词汇表和定义

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This will be a list of definitions that we will gradually add on to help readers understand the various terms.

Synthetic Assets

Synthetic assets are tokenized derivatives, which are contracts that represent the underlying value of an asset, without requiring actually holding the asset itself.

Synthetic assets can be stocks, tokens, indices, NFTs, or other financial products and are produced to mimic the original asset, typically in the form of its price. For example, a synthetic asset of a stock would mimic the price fluctuations of the stock, while a synthetic asset of a token would mimic the price fluctuations of the token.

Mirrored Assets

A subset of synthetic assets. Mirrored assets are synthetic assets that mirror existing assets in the marketplace, including crypto and traditional financial assets.

Defi Derivatives

Financial derivatives in DeFi. An all-encompassing term for all potential derivative contracts that exist or can exist in the DeFi environment.

DEX

DEX is an acronym for a decentralized exchange.

Decentralized Exchanges are online platforms that allow users to trade directly, peer-to-peer, permissionless, without an intermediary or centralized market maker, usually leveraging smart contracts, automated market maker (AMM) algorithms, and liquidity pools.

AMM

AMM is an acronym for automated market makers.

In traditional markets, there are buyers and sellers and the trades are listed in order books that keep track of who wants to buy and sell at what price. With DEXs, one of the ways to avoid using an order book is to use an AMM, which balances the assets between trading pairs using an algorithm.

Trading Pairs

Most trades are done between trading pairs, where there is one asset on each side of the trade (i.e. BNB-HZN).

Liquidity Pool

A liquidity pool is a pool of cryptocurrencies or tokens used to facilitate trades between assets on a decentralized exchange (DEX). This is often where farming and yields can happen.

Liquidity pools are managed by smart contracts and are typically crowdsourced. Participating in liquidity pools generates yield as the liquidity pool is used to trade between trading pairs and every trade pays a fee to the liquidity pool.

Liquidity Pool Tokens

When investing in a liquidity pool, a user will typically get a liquidity pool token that is representative of the combined value of the trading pair assets of the pool.

When divesting from the liquidity pool, the liquidity pool token is traded back and the user gets back the trading pair assets they invested initially. The return may vary depending on how the smart contract for the liquidity pool is implemented.

Impermanent Loss

When investing in liquidity pools, it is common for the trading pairs of the liquidity pool to not increase and decrease their market value at the same rate. When this happens, there can be impermanent loss.

Impermanent loss is when a token's price change causes your share in a liquidity pool to be worth less than the present value of your deposit. It is considered impermanent loss because the loss is not realized until you divest from the liquidity pool. Therefore, it is possible to recover the loss if the token pair returns to the initial exchange rate.

The only way to avoid impermanent loss is to invest in liquidity pools where both trading pairs are 100% aligned in market value changes. This might be in the form of a token and wrapped token (i.e. BNB-zBNB) or a stablecoin and another stablecoin that are based on the same currency (BUSD-zUSD).

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If you have any other terms you would like us to clarify, please let us know by emailing us at: [email protected].

这将是一个定义列表，我们将逐渐添加以帮助读者了解各种术语。

合成资产

合成资产是代币化的衍生品，是代表资产潜在价值的合约，而不需要实际持有该资产本身。 合成资产可以是股票、代币、指数、NFT或其他金融产品，并被制作成模仿原始资产的形式，通常以其价格的形式。例如，股票的合成资产将模仿股票的价格波动，而代币的合成资产将模仿代币的价格波动。

镜像资产

合成资产的子集。镜像资产是合成资产，反映市场上现有的资产，包括加密和传统金融资产。

DeFi衍生品

DeFi中的金融衍生品。一个包罗万象的术语，指存在或可能存在于DeFi环境中的所有潜在衍生合约。

DEX

DEX是去中心化交易所的缩写。 去中心化交易所是在线平台，允许用户直接进行点对点的、无需中介或中心化市场制造商的交易，通常利用智能合约、自动化市场制造商（AMM）算法和流动性池。

AMM

AMM是自动市场制造商的缩写。 在传统市场上，买方和卖方进行交易，并将交易列在订单簿中，跟踪谁想以什么价格买入和卖出。在DEX中，避免使用订单簿的一种方法是使用AMM，它使用算法平衡交易对之间的资产。

交易对

大多数交易是在交易对之间进行的，其中每一方都有一个资产（即BNB-HZN）。

流动性池

流动性池是一组加密货币或代币，用于在去中心化交易所（DEX）上方便资产之间的交易。这通常是农场和收益产生的地方。 流动性池由智能合约管理，通常是众包的。参与流动性池可以产生收益，因为流动性池用于交易交易对，每笔交易向流动性池支付费用。

流动性池代币

当投资流动性池时，用户通常会得到一个流动性池代币，该代币代表流动性池中交易对资产的综合价值。 当从流动性池撤资时，流动性池代币被交换回来，用户获得最初投资的交易对资产。回报可能会因流动性池的智能合约实

如果您有任何其他希望我们澄清的条款，请发送电子邮件至：[email protected] 告知我们。