithm to automatically calculate the quantity and price of the underlying trade, and Uniswap uses an algorithm called Constant Product, which can be traced back to this [article](https://ethresear.ch/t/improving-front-running-resistance-of-x-y-k-market-makers/1281) from Vitalik. The formula is very simple: x *y = k. The two cryptocurrencies to be traded are X and Y, each with quantity x and y, and the product of the two quantities x* y is always equal to k, the value of k being determined by the liquidity of the first deposit. Therefore, the amount of ∆y that can be obtained by purchasing Y with ∆x amount of X coins, or the amount of ∆x that needs to be paid in order to purchase ∆y, is calculated as follows: (x + ∆x)(y - ∆y) = k, and the price of the transaction is the ratio of the two coin amounts ∆x and ∆y. The following equation expresses the new equilibrium quantities of ∆x and ∆y and the X Y coins after the transaction occurs by α = ∆x /x and β = ∆y /y. ![](https://assets.exincdn.com/images/exinswap/algorithm/jrnj6lw.png) ## Chargeable to fees Each transaction at Uniswap is charged a commission of ρ = 0.003 / 0.3% back to the liquidity provider, thus taking the commission into account in the formula. ![](https://assets.exincdn.com/images/exinswap/algorithm/gaj6fd1.png) It is advisable to start not with x'ρ and y'ρ, but with the values of ∆x and ∆y: the commission ρ = 0.3% means that 0.3% will be deducted from the payment, i.e. from ∆x. In the presence of a fee ∆x becomes (1-ρ)∆x if we make γ = 1-ρ. Thus, replacing ∆x in Figure 1 with γ∆x gives the following equation. ![](https://assets.exincdn.com/images/exinswap/algorithm/w26x21b.png) By the same token, since α in ∆y = ∆x /x, replacing ∆x with γ∆x gives ∆y in Figure 2 (multiplying γ by α where α is). And x' and y' can be deduced from ∆x and ∆y. However, multiplying x' and y' obtained in Figure 2 yields. ![](https://assets.exincdn.com/images/exinswap/algorithm/mz0xjxk.png) That is, when there is a fee that makes γ ! = 1 / ρ ! = 0, the value of x'ρ *y'ρ will actually be slightly different from xy = k: in fact γ = 0.997 / ρ = 0.003, so 1/γ-1 is 0.003. β = ∆y /y represents the proportion of the total amount of Y coins exchanged. Even with a maximum value of 1, the error is only 1* 0.003, so fee = 0.3% has very little effect on the value of k. ## Uniswap White Paper If you want to learn more details about Uniswap, you can refer to the Uniswap white paper. Link: # Protocol ## What protocols does ExinSwap support? ExinSwap supports two protocols, the Uniswap protocol and the Curve protocol. ## Uniswap protocol Uniswap uses an algorithm called constant product. See [Algorithm](https://support.exinswap.com/#/algorithm) for details. ## Curve protocol Curve is an