{"id":12261,"date":"2025-11-06T14:01:27","date_gmt":"2025-11-06T05:01:27","guid":{"rendered":"https:\/\/ioi-sonpo.co.jp\/crypto\/?p=12261"},"modified":"2025-11-06T14:01:27","modified_gmt":"2025-11-06T05:01:27","slug":"impermanent-loss","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/column\/web3-0\/impermanent-loss\/","title":{"rendered":"\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u3068\u306f\uff1f\u5bfe\u7b56\u6cd5\u3084\u65e9\u898b\u8868\u30fb\u4ed5\u7d44\u307f\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong><span class=\"swl-marker mark_yellow\">DeFi\uff08\u5206\u6563\u578b\u91d1\u878d\uff09\u306e\u4e16\u754c\u3067\u3001\u30a4\u30fc\u30eb\u30c9\u30d5\u30a1\u30fc\u30df\u30f3\u30b0\u3084\u6d41\u52d5\u6027\u63d0\u4f9b\u3068\u3044\u3063\u305f\u9b45\u529b\u7684\u306a\u904b\u7528\u65b9\u6cd5\u306b\u6311\u6226\u3057\u3088\u3046\u3068\u3059\u308b\u3068\u304d\u3001\u591a\u304f\u306e\u4eba\u304c\u51fa\u4f1a\u3046\u306e\u304c\u300c\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\uff08Impermanent Loss \/ \u5909\u52d5\u640d\u5931\uff09\u300d<\/span><\/strong>\u3068\u3044\u3046\u8a00\u8449\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u4e00\u898b\u3059\u308b\u3068\u8907\u96d1\u3067\u3001\u5c11\u3057\u6016\u3044\u97ff\u304d\u306e\u3042\u308b\u73fe\u8c61\u306f\u3001<strong><span class=\"swl-inline-color has-swl-deep-01-color\">DeFi\u4e0a\u3067\u306e\u904b\u7528\u306b\u304a\u3051\u308b\u6700\u3082\u91cd\u8981\u306a\u30ea\u30b9\u30af\u306e\u4e00\u3064<\/span><\/strong>\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3057\u304b\u3057\u3001\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306f\u3001\u305d\u306e\u6b63\u4f53\u3092\u6b63\u3057\u304f\u7406\u89e3\u3059\u308c\u3070\u3001\u904e\u5ea6\u306b\u6050\u308c\u308b\u5fc5\u8981\u306e\u306a\u3044\u3001\u7ba1\u7406\u53ef\u80fd\u306a\u30ea\u30b9\u30af\u3067\u3059\u3002\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u3068\u306f\u4e00\u4f53\u4f55\u306a\u306e\u304b\u3001\u305d\u306e\u767a\u751f\u30e1\u30ab\u30cb\u30ba\u30e0\u304b\u3089\u5177\u4f53\u7684\u306a\u8a08\u7b97\u65b9\u6cd5\u3001\u305d\u3057\u3066\u3069\u306e\u3088\u3046\u306a\u5bfe\u7b56\u306e\u9078\u629e\u80a2\u304c\u3042\u308b\u306e\u304b\u307e\u3067\u3001\u521d\u5fc3\u8005\u306e\u65b9\u3067\u3082\u7406\u89e3\u3067\u304d\u308b\u3088\u3046\u3001\u9806\u3092\u8ffd\u3063\u3066\u5206\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u3068\u306f\u4f55\u304b\uff1f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u3068\u306f\u3001\u300c\u6d41\u52d5\u6027\u63d0\u4f9b\u6642\u306b\u304a\u3051\u308b\u30c8\u30fc\u30af\u30f3\u30da\u30a2\u306e\u4fa1\u683c\u5909\u52d5\u306b\u3088\u3063\u3066\u3001\u30d7\u30fc\u30eb\u304b\u3089\u5f15\u304d\u51fa\u3059\u969b\u306e\u8cc7\u7523\u4fa1\u5024\u304c\u3001HODL\uff08\u305d\u306e\u307e\u307e\u4fdd\u6709\uff09\u3057\u305f\u5834\u5408\u306e\u4fa1\u5024\u3088\u308a\u3082\u4f4e\u304f\u306a\u308b\u640d\u5931\u300d\u3092\u6307\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong>\u3010\u6d41\u52d5\u6027\u63d0\u4f9b\u3068\u306f\u3011<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">2\u7a2e\u985e\u306e\u4eee\u60f3\u901a\u8ca8\uff08\u4f8b\uff1aETH\u3068USDT\uff09\u3092\u7279\u5b9a\u306e\u5272\u5408\uff08\u5927\u4f53\u306f1:1\uff09\u3067\u300c\u6d41\u52d5\u6027\u30d7\u30fc\u30eb\u300d\u3068\u547c\u3070\u308c\u308b\u5834\u6240\u306b\u9810\u3051\u5165\u308c\u308b\u884c\u70ba\u3002DeFi\u4e0a\u3067\u306f\u6697\u53f7\u8cc7\u7523\u306e\u4ea4\u63db\u6642\u3001P2P\u3067\u306e\u53d6\u5f15\u3067\u306f\u306a\u304f\u3001\u3053\u306e\u6d41\u52d5\u6027\u30d7\u30fc\u30eb\u3092\u4ecb\u3057\u3066\u53d6\u5f15\u3057\u307e\u3059\u3002\u6d41\u52d5\u6027\u63d0\u4f9b\u3092\u3059\u308b\u3068\u3001\u53d6\u5f15\u6bce\u306b\u767a\u751f\u3059\u308b\u624b\u6570\u6599\u306e\u4e00\u90e8\u3084\u305d\u306eDeFi\u306e\u30ac\u30d0\u30ca\u30f3\u30b9\u30c8\u30fc\u30af\u30f3\u3092\u5831\u916c\u3068\u3057\u3066\u5f97\u3089\u308c\u307e\u3059\u3002<\/p>\n<\/blockquote>\n\n\n\n<h3 