```html ```

On January, 2008, a hybrid trading model based on intention was realized, which supported both the automatic market maker mechanism and the off-chain order book. A new protocol for matching messages was released, and a public beta team was planned to be launched in the second half of this month, winning the first prize in the hacking competition. It is reported that a decentralized trading agreement based on has been reached, which aims to define a new trading paradigm, adopt an intention-centered trading model, take advantage of the programming model, currently support the trading of ecological assets and plan to expand it to the future. Other ecological assets, including, have realized the intention-based mixed trading model, and supported the automatic market maker mechanism and off-chain order book matching. In addition, they have the advantages of using the underlying technology such as password source language and other chain-level design, such as trading almost and using any token to pay, supporting user-defined curves and commission rates, and being natively compatible with multi-chain wallets and non-inductive operations. The following contents are from the original link of Lightbook. How to define a new paradigm in Lightbook? 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

UTXOSwap 轻皮书在定义 Bitcoin Finance 交易新范式上进行了深入的阐述。UTXOSwap是基于 BTC 生态的去中心化交易所（DEX）协议，旨在通过基于意图的（Intent-based）交易为用户提供更优质的交易体验和更好的成交价格。

UTXOSwap会支持RGB++和CKB生态的资产进行交易，并未来还将扩展支持Runes等其他BTC生态资产。UTXOSwap采用了基于意图的模式作为其核心，利用UTXO编程的优势全新设计的DEX，解决了目前BTC生态资产流动性差、交易成本高的问题，降低资产发行和交易的成本并提供更多新玩法，致力于成为比特币生态的流动性基础设施，促进比特币生态的繁荣。

UTXOSwap的技术实现上，能够做到链下撮合、链上验证，在性能上，UTXO的并行特点也能让交易效率获得成倍地提升；在gas fee上，没有成交的意图不会产生gas fee，正常成交的gas也低到可以忽略不计。

```html

UTXOSwap：引领 Bitcoin DeFi 新范式

在 UTXOSwap 上进行 swap 交易，用户需完成以下三个步骤：

1. 交易意图表达：用户通过签署一个包含交易资产类型、金额以及其他参数的消息，来表达他们的交易意图。

2. 聚合与匹配：聚合器收集所有用户的交易意图，搜索链上和链下的流动性资源，并进行意图匹配。

3. 交易提交：聚合器将所有符合条件的交易组装好，并提交至链上。

聚合器可以利用的流动性来源包括：

• 直接匹配的用户意图

• AMM cells（CKB 链上构建的各类 AMM 流动性池）

• 第三方做市商提供的流动性

Intent Cell

Intent cell 用于记录用户的交易意图，并确保其在消费时满足特定条件。对于 AMM 操作，意图可以分为三种类型：Swap、AddLiquidity 和 RemoveLiquidity。

用户在使用 UTXOSwap 时，首先需要发起一笔 CKB 交易，并在 intent cell 中详细记录其交易意图。例如，用户设定滑点并选择特定的资金池进行交易时，这些参数将被写入 intent cell。当 intent cell 被解锁时，脚本会验证输出中返回给用户的资产是否满足滑点要求，并检查是否包含指定的资金池 cell。

``````html

UTXOSwap Introduces Innovative Trading Features

UTXOSwap is proud to announce the integration of various trading forms within its platform, enhancing flexibility and meeting the diverse needs of users. In addition to standard swap transactions, Intent cell now supports limit orders and twap (time-weighted average price) trading. This capability empowers users to execute complex trading strategies with precision by setting detailed parameters within the intent cell, optimizing trade efficiency and outcomes.

A unique feature of Bitcoin is its support for PSBT (partially signed Bitcoin transactions), enabling multiple parties to collaboratively construct a transaction through partial signatures. In the context of CKB, the equivalent PSBT extension is Open Transaction. With the integration of Open Transaction into UTXOSwap, users can directly build transaction intents through off-chain signatures, while others can supplement inputs and outputs to fulfill these intents, offering an enhanced trading experience.

AMM Cell

The AMM cell is responsible for all validation logic related to Automated Market Maker (AMM), including intent transaction validation, management of assets in liquidity pools, and generation and destruction of liquidity certificates.

During the transaction execution process, the AMM cell validates each transaction intent to ensure user requirements are met. Additionally, it verifies whether changes in liquidity pool states strictly adhere to the predefined AMM curve, ensuring the security of the entire fund pool.

Product Advantages

Intent-based Hybrid Trading Model

In traditional AMM trading models, each transaction involves only two roles: the user and the liquidity pool. Users are constrained to accept the current liquidity pool's quotations. From the user's perspective, while this model enhances transaction convenience, it limits the possibility of obtaining better execution prices, forcing users to compromise. From the market maker's perspective, passively providing liquidity to the pool incurs impermanent loss and diminishes pricing capabilities, while actively trading entails uncertainties such as slippage and MEV.

To address these issues, the intent-based trading model has emerged. In this model, users no longer passively accept prices but actively express their trading intents, such as "Exchange 10 A Tokens for at least 20 B Tokens." The liquidity supply side has also changed; the AMM liquidity pool is just one option for liquidity provision. If profitable, market makers can directly match trades based on user intents. Even without market maker matching, if the AMM liquidity pool's prices align with the user's intent range, the transaction can proceed smoothly, resembling a limit order mode.

UTXOSwap leverages the on-chain verification characteristic of the UTXO programming model to achieve off-chain matching and on-chain execution, effectively realizing the aforementioned intent-based hybrid trading model. In the future, we will further expand users' ability to express intents, such as implementing logic similar to Dutch auctions: prices gradually decrease within a certain range over time, during which market makers compete based on their costs, culminating in a guaranteed execution by the AMM.

Support for Custom Curves and Fee Rates

In UTXOSwap's AMM model, creators of trading pairs can customize pricing curves based on asset characteristics.

``````html ```

注册有任何问题请添加 微信：MVIP619 拉你进入群

文章转载注明 网址：https://netpsp.com/?id=63904