译文/Translated：
Bullish最新升级的版本为自动做市技术带来了革命性的变化，给我们的客户带来了可靠的、领先市场的流量深度，让他们获得领先市场的价差。
本文由产品主管Mark Woods、交易主管Justin Short，和产品经理Aditya Gopinath撰写
五个月之前，我们推出了区间震荡流量池，这是我们对自动做市（AMM）技术的第一次革新。这次更新给我们带了更大的资本效率，因此，Bullish马上为交易最大的加密货币市场（BTC/USD）提供了最深的流量池。一个月之后，我们用同样的方法加强了ETH/USD和ETH/BTC市场。
我们认为这就是一个开始，在最近的产品升级中，我们自豪地推出AMM技术的下一个迭代产品，其代码名称为Longhorn。
Longhorn是什么？
Longhorn是Bullish AMM的升级版本，这个版本中我们把权力交给我们的客户，现在他们可以随意定制价格区间、要求的价值、以及Bullish产生的所有买入价和卖出价。此外，对每个市场来说，所有买入价和卖出价都在同一个订单簿中，不管价格区间或价差如何。这就意味着流量池更深、更加完整。本次迭代让Bullish能够在各种条件下提高市场领先的流量深度和可靠的流量，而这些都是在一个安全、合规的平台总取得的。
AMM指令介绍
原先客户要执行这样的策略需要应对复杂的过程、承担成本，但AMM指令让客户成为做市商却不用承担这样的麻烦。
本次升级之前，客户可以在一个单一的、预设的价格区间和费用结构中分配自己的资产和做市。
但现在，合格的客户就可以灵活地在Bullish上个性化AMM指令参数，执行交易和投资策略。这些参数包括：
- 买进价格和卖出价格的价格区间
- 固定的买入/卖出价差
- 可选的动态价差调整
AMM指令有几十亿美元的规模，为交易者提供深度、可靠、实惠的流量，让客户在分配资产的时候获得收益。
说回 Bullish
写这篇文章的时候，Bullish已经快到周年庆了。我们一开始就想成为一个受监管的数字资产交易所，把DeFi和CeFi领域最好的一些内容呈现给客户：给交易者带来可靠、实惠的流量，给资产持有者带来获利的机会。我们很高兴能看到客户对我们的反馈，是他们让我们在成立的前九个月就获得一千亿美元的总交易量。
尽管进来宏观经济不佳，尽管最近也有些事件在测试加密领域建设者的力量，但是我们还是对我们的产品路线，也对其背后的诸多人才，充满信心。
Bullish AMM这次加强以及AMM指令的推出预示着，我们打在研发和产品机遇上打开了新的大门。2022年末的Bullish更加强大，在2023年及更远的未来，我们还会不断打开新的大门。
更多关于Bullish订单簿、AMM和AMM指令的信息，可以在Bullish 帮助中心获得：
原文/Original：
The latest Bullish update revolutionizes automated market making technology, offering customers reliable, market-leading depth, at market-leading spreads.
By Mark Woods, Head of Product, Justin Short, Head of Trading Product, and Aditya Gopinath, Sr. Product Manager
Five months ago, we rolled out range-bound liquidity pools, our first upgrade to our Automated Market Making (AMM) technology. Thanks to the capital efficiency unlocked by this change, Bullish immediately began to offer the world’s deepest liquidity for the world’s most heavily traded crypto market (BTC/USD). And a month later, we enhanced our ETH/USD and ETH/BTC markets in the same manner.
We hinted that this was only the beginning and are proud to unveil the next iteration of our AMM technology with our latest release, codenamed “Longhorn”.
What is Longhorn?
Longhorn is an update to Bullish AMM, which puts the power in the hands of customers by allowing for unprecedented customizability in the range of prices, spreads charged, and for bids and offers generated on Bullish. Furthermore, for each market, all bids and offers live on the same order book—regardless of price range or spread—meaning deep, unfragmented liquidity. This iteration enables Bullish to offer market-leading depth and reliable liquidity across market conditions—all on a secure, regulated platform.
Meet AMM Instructions
AMM Instructions let a customer become a market maker without taking on the complexities and overhead associated with running such a strategy.
Prior to this update, customers could allocate their assets and make markets within a single, predetermined price range and fee structure.
Now, eligible customers have the flexibility to execute their trading and investment strategies on Bullish by customizing the parameters of their AMM Instructions. Such parameters include:
- A price range for bids and offers
- A fixed bid/offer spread
- Optional dynamic spread adjustments
AMM Instructions scale to billions of dollars, providing deep, reliable and low-cost liquidity to traders, while generating income for the customers allocating their assets.
Staying Bullish
As we write this, Bullish is approaching its one-year anniversary. We set out to be a regulated digital asset exchange that brings some of the best aspects of DeFi to the CeFi space. One that delivers reliable, low-cost liquidity to traders and income generating opportunities to asset holders. It’s been gratifying to see the response from our customers, who helped us achieve more than $100B in total trading volumes in our first 9 months of existence.
Even with the current macroeconomic backdrop, and some of the recent happenings testing the fortitude of builders in the crypto space, we believe strongly in our product roadmap and the many talented people executing upon it.
With these enhancements to Bullish AMM, and the advent of AMM Instructions, we have unlocked further areas of R&D and product opportunity. Bullish is ending 2022 stronger than ever and opening new doors in 2023 and beyond.
Additional information about the Bullish Order Book, AMM and AMM Instructions can be found in the Bullish Help Center here:
- What is the Bullish AMM and how does it help maintain deep liquidity
- Generating income with Automated Market Making Instructions
- Submitting an Automated Market Making Instruction
原文链接/Original URL:
Bullish on Longhorn – introducing AMM Instructions | Bullish
