{"id":27570,"date":"2024-08-21T10:10:49","date_gmt":"2024-08-21T03:10:49","guid":{"rendered":"https:\/\/www.fiahub.com\/blog\/?p=27570"},"modified":"2024-08-22T20:18:58","modified_gmt":"2024-08-22T13:18:58","slug":"loss-versus-rebalancing-lvr-la-gi","status":"publish","type":"post","link":"https:\/\/www.fiahub.com\/blog\/loss-versus-rebalancing-lvr-la-gi\/","title":{"rendered":"Loss-Versus-Rebalancing (LVR) l\u00e0 g\u00ec?"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Cung c\u1ea5p thanh kho\u1ea3n cho c\u00e1c <a href=\"https:\/\/www.fiahub.com\/blog\/tim-hieu-ve-automated-market-maker-amm\/\">Automated Market Maker (AMM)<\/a> nh\u01b0 Uniswap \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng c\u00e1ch ph\u1ed5 bi\u1ebfn nh\u1ea5t \u0111\u1ec3 ki\u1ebfm l\u1ee3i nhu\u1eadn trong kh\u00f4ng gian ti\u1ec1n \u0111i\u1ec7n t\u1eed. Kh\u00f4ng gi\u1ed1ng nh\u01b0 c\u00e1c ph\u01b0\u01a1ng ph\u00e1p sinh l\u1ee3i nhu\u1eadn kh\u00e1c nh\u01b0 staking v\u00e0 cho vay, ph\u1ee5 thu\u1ed9c v\u00e0o kinh t\u1ebf h\u1ecdc giao th\u1ee9c v\u00e0 nhu c\u1ea7u th\u1ecb tr\u01b0\u1eddng t\u1ed5ng h\u1ee3p, vi\u1ec7c cung c\u1ea5p thanh kho\u1ea3n lu\u00f4n mang \u0111\u1ebfn c\u01a1 h\u1ed9i cho alpha.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">T\u1eeb c\u00e1c \u0111\u1ee3t ra m\u1eaft token m\u1edbi v\u00e0 c\u00e1c ch\u01b0\u01a1ng tr\u00ecnh khuy\u1ebfn kh\u00edch \u0111\u01b0\u1ee3c t\u00e0i tr\u1ee3 b\u1edfi c\u00e1c kho\u1ea3n t\u00e0i tr\u1ee3 c\u1ee7a h\u1ec7 sinh th\u00e1i cho \u0111\u1ebfn s\u1ef1 ph\u00e1t tri\u1ec3n li\u00ean t\u1ee5c c\u1ee7a c\u00e1c m\u00f4 h\u00ecnh AMM, vi\u1ec7c cung c\u1ea5p thanh kho\u1ea3n v\u1eabn l\u00e0 m\u1ed9t con \u0111\u01b0\u1eddng m\u1ea1nh m\u1ebd \u0111\u1ec3 ki\u1ebfm l\u1ee3i nhu\u1eadn t\u1eeb t\u00e0i s\u1ea3n ti\u1ec1n \u0111i\u1ec7n t\u1eed.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Tuy nhi\u00ean, ph\u01b0\u01a1ng ph\u00e1p t\u1ea1o ra l\u1ee3i nhu\u1eadn n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 kh\u00f4ng c\u00f3 c\u1ea1m b\u1eaby. M\u1ed9t nh\u01b0\u1ee3c \u0111i\u1ec3m \u0111\u00e1ng k\u1ec3 c\u1ee7a vi\u1ec7c cung c\u1ea5p thanh kho\u1ea3n l\u00e0 m\u1ed9t h\u00ecnh th\u1ee9c khai th\u00e1c gi\u00e1 \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 m\u1ea5t m\u00e1t so v\u1edbi t\u00e1i c\u00e2n b\u1eb1ng (LVR).<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\">N\u1ed9i dung b\u00e0i vi\u1ebft<\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.fiahub.com\/blog\/loss-versus-rebalancing-lvr-la-gi\/#LVR_la_gi\" >LVR l\u00e0 g\u00ec?