译文/Translated：
流量对金融交易所的重要性再怎么强调都不为过。它决定了交易所是否能够自信地交易或在市场波动的关键时期进行交易。然而，虽然近年来数字资产交易所进行的总量有指数上涨，在深度和可预测的流量方面，我们做的还是很少。但现在不是了。
向中心限价订单簿（CLOBs）学习
大多数中心化交易所采用高性能的中心限价订单簿（CLOBs），它们受到监管，让用户可以在实时、低价的环境中直接加交易。
但是，要撮合这些交易，中心化交易所往往依靠外部做市商为自己的订单簿提供流量。此外，在我们看来，这些交易所的概率清算算法却不能反映其订单簿深度。换言之，在波动期（加密货币交易常见的事）做市商会因为价格不确定而转移流量，取消出价和报价。
再想想流量会在多个交易所分割，那么流量问题就更严重了。换言之，我们相信和股权市场一样，如果你只在一个交易所交互，你正在交易的流量可能是在别的交易所的，你不过是支付了一些钱和/或价差把流量带到自己的交易所罢了。
这些带来的都是昂贵、低效、非常不可预测的交易行为。
从DeFi和DEX的兴起中进一步发展
某种程度上，去中心化金融（DeFi）的兴起说明用户期待消除所有谋求租金的层，让终端用户获得更多价值。区块研究（The Block Research）数据表明，去中心化交易所（DEX）2021年交易总量超过一万亿美元，相比前一年增长八倍多。自动做市商（AMM）从DEX最大的优势—流量池—中获得更多力量，减少客户交易中的滑点，哪怕是在市场波动剧烈的时候也如此。这是因为流量池（一般包括相同比例的资产对，如BTC/ USD或BTC/ETH）提供流量的价格是按照流量池的大小和里面的资产比通过确定性计算测量出来的。
有些流量池会随着需求量增加逐渐提高代币的价格。价格变化幅度又相比流量池的交易规模决定。这就意味着，流量池越深，它对每次交易中资产价格的影响就越小。哪怕是在市场波动的时候，滑点都会大幅度减少。
DeFi和流量池的兴起可能已经改变加密货币交易环境，但DEX交易所也不是没有问题。交易中利用的复杂的智能合约可能导致交易者的利润被锁在交易所中。因为每个合约，或智能合约串，都会带来高昂的gas费，交易者往往要承担的成本更高。要么，因为用户选择报高价，成为区块中少量的交易之一，结果交易变得非常昂贵，挤压了其他用户。同时，还因为缺少合规性、规则和安全性遇到危险。
尽管DeFi交易所的匿名性对一些人来说可能是一种价值主张，但是对于想安全地进入这个新兴领域的机构来说，这却是个不利因素。那接下来呢？
推出交易所的下一个变革
我们在构建Bullish的时候，充分考虑机构和高级散户，因而重新设计交易所。我们的目标是要把CLOB和DEX的优点充分结合，让资产持有者获得利益，让交易者更有力量。
我们把它叫做Bullish混合订单簿。它包含了CLOB的高性能和安全性，同时还结合了自动做市的市场条件中的确定性流量。
可预见性和深度流量
Bullish混合订单簿背后是我们深度和可预测的Bullish流量池，其背后则是Bullish账上的数十亿美金。我们的流量池目标是要减少滑点，在波动期提供稳定性。
通过构建了独特的Bullish混合订单簿，我们让客户能大规模进行交易，且交易费用低、流量稳定。此外，他们还能在一个安全的环境中持续金融市场交易。
原文/Original：
The importance of liquidity to financial exchanges cannot be overstated. It underpins the ability to trade confidently or capitalize on market fluctuations at key moments. And even as the total volume traded on digital asset exchanges has grown exponentially in recent years, we have seen little done to improve access to deep and predictable liquidity. Until now.
Learning from Central Limit Order Books (CLOBs)
Most centralized exchanges implement high-performance Central Limit Order Books (CLOBs), which are subject to regulation and allow users to trade directly with each other in a real-time, low-cost environment.
To make these matches, however, centralized exchanges often rely upon external market makers to provide liquidity on their order books. What’s more, in our view, these exchanges have probabilistic liquidation algorithms that don’t always speak to their order book depth. That means during bouts of volatility — often the case in cryptocurrency trading, bids and offers are canceled as market makers remove liquidity when prices are uncertain.
And the liquidity issue is amplified even more when you consider how it’s often fragmented across multiple exchanges. That means when you are interfacing with a single exchange, we believe in a similar fashion to equity markets, you are potentially transacting with liquidity that may live on a different venue and paying any fees and/or spread to get it to your exchange.
All of this results in a potentially expensive, inherently inefficient, and highly unpredictable landscape.
Building off the rise of DeFi and DEX
The rise of Decentralized Finance (DeFi) in part speaks to the desire to eliminate any rent-seeking layers to help drive more value back up to the end users. This trend is further backed by the fact that Decentralized Exchanges (DEX’s) reported more than $1 trillion in trading volumes in 2021 which is a 8x+ increase on the previous year according to The Block Research. Automated market makers (AMMs), which are powered by liquidity pools, arguably the greatest advantage of DEX, allow customers to trade with less slippage, even in highly volatile times. That’s because liquidity pools — usually consisting of an equal ratio asset pair, such as BTC/USD or BTC/ETH — provide liquidity at prices calculated deterministically based on the size of the liquidity pool and the ratio of the assets within.
Some liquidity pools asymptotically increase the price of a token as the desired quantity increases. How much the price moves is dependent on the size of the trade in proportion to the size of the pool, which means deeper pools have less of an impact on asset price with each trade made. Slippage is significantly reduced even when the market is volatile.
The rise of DeFi and liquidity pools may have improved the cryptocurrency trading landscape, but DEX exchanges are not without their flaws. Trader profits can be hampered on DeFi exchanges by complex smart contracts that facilitate transactions. As each contract, or string of smart contracts, can trigger high gas fees, traders often have to deal with higher costs. Transactions either become prohibitively expensive as users bid to be one of the few transactions included in a block. All while being left exposed to risks of a lack of compliance, regulation, and security.
While the anonymity of a DeFi exchange might represent a value proposition to some, it’s often a limitation for institutional money looking to safely access this emerging space. So, what’s next?
Delivering the next evolution of the exchange
With Bullish, we redesigned the exchange with institutions and advanced retail clients in mind. The goal was to combine the best of CLOB and DEX to benefit asset holders and empower traders.
We call it the Bullish Hybrid Order Book. It combines the high performance and security of a CLOB with the deterministic liquidity across market conditions of automated market making.
Predictability and deep liquidity
The Bullish Hybrid Order Book is powered by our deep and predictable Bullish Liquidity Pools, which are backed by multibillion-dollar contributions from the Bullish Treasury. Our pools are designed to reduce slippage, helping to provide stability during bouts of volatility.
By building the proprietary Bullish Hybrid Order Book, we have enabled customers to trade at scale with low fees and stable liquidity, while they maintain consistent market access in a secure environment.
Discover more about the Bullish Hybrid Order Book
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