什么是 LP（流动性提供者）？｜DeFi 基础

什么是 LP（流动性提供者）？What is an LP (Liquidity Provider)?

⏱ 7 分钟7 min

学习目标：学完你能说清 LP 是谁、他们往池子里放什么、靠什么赚钱，尤其是理解「无常损失」这个提供流动性时最容易被忽视的风险。Learning goal: after this lesson you'll be able to explain who LPs are, what they put into a pool, and how they make money — especially understanding "impermanent loss", the risk most easily overlooked when providing liquidity.

大白话In plain wordsLP 就是往公共水池里同时倒进两种水的人，别人来这换水时付的一点小费归你，但水位涨跌也可能让你比不倒还亏。An LP is someone who pours two kinds of water into a public pool at the same time. When others come to swap water here, the small tip they pay goes to you — but rising and falling water levels can also leave you worse off than if you'd never poured in at all.

LP 是流动性提供者（Liquidity Provider）。AMM 的资金池得有人先把钱放进去，别人才能来交易。这个「先出钱的人」就是 LP，他要按比例同时存入两种代币，比如一半 A 一半 B。LP stands for Liquidity Provider. An AMM's pool needs someone to put money in first before others can trade. That "person who funds it first" is the LP, who must deposit two tokens at the same time in proportion — say half A and half B.

LP 赚钱靠手续费分成：每有人来这个池子换币，付的手续费会按你出资的比例分给你。池子越活跃、交易越多，你分到的手续费就越多。LPs earn through a share of the fees: every time someone swaps in the pool, the fee they pay is split among LPs by contribution. The more active the pool and the more trades, the more fees you get.

但 LP 有个必须懂的风险叫无常损失（impermanent loss）：当你存入的两种币价格发生变化时，池子会自动调整两者比例，结果你取出时的总价值，可能比你什么都不做、单纯拿着这两种币还要少。But LPs face a risk you must understand called impermanent loss: when the prices of your two deposited tokens change, the pool automatically rebalances their ratio, and the total value when you withdraw may be less than if you'd done nothing and simply held the two tokens.

所以当 LP 不是稳赚。它是「用承担无常损失的风险，去换手续费收入」。价格波动越大，无常损失可能越明显;只有手续费收入盖过了这部分损失，你才算真的划算，这需要你自己上链核实和计算。So being an LP is not a sure profit. It's "taking on impermanent-loss risk in exchange for fee income". The bigger the price swings, the more noticeable impermanent loss can be; only when fee income outweighs that loss are you truly ahead — and that takes your own on-chain checking and calculation (DYOR).

案例Example你各存了价值 100 的 A 和 B 当 LP。之后 A 大涨，池子会自动帮别人用便宜价买走你的 A、给你更多 B。等你取出时，总价值可能低于你当初直接拿着这两种币不动的价值，这个差额就是无常损失。You become an LP by depositing 100 worth of A and 100 worth of B. Later A surges, and the pool automatically lets others buy your A cheaply and gives you more B. When you withdraw, the total value may be lower than if you'd just held the two tokens untouched — that gap is the impermanent loss.

配套工具（点开在主站打开）：Related tools (open on the main site):

📝 本节测验📝 Quiz

❓ 常见问题❓ FAQ

无常损失为什么叫「无常」？Why is impermanent loss called "impermanent"?

因为只要价格回到你存入时的水平，这部分损失理论上会消失，所以说它是「暂时、可变」的。但价格不一定回得来，一旦你取出，损失就落地成真了。Because as long as the price returns to its level when you deposited, this loss theoretically disappears — so it's "temporary and reversible". But the price may not come back, and once you withdraw, the loss becomes real.

当 LP 能不能只放一种币？Can you be an LP with just one token?

经典的双币池通常要求按比例放两种。有些设计不同，但底层风险逻辑类似。放之前先搞清楚这个池子的规则和无常损失情况。A classic two-token pool usually requires both in proportion. Some designs differ, but the underlying risk logic is similar. Before depositing, first understand this pool's rules and its impermanent-loss situation.

怎么判断当 LP 到底划不划算？How do you judge whether being an LP is worthwhile?

把预计能分到的手续费，和可能的无常损失放一起比。别只看宣传的年化数字，务必自己上链核实池子真实交易量和资产情况，DYOR。Compare the fees you expect to earn against the possible impermanent loss. Don't just look at the advertised APY — be sure to verify the pool's real trading volume and assets on-chain yourself (DYOR).