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.fiahub.com\/blog\/loss-versus-rebalancing-lvr-la-gi\/#Hieu_ve_Automated_Market_Maker\" >Hi\u1ec3u v\u1ec1 Automated Market Maker<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.fiahub.com\/blog\/loss-versus-rebalancing-lvr-la-gi\/#Tien_than_cua_LVR_Impermanent_Loss\" >Ti\u1ec1n th\u00e2n c\u1ee7a LVR: Impermanent Loss<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.fiahub.com\/blog\/loss-versus-rebalancing-lvr-la-gi\/#Cach_thuc_hoat_dong_cua_LVR\" >C\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a LVR<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.fiahub.com\/blog\/loss-versus-rebalancing-lvr-la-gi\/#Trang_thai_ban_dau\" >Tr\u1ea1ng th\u00e1i ban \u0111\u1ea7u:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.fiahub.com\/blog\/loss-versus-rebalancing-lvr-la-gi\/#Gia_tang_len_2000_do_la\" >Gi\u00e1 t\u0103ng l\u00ean 2.000 \u0111\u00f4 la:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.fiahub.com\/blog\/loss-versus-rebalancing-lvr-la-gi\/#Gia_tro_lai_1000\" >Gi\u00e1 tr\u1edf l\u1ea1i $1.000:<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.fiahub.com\/blog\/loss-versus-rebalancing-lvr-la-gi\/#Tom_lai\" >T\u00f3m l\u1ea1i:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.fiahub.com\/blog\/loss-versus-rebalancing-lvr-la-gi\/#Lo_tam_thoi_so_voi_LVR\" >L\u1ed7 t\u1ea1m th\u1eddi so v\u1edbi LVR<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.fiahub.com\/blog\/loss-versus-rebalancing-lvr-la-gi\/#Gia_dinh_va_han_che\" >Gi\u1ea3 \u0111\u1ecbnh v\u00e0 h\u1ea1n ch\u1ebf<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.fiahub.com\/blog\/loss-versus-rebalancing-lvr-la-gi\/#Y_nghia_trong_tuong_lai\" >\u00dd ngh\u0129a trong t\u01b0\u01a1ng lai<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.fiahub.com\/blog\/loss-versus-rebalancing-lvr-la-gi\/#Ket_luan\" >K\u1ebft lu\u1eadn<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"LVR_la_gi\"><\/span><span style=\"font-weight: 400\">LVR l\u00e0 g\u00ec?<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b>Loss-Versus-Rebalancing (LVR)<\/b><span style=\"font-weight: 400\"> l\u00e0 m\u1ed9t h\u00ecnh th\u1ee9c gi\u00e1 tr\u1ecb tr\u00edch xu\u1ea5t t\u1ed1i \u0111a (MEV) c\u00f3 t\u00e1c \u0111\u1ed9ng l\u1edbn h\u01a1n \u0111\u1ebfn c\u00e1c nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n so v\u1edbi t\u1ea5t c\u1ea3 c\u00e1c h\u00ecnh th\u1ee9c MEV kh\u00e1c c\u1ed9ng l\u1ea1i. M\u1eb7c d\u00f9 c\u00f3 nh\u1eefng t\u00e1c \u0111\u1ed9ng t\u00e0i ch\u00ednh \u0111\u00e1ng k\u1ec3, nhi\u1ec1u nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n kh\u00f4ng bi\u1ebft v\u1ec1 LVR, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 khi\u1ebfn h\u1ecd m\u1ea5t 5 &#8211; 7% thanh kho\u1ea3n h\u00e0ng n\u0103m, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi h\u00e0ng tr\u0103m tri\u1ec7u \u0111\u00f4 la ti\u1ec1n l\u1ed7 m\u1ed7i n\u0103m. Khi t\u00ednh \u0111\u1ebfn LVR, nhi\u1ec1u nh\u00f3m thanh kho\u1ea3n l\u1edbn nh\u1ea5t th\u01b0\u1eddng kh\u00f4ng c\u00f3 l\u1ee3i nhu\u1eadn \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n.