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Bullish推出Longhorn—介绍AMM指令/Bullish on Longhorn – introducing AMM Instructions




本文由产品主管Mark Woods、交易主管Justin Short,和产品经理Aditya Gopinath撰写




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。





  • 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


说回 Bullish



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:


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 Productand 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:

原文链接/Original URL:

Bullish on Longhorn – introducing AMM Instructions | Bullish

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