JPYCの流動性プールはILが大きく儲からないというツイートがあった。これは仕組みを考えてみれば当然の話。 為替をAMMでやるのはUniswapの集中流動性でも相性悪い。AMMは流動性薄いトークンの価格発見のための発明だけど、FXは現実市場で既に膨大な流動性と価格形成があるから、プール依存だとImpermanent Lossが深刻。 シンプルに現実のベストレートをオラクル(Chainlinkは精度・遅延微妙だけど、PythやBand Protocol活用)でインポートしてスワップするのが理想。
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