<\/span><\/p>\n<p><span style=\"font-weight: 400\">B\u1ea5t c\u1ee9 khi n\u00e0o gi\u00e1 c\u1ee7a m\u1ed9t t\u00e0i s\u1ea3n thay \u0111\u1ed5i tr\u00ean th\u1ecb tr\u01b0\u1eddng b\u00ean ngo\u00e0i, hi\u1ec7n t\u01b0\u1ee3ng n\u00e0y c\u00f3 th\u1ec3 x\u1ea3y ra; m\u1ed9t Automated Market Maker (AMM) kh\u00f4ng &#8220;bi\u1ebft&#8221; ngay l\u1eadp t\u1ee9c gi\u00e1 th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i c\u1ee7a m\u1ed9t t\u00e0i s\u1ea3n nh\u01b0 <a href=\"https:\/\/www.fiahub.com\/cach-mua-ban-ethereum-bitcoin-co-ban\">Ether<\/a> (ETH) khi n\u00f3 \u0111\u01b0\u1ee3c giao d\u1ecbch tr\u00ean c\u00e1c s\u00e0n giao d\u1ecbch kh\u00e1c, ch\u1eb3ng h\u1ea1n nh\u01b0 Coinbase. Do \u0111\u00f3, AMM c\u00f3 th\u1ec3 t\u1ee5t h\u1eadu so v\u1edbi c\u00e1c n\u1ec1n t\u1ea3ng giao d\u1ecbch kh\u00e1c, cung c\u1ea5p thanh kho\u1ea3n \u1edf m\u1ee9c gi\u00e1 l\u1ed7i th\u1eddi ho\u1eb7c &#8220;c\u0169&#8221;.<\/span><\/p>\n<p><span style=\"font-weight: 400\">\u0110\u1ec3 hi\u1ec3u \u0111i\u1ec1u n\u00e0y x\u1ea3y ra nh\u01b0 th\u1ebf n\u00e0o, ch\u00fang ta c\u1ea7n \u0111i s\u00e2u v\u00e0o c\u01a1 ch\u1ebf cung c\u1ea5p thanh kho\u1ea3n v\u00e0 ngu\u1ed3n g\u1ed1c c\u1ee7a LVR.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-27571\" src=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/1719128687510.jpeg\" alt=\"\" width=\"900\" height=\"506\" srcset=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/1719128687510.jpeg 1280w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/1719128687510-300x169.jpeg 300w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/1719128687510-1024x576.jpeg 1024w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/1719128687510-150x84.jpeg 150w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/1719128687510-768x432.jpeg 768w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/1719128687510-450x253.jpeg 450w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/1719128687510-1200x675.jpeg 1200w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Hieu_ve_Automated_Market_Maker\"><\/span><span style=\"font-weight: 400\">Hi\u1ec3u v\u1ec1 Automated Market Maker<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">Nh\u1eefng \u0111i\u1ec1u c\u1ea7n bi\u1ebft v\u1ec1 Automated Market Makers (AMM) nh\u01b0 Uniswap cho ph\u00e9p ng\u01b0\u1eddi d\u00f9ng cung c\u1ea5p thanh kho\u1ea3n b\u1eb1ng c\u00e1ch g\u1eedi c\u1eb7p token v\u00e0o m\u1ed9t nh\u00f3m. AMM t\u1ea1o \u0111i\u1ec1u ki\u1ec7n thu\u1eadn l\u1ee3i cho giao d\u1ecbch b\u1eb1ng c\u00e1ch s\u1eed d\u1ee5ng c\u00f4ng th\u1ee9c to\u00e1n h\u1ecdc \u0111\u1ec3 \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n, th\u01b0\u1eddng d\u1ef1a v\u00e0o c\u00f4ng th\u1ee9c t\u00edch h\u1eb1ng s\u1ed1 (x * y = k). Khi giao d\u1ecbch di\u1ec5n ra, t\u1ef7 l\u1ec7 t\u00e0i s\u1ea3n trong nh\u00f3m thay \u0111\u1ed5i, khi\u1ebfn gi\u00e1 \u0111i\u1ec1u ch\u1ec9nh theo c\u00f4ng th\u1ee9c.