ethereum-based decentralized stablecoin trading pool that features an efficient and low-slippage stablecoin trading experience, as well as low-risk fee income for market makers. The core design of Curve is the "stablecoin swap curve", which has a smoother slippage compared to Uniswap's swap curve in the 1:1 neighborhood. As a result, Curve offers lower rates on small transactions than centralized exchanges. # Account ## Does ExinSwap have account? ExinSwap has no concept of account, and when you authorize to the ExinSwap bot, it reads the permissions associated with the asset for asset entitlement. # Wallet ## Is the ExinSwap wallet safe? ExinSwap don't have wallet itself. ExinSwap is based on Mixin wallet which is decentralized crypto wallet. Mixin Messenger don't host your fund. You have absolute control over your assets. ## What is Mixin Wallet? Mixin Messenger is an open source end-to-end encrypted chat software and integrates a multi-chain wallet based on Mixin Network. This multi-chain wallet is named Mixin Walelt. ## How to do if I forget the Mixin Wallet PIN code? It’s IMPASSIBLE to reset PIN code, you have to remember it once you set it. If you don’t remember it anymore, please try it by yourself, you have 5 times to try every day, you’d better note every possibility. To help users remember the PIN code well, our Messenger asks users to input PIN code every 24 hours when they open the wallet. # Trading ## Liquidity Liquidity is the number of pairs of two cryptocurrencies in the pool, X and Y. The engine maintains a tradable curve with a function X x Y = K. The exchange cryptos does not change the value of K, regardless of the exchange fee. Both the commission generated by the exchange and the additional liquidity injected will make K larger, and liquidity must be injected in both cryptocurrencies at the same time. The first time a pool injects liquidity, the injection ratio, i.e. the pricing, can be customized and the engine will withhold 0.00000001 of the liquidity that remains in the pool permanently to ensure that the pool is not drawn down and the price is reset; subsequent liquidity injections must be proportional to the pool at the time, and deviations of more than 1% will be withdrawn by the engine for a refund. The source of revenue for providing liquidity is primarily the redemption fee, which remains in the pool and grows the pool's liquidity depth as a result of a steady stream of transactions. ## Redemption Price The exchange price is determined solely by the depth of the pool and the number of orders placed. The price of the pair changes over time as the transaction progresses. The problem is that when the engine processes your order, the price may not be the same as it was when the order