Gate News bot message, the latest research article published by Huang Shiliang titled "From Uniswap to Pumpfun: Understanding DeFi protocols from the perspective of liquidity pools" systematically analyzes the operating mechanisms of DeFi protocols.
The article focuses on the core element of liquidity pools, detailing the components of liquidity pools, the roles of interaction, the constraint algorithms, profit distribution, and governance mechanisms. By analyzing the technical evolution of Uniswap V2/V3/V4 and the integrated design of liquidity pools and token issuance mechanisms in the pump fun protocol, it showcases the differentiated implementations of various Decentralized Finance protocols in terms of liquidity pool structure and algorithms.
The author emphasizes that a deep understanding of the liquidity pool logic is the foundation for project value assessment, risk avoidance, and seizing arbitrage opportunities, as well as a cornerstone for entering the DeFi field.