class=\"wp-block-heading\">\u904b\u7528 vs \u30ac\u30c1\u30db\uff1a\u4fa1\u5024\u306e\u300c\u5dee\u984d\u300d<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306e\u610f\u5473\u3092\u805e\u3044\u3066\u3082\u5206\u304b\u308a\u3065\u3089\u3044\u304b\u3068\u601d\u3044\u307e\u3059\u3002<br>\u5177\u4f53\u7684\u306a\u6570\u5024\u3067\u898b\u3066\u3044\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list is-style-check_list\">\n<li><strong>\u30b7\u30ca\u30ea\u30aa\u8a2d\u5b9a<\/strong>\n<ul class=\"wp-block-list -list-under-dashed\">\n<li>\u9810\u3051\u5165\u308c\u6642\uff1a1ETH\u30682,000USDC\u3092\u6d41\u52d5\u6027\u30d7\u30fc\u30eb\u306b\u9810\u3051\u308b\u3002<\/li>\n\n\n\n<li>\u521d\u671f\u4fa1\u683c\uff1a1ETH = 2,000USDC<\/li>\n\n\n\n<li><strong>\u521d\u671f\u8cc7\u7523\u4fa1\u5024\uff1a1ETH (2,000USDC\u76f8\u5f53) + 2,000USDC = 4,000USDC<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u306e\u5f8c\u3001ETH\u306e\u4fa1\u683c\u304c2\u500d\u306e4,000USDC\u306b\u4e0a\u6607\u3057\u305f\u3068\u3057\u307e\u3059\u3002<br><strong><span class=\"swl-marker mark_yellow\">\u4fa1\u683c\u5909\u52d5\u304c\u767a\u751f\u3057\u305f\u5834\u5408\u3001 AMM\u306e\u4ed5\u7d44\u307f\u306b\u3088\u308a\u3001\u4fa1\u683c\u304c\u4e0a\u6607\u3057\u305fETH\u306f\u81ea\u52d5\u7684\u306b\u58f2\u3089\u308c\u3001USDC\u306b\u4ea4\u63db\u3055\u308c\u3066\u3044\u304d\u307e\u3059\u3002<br><\/span><\/strong>\u300c\u30ac\u30c1\u30db\u3057\u7d9a\u3051\u305f\u5834\u5408\u300d\u3068\u300c\u30d7\u30fc\u30eb\u306b\u9810\u3051\u305f\u5834\u5408\u300d\u3067\u3001\u8cc7\u7523\u4fa1\u5024\u304c\u3069\u3046\u5909\u308f\u308b\u304b\u6bd4\u8f03\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u6bd4\u8f03\u9805\u76ee<\/th><th>\u30ac\u30c1\u30db\u3057\u3066\u3044\u305f\u5834\u5408<\/th><th>\u30d7\u30fc\u30eb\u306b\u9810\u3051\u3066\u3044\u305f\u5834\u5408<\/th><\/tr><\/thead><tbody><tr><td>\u4fdd\u6709\u8cc7\u7523<\/td><td>1 ETH \u3068 2,000 USDC<\/td><td>0.7071 ETH \u3068 2,828.43 USDC<\/td><\/tr><tr><td>ETH\u306e\u4fa1\u5024<\/td><td>1 ETH * 4,000 = 4,000 USDC<\/td><td>0.7071 ETH * 4,000 = 2,828.43 USDC<\/td><\/tr><tr><td>USDC\u306e\u4fa1\u5024<\/td><td>2,000 USDC<\/td><td>2,828.43 USDC<\/td><\/tr><tr><td>\u5408\u8a08\u4fa1\u5024<\/td><td>4,000 + 2,000 = 6,000 USDC<\/td><td>2,828.43 + 2,828.43 = 5,656.86 USDC<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u4fa1\u683c\u5909\u52d5\u306e\u7d50\u679c\u3001\u30d7\u30fc\u30eb\u5185\u306e\u8cc7\u7523\u306f\u3001\u9810\u3051\u305f\u5f53\u521d\u306e\u300c1ETH\u300d\u304b\u3089\u300c0.7071ETH\u300d\u306b\u6e1b\u3063\u3066\u3057\u307e\u3044\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list is-style-check_list\">\n<li><strong>\u7d50\u679c<\/strong>\n<ul class=\"wp-block-list -list-under-dashed\">\n<li>HODL\u3057\u305f\u5834\u5408\u306e\u4fa1\u5024: 6,000 USDC\uff081ETH=4,000USDC + 2,000USDC\uff09<\/li>\n\n\n\n<li>\u30d7\u30fc\u30eb\u306b\u9810\u3051\u305f\u5834\u5408\u306e\u4fa1\u5024: 5,656.86 USDC\uff080.7071ETH=2,828.43USDC + 2,828.43USDC\uff09<\/li>\n\n\n\n<li><strong>\u5dee\u984d\uff08\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\uff09: -343.14 USDC<\/strong><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u3088\u3046\u306b\u3001\u30d7\u30fc\u30eb\u306b\u9810\u3051\u3066\u3044\u305f\u65b9\u304c\u3001HODL\u3057\u3066\u3044\u305f\u5834\u5408\u3088\u308a\u3082\u4fa1\u5024\u304c\u4f4e\u304f\u306a\u3063\u3066\u3057\u307e\u3044\u307e\u3057\u305f\u3002<br>\u3053\u306e\u300c343.14 