was placed, and if there is a large deviation, it will be filled at a price that is very different from the expected one. To avoid this situation, ExinSwap has a mechanism to determine the slippage of transactions, and supports custom configuration. When placing an order, a minimum purchase amount will be submitted at the same time, and if the amount of coins bought is less than this amount, the order will be cancelled and refunded. ## Impermanent loss Impermanent loss, also known as non-permanent loss and temporary loss. Users provide liquidity to the platform and there is a risk of loss, known as impermanent loss. Due to the design mechanism of the Automated Market Maker (AMM), the AMM platform may not be able to change prices automatically when external prices change without the intervention of an arbitrageur. External arbitrageurs profit from the spread between the platform and external exchanges. At the same time, the user, who provides liquidity to the platform, suffers a loss. Once this happens, users have no incentive to participate because they were hoping to make a profit, but they lose money because of the spread. As a result, they lose money by providing liquidity on an automated market maker platform when they could have made greater profits on a centralized exchange. ## Automatically refund When you provide liquidity in ExinSwap, if only one crypto is deposited by mistake, ExinSwap will cancel the order and give you a refund after "**5 minutes**". The returned crypto is automatically refunded into your Mixin wallet. In addition, when you provide liquidity and both cryptocurrencies are deposited, it is also possible to return excess cryptocurrencies on a pro-rata basis. ## LP Token LP Token mainly refers to the certificate of a liquid market maker, which is a market making Token issued by the DEX decentralized trading system to market makers, and can also be understood as the equity share of a certain token. Take USDT-XIN trading pair as an example, its corresponding LP Token is called "USDT-XIN", or "USDT(Ether)-XIN(Ether) LP Token", the Asset ID on Mixin Network is **e2e4e54a-92f4-3677-ba57-f2555d7cb019**. You can view LP Token's transaction history in [Mixin Snapshots](https://mixin.one/snapshots/e2e4e54a-92f4-3677-ba57-f2555d7cb019). ## LP Token lists | Symbol | Mixin Snapshots | | ------------- | ------------------------------------------------------------------ | | USDT-XIN | | | WGT-XIN | | | USDT-WGT | | | USDT-EOS | | | EOS-BTC | | | USDT-BTC | | | ETH-USDT | | | BTC-XIN | | | ETH-XIN | | | EOS-XIN | | | USDT-BOX | | | ETH-BTC | | | pUSD-USDT | | | pUSD-BTC | | | pUSD-XIN | | | pUSD-MOB | | | pUSD-ETH | | | pUSD-EOS | | | pUSD-BOX | | | XIN-MOB | | | ETH-EOS | | | BTC-MOB | | | BTC-BOX | | | DOT-XIN | | | DOT-BTC | | | pUSD-DOT | | | pUSD-UNI | | | UNI-BTC | | | UNI-XIN | | | ONE-XIN | | | ONE-BTC | | | ONE-pUSD | | | PRS-XIN | | | PRS-BTC | | | pUSD-PRS | | | pUSD-VCASH | | | VCASH-BTC | | | VCASH-XIN | | | pUSD-DOGE | | | DOGE-BTC | | | DOGE-XIN | | | GRIN-pUSD | | | GRIN-BTC | | | GRIN-XIN | | | USDT-USDT | | | USDT-USDT | | | PRS-BOX | | | CANDYBOX-pUSD | | | CANDYBOX-XIN | | | CANDYBOX-BTC | | | FIL-pUSD | | | FIL-XIN | | | FIL-BTC | | | BNB-pUSD | | | BNB-XIN | | | BNB-BTC | | | XRP-pUSD | | | XRP-XIN | | | XRP-BTC | | | pUSD-LTC | | | LTC-XIN | | | LTC-BTC | | | pUSD-LINK | | | XIN-LINK | | | BTC-LINK | | | pUSD-ZEN | | | ZEN-XIN | | | ZEN-BTC | | | pUSD-BCH | | | XIN-BCH | | | BTC-BCH | | | TRX-pUSD | | | TRX-XIN | | | TRX-BTC | | | pUSD-BTT | | | BTT-XIN | | | BTT-BTC | | | pUSD-XLM | | | XLM-XIN | | | XLM-BTC | | | pUSD-USDC | | | WBTC-BTC | | | SOL-XIN | | | SOL-BTC | | | pUSD-SHIB | | | XIN-SHIB | | | BTC-SHIB | | | DOGE-SHIB | | | ETH-SOL | | | pUSD-RUM | | | RUM-XIN | | | RUM-BTC | | ## Revenue distribution The fees received go directly to the pool, and the LP Token represents the equity in the pool. In simple terms, your LP Token equity increases and is worth more coins, and the additional fees is earned. ## Route The Route function is simply the best route to convert any cryptocurrency, even if the pair is not available at the time of liquidity deposit. For example, currently ExinSwap does not have a WGT-EOS pair, but you can convert WGT to EOS, and the execution of the transaction will automatically find the best route, for example, the current exchange route to convert WGT to EOS is: WGT->USDT, USDT-> EOS, that is, uses USDT as a transit. The actual conversion path for converting A to B can be more complicated than this. # Security ## Is the ExinSwap pool of funds safe? The pools are hosted by ExinSwap and we have implemented several security measures for the safety of the funds. In the future, a multi-signature mechanism will be put online to ensure the safety of the funds. # Privacy ## Are there privacy issues with ExinSwap? No. ExinSwap has no concept of an account and all transactions rely on transfers. In addition, ExinSwap provides authorization to read assets with your consent for a better experience. ExinSwap does not store any sensitive user information. # Fees ## How much does ExinSwap cost? The trading price is entirely determined by liquidity. ExinSwap currently supports two types of protocols, Uniswap with a 0.3% transaction fee and Curve with a 0.04% transaction fee. Currently, the platform does not take a fee, and the fees generated from transactions will be placed directly into the liquidity pool, and LP Token will fully capture this value. # Others I have a