How DeFi aggregators optimize DEX trading

The rapid downfall of FTX has hastened the shift from centralized exchanges (CEXs) to decentralized exchanges (DEXs), but selecting the right DEX is not an easy task. Besides looking for convenience and an intuitive interface, crypto traders face several challenges with DEXs that can greatly affect their trading activity.

ftx 的快速衰落加速了从中心化交易所 (cex) 到去中心化交易所 (dex) 的转变，但选择合适的 dex 并非易事。除了寻求便利和直观的界面外，加密货币交易者还面临 dex 的多项挑战，这些挑战可能会极大地影响他们的交易活动。

The problem is that many traders are unaware of some of these challenges because some DEXs dont provide enough information to simplify the trading process. This leaves many crypto traders vulnerable to several DEX risks, such as:

问题是许多交易者没有意识到其中的一些挑战，因为一些 dex 没有提供足够的信息来简化交易过程。这使得许多加密货币交易者容易受到多种 dex 风险的影响，例如：

• Price impact — the risk of the trade being executed at a worse price than quoted in DEXs that employ the Automated Market Maker (AMM) model is much greater than on CEXs. Given that prices are determined by the ratio and value of tokens stored in liquidity pools, large transactions directly impact liquidity on DEXs, forcing the AMM to execute at a different price than the initial quote, which might be detrimental for traders. To avoid price impact, traders can split large trades into multiple pieces, but that would mean paying more in fees.

  价格影响——以比采用自动做市商 (amm) 模型的 dex 报价更差的价格执行交易的风险远大于 cex。鉴于价格是由流动性池中存储的代币的比率和价值决定的，大额交易直接影响 dex 的流动性，迫使 amm 以不同于初始报价的价格执行，这可能对交易者不利。为避免价格影响，交易者可以将大笔交易分成多份，但这将意味着支付更多费用。

• Price slippage – the difference between the quoted price and the price of execution caused by MEV attacks and by general market volatility inherent to crypto assets. On CEXes, price slippage is traditionally mitigated by using limit orders. Unfortunately, in DeFi limit order functionality is still rather a good-to-have luxury than a standard.

  价格滑点——由 mev 攻击和加密资产固有的一般市场波动引起的报价与执行价格之间的差异。在 cex 上，传统上通过使用限价单来缓解价格下滑。不幸的是，在 defi 中，限价单功能仍然是一种可有可无的奢侈品，而不是标准。

• Poor price discovery — DEXs with low liquidity may offer unfair quotes due to poor price discovery. AMMs rely on an arbitrage mechanism to maintain prices aligned across all exchanges, but liquidity pools with fewer tokens and lower volumes can offer prices that deviate from the rest of the market.

  价格发现不力——流动性低的 dex 可能会由于价格发现不力而提供不公平的报价。 amm 依靠套利机制来维持所有交易所的价格一致，但代币较少且交易量较低的流动资金池可能会提供偏离市场其他部分的价格。

• Low liquidity of rare assets — the DEX market is very fragmented due to the multitude of different platforms. This is problematic for rare assets because liquidity is dispersed across multiple pools.

  稀有资产流动性低——由于平台众多，dex 市场非常分散。这对稀有资产来说是个问题，因为流动性分散在多个池中。

• Unclear transaction fees — most DEXs are transparent about their standard fee, but there may be variable costs, such as gas fees, that are not fully explained by some DEX services. On top of that, some DEXs offer better rates but at high slippage, while other exchanges offer poor rates for lower slippage.

  不明确的交易费用——大多数 dex 对其标准费用是透明的，但可能存在可变成本，例如汽油费，某些 dex 服务并未完全解释这些费用。最重要的是，一些 dex 提供更好的利率但滑点高，而其他交易所提供低滑点的低利率。

These challenges are amplified by the fact that the DEX market is fragmented, and there are multiple options to choose from, which leaves crypto traders confused. A diverse range of options is good for the market, but when it comes to an emerging sector, it is difficult to make an informed decision. Traders are often forced to transact on multiple DEXs in the hunt for better rates, but they have to give permission to numerous smart contracts.