USDC\u300d\u304c\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u3067\u3059\u3002\u3053\u308c\u306f\u3001HODL\u6642\u3068\u6bd4\u8f03\u3057\u3066\u7d045.7%\u306e\u640d\u5931\u306b\u76f8\u5f53\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_info wp-block-paragraph\">\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306f\u3001\u30c8\u30fc\u30af\u30f3\u306e\u679a\u6570\u304c\u6e1b\u308b\u76f4\u63a5\u7684\u306a\u640d\u5931\u3067\u306f\u306a\u304f\u3001\u4fa1\u683c\u5909\u52d5\u306b\u3088\u3063\u3066\u751f\u3058\u308b\u300c\u6a5f\u4f1a\u640d\u5931\u300d\u306b\u8fd1\u3044\u6982\u5ff5\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u306a\u305c\u300c\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\uff08\u4e00\u6642\u7684\uff09\u300d\u3068\u547c\u3070\u308c\u308b\u306e\u304b\uff1f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u640d\u5931\u304c\u300c\u30a4\u30f3\u30d1\u30fc\u30de\u30cdent\uff08\u4e00\u6642\u7684\uff09\u300d\u3068\u547c\u3070\u308c\u308b\u306e\u306f\u3001\u3082\u3057\u30c8\u30fc\u30af\u30f3\u306e\u4fa1\u683c\u304c\u9810\u3051\u5165\u308c\u305f\u5f53\u521d\u306e\u6bd4\u7387\u306b\u5b8c\u5168\u306b\u623b\u308c\u3070\u3001\u3053\u306e\u300c\u5dee\u984d\u300d\u306f\u7406\u8ad6\u4e0a\u30bc\u30ed\u306b\u306a\u308b\u304b\u3089\u3067\u3059\u3002\u4fa1\u683c\u304c\u5143\u306b\u623b\u308c\u3070\u640d\u5931\u3082\u6d88\u3048\u308b\u3001\u3068\u3044\u3046\u6027\u8cea\u304b\u3089\u300c\u4e00\u6642\u7684\u306a\u640d\u5931\u300d\u3068\u547c\u3070\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3057\u304b\u3057\u3001\u3053\u306e\u8a00\u8449\u306f\u3057\u3070\u3057\u3070\u8aa4\u89e3\u3092\u62db\u304d\u307e\u3059\u3002\u306a\u305c\u306a\u3089\u3001\u4fa1\u683c\u304c\u5143\u306b\u623b\u3089\u306a\u3051\u308c\u3070\u3001\u305d\u306e\u640d\u5931\u306f\u78ba\u5b9a\uff08\u5b9f\u73fe\uff09\u3057\u3066\u3057\u307e\u3046\u304b\u3089\u3067\u3059\u3002\u7279\u306b\u4fa1\u683c\u5909\u52d5\u306e\u6fc0\u3057\u3044\u5e02\u5834\u3067\u306f\u3001\u640d\u5931\u304c\u300c\u4e00\u6642\u7684\u300d\u3067\u7d42\u308f\u3089\u306a\u3044\u30b1\u30fc\u30b9\u3082\u5c11\u306a\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u624b\u6570\u6599\u53ce\u5165\u304c\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u3092\u4e0a\u56de\u308b\u3053\u3068\u3082\u3042\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u307e\u3067\u3054\u7d39\u4ecb\u3057\u305f\u3088\u3046\u306b\u3001\u3082\u3057\u9810\u3051\u3066\u3044\u308b\u8cc7\u7523\u306e\u4fa1\u683c\u304c\u4e0a\u304c\u3063\u305f\u5834\u5408\u306b\u306f\u640d\u5931\u304c\u51fa\u3066\u3057\u307e\u3044\u307e\u3059\u3002<br>\u3067\u306f\u3001\u306a\u305c\u4eba\u3005\u306f\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306e\u30ea\u30b9\u30af\u3092\u8ca0\u3063\u3066\u307e\u3067\u6d41\u52d5\u6027\u3092\u63d0\u4f9b\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span class=\"swl-marker mark_yellow\">\u305d\u308c\u306f\u3001\u53d6\u5f15\u624b\u6570\u6599\u3092\u5f97\u3089\u308c\u308b\u304b\u3089\u3067\u3059\u3002<\/span><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6d41\u52d5\u6027\u63d0\u4f9b\u8005\u306f\u3001\u81ea\u8eab\u304c\u63d0\u4f9b\u3057\u305f\u6d41\u52d5\u6027\u30d7\u30fc\u30eb\u3067\u53d6\u5f15\u304c\u884c\u308f\u308c\u308b\u305f\u3073\u306b\u3001\u305d\u306e\u53d6\u5f15\u624b\u6570\u6599\u306e\u4e00\u90e8\u3092\u53d7\u3051\u53d6\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u3053\u306e\u624b\u6570\u6599\u53ce\u5165\u304c\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306b\u3088\u308b\u640d\u5931\u3092\u4e0a\u56de\u308c\u3070\u3001\u7d50\u679c\u7684\u306b\u30c8\u30fc\u30bf\u30eb\u3067\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u30d7\u30e9\u30b9\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u72b6\u6cc1<\/th><th>\u8aac\u660e<\/th><\/tr><\/thead><tbody><tr><td>\u624b\u6570\u6599\u53ce\u5165 &gt; \u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9<\/td><td>\u6d41\u52d5\u6027\u63d0\u4f9b\u8005\u306f\u5229\u76ca\u3092\u5f97\u308b<\/td><\/tr><tr><td>\u624b\u6570\u6599\u53ce\u5165 &lt; \u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9<\/td><td>\u6d41\u52d5\u6027\u63d0\u4f9b\u8005\u306f\u640d\u5931\u3092\u88ab\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>DeFi\u3067\u306e\u6d41\u52d5\u6027\u63d0\u4f9b\u306f\u3001\u5e38\u306b\u3053\u306e\u624b\u6570\u6599\u53ce\u5165\u3068\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u8003\u616e\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/strong><\/p>\n\n\n<div class=\"swell-block-postLink\">\t\t\t<div class=\"p-blogCard -internal\" data-type=\"type1\" data-onclick=\"clickLink\">\n\t\t\t\t<div class=\"p-blogCard__inner\">\n\t\t\t\t\t<span class=\"p-blogCard__caption\">\u3042\u308f\u305b\u3066\u8aad\u307f\u305f\u3044<\/span>\n\t\t\t\t\t<div class=\"p-blogCard__thumb c-postThumb\"><figure class=\"c-postThumb__figure\"><img decoding=\"async\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/10\/\u898b\u51fa\u3057\u3092\u8ffd\u52a0-69-1-300x169.png\" alt=\"\" class=\"c-postThumb__img u-obf-cover\" width=\"320\" height=\"180\"><\/figure><\/div>\t\t\t\t\t<div class=\"p-blogCard__body\">\n\t\t\t\t\t\t<a class=\"p-blogCard__title\" href=\"https:\/\/ichizenholdings.co.jp\/media\/column\/web3-0\/rabbywallet-no1\/\">DeFi\u4f7f\u3046\u306a\u3089RabbyWallet\u3092\u4f7f\u3048\uff01\u4fbf\u5229\u6a5f\u80fd\u304b\u3089\u4f7f\u3044\u65b9\u307e\u3067\u5fb9\u5e95\u89e3\u8aac\uff01<\/a>\n\t\t\t\t\t\t<span class=\"p-blogCard__excerpt\">\u300cJPYC\u3092\u8cfc\u5165\u3057\u3066\u307f\u305f\u3044\uff01\u300d\u300cDeFi\u3092\u4f7f\u3063\u3066\u307f\u305f\u3044\uff01\u300d\u3051\u3069\u3001\u3001\u3001\u300c\u3069\u306e\u30a6\u30a9\u30ec\u30c3\u30c8\u3092\u4f7f\u3048\u3070\u5206\u304b\u3089\u306a\u3044&#8230;.\u300d\u3068\u3044\u3046\u304a\u60a9\u307f\u3092\u62b1\u3048\u3066\u3044\u307e\u305b\u3093\u304b\uff1f \u3053\u306e\u8a18\u4e8b\u3067\u7d39\u4ecb\u3059\u308bRabby &#8230;<\/span>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\n<h2 class=\"wp-block-heading\">AMM\uff1a\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u304c\u767a\u751f\u3059\u308b\u4ed5\u7d44\u307f\u3068\u306f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306f\u306a\u305c\u767a\u751f\u3059\u308b\u306e\u3067\u3057\u3087\u3046\u304b\uff1f<br>\u305d\u308c\u306f\u3001DeFi\u306e\u4e2d\u6838\u6280\u8853\u3067\u3042\u308bAMM\uff08Auto Market Maker\/\u81ea\u52d5\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc\uff09\u304c\u95a2\u308f\u3063\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">AMM\u306e\u4ed5\u7d44\u307f\u304b\u3089\u6839\u672c\u7684\u306b\u89e3\u304d\u660e\u304b\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6d41\u52d5\u6027\u63d0\u4f9b\u3068AMM\uff08\u81ea\u52d5\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc\uff09\u306e\u57fa\u672c<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f93\u6765\u306e\u53d6\u5f15\u6240\uff08CEX\uff09\u3067\u306f\u3001\u682a\u5f0f\u5e02\u5834\u306e\u3088\u3046\u306b\u300c\u8cb7\u3044\u305f\u3044\u4eba\u300d\u3068\u300c\u58f2\u308a\u305f\u3044\u4eba\u300d\u306e\u6ce8\u6587\u3092\u30de\u30c3\u30c1\u30f3\u30b0\u3055\u305b\u308b\u300c\u30aa\u30fc\u30c0\u30fc\u30d6\u30c3\u30af\u65b9\u5f0f\u300d\u304c\u4e3b\u6d41\u3067\u3059\u3002<br>\u4e00\u65b9\u3001Uniswap\u306a\u3069\u306e\u591a\u304f\u306eDEX\uff08\u5206\u6563\u578b\u53d6\u5f15\u6240\uff09\u3067\u306f\u3001AMM\uff08Automated