question that wasn't answered. Please get in touch with us. We will be happy to answer any questions. Please visit the [Contact](https://support.exinswap.com/#/contact) page for specific contact details. # Contact You can contact us directly through Mixin Messenger. The ExinSwap robot itself is a customer service system, so if you have any questions, you can leave a message on the ExinSwap robot and we will get back to you as soon as possible. The ExinSwap bot has several built-in keywords that you can reply to for specific keywords to get help. Built-in keywords such as Hi, Hello, Customer Service, Tutorial, Documentation, Transaction, Exchange, etc. ExinSwap Chinese group ID:**7000103609**, you can also click [here](mixin://users/29f23576-4651-47ff-8c16-6c8a5d76985e) to join for free. # 中文 [**ExinSwap**](https://mixin.one/codes/d1790a2e-da04-429c-b289-5ecac43863a2) 是 Mixin 生态最受欢迎的开发商 Exin 旗下的自动化做市 (AMM) 交易平台，也是 Exin 团队推出的首款 MiFi（Mixin DeFi）产品。 > **温馨提醒**：点击左上角打开导航目录。 # 入门 ## ExinSwap 是什么？ **ExinSwap** 是 Mixin 生态最受欢迎的开发商 Exin 旗下的自动化做市 (AMM) 交易平台，也是 Exin 团队推出的首款 MiFi（Mixin DeFi）产品。 ExinSwap 机器人的 ID：**7000102352**，您也可以点击 [此处](mixin://users/29f23576-4651-47ff-8c16-6c8a5d76985e) 授权访问。 Mixin Messenger 的下载更新方法： * 官网更新： * 备份官网： * APK 下载： ## ExinSwap 目前支持哪些交易对？ ExinSwap 支持 93 个交易对，明细如下： * **USDT-XIN** * **WGT-XIN** * **USDT-WGT** * **USDT-EOS** * **EOS-BTC** * **USDT-BTC** * **ETH-USDT** * **BTC-XIN** * **ETH-XIN** * **EOS-XIN** * **USDT-BOX** * **ETH-BTC** * **pUSD-USDT** * **pUSD-BTC** * **pUSD-XIN** * **pUSD-MOB** * **pUSD-ETH** * **pUSD-EOS** * **pUSD-BOX** * **XIN-MOB** * **ETH-EOS** * **BTC-MOB** * **BTC-BOX** * **DOT-XIN** * **DOT-BTC** * **pUSD-DOT** * **pUSD-UNI** * **UNI-BTC** * **UNI-XIN** * **ONE-XIN** * **ONE-BTC** * **ONE-pUSD** * **PRS-XIN** * **PRS-BTC** * **pUSD-PRS** * **pUSD-VCASH** * **VCASH-BTC** * **VCASH-XIN** * **pUSD-DOGE** * **DOGE-BTC** * **DOGE-XIN** * **GRIN-pUSD** * **GRIN-BTC** * **GRIN-XIN** * **USDT-USDT** * **USDT-USDT** * **PRS-BOX** * **CANDYBOX-pUSD** * **CANDYBOX-XIN** * **CANDYBOX-BTC** * **FIL-pUSD** * **FIL-XIN** * **FIL-BTC** * **BNB-pUSD** * **BNB-XIN** * **BNB-BTC** * **XRP-pUSD** * **XRP-XIN** * **XRP-BTC** * **pUSD-LTC** * **LTC-XIN** * **LTC-BTC** * **pUSD-LINK** * **XIN-LINK** * **BTC-LINK** * **pUSD-ZEN** * **ZEN-XIN** * **ZEN-BTC** * **pUSD-BCH** * **XIN-BCH** * **BTC-BCH** * **TRX-pUSD** * **TRX-XIN** * **TRX-BTC** * **pUSD-BTT** * **BTT-XIN** * **BTT-BTC** * **pUSD-XLM** * **XLM-XIN** * **XLM-BTC** * **pUSD-USDC** * **WBTC-BTC** * **pUSD-SOL** * **SOL-XIN** * **SOL-BTC** * **pUSD-SHIB** * **XIN-SHIB** * **BTC-SHIB** * **DOGE-SHIB** * **ETH-SOL** * **pUSD-RUM** * **RUM-XIN** * **RUM-BTC** ## Mixin Network 和 Mixin Messenger 是什么？ **Mixin Network** 是一个免费、快速的点对点数字资产交易网络，使用侧链、Layer2 Off-Chain 等技术，采用 PoS + Asynchronous BFT 共识，用 DAG 存储交易记录，最终实现秒级确认、零手续费和加强交易隐私的特点。 **Mixin Messenger** 是一个开源的端对端加密聊天软件，并且集成基于 Mixin Network 的多链钱包。 ## ExinSwap 和交易所有什么区别？ ExinSwap 采用 AMM（自动化做市商）模型，用户无需挂单。 而交易所通常采取订单簿的模式，通常需要做市商服务交易所，为交易者提供流动性。 ## ExinSwap 和 ExinOne 有什么区别？ ExinSwap 是类 Uniswap 采用 AMM 模型的 DEX。 ExinOne 的交易采取的是「**交易所代购**」的模式，ExinOne 通过交易所 API 帮助用户交易加密货币。 ## 如何使用 ExinSwap 兑换加密货币？ 如果您是 ExinSwap 的新手，并且想学习如何兑换加密货币，请阅读我们的分步指南：「[ExinSwap V1 兑换教程](https://w3c.group/c/1601035226049738)」。 ## 如何为 ExinSwap 提供流动性？ 如果您是 ExinSwap 的新手，并且想为 ExinSwap 提供流动性，请阅读我们的分步指南：「[ExinSwap V1 提供流动性教程](https://w3c.group/c/1601035281421913)」。 ## 如何在 ExiSwap 退出流动性？ 如果您是 ExinSwap 的新手，并且在 ExinSwap 退出流动性，请阅读我们的分步指南：「[ExinSwap V1 退出流动性教程](https://w3c.group/c/1601035317152981)」。 # DeFi ## 什么是 DeFi？ DeFi，即 Decentralized Finance「去中心化金融」的缩写，也被称作为开放式金融，与传统意义上的 CeFi「Centralized Finance」相对。 DeFi 是指用来构建开放式金融系统的去中心化协议，让任何一个人都可以随时随地进行各类金融活动。 在现有金融系统中，金融服务主要由中央系统控制和调节，无论是最基本的存取转账、还是贷款或衍生品交易；而 DeFi 则希望通过分布式开源协议建立一套具有透明度、可访问性和包容性的点对点金融系统，将信任风险最小化，让参与者更轻松便捷地参与其中。 ## DeFi 有什么特点？ 相比传统的中心化金融系统，DeFi 具有三大优势： * 去中心化，无需任何中介搭建信任关系，直接通过智能合约完成交易； * 数据上链，公开透明，任何人都有访问权限； * 协议开源，任何人都可以在原有协议上合作构建新的金融产品，并在网络效应下加速金融创新。 相比传统的中心化金融系统，DeFi 也具有几大劣势： * 相对小众，准入门槛和教育成本较高； * 用户体验没有 CeFi 产品流畅，许多 DeFi 产品只有网页端，并无手机 App 端； * 许多智能合约安全性有待考证，一些代码问题会导致黑客攻击。之前在 bZx，Curve 以及 MakerDao 上都出现过此类问题； * 部分 DeFi 只是相对中心化并非完全去中心化，仍然潜在的市场操控风险； * 生态相对脆弱，如果质押币种出现价格大幅波动，会出现违约的多米诺骨牌效应。 ## DeFi 主要应用有哪些？ DeFi 相对来说是一个比较宽泛的概念，去中心化的理念可以再原有金融体系中各大层次进行创新改造。简单地进行一个不完全的整体概括，DeFi 应用可以分为三个大类，九个子类。三个大类应用分别为：发行 Issuance，交易 Trading 以及所有权 Ownership。 * 发行类里包括了稳定币，以 Maker/Dai，AMPL 为代表；去中心化借贷，以 Compound 为代表；证券、保险、NFT，以 bZx、Polymath 为代表； * 交易类里包括了去中心化交易所 DEX，以 Uniswap 为代表；去中心化衍生品，以 dYdX、Augur 为代表；流动性提供方，以 Kyber Network 为代表； * 所有权类里包括了去中心化钱包，以 Metamask 为代表；去中心化资金管理，以 ICONOMI 为代表；去中心化支付方式，以 Lightening Network，Sablier 为代表。 ## 流动性挖矿 Yield Farming 是什么？ 流动性挖矿，是指按照要求存入或者借出指定的代币资产，为产品的资金池提供流动性而获取收益的过程。该收益可能是项目的原生代币，或者是其代表的治理权利。 ## 什么是 MiFi？ MiFi 是指基于 Mixin 生态开发的 DeFi 项目的统称，由 @Cedric Fung 提出。 MiFi 不指单一的产品，而是一个概念。类似 DeFi 也是一个概念，不指某一个产品。 ## 基于 Mixin 开发 MiFi 有哪些优势？ Mixin Network 有如下的优势： * 天然的跨链支持； * 交易秒级确认； * 交易无需 Gas 手续费； * 拥有类似智能合约的 Mixin Trusted Group 技术。 # 算法 ## 恒定乘积做市商模型 交易所如果要去中心化、也不使用挂单 order book，就需要靠算法自动算出交易标的的数量与价格，而 Uniswap 使用名为恒定乘积的演算法，其来源可追溯自 Vitalik 的这篇 [文章](https://ethresear.ch/t/improving-front-running-resistance-of-x-y-k-market-makers/1281)。 公式非常的简单：x *y = k。令交易的两加密货币为 X 和 Y，各自数量为 x 和 y，两货币数量的乘积 x* y 恒等于 k，k 值是由第一笔注入的流动性所决定。 因此，用 ∆x 数量的 X 币来购买 Y 币所能得到的数量 ∆y、或是为了购买 ∆y 需要付出的 ∆x 数量，依照此公式进行计算：(x+∆x)(y-∆y) = k，而交易的价格就是两币量 ∆x 和 ∆y 的比。 