# Сопутствующие статьи по теме AMM

Новостной центр HTX предлагает последние статьи и углубленный анализ по "AMM", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

2025 DeFi On-Chain Revenue $80 Billion Panorama: Half of Lending Demand Is Borrowing from Oneself

This analysis provides a comprehensive breakdown of the $8 billion in on-chain yields generated in DeFi in 2025. The five primary sources are: AMM trading fees ($4.2B), lending interest ($1.76B), perpetual funding rates ($300M), real-world assets ($600-900M), and staking/MEV rewards. A key finding is that approximately half of all borrowing demand is recursive, where users borrow to leverage other yield sources. The report highlights that 58% of stablecoin TVL yields less than 3% APY, below U.S. Treasuries. It also notes that significant potential yield sources like on-chain options and insurance remain underdeveloped. A case study of the Sky protocol (formerly MakerDAO) shows its success in offering a 3.75% savings rate by sourcing ~70% of its yield from off-chain, real-world assets.

marsbit03/26 06:06

2025 DeFi On-Chain Revenue $80 Billion Panorama: Half of Lending Demand Is Borrowing from Oneself

marsbit03/26 06:06

Top 9 decentralised exchanges to trade on in March 2026

For a long time, crypto trading relied on centralized exchanges, requiring users to trust third parties with their assets. Decentralized exchanges (DEXs) emerged to eliminate intermediaries, allowing users to trade directly from their wallets using smart contracts and on-chain liquidity pools. Here are the top 9 DEXs in March 2026: 1. **Aster**: A multi-chain platform (Ethereum, BNB, Solana, Arbitrum) offering spot and perpetual trading with up to 1001x leverage and low fees. 2. **SushiSwap**: An automated market maker (AMM) operating on 40+ chains, featuring token swaps, limit orders, and cross-chain functionality. 3. **Ostium**: A perpetuals DEX on Arbitrum providing synthetic exposure to forex, commodities, and equities alongside crypto, with up to 200x leverage. 4. **Extended**: A Starknet-based perpetual futures DEX with 75+ markets, off-chain order matching, and on-chain settlement, offering up to 100x leverage. 5. **Reya**: Uses a central limit order book for derivatives trading on Arbitrum Orbit, with portfolio margin and up to 100x leverage. 6. **PancakeSwap**: A multi-chain AMM with 5000+ pairs, supporting spot swaps, limit orders, and perpetual futures via Aster integration. 7. **Curve**: Specializes in low-slippage stablecoin swaps across multiple chains, with deep DeFi integration and governance via CRV. 8. **Ethereal**: A perpetual DEX built around yield-earning USDe collateral, offering up to 50x leverage on its EVM-based appchain. 9. **Aerodrome**: Base network’s leading AMM using a ve(3,3) model to incentivize liquidity provision and reward distribution. DEXs now cater to diverse needs, from simple swaps to leveraged derivatives and synthetic assets. Users should research and start with small positions.

ambcrypto03/17 16:21

Top 9 decentralised exchanges to trade on in March 2026

ambcrypto03/17 16:21

How Are L1 Blockchain's Fee Revenues Gradually 'Eaten Away' by L2s, Proprietary AMMs, and Hyperliquid?

This analysis examines how Layer-1 (L1) blockchain transaction fee revenues are systematically eroded by innovations like Layer-2 solutions (L2), private AMMs, and platforms like Hyperliquid. Bitcoin’s fee revenue, driven by network congestion, has diminished over cycles due to optimizations like SegWit, batching, and Lightning Network, with recent activity like Ordinals providing only short-lived spikes. Ethereum’s DeFi and NFT booms once generated massive fees, but L2 rollups and the Dencun upgrade (EIP-4844) drastically reduced data costs, causing a 95% drop in L1 fee revenue as activity migrated off-chain. Solana’s revenue relies heavily on MEV and priority fees from memecoin trading. However, private AMMs and Hyperliquid’s off-chain order routing are capturing the most profitable transactions, compressing Solana’s MEV earnings by over 90% from their peak. Hyperliquid platform, while currently profitable from perpetual trading, faces future fee compression as it competes with traditional finance venues like CME, where fee structures are vastly more efficient. The report concludes that L1s struggle to sustainably capture value from fees due to structural dynamics in permissionless networks. Token valuations are increasingly decoupled from fee-based earnings, relying instead on staking yields, ETFs, narratives, and macro liquidity—making them vulnerable to sentiment shifts and speculative flows.