Market Maker \/ \u81ea\u52d5\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc\uff09\u3068\u3044\u3046\u4ed5\u7d44\u307f\u304c\u63a1\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full is-style-border\"><img decoding=\"async\" width=\"2432\" height=\"816\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2022\/02\/image-1.png\" alt=\"\" class=\"wp-image-203879\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2022\/02\/image-1.png 2432w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2022\/02\/image-1-300x101.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2022\/02\/image-1-1024x344.png 1024w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2022\/02\/image-1-768x258.png 768w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2022\/02\/image-1-1536x515.png 1536w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2022\/02\/image-1-2048x687.png 2048w\" sizes=\"(max-width: 2432px) 100vw, 2432px\" \/><figcaption class=\"wp-element-caption\"><a href=\"https:\/\/docs.uniswap.org\/contracts\/v2\/concepts\/core-concepts\/pools\" target=\"_blank\" rel=\"noopener\" title=\"Uniswap\">Uniswap<\/a><\/figcaption><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">AMM\u3067\u306f\u3001\u30e6\u30fc\u30b6\u30fc\u540c\u58eb\u304c\u76f4\u63a5\u53d6\u5f15\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u8ab0\u3082\u304c\u30c8\u30fc\u30af\u30f3\u3092\u9810\u3051\u5165\u308c\u3066\u4f5c\u3089\u308c\u305f\u300c\u6d41\u52d5\u6027\u30d7\u30fc\u30eb\u300d\u3092\u4ecb\u3057\u3066\u53d6\u5f15\u304c\u884c\u308f\u308c\u307e\u3059\u3002\u6d41\u52d5\u6027\u63d0\u4f9b\u8005\u306f\u3001\u901a\u5e382\u7a2e\u985e\u306e\u30c8\u30fc\u30af\u30f3\u3092\u540c\u4fa1\u5024\u306e\u30da\u30a2\u3067\u3053\u306e\u30d7\u30fc\u30eb\u306b\u9810\u3051\u5165\u308c\u3001\u305d\u306e\u898b\u8fd4\u308a\u3068\u3057\u3066\u624b\u6570\u6599\u53ce\u5165\u3092\u5f97\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u91cd\u8981\u306a\u6570\u5f0f\uff1a\u300cx * y = k\u300d<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">AMM\u306e\u4fa1\u683c\u6c7a\u5b9a\u30e1\u30ab\u30cb\u30ba\u30e0\u306e\u6839\u5e79\u306b\u306f\u3001\u300cx * y = k\u300d\u3068\u3044\u3046\u30b7\u30f3\u30d7\u30eb\u306a\u6570\u5f0f\u304c\u3042\u308a\u307e\u3059\u3002<br>\u3053\u308c\u306f\u300c\u5b9a\u6570\u7a4d\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc\u30e2\u30c7\u30eb\u300d\u3068\u547c\u3070\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong><span class=\"swl-fz u-fz-xl\">x * y = k<\/span><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">x: \u30d7\u30fc\u30eb\u5185\u306e\u30c8\u30fc\u30af\u30f3A\u306e\u6570\u91cf<br>y: \u30d7\u30fc\u30eb\u5185\u306e\u30c8\u30fc\u30af\u30f3B\u306e\u6570\u91cf<br>k: \u5b9a\u6570\uff08\u6d41\u52d5\u6027\u306e\u7dcf\u91cf\u306b\u3088\u3063\u3066\u6c7a\u307e\u308b\uff09<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u6570\u5f0f\u306f\u3001\u76f4\u611f\u7684\u306b\u8a00\u3048\u3070\u300c<strong><span class=\"swl-marker