以下公式用 α = ∆x /x 和 β = ∆y /y 来表示 ∆x 和 ∆y 及 X Y 两币在交易发生后的新均衡数量： ![](https://assets.exincdn.com/images/exinswap/algorithm/jrnj6lw.png) ## 计入手续费 在 Uniswap 进行的每一笔交易都会被收取 ρ = 0.003 / 0.3% 的手续费回馈给流动性提供者 liquidity provider ，因此要将手续费纳入公式的考量： ![](https://assets.exincdn.com/images/exinswap/algorithm/gaj6fd1.png) 上图的公式或许不太直觉，建议不要从 x’ρ 及 y’ρ 开始理解，而是从 ∆x 和 ∆y 两值开始：手续费 ρ = 0.3% 的意思是会从付款中扣掉 0.3 %，也就是从 ∆x 扣。在有手续费的情况下 ∆x 就变成了 (1-ρ)∆x ，若令 γ = 1-ρ 则为 γ∆x。因此，将图一中的 ∆x 换成 γ∆x，就会得到以下公式： ![](https://assets.exincdn.com/images/exinswap/algorithm/w26x21b.png) 将等号左方的 γ 移到右方后就得到了图二中的 ∆x。同理，由于 ∆y 中的 α = ∆x /x ，用 γ∆x 代换 ∆x 就会得到图二中的 ∆y (有 α 的地方乘上 γ)。而 x’ 还有 y’ 就可以由 ∆x 和 ∆y 推演出来了。然而，将图二中得到的 x’ 和 y’ 相乘，会得到： ![](https://assets.exincdn.com/images/exinswap/algorithm/mz0xjxk.png) 也就是说，当有手续费使得 γ != 1 /ρ != 0，x’ρ *y’ρ 的值其实会稍微和 xy = k 不同：在实际上 γ = 0.997 / ρ = 0.003，因此 1/γ-1 ≒ 0.003。β = ∆y /y 代表的是换得的 Y 币占总量的比例，即使最大值为 1，误差也只有 1* 0.003，故可知手续费 = 0.3% 对于 k 值的影响极小。 ## Uniswap 白皮书 如果您想了解 Uniswap 的更多细节，可以参考 Uniswap 白皮书。 链接： # 协议 ## ExinSwap 支持哪些协议 ExinSwap 支持两种协议，分别是 Uniswap 协议和 Curve 协议。 ## Uniswap 协议 Uniswap 使用名为恒定乘积的算法。 具体可以查看 [算法](https://support.exinswap.com/#/zh-cn/algorithm)。 ## Curve 协议 Curve 是基于以太坊的去中心化稳定币交易池，其特点在于高效而低滑点的稳定币交易体验，以及为做市商提供低风险的手续费收入。 Curve 的核心设计是「稳定币互换曲线」，这个曲线相对与 Uniswap 的互换曲线在 1:1 附近区间让滑点更平缓。因此，Curve 在小额交易上比中心化交易所的费率还低。 # 账号 ## ExinSwap 有账号吗？ ExinSwap 没有账号的概念，当您授权给 ExinSwap 机器人读取资产曲线，将有助于提升使用体验，您也可以不授权。 您可以通过转账进行创建交易对、提供流动性、退出流动性、交易，只需要 memo 符合相应的规范，当然如果您有开发能力，也可以构建自己的定制界面。 # 钱包 ## ExinSwap 钱包是安全的吗？ ExinSwap 本身没有钱包。ExinSwap 基于 Mixin 钱包，它是去中心化的加密钱包。Mixin Messenger 不托管您的资金。您对资产拥有绝对控制权。 ## 什么是 Mixin 钱包？ Mixin Messenger 是一个开源的端对端加密聊天软件，并且集成基于 Mixin Network 的多链钱包。这个多链钱包就是 Mixin 钱包。 ## Mixin 钱包忘记密码怎么办？ 请注意，在忘记密码的情况下，Mixin Messenger 是不能找回密码的。钱包密码是加密后存储到整个网络中，就算是团队的技术人员也不能查看用户密码。一旦忘记，建议您自行尝试，并记录下每次尝试的密码组合。因为，每 24 小时有 5 次输入错误的机会，超过次数，钱包会被锁住，需要 24 小时后才能再次开始尝试。 # 交易 ## 流动性 流动性即交易对池子里面两种币的数量 X 和 Y，引擎通过一个函数 X x Y = K 来维持一条可进行交易的曲线，在不考虑兑换手续费的情况下，兑换币不会改变 K 值，X 变多，那么 Y 就会变少。兑换产生的手续费和更多的流动性注入都会使 K 变大，注入流动性必须同时注入两种币。 池子第一次注入流动性的时候，可以自定义注入比例，也就是定价，并且引擎会扣掉 0.00000001 的流动性永久留在池子里面，保证池子不会被提取枯竭，价格被重置；后续注入的流动性必须按照池子当时的比例，比例偏差超出 1% 的会被引擎撤回退款。 提供流动性的收益来源主要是兑换手续费，兑换产生的手续费是留在池子里面的，源源不断的交易会使池子的流动性深度不断增长。 ## 兑换价格 兑换价格完全由池子深度和下单的数量决定。 随着交易的进行，交易对的价格是同步变化的。这里会有一个问题是，当引擎处理到你的订单的时候，可能价格已经不是下单的时候那个价格了，偏差较大的话，就会以一个与预期很不符的价格成交。为了避免这种情况，ExinSwap 具有交易滑点判断的机制，而且支持自定义配置。下单的时候，会同时提交一个最小买入量，如果买到的币不到这个数量，则取消订单并退款。 ## 无常损失 无常损失（Impermanent loss），又称作非永久性损失、暂时性损失。 用户向平台提供流动性，存在亏损风险，被称为无常损失。由于自动化做市商 （AMM） 的设计机制，可能会导致在外部价格变化时，如果没有套利者的介入，AMM 平台不会自动变动价格。而这时候，外部套利者会借助于平台跟外部交易所之间的价差从中获得利润。而与此同时，为平台提供流动性的用户，却遭受了损失。 一旦出现了这种情形，用户就没有动力去参与，因为原本他们希望获得收益才参与其中，却因为价差而亏损。这样一来，他们原来可以通过中心化交易所获得更大的利润，却因为在自动化做市商平台提供流动性而亏了钱。 ## 自动退币 当您为资金池注入流动性时，如果错误的只存入了一种币，ExinSwap 将会取消订单，并且在「**5 分钟**」后给您退币。退回的币种自动存入您的 Mixin 钱包。 此外，当您为资金池注入流动性，同时注入了两种币种，也有可能根据比例退回多余的币种。 ## LP Token LP Token 主要是指提供流动性做市商的凭证，是 DEX 去中心化交易系统给做市商发的做市 Token，也可以理解为某个代币的股权份额。 