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Tien_than_cua_LVR_Impermanent_Loss\"><\/span><span style=\"font-weight: 400\">Ti\u1ec1n th\u00e2n c\u1ee7a LVR: Impermanent Loss<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">Tr\u01b0\u1edbc khi c\u00f3 th\u1ec3 n\u1eafm b\u1eaft \u0111\u1ea7y \u0111\u1ee7 v\u1ec1 LVR, ch\u00fang ta c\u1ea7n hi\u1ec3u v\u1ec1 m\u1ea5t m\u00e1t t\u1ea1m th\u1eddi. M\u1ea5t m\u00e1t t\u1ea1m th\u1eddi x\u1ea3y ra khi gi\u00e1 c\u1ee7a token trong nh\u00f3m thanh kho\u1ea3n thay \u0111\u1ed5i so v\u1edbi gi\u00e1 c\u1ee7a ch\u00fang t\u1ea1i th\u1eddi \u0111i\u1ec3m g\u1eedi ti\u1ec1n. S\u1ef1 thay \u0111\u1ed5i v\u1ec1 t\u1ef7 l\u1ec7 gi\u00e1 n\u00e0y d\u1eabn \u0111\u1ebfn kh\u1ea3 n\u0103ng m\u1ea5t gi\u00e1 tr\u1ecb khi so s\u00e1nh v\u1edbi vi\u1ec7c ch\u1ec9 gi\u1eef token b\u00ean ngo\u00e0i nh\u00f3m. N\u1ebfu gi\u00e1 tr\u1edf l\u1ea1i tr\u1ea1ng th\u00e1i ban \u0111\u1ea7u, m\u1ea5t m\u00e1t t\u1ea1m th\u1eddi s\u1ebd b\u1ecb v\u00f4 hi\u1ec7u h\u00f3a, nh\u01b0ng \u0111i\u1ec1u n\u00e0y th\u01b0\u1eddng kh\u00f4ng x\u1ea3y ra.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Cach_thuc_hoat_dong_cua_LVR\"><\/span><span style=\"font-weight: 400\">C\u00e1ch th\u1ee9c ho\u1ea1t \u0111\u1ed9ng c\u1ee7a LVR<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">LVR l\u1ea7n \u0111\u1ea7u ti\u00ean \u0111\u01b0\u1ee3c c\u00e1c nh\u00e0 nghi\u00ean c\u1ee9u t\u1eeb \u0110\u1ea1i h\u1ecdc Columbia \u0111\u01b0a ra \u0111\u1ec3 m\u00f4 t\u1ea3 m\u1ed9t c\u01a1 h\u1ed9i ch\u00eanh l\u1ec7ch gi\u00e1 c\u1ee5 th\u1ec3 ph\u00e1t sinh khi m\u1ed9t AMM c\u00f3 gi\u00e1 l\u1ed7i th\u1eddi ho\u1eb7c c\u0169 so v\u1edbi c\u00e1c \u0111\u1ecba \u0111i\u1ec3m giao d\u1ecbch kh\u00e1c. C\u00e1c nh\u00e0 kinh doanh ch\u00eanh l\u1ec7ch gi\u00e1 khai th\u00e1c nh\u1eefng ch\u00eanh l\u1ec7ch gi\u00e1 n\u00e0y b\u1eb1ng c\u00e1ch giao d\u1ecbch v\u1edbi AMM v\u00e0 sau \u0111\u00f3 c\u00e2n b\u1eb1ng l\u1ea1i tr\u00ean c\u00e1c s\u00e0n giao d\u1ecbch thanh kho\u1ea3n h\u01a1n, ch\u1eb3ng h\u1ea1n nh\u01b0 Binance. Qu\u00e1 tr\u00ecnh n\u00e0y \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 tr\u00ean AMM nh\u01b0ng g\u00e2y thi\u1ec7t h\u1ea1i cho c\u00e1c nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n, nh\u1eefng ng\u01b0\u1eddi ph\u1ea3i ch\u1ecbu thi\u1ec7t h\u1ea1i do vi\u1ec7c khai th\u00e1c gi\u00e1 tr\u1ecb.<\/span><\/p>\n<p><span style=\"font-weight: 400\">V\u00ed d\u1ee5:<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Trang_thai_ban_dau\"><\/span><span style=\"font-weight: 400\">Tr\u1ea1ng th\u00e1i ban \u0111\u1ea7u:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Nh\u00f3m thanh kho\u1ea3n: 1.000 \u0111\u00f4 la USDC v\u00e0 1 <a href=\"https:\/\/www.fiahub.com\/cach-mua-ban-ethereum-bitcoin-co-ban\">ETH<\/a><\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Gi\u00e1 th\u1ecb tr\u01b0\u1eddng c\u1ee7a ETH: 1.000 \u0111\u00f4 la.<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Gia_tang_len_2000_do_la\"><\/span><span style=\"font-weight: 400\">Gi\u00e1 t\u0103ng l\u00ean 2.000 \u0111\u00f4 la:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">S\u1ed1 l\u01b0\u1ee3ng USDC m\u1edbi<\/span><i><span style=\"font-weight: 400\"> = sqrt(2*10^6)=$1.414 USDC<\/span><\/i><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">S\u1ed1 l\u01b0\u1ee3ng ETH m\u1edbi <\/span><i><span style=\"font-weight: 400\">= 1000\/S\u1ed1 l\u01b0\u1ee3ng USDC=0,707 ETH<\/span><\/i><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Sau khi th\u1ef1c hi\u1ec7n ch\u00eanh l\u1ec7ch gi\u00e1, nh\u00f3m ch\u1ee9a kho\u1ea3ng $1.414 USDC v\u00e0 0,707 ETH.