比推02/26 14:58

How Are L1 Blockchain's Fee Revenues Gradually 'Eaten Away' by L2s, Proprietary AMMs, and Hyperliquid?

比推02/26 14:58

Here’s The Most Important XRP Development That No One Is Talking About

Crypto pundit Jay Nisbett highlights a significant yet underreported development in the XRP ecosystem: SBI is issuing on-chain bonds that immediately provide holders an equivalent amount of XRP and pay interest over three years. This $65 million retail offering in Japan is seen as a form of "carry trade easing," allowing investors to mitigate risks from yen inflation and declining spreads by holding A-rated bonds while gaining XRP exposure. Nisbett argues this mechanism is objectively better than holding yen or buying XRP outright, and could lead to larger institutional offerings, deeper liquidity pools, and broader adoption of XRP through structured financial products.

bitcoinist02/24 23:02

Here’s The Most Important XRP Development That No One Is Talking About

bitcoinist02/24 23:02

Why XRP’s liquidity sparks rally hopes despite 41% drawdown

Despite a significant 41% price decline since January, institutional interest in XRP remains high, with it being the second-most inquired asset among advisory assets. On-chain analysis reveals that compressed liquidity conditions, similar to those during the late 2024 rally, could make it easier for large buy orders to push prices higher. Supporting this short-term bullish bias, the Taker Buy-Sell Ratio has climbed above 1, a rare occurrence that previously happened during a rally. However, declining Open Interest indicates a lack of speculative interest and that the longer-term bearish trend has not reversed. While a relief rally beyond $1.55 is possible, an upward price expansion is not guaranteed.

ambcrypto02/20 13:03

Why XRP’s liquidity sparks rally hopes despite 41% drawdown

ambcrypto02/20 13:03

Uniswap Wins Early Dismissal in Bancor Patent Case

A New York federal judge dismissed a patent infringement lawsuit filed by Bancor-affiliated entities against Uniswap, ruling that the patents in question claim abstract ideas and are therefore ineligible for protection under U.S. patent law. The case centered on technology for automated market makers and liquidity pools. The court applied a two-step test and found no inventive concept, stating that using blockchain for currency exchange calculations does not make an abstract idea patentable. The complaint also failed to plausibly allege direct infringement. Uniswap founder Hayden Adams celebrated the decision. The plaintiffs have 21 days to file an amended complaint.

TheNewsCrypto02/11 12:22

Uniswap Wins Early Dismissal in Bancor Patent Case

TheNewsCrypto02/11 12:22

When Big Money Seriously Enters the Market, How Does the Liquidity Bottleneck of RWA Manifest?

When large capital enters the market, the liquidity bottlenecks of Real-World Asset (RWA) tokenization become evident. Tokenized assets, such as gold (e.g., PAXG, XAUT) and stocks (e.g., TSLAx, NVDAx), suffer from significant slippage and shallow market depth compared to traditional markets like CME. For instance, a $4 million trade in tokenized gold can incur up to 150 basis points of slippage, while traditional markets show negligible impact even at $20 million. Decentralized exchanges (DEXs) exacerbate the issue, with trades sometimes facing premiums as high as 68% or persistent slippage of 25–50 basis points. Liquidity shortages also destabilize market structure, causing price volatility and cascading effects like cross-platform liquidations, as seen with PAXG on Binance triggering $9 million in liquidations on Hyperliquid. These problems stem from structural constraints: high minting/redemption fees, slow redemption cycles (T+1 to T+5), and capital inefficiencies for market makers. Without deep, reliable liquidity, tokenized assets struggle to scale, hindering their use as collateral or in DeFi. The solution requires a new market structure that integrates off-chain liquidity, eliminates redemption delays, and avoids fragmenting liquidity across platforms. Tokenization itself isn’t flawed, but the current market infrastructure fails to support it at scale.