mark_yellow\">\u30d7\u30fc\u30eb\u5185\u306e2\u3064\u306e\u30c8\u30fc\u30af\u30f3\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u4fdd\u3064\u305f\u3081\u306e\u30eb\u30fc\u30eb<\/span><\/strong>\u300d\u3067\u3059\u3002<br>\u53d6\u5f15\u306b\u3088\u3063\u3066\u4e00\u65b9\u306e\u30c8\u30fc\u30af\u30f3\u304c\u6e1b\u308c\u3070\u3001\u3082\u3046\u4e00\u65b9\u306f\u5fc5\u305a\u5897\u3048\u3001\u305d\u306e\u7a4d\uff08k\uff09\u306f\u5e38\u306b\u540c\u3058\u5024\u3092\u4fdd\u3061\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u3053\u306e\u30b7\u30f3\u30d7\u30eb\u306a\u30eb\u30fc\u30eb\u304c\u3042\u308b\u304a\u304b\u3052\u3067\u3001DEX\u306f\u4e2d\u592e\u96c6\u6a29\u7684\u306a\u7ba1\u7406\u8005\u306a\u3057\u306b\u300124\u6642\u9593365\u65e5\u3001\u81ea\u52d5\u3067\u30c8\u30fc\u30af\u30f3\u306e\u4ea4\u63db\u30ec\u30fc\u30c8\u3092\u63d0\u793a\u3057\u3001\u53d6\u5f15\u3092\u6210\u7acb\u3055\u305b\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u306e\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u4fa1\u683c\u304c\u5909\u52d5\u3059\u308b\u3068\u3001\u30d7\u30fc\u30eb\u5185\u306e\u30c8\u30fc\u30af\u30f3\u6bd4\u7387\u304c\u5909\u308f\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u3067\u306f\u3001\u8ab0\u304b\u304c\u3053\u306e\u30d7\u30fc\u30eb\u3067\u30c8\u30fc\u30af\u30f3\u3092\u4ea4\u63db\u3059\u308b\u3068\u4f55\u304c\u8d77\u3053\u308b\u3067\u3057\u3087\u3046\u304b\u3002<br>\u4f8b\u3048\u3070\u3001ETH\/USDC\u306e\u30d7\u30fc\u30eb\u3067\u3001\u30c8\u30ec\u30fc\u30c0\u30fc\u304cUSDC\u3092\u4f7f\u3063\u3066ETH\u3092\u8cfc\u5165\u3057\u305f\u3068\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list is-style-num_circle -list-under-dashed\">\n<li>\u30c8\u30ec\u30fc\u30c0\u30fc\u306f\u30d7\u30fc\u30eb\u306bUSDC\u3092\u6295\u5165\u3057\u3001ETH\u3092\u53d6\u308a\u51fa\u3059\u3002<\/li>\n\n\n\n<li>\u30d7\u30fc\u30eb\u5185\u306eETH\u306e\u6570\u91cf\uff08x\uff09\u304c\u6e1b\u308a\u3001USDC\u306e\u6570\u91cf\uff08y\uff09\u304c\u5897\u3048\u308b\u3002<\/li>\n\n\n\n<li>\u300cx * y = k\u300d\u306e\u7a4d\u3092\u4e00\u5b9a\u306b\u4fdd\u3064\u305f\u3081\u3001ETH\u306e\u76f8\u5bfe\u7684\u306a\u4fa1\u683c\u304c\u4e0a\u6607\u3059\u308b\u3002<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u3088\u3046\u306b\u3001<strong><span class=\"swl-marker mark_yellow\">AMM\u306f\u30c8\u30ec\u30fc\u30c0\u30fc\u306e\u884c\u52d5\u306b\u5fdc\u3058\u3066\u3001\u5e38\u306b\u30d7\u30fc\u30eb\u5185\u306e\u30c8\u30fc\u30af\u30f3\u6bd4\u7387\u3068\u4fa1\u683c\u3092\u81ea\u52d5\u7684\u306b\u8abf\u6574<\/span><\/strong>\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4fa1\u683c\u304c\u5b89\u3044\u30c8\u30fc\u30af\u30f3\u304c\u8cb7\u308f\u308c\u3001\u4fa1\u683c\u304c\u9ad8\u3044\u30c8\u30fc\u30af\u30f3\u304c\u58f2\u3089\u308c\u308b\u3053\u3068\u3067\u3001\u30d7\u30fc\u30eb\u5185\u306e\u30c8\u30fc\u30af\u30f3\u306f\u5e38\u306b\u5e02\u5834\u4fa1\u683c\u304b\u3089\u4e56\u96e2\u3057\u306a\u3044\u3088\u3046\u306b\u8abf\u6574\u3055\u308c\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5f15\u304d\u51fa\u3059\u6642\u306b\u751f\u3058\u308b\u300c\u30ba\u30ec\u300d\u304c\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306e\u6b63\u4f53<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6d41\u52d5\u6027\u63d0\u4f9b\u8005\u304c\u8cc7\u7523\u3092\u5f15\u304d\u51fa\u3059\u969b\u3001\u30d7\u30fc\u30eb\u5185\u306e\u30c8\u30fc\u30af\u30f3\u6bd4\u7387\u306f\u9810\u3051\u5165\u308c\u305f\u6642\u3068\u306f\u5909\u308f\u3063\u3066\u3044\u307e\u3059\u3002<br><strong><span class=\"swl-marker mark_yellow\">\u4fa1\u683c\u304c\u5b89\u3044\u65b9\u306e\u30c8\u30fc\u30af\u30f3\u306e\u6570\u91cf\u304c\u5897\u3048\u3001\u4fa1\u683c\u304c\u9ad8\u3044\u65b9\u306e\u30c8\u30fc\u30af\u30f3\u306e\u6570\u91cf\u304c\u6e1b\u3063\u3066\u3044\u308b<\/span><\/strong>\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4f8b\u3048\u3070\u3001ETH\u304c\u5024\u4e0a\u304c\u308a\u3057\u305f\u5834\u5408\u3001\u6d41\u52d5\u6027\u63d0\u4f9b\u8005\u304c\u5f15\u304d\u51fa\u3059\u8cc7\u7523\u306f\u3001\u9810\u3051\u5165\u308c\u305f\u6642\u3088\u308a\u3082ETH\u306e\u679a\u6570\u304c\u6e1b\u308a\u3001USDC\u306e\u679a\u6570\u304c\u5897\u3048\u305f\u72b6\u614b\u306b\u306a\u3063\