这些挑战因 dex 市场分散这一事实而被放大，并且有多种选择可供选择，这让加密货币交易者感到困惑。多种选择对市场有利，但涉及新兴行业时，很难做出明智的决定。交易员经常被迫在多个 dex 上进行交易以寻求更好的利率，但他们必须授予大量智能合约的许可。

How do DEX aggregators fix these problems？

dex 聚合器如何解决这些问题？

DEX aggregators come to the rescue by addressing most problems faced by independent DEXs, which can make the CEX-to-DEX transition smoother.

dex 聚合器通过解决独立 dex 面临的大多数问题来拯救，这可以使 cex 到 dex 的过渡更加顺畅。

DEX aggregators are DeFi protocols that give crypto traders access to multiple trading pools through a single dashboard. They use complex algorithms that consider multiple factors to pick the best DEX for each specific token swap.

dex 聚合器是 defi 协议，可让加密货币交易者通过单个仪表板访问多个交易池。他们使用考虑多种因素的复杂算法来为每个特定的代币交换选择最佳的 dex。

The lack of sufficient liquidity is one of the most ardent problems DEXs face, and aggregators address this issue by giving traders access to multiple DEXs at once. By securing more liquidity, DEX aggregators offer better price discovery and reduce the risk of price slippage. They can also split orders across multiple DEXs to further diminish slippage.

缺乏足够的流动性是 dex 面临的最紧迫的问题之一，聚合商通过让交易者同时访问多个 dex 来解决这个问题。通过确保更多的流动性，dex 聚合商提供更好的价格发现并降低价格下滑的风险。他们还可以将订单拆分到多个 dex，以进一步减少滑点。

Thanks to DEX aggregators, crypto traders benefit from the best rates on independent trading pairs while dealing with a single application.

多亏了 dex 聚合器，加密货币交易者在处理单个应用程序时受益于独立交易对的最佳费率。

One example of a DEX aggregator is YetAnotherDeFi (YAD) — a multichain swap router that aggregates liquidity across six major blockchains, including Ethereum, BSC, Avalanche, Polygon, Fantom and Optimism. With YAD, crypto traders can exchange over 3,500 tokens at the most favorable rates with low transaction fees.

dex 聚合器的一个例子是 yetanotherdefi (yad)——一种多链交换路由器，它聚合了六个主要区块链的流动性，包括以太坊、bsc、avalanche、polygon、fantom 和 optimism。使用 yad，加密货币交易者可以以最优惠的价格和低交易费用兑换超过 3,500 种代币。

YAD relies on decentralized and noncustodial swap technology that is censorship-resistant and allows traders to move funds anywhere in the world without any geographic or KYC limitations. The platform prioritizes asset security by utilizing transparent solutions based on established open-source code, which anyone can audit.

yad 依赖于去中心化和非托管的互换技术，该技术具有抗审查性，允许交易者在世界任何地方转移资金而不受任何地理或 kyc 限制。该平台通过使用基于已建立的开源代码的透明解决方案来优先考虑资产安全，任何人都可以审核。

YAD puts great emphasis on user experience, making the trading process similar to that of a CEX. The aggregator offers two view modes: the simple mode for beginners and another mode for those who want to access all the relevant information prior to conducting a swap, including the price action and the optimal swap route. YAD automatically finds the fastest route and offers the best rates.

yad非常注重用户体验，交易过程类似于cex。聚合器提供两种视图模式：适合初学者的简单模式和适合想要在进行掉期之前访问所有相关信息的人的另一种模式，包括价格行为和最佳掉期路线。 yad 会自动找到最快的路线并提供最优惠的价格。

The aggregator enables users to customize the price slippage tolerance as well as change the gas price to accelerate certain transactions.

聚合器使用户能够自定义价格滑点容忍度以及更改 gas 价格以加速某些交易。

DEX aggregators support crypto adoption

dex 聚合器支持采用加密货币

DEX aggregators combine major benefits of DEXs (such as noncustodial trading) with the liquidity level of CEXs, offering the best trading experience in the crypto space.

dex 聚合器将 dex 的主要优势（例如非托管交易）与 cex 的流动性水平相结合，提供加密领域的最佳交易体验。

The prevalence of hacking attacks and fund misappropriation of centralized crypto services has negatively affected crypto adoption. Evgeny Gaevoy, founder and CEO of crypto market maker Wintermute, told CNBC that the collapse of FTX set back the adoption of crypto assets by “one or two years.”

黑客攻击的盛行和中心化加密服务的资金挪用对加密的采用产生了负面影响。加密货币做市商 wintermute 的创始人兼首席执行官 evgeny gaevoy 告诉 cnbc，ftx 的崩溃使加密资产的采用推迟了“一两年”。

Even though DEXs are being turned to by many investors, they dont provide the same liquidity and convenience. DEX aggregators can reduce hesitancy by offering the best of both worlds.

尽管许多投资者转向 dex，但它们无法提供相同的流动性和便利性。 dex 聚合器可以通过提供两全其美的方式来减少犹豫。