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">LP \u0111\u00e3 b\u00e1n 0,293 ETH v\u1edbi gi\u00e1 trung b\u00ecnh l\u00e0 $1.414 (=0,293\/414).<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">LVR<\/span><i><span style=\"font-weight: 400\">=[s\u1ed1 l\u01b0\u1ee3ng t\u00e0i s\u1ea3n r\u1ee7i ro \u0111\u00e3 b\u00e1n]*[gi\u00e1 th\u1ecb tr\u01b0\u1eddng th\u1ef1c &#8211; gi\u00e1 nh\u00f3m thanh kho\u1ea3n]=0,293*(2000-1414)=$172<\/span><\/i><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Gia_tro_lai_1000\"><\/span><span style=\"font-weight: 400\">Gi\u00e1 tr\u1edf l\u1ea1i $1.000:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Pool Rebalance l\u1ea1i th\u00e0nh $1.000 USDC v\u00e0 1 ETH.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">LP mua l\u1ea1i 0,293 ETH v\u1edbi gi\u00e1 $1.414.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">LVR= [s\u1ed1 l\u01b0\u1ee3ng t\u00e0i s\u1ea3n r\u1ee7i ro \u0111\u01b0\u1ee3c mua l\u1ea1i]*[gi\u00e1 nh\u00f3m thanh kho\u1ea3n-gi\u00e1 th\u1ecb tr\u01b0\u1eddng th\u1ef1c]=0,293\u2009ETH\u00d7($1.414\u2212$1.000)=0,293\u00d7$414=$121<\/span><\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Tom_lai\"><\/span><span style=\"font-weight: 400\">T\u00f3m l\u1ea1i:<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">LVR \u1edf m\u1ee9c $2.000: $172<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">LVR khi gi\u00e1 tr\u1edf v\u1ec1 $1.000: $121.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">T\u1ed5ng LVR = $172+$121=$293<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">T\u1ed5ng t\u1ed5n th\u1ea5t t\u1ea1m th\u1eddi = 0, v\u00ec ch\u00fang ta \u0111\u00e3 quay l\u1ea1i tr\u1ea1ng th\u00e1i ban \u0111\u1ea7u.<\/span><\/li>\n<\/ul>\n<h2><img decoding=\"async\" class=\"aligncenter wp-image-27572\" src=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/a1-min.png\" alt=\"\" width=\"900\" height=\"614\" srcset=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/a1-min.png 2560w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/a1-min-300x205.png 300w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/a1-min-1024x698.png 1024w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/a1-min-150x102.png 150w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/a1-min-768x524.png 768w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/a1-min-1536x1048.png 1536w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/a1-min-2048x1397.png 2048w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/a1-min-450x307.png 450w, https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/a1-min-1200x818.png 1200w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Lo_tam_thoi_so_voi_LVR\"><\/span><span style=\"font-weight: 400\">L\u1ed7 t\u1ea1m th\u1eddi so v\u1edbi