译文/Translated：
作者：Mark Woods,产品经理
2021年11月Bullish启动以来，我们就为客户提供了一个可靠的深度交易平台，其依托是公司30亿美元的流量池。现在，我们发布了我们对流量池技术的第一次升级。我们为BTC/USD交易对引入了区间震荡流量池。本次升级在特定的价格区间中让订单簿深度翻了三倍，使它成为当今最深的的BTC/USD交易对，并为流量池参与者提高了资金效率。
我们现在提供两种在Bullish交易所上交易资产对的流量池：标准流量池和区间震荡流量池。
区间震荡流量池是什么？
在标准流量池中，低于市价到零的每次价值增量都会发起出价（买单），同时，当价格高于现在市价价格到一个理论上界的范围中时，每次价格增量都会发起报价（卖单）。而区间震荡流量池则是在一个特定的价格区间中提供流量。这么做效率更高，同等数量的资金，出价的深度更高。
区间震荡流量池的优点是什么？
简单来说，对于交易者来说是市场深度问题，而对于流量池参与者来说则是资金效率问题。因为标准流量池提供各个价位的资金，多数生成的出价都在每日交易区间外，而生成出价所需要的资金就没用，或不高效。
有了这个区间震荡流量池之后，在一个具体的价格范围内，同等数量的资金可以被压缩生成出价和报价，创造更大的订单簿深度并扩大资金效率。
不断创新的Bullish
有了这个区间震荡流量池，我们就在创新上迈出了重要的一步。这只是我们走向高效、个性化流量池规划的第一步。
我们在不断迭代和构想最颠覆性的方法，为交易者和流量池参与者提供各种工具，让他们在受监管的、安全的市场环境中获得最佳性能。我也迫不及待想在未来几个月和大家分享我们的收益产品地图的更多细节，其中包括更好的流量池技术等。
原文/Original：
By Mark Woods, Head of Product
Since Bullish launched in November 2021, we’ve provided our customers a reliable and deep trading platform, backed by $3 billion in liquidity pools funded by our own treasury. Now, we’re releasing Bullish’s first upgrade to our liquidity pool technology through the introduction of a range-bound liquidity pool for the BTC/USD trading pair. This upgrade triples the order book depth within the specified price range, making it one of the world’s deepest BTC/USD trading pairs and provides increased capital efficiency to liquidity pool participants.
What are range-bound liquidity pools?
We now offer two types of Bullish Liquidity Pools for trading asset pairs on the Bullish exchange: standard liquidity pools and range-bound liquidity pools.
Standard liquidity pools generate bids (buy orders) at each price increment below the current market price down to a price of zero and offers (sell orders) at each price increment above the current market price up to a theoretical maximum of infinity. By contrast, range-bound pools provide liquidity within a specified price range. This is more efficient, increasing bid-offer depth with the same amount of capital.
What are the benefits of range-bound liquidity pools?
Simply put, it’s all about market depth for traders and capital efficiency for liquidity pool participants. Because standard liquidity pools provide capital across all prices, most of the bids-offers generated are outside the daily trading range and the capital required to generate the bids-offers is not useful or efficient.
With range-bound liquidity pools, the same total amount of capital is condensed to generate bids and offers within a specified price range—creating greater order book depth and increased capital efficiency.
Bullish on innovation
With the addition of range-bound liquidity pools, we’re taking an important and innovative step forward. This is just the beginning of what we have planned to create increasingly efficient and customizable liquidity pools.
We are constantly iterating and ideating on the most transformative ways to deliver traders and liquidity pool participants the tools they need to maximize performance in a regulated and secure marketplace. I cannot wait to share further details of our Earn product roadmap, including enhanced liquidity pool technology, with you in the months ahead.
Trade in our range-bound liquidity pools and see the difference
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