比推01/16 15:07

When Big Money Seriously Enters the Market, How Does the Liquidity Bottleneck of RWA Manifest?

比推01/16 15:07

The Hidden Costs and Structural Dilemmas of Tokenized Assets

Tokenized assets face a critical structural challenge: a severe lack of deep, reliable on-chain liquidity. While tokenization promises to unlock trillions in traditional assets for DeFi, the reality is that markets for tokens like gold (PAXG, XAUT) and stocks (e.g., TSLAx, NVDAx) are extremely shallow compared to their traditional counterparts (e.g., CME). This results in exponentially higher slippage—often exceeding 100 basis points for trades over $4M—and makes large transactions costly or impossible. Fragile liquidity also leads to market instability, such as flash crashes on exchanges that trigger cascading liquidations across connected DeFi protocols. The root cause is a misalignment with market makers' incentives: high minting/redemption fees, slow settlement times, and capital lock-ups make providing liquidity for tokenized assets inefficient and risky. Without a new market structure that bridges on-chain access with off-chain liquidity depth, tokenization will remain stuck in a low-liquidity equilibrium, limiting its scalability and utility in DeFi.

marsbit01/16 06:51

The Hidden Costs and Structural Dilemmas of Tokenized Assets

marsbit01/16 06:51

When Big Money Gets Serious, RWA Liquidity Issues Come to the Fore

Liquidity is the foundation of asset confidence, but the reality for tokenized real-world assets (RWA) like gold and stocks reveals a critical structural flaw. While tokenization promises enhanced capital fluidity and DeFi integration, most tokenized assets suffer from dangerously thin liquidity, making them impractical for meaningful capital deployment. Analysis shows extreme slippage in major tokenized gold assets (PAXG, XAUT). A $4 million trade incurs nearly 150 basis points (bps) of slippage on perpetual exchanges, compared to just 3 bps for a $20 million trade in traditional CME gold futures. Spot markets for these assets offer less than $3 million in effective depth. In AMM DEXs like Uniswap, average slippage consistently ranges between 25–50 bps, with individual trades experiencing premiums as high as 68%. The problem extends to tokenized equities. A $1 million trade in tokenized Tesla (TSLAx) sees ~5% slippage, while NVIDIA (NVDAx) reaches an unworkable 80%. Traditional markets handle the same trades with ~15 bps impact. This liquidity scarcity isn't just about high transaction costs; it destabilizes the entire market structure. Thin order books are prone to manipulation and price anomalies. A 10% price swing on a centralized exchange (CEX) can trigger cascading liquidations across interconnected DeFi protocols, demonstrating how localized illiquidity amplifies systemic risk. The core issue is structural. Market makers face high friction: slow, costly minting/redemption processes (10-50 bps fees, T+1 to T+5 settlement), inability to hedge efficiently, and significant opportunity cost compared to deeper crypto markets. Current solutions (AMMs, order books) disperse rather than concentrate liquidity. For RWA to scale, a new market structure is needed—one that leverages off-chain liquidity for price discovery, eliminates redemption delays, and doesn't force market makers to hold illiquid inventory. Tokenization hasn't failed; the supporting market infrastructure has yet to be built.

Odaily星球日报01/16 04:25

When Big Money Gets Serious, RWA Liquidity Issues Come to the Fore

Odaily星球日报01/16 04:25

USD1 is flooding Solana – Is this real capital or yield recycling?

USD1, a stablecoin by World Liberty Financial, is rapidly expanding on Solana with a $3.31 billion market cap and significant trading volume. It is increasingly used for cross-chain capital flows, contributing to a surge in Solana’s DEX activity, which hit a record daily volume of over $260 million in early January. USD1 enhances transaction efficiency with its stable peg and supports liquidity on platforms like Raydium, particularly in meme coin trading. Its growth is fueled by high yields, institutional interest, and partnerships, positioning it as a competitor to USDT and USDC. However, its sustainability depends on regulatory clarity, continued yields, and market conditions, as volatility or political scrutiny could slow its momentum.

ambcrypto01/05 16:03

USD1 is flooding Solana – Is this real capital or yield recycling?