LVR<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">Trong khi l\u1ed7 t\u1ea1m th\u1eddi \u0111o l\u01b0\u1eddng s\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa vi\u1ec7c n\u1eafm gi\u1eef t\u00e0i s\u1ea3n trong m\u1ed9t nh\u00f3m so v\u1edbi vi\u1ec7c n\u1eafm gi\u1eef ch\u00fang ho\u00e0n to\u00e0n, LVR cung c\u1ea5p m\u1ed9t g\u00f3c nh\u00ecn n\u0103ng \u0111\u1ed9ng h\u01a1n. L\u1ed7 t\u1ea1m th\u1eddi xem x\u00e9t \u0111i\u1ec3m b\u1eaft \u0111\u1ea7u v\u00e0 k\u1ebft th\u00fac c\u1ee7a m\u1ed9t v\u1ecb th\u1ebf, trong khi LVR xem x\u00e9t chi ph\u00ed c\u1ee7a c\u00e1c giao d\u1ecbch ch\u00eanh l\u1ec7ch gi\u00e1 theo th\u1eddi gian. Do \u0111\u00f3, LVR c\u00f3 th\u1ec3 l\u1edbn h\u01a1n 0 ngay c\u1ea3 khi l\u1ed7 t\u1ea1m th\u1eddi b\u1eb1ng 0, l\u00e0m n\u1ed5i b\u1eadt chi ph\u00ed li\u00ean t\u1ee5c \u0111\u1ec3 cung c\u1ea5p thanh kho\u1ea3n trong c\u00e1c th\u1ecb tr\u01b0\u1eddng bi\u1ebfn \u0111\u1ed9ng.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Gia_dinh_va_han_che\"><\/span><span style=\"font-weight: 400\">Gi\u1ea3 \u0111\u1ecbnh v\u00e0 h\u1ea1n ch\u1ebf<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">LVR d\u1ef1a tr\u00ean m\u1ed9t s\u1ed1 gi\u1ea3 \u0111\u1ecbnh, bao g\u1ed3m:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Bi\u1ebfn \u0111\u1ed9ng li\u00ean t\u1ee5c.<\/span><\/li>\n<li style=\"font-weight: 400\"><span style=\"font-weight: 400\">Thanh kho\u1ea3n v\u00f4 h\u1ea1n, kh\u00f4ng m\u1ea5t ph\u00ed cho c\u00e1c giao d\u1ecbch t\u00e1i c\u00e2n b\u1eb1ng.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Nh\u1eefng gi\u1ea3 \u0111\u1ecbnh n\u00e0y, t\u01b0\u01a1ng t\u1ef1 nh\u01b0 nh\u1eefng gi\u1ea3 \u0111\u1ecbnh trong m\u00f4 h\u00ecnh Black-Scholes v\u1ec1 \u0111\u1ecbnh gi\u00e1 quy\u1ec1n ch\u1ecdn, c\u00f3 th\u1ec3 kh\u00f4ng \u0111\u00fang trong c\u00e1c t\u00ecnh hu\u1ed1ng th\u1ef1c t\u1ebf. Ngo\u00e0i ra, \u0111\u1ed1i v\u1edbi m\u1ed9t s\u1ed1 c\u1eb7p giao d\u1ecbch, AMM nh\u01b0 Uniswap c\u00f3 th\u1ec3 \u0111\u00f3ng vai tr\u00f2 l\u00e0 \u0111\u1ecba \u0111i\u1ec3m ch\u00ednh \u0111\u1ec3 kh\u00e1m ph\u00e1 gi\u00e1, h\u1ea1n ch\u1ebf kh\u1ea3 n\u0103ng \u00e1p d\u1ee5ng c\u1ee7a kh\u00e1i ni\u1ec7m danh m\u1ee5c \u0111\u1ea7u t\u01b0 t\u00e1i c\u00e2n b\u1eb1ng.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Y_nghia_trong_tuong_lai\"><\/span><span style=\"font-weight: 400\">\u00dd ngh\u0129a trong t\u01b0\u01a1ng lai<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400\">M\u1eb7c d\u00f9 c\u00f3 nh\u1eefng h\u1ea1n ch\u1ebf, LVR l\u00e0 m\u1ed9t c\u00f4ng c\u1ee5 c\u00f3 gi\u00e1 tr\u1ecb \u0111\u1ec3 hi\u1ec3u c\u00e1c chi ph\u00ed li\u00ean quan \u0111\u1ebfn vi\u1ec7c cung c\u1ea5p thanh kho\u1ea3n trong AMM. Khi DeFi ph\u00e1t tri\u1ec3n, c\u00e1c <a href=\"https:\/\/www.fiahub.com\/blog\/tag\/dex\/\">DEX<\/a> m\u1edbi c\u00f3 th\u1ec3 xu\u1ea5t hi\u1ec7n v\u1edbi c\u00e1c thi\u1ebft k\u1ebf gi\u00fap gi\u1ea3m thi\u1ec3u LVR, khi\u1ebfn vi\u1ec7c cung c\u1ea5p thanh kho\u1ea3n th\u1ee5 \u0111\u1ed9ng tr\u1edf n\u00ean h\u1ea5p d\u1eabn h\u01a1n m\u00e0 kh\u00f4ng l\u00e0m t\u0103ng chi ph\u00ed cho c\u00e1c nh\u00e0 giao d\u1ecbch.