以 USDT-XIN 交易对为例，其对应的 LP Token 叫做「USDT-XIN」，全称叫做「USDT(Ether)-XIN(Ether) LP Token」，在 Mixin Network 的 Asset ID 为 **e2e4e54a-92f4-3677-ba57-f2555d7cb019**，您可以在 [Mixin 浏览器](https://mixin.one/snapshots/e2e4e54a-92f4-3677-ba57-f2555d7cb019) 查看 LP Token 的交易记录。 ## LP Token 列表 | Symbol | Mixin Snapshots | | ------------- | ------------------------------------------------------------------ | | USDT-XIN | | | WGT-XIN | | | USDT-WGT | | | USDT-EOS | | | EOS-BTC | | | USDT-BTC | | | ETH-USDT | | | BTC-XIN | | | ETH-XIN | | | EOS-XIN | | | USDT-BOX | | | ETH-BTC | | | pUSD-USDT | | | pUSD-BTC | | | pUSD-XIN | | | pUSD-MOB | | | pUSD-ETH | | | pUSD-EOS | | | pUSD-BOX | | | XIN-MOB | | | ETH-EOS | | | BTC-MOB | | | BTC-BOX | | | DOT-XIN | | | DOT-BTC | | | pUSD-DOT | | | pUSD-UNI | | | UNI-BTC | | | UNI-XIN | | | ONE-XIN | | | ONE-BTC | | | ONE-pUSD | | | PRS-XIN | | | PRS-BTC | | | pUSD-PRS | | | pUSD-VCASH | | | VCASH-BTC | | | VCASH-XIN | | | pUSD-DOGE | | | DOGE-BTC | | | DOGE-XIN | | | GRIN-pUSD | | | GRIN-BTC | | | GRIN-XIN | | | USDT-USDT | | | USDT-USDT | | | PRS-BOX | | | CANDYBOX-pUSD | | | CANDYBOX-XIN | | | CANDYBOX-BTC | | | FIL-pUSD | | | FIL-XIN | | | FIL-BTC | | | BNB-pUSD | | | BNB-XIN | | | BNB-BTC | | | XRP-pUSD | | | XRP-XIN | | | XRP-BTC | | | pUSD-LTC | | | LTC-XIN | | | LTC-BTC | | | pUSD-LINK | | | XIN-LINK | | | BTC-LINK | | | pUSD-ZEN | | | ZEN-XIN | | | ZEN-BTC | | | pUSD-BCH | | | XIN-BCH | | | BTC-BCH | | | TRX-pUSD | | | TRX-XIN | | | TRX-BTC | | | pUSD-BTT | | | BTT-XIN | | | BTT-BTC | | | pUSD-XLM | | | XLM-XIN | | | XLM-BTC | | | pUSD-USDC | | | WBTC-BTC | | | pUSD-SOL | | | SOL-XIN | | | SOL-BTC | | | pUSD-SHIB | | | XIN-SHIB | | | BTC-SHIB | | | DOGE-SHIB | | | ETH-SOL | | | pUSD-RUM | | | RUM-XIN | | | RUM-BTC | | ## 收益发放 收到的手续费直接放到池子，LP Token 代表了池子里的权益。简单点说你的 LP Token 权益增加，值更多币了，多出来的就是赚到的手续费。 ## Route Route 功能，简单理解就是以最优路径进行任意币种的兑换，即使在存入流动性时，并没有这个交易对。 比如目前 ExinSwap 还没有 WGT-EOS 交易对，但是您也可以将 WGT 兑换为 EOS。交易执行会自动寻找最佳路径，比如目前将 WGT 兑换为 EOS 的兑换路径为：WGT—>USDT，USDT—>EOS，也就是使用了 USDT 作为中转。将 A 币种兑换为 B 种，实际兑换路径可能比这复杂。 # 安全 ## ExinSwap 资金池的资金安全吗？ 资金池由 ExinSwap 托管，为了资金的安全，我们做了多项安全措施。未来还会上线多签机制保障资金安全。 # 隐私 ## 使用 ExinSwap 有隐私问题吗？ 没有。ExinSwap 没有账号的概念，所有的交易依托于转账。 此外，ExinSwap 提供授权功能，会在您同意的情况下读取资产，旨在提供更好的体验。ExinSwap 不会存储任何用户的敏感信息。 # 费用 ## ExinSwap 费用是怎么样的？ 交易价格完全由流动性决定。目前 ExinSwap 支持两种类型的协议，Uniswap 协议交易手续费为 0.3%，Curve 协议交易手续费为 0.04%。 目前平台不抽取手续费，交易产生的手续费将会直接放入流动池中，LP Token 将会完全捕获这部分价值。 # 其他 我有一个未得到回答的问题，请与我们联系。我们很乐意回答任何问题。 请访问「[联系](https://support.exinswap.com/#/zh-cn/contact)」页面查看具体的联系方式。 # 联系 您可以直接通过 Mixin Messenger 与我们联系。 ExinSwap 机器人本身就是一个客服系统，有任何问题可以在 ExinSwap 机器人给我们留言，我们会第一时间回复您。 ExinSwap 机器人内置多个关键词，您可以回复特定的关键词获取帮助。内置的关键词比如 Hi、你好、客服、教程、文档、交易、兑换等。 ExinSwap 中文群的 ID：**7000103609**，您也可以点击 [此处](mixin://users/29f23576-4651-47ff-8c16-6c8a5d76985e) 免费加入。