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Ket_luan\"><\/span><span style=\"font-weight: 400\">K\u1ebft lu\u1eadn<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><b>Loss-Versus-Rebalancing<\/b><span style=\"font-weight: 400\"> cung c\u1ea5p m\u1ed9t g\u00f3c nh\u00ecn m\u1edbi v\u1ec1 \u0111\u1ed9ng l\u1ef1c kinh t\u1ebf trong AMM, sau n\u00e0y s\u1ebd b\u00e1n v\u1edbi gi\u00e1 h\u01a1i th\u1ea5p v\u00e0 mua v\u1edbi gi\u00e1 h\u01a1i cao trong qu\u00e1 tr\u00ecnh t\u00e1i c\u00e2n b\u1eb1ng, khi so s\u00e1nh v\u1edbi s\u00e0n giao d\u1ecbch t\u1eadp trung. B\u1eb1ng c\u00e1ch xem x\u00e9t chi ph\u00ed th\u1eddi gian th\u1ef1c c\u1ee7a l\u1ef1a ch\u1ecdn b\u1ea5t l\u1ee3i, n\u00f3 cung c\u1ea5p g\u00f3c nh\u00ecn s\u1eafc th\u00e1i h\u01a1n v\u1ec1 nh\u1eefng th\u00e1ch th\u1ee9c m\u00e0 c\u00e1c nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n ph\u1ea3i \u0111\u1ed1i m\u1eb7t. Khi h\u1ec7 sinh th\u00e1i DeFi tr\u01b0\u1edfng th\u00e0nh, c\u00e1c s\u1ed1 li\u1ec7u nh\u01b0 LVR s\u1ebd \u0111\u00f3ng vai tr\u00f2 quan tr\u1ecdng trong vi\u1ec7c \u0111\u1ecbnh h\u00ecnh s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a c\u00e1c giao th\u1ee9c thanh kho\u1ea3n hi\u1ec7u qu\u1ea3 v\u00e0 linh ho\u1ea1t h\u01a1n.<\/span><\/p>\n<p><span style=\"font-weight: 400\">C\u1ea3m \u01a1n s\u1ef1 theo d\u00f5i v\u00e0 \u0111\u00f3n \u0111\u1ecdc c\u1ee7a c\u00e1c b\u1ea1n. Hy v\u1ecdng b\u00e0i vi\u1ebft \u0111\u00e3 gi\u00fap m\u1ecdi ng\u01b0\u1eddi hi\u1ec3u h\u01a1n v\u1ec1 Loss-Versus-Rebalancing. \u0110\u1eebng qu\u00ean, m\u1ecdi th\u1eafc m\u1eafc v\u1ec1 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n k\u1ef9 thu\u1eadt s\u1ed1, vui l\u00f2ng li\u00ean h\u1ec7 \u0111\u1ed9i ng\u0169 Support c\u1ee7a Fiahub 24\/7.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cung c\u1ea5p thanh kho\u1ea3n cho c\u00e1c Automated Market Maker (AMM) nh\u01b0 Uniswap \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t trong nh\u1eefng c\u00e1ch ph\u1ed5 bi\u1ebfn nh\u1ea5t \u0111\u1ec3 ki\u1ebfm l\u1ee3i nhu\u1eadn trong kh\u00f4ng gian ti\u1ec1n \u0111i\u1ec7n t\u1eed. Kh\u00f4ng gi\u1ed1ng nh\u01b0 c\u00e1c ph\u01b0\u01a1ng ph\u00e1p sinh l\u1ee3i nhu\u1eadn kh\u00e1c nh\u01b0 staking v\u00e0 cho vay, ph\u1ee5 thu\u1ed9c v\u00e0o kinh t\u1ebf h\u1ecdc giao th\u1ee9c<\/p>\n","protected":false},"author":24,"featured_media":27573,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21850],"tags":[13228,7609],"class_list":{"0":"post-27570","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-tu-dien-crypto","8":"tag-amm","9":"tag-defi"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.0 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Loss-Versus-Rebalancing (LVR) l\u00e0 g\u00ec? - Fiahub<\/title>\n<meta name=\"description\" content=\"Loss-Versus-Rebalancing (LVR) l\u00e0 m\u1ed9t h\u00ecnh th\u1ee9c gi\u00e1 tr\u1ecb tr\u00edch xu\u1ea5t t\u1ed1i \u0111a (MEV) c\u00f3 t\u00e1c \u0111\u1ed9ng l\u1edbn h\u01a1n \u0111\u1ebfn c\u00e1c nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n so v\u1edbi t\u1ea5t c\u1ea3 c\u00e1c h\u00ecnh th\u1ee9c MEV kh\u00e1c c\u1ed9ng l\u1ea1i.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fiahub.com\/blog\/loss-versus-rebalancing-lvr-la-gi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Loss-Versus-Rebalancing (LVR) l\u00e0 g\u00ec?\" \/>\n<meta property=\"og:description\" content=\"Loss-Versus-Rebalancing (LVR) l\u00e0 m\u1ed9t h\u00ecnh th\u1ee9c gi\u00e1 tr\u1ecb tr\u00edch xu\u1ea5t t\u1ed1i \u0111a (MEV) c\u00f3 t\u00e1c \u0111\u1ed9ng l\u1edbn h\u01a1n \u0111\u1ebfn c\u00e1c nh\u00e0 cung c\u1ea5p thanh kho\u1ea3n so v\u1edbi t\u1ea5t c\u1ea3 c\u00e1c h\u00ecnh th\u1ee9c MEV kh\u00e1c c\u1ed9ng l\u1ea1i.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.fiahub.com\/blog\/loss-versus-rebalancing-lvr-la-gi\/\" \/>\n<meta property=\"og:site_name\" content=\"Fiahub Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/FiahubVN\/\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-21T03:10:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-22T13:18:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.fiahub.com\/blog\/wp-content\/uploads\/2024\/08\/Fiahub_Glossary_LVR.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"576\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Le Hoang\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@FIAHUBVN\" \/>\n<meta name=\"twitter:site\" content=\"@FIAHUBVN\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Le Hoang\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"10 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.fiahub.com\\\/blog\\\/loss-versus-rebalancing-lvr-la-gi\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.fiahub.com\\\/blog\\\/loss-versus-rebalancing-lvr-la-gi\\\/\"},\"author\":{\"name\":\"Le Hoang\",\"@id\":\"https:\\\/\\\/www.fiahub.com\\\/blog\\\/#\\\/schema\\\/person\\\/438ca2054bd04d8ef374b9dd54ed3418\"},\"headline\":\"Loss-Versus-Rebalancing (LVR) l\u00e0 g\u00ec?\",\"datePublished\":\"2024-08-21T03:10:49+00:00\",\"dateModified\":\"2024-08-22T13:18:58+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.fiahub.com\\\/blog\\\/loss-versus-rebalancing-lvr-la-gi\\\/\"},\"wordCount\":1954,\"publisher\":{\"@id\":\"https:\\\/\\\/www.fiahub.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.fiahub.com\\\/blog\\\/loss-versus-rebalancing-lvr-la-gi\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.fiahub.com\\\/blog\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/Fiahub_Glossary_LVR.png\",\"keywords\":[\"AMM\",\"DeFi\"],\"articleSection\":[\"T\u1eeb \u0111i\u1ec3n Crypto\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.fiahub.com\\\/blog\\\/loss-versus-rebalancing-lvr-la-gi\\\/\",\"url\":\"https:\\\/\\\/www.fiahub.com\\\/blog\\\/loss-versus-rebalancing-lvr-la-gi\\\/\",\"name\":\"Loss-Versus-Rebalancing (LVR) l\u00e0 g\u00ec? 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