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u6642\u3001\u5f15\u304d\u51fa\u3057\u305f\u8cc7\u7523\u306e\u5408\u8a08\u4fa1\u5024\u3092\u3001\u3082\u3057ETH\u3068USDC\u3092\u9810\u3051\u305a\u306b\u30ac\u30c1\u30db\u3057\u3066\u3044\u305f\u5834\u5408\u306e\u4fa1\u5024\u3068\u6bd4\u8f03\u3059\u308b\u3068\u3001\u5dee\u984d\u304c\u751f\u3058\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u300c\u30ba\u30ec\u300d\u3053\u305d\u304c\u3001\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306e\u6b63\u4f53\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"is-style-icon_info wp-block-paragraph\">AMM\u306f\u3001\u4fa1\u683c\u304c\u4e0a\u304c\u3063\u305f\u30c8\u30fc\u30af\u30f3\u3092\u81ea\u52d5\u7684\u306b\u58f2\u308a\u3001\u4fa1\u683c\u304c\u4e0b\u304c\u3063\u305f\u30c8\u30fc\u30af\u30f3\u3092\u81ea\u52d5\u7684\u306b\u8cb7\u3046\u30ea\u30d0\u30e9\u30f3\u30b9\u30fb\u30de\u30b7\u30f3\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3059\u3002\u3053\u306e\u81ea\u52d5\u7684\u306a\u30ea\u30d0\u30e9\u30f3\u30b9\u306e\u7d50\u679c\u3001HODL\u3057\u3066\u3044\u305f\u5834\u5408\u3068\u306e\u4fa1\u5024\u306e\u5dee\u304c\u751f\u307e\u308c\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306e\u8a08\u7b97\u65b9\u6cd5\u3068\u65e9\u898b\u8868<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306e\u6982\u5ff5\u3068\u3001\u767a\u751f\u3059\u308b\u4ed5\u7d44\u307f\u3092\u7406\u89e3\u3057\u305f\u3068\u3053\u308d\u3067\u3001\u6b21\u306b\u300c\u3069\u308c\u304f\u3089\u3044\u306e\u640d\u5931\u304c\u767a\u751f\u3059\u308b\u306e\u304b\u300d\u3092\u5177\u4f53\u7684\u306b\u628a\u63e1\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u306a\u3093\u3068\u306a\u304f\u3067\u3082\u899a\u3048\u3066\u304a\u304f\u3053\u3068\u3092\u304a\u3059\u3059\u3081\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\uff1a\u640d\u5931\u65e9\u898b\u8868<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306e\u5927\u304d\u3055\u306f\u3001\u9810\u3051\u5165\u308c\u305f\u6642\u70b9\u304b\u3089\u306e\u30c8\u30fc\u30af\u30f3\u30da\u30a2\u306e\u4fa1\u683c\u5909\u52d5\u7387\u306b\u4f9d\u5b58\u3057\u307e\u3059\u3002\u4ee5\u4e0b\u306e\u8868\u306f\u3001\u4fa1\u683c\u5909\u52d5\u7387\u3068\u3001\u30ac\u30c1\u30db\u3057\u305f\u5834\u5408\u3068\u6bd4\u8f03\u3057\u305f\u969b\u306e\u640d\u5931\u7387\u306e\u95a2\u4fc2\u3092\u793a\u3057\u305f\u3082\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><thead><tr><th>\u4fa1\u683c\u5909\u52d5\u7387<\/th><th>\u30ac\u30c1\u30db\u6642\u3068\u306e\u4fa1\u5024\u306e\u5dee\uff08\u640d\u5931\u7387\uff09<\/th><\/tr><\/thead><tbody><tr><td>1.25\u500d<\/td><td>-0.6%<\/td><\/tr><tr><td>1.50\u500d<\/td><td>-2.0%<\/td><\/tr><tr><td>1.75\u500d<\/td><td>-3.8%<\/td><\/tr><tr><td>2.00\u500d<\/td><td>-5.7%<\/td><\/tr><tr><td>3.00\u500d<\/td><td>-13.4%<\/td><\/tr><tr><td>4.00\u500d<\/td><td>-20.0%<\/td><\/tr><tr><td>5.00\u500d<\/td><td>-25.5%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u91cd\u8981\u306a\u306e\u306f\u3001\u4fa1\u683c\u304c\u4e0a\u304c\u3063\u3066\u3082\u4e0b\u304c\u3063\u3066\u3082\u3001\u540c\u3058\u5909\u52d5\u7387\u3067\u3042\u308c\u3070\u540c\u3058\u5272\u5408\u306e\u640d\u5931\u304c\u767a\u751f\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<br><strong><span class=\"swl-marker mark_yellow\">\u4f8b\u3048\u3070\u3001\u4fa1\u683c\u304c2\u500d\u306b\u306a\u3063\u3066\u3082\u534a\u5206\u306b\u306a\u3063\u3066\u3082\u3001\u640d\u5931\u7387\u306f\u540c\u3058-5.7%\u3067\u3059\u3002<\/span><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306e\u8a08\u7b97\u5f0f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u640d\u5931\u65e9\u898b\u8868\u306e\u640d\u5931\u7387\u306f\u3001\u4ee5\u4e0b\u306e\u8a08\u7b97\u5f0f\u304b\u3089\u5c0e\u304d\u51fa\u3055\u308c\u307e\u3059 \u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><strong><span class=\"swl-fz u-fz-xl\">Impermanent Loss = (2 * \u221ak) \/ (1 + k) &#8211; 1<\/span><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022k: \u9810\u3051\u5165\u308c\u6642\u304b\u3089\u306e\u4fa1\u683c\u5909\u52d5\u7387<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u5f0f\u304c\u76f4\u611f\u7684\u306b\u5206\u304b\u308a\u306b\u304f\u3044\u5834\u5408\u3001\u5177\u4f53\u4f8b\u3067\u8003\u3048\u3066\u307f\u307e\u3057\u3087\u3046\u3002<br>\u4f8b\u3048\u3070\u3001<strong>ETH\u306e\u4fa1\u683c\u304c2\u500d\u306b\u306a\u3063\u305f\u5834\u5408\u3001\u4fa1\u683c\u5909\u52d5\u7387\u300ck\u300d\u306f2\u306b\u306a\u308a\u307e\u3059<\/strong>\u3002\u3053\u308c\u3092\u5f0f\u306b\u5f53\u3066\u306f\u3081\u3066\u307f\u307e\u3059\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<ul class=\"wp-block-list is-style-num_circle -list-under-dashed\">\n<li>\u221ak\u3092\u8a08\u7b97: \u221a2 \u2248 1.414<\/li>\n\n\n\n<li>\u5206\u5b50\u3092\u8a08\u7b97: 2 * 1.414 = 2.828<\/li>\n\n\n\n<li>\u5206\u6bcd\u3092\u8a08\u7b97: 1 + 2 = 3<\/li>\n\n\n\n<li>\u8a08\u7b97: (2.828 \/ 3) &#8211; 1 \u2248 0.9427 &#8211; 1 = -0.0573<\/li>\n<\/ul>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u7d50\u679c\u306f\u7d04-0.0573\u3068\u306a\u308a\u3001\u3053\u308c\u306f-5.73%\u306e\u640d\u5931\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u3053\u308c\u306f\u524d\u8ff0\u306e\u65e9\u898b\u8868\u306e\u6570\u5024\u3068\u4e00\u81f4\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u5f0f\u306f\u3001\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u304c\u624b\u6570\u6599\u53ce\u5165\u3092\u542b\u307e\u305a\u3001\u7d14\u7c8b\u306b\u4fa1\u683c\u5909\u52d5\u306e\u307f\u306b\u4f9d\u5b58\u3059\u308b\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u8a08\u7b97\u3092\u7c21\u5358\u306b\u3059\u308b\u4fbf\u5229\u30c4\u30fc\u30eb<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u81ea\u5206\u3067\u8a08\u7b97\u3057\u306a\u304f\u3066\u3082\u3001\u6570\u5024\u3092\u5165\u529b\u3059\u308b\u3060\u3051\u3067\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u3092\u81ea\u52d5\u7684\u306b\u8a08\u7b97\u3057\u3066\u304f\u308c\u308b\u30aa\u30f3\u30e9\u30a4\u30f3\u30c4\u30fc\u30eb\u304c\u3042\u308a\u307e\u3059\u3002\u3053\u308c\u3089\u3092\u4f7f\u3048\u3070\u3001\u5177\u4f53\u7684\u306a\u30b7\u30ca\u30ea\u30aa\u3067\u306e\u640d\u5931\u3092\u7c21\u5358\u306b\u30b7\u30df\u30e5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li><a href=\"https:\/\/www.coingecko.com\/en\/impermanent-loss-calculator\" target=\"_blank\" rel=\"noopener\" title=\"CoinGecko Impermanent Loss Calculator\"><strong>CoinGecko Impermanent Loss Calculator<\/strong><\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/dailydefi.org\/tools\/impermanent-loss-calculator\/\" target=\"_blank\" rel=\"noopener\" title=\"DailyDeFi Impermanent Loss Calculator\"><strong>DailyDeFi Impermanent Loss Calculator<\/strong><\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u308c\u3089\u306e\u30c4\u30fc\u30eb\u306b\u3001\u5404\u30c8\u30fc\u30af\u30f3\u306e\u521d\u671f\u4fa1\u683c\u3068\u5909\u52d5\u5f8c\u306e\u4fa1\u683c\u3092\u5165\u529b\u3059\u308b\u3060\u3051\u3067\u3001\u640d\u5931\u984d\u3092\u7c21\u5358\u306b\u628a\u63e1\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u3092\u8efd\u6e1b\u3059\u308b\u306b\u306f\uff1f\u3010\u5bfe\u7b56\u306e\u9078\u629e\u80a2\u3011<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306e\u5b58\u5728\u3092\u524d\u63d0\u3068\u3057\u305f\u4e0a\u3067\u3001\u305d\u306e\u5f71\u97ff\u3092\u8efd\u6e1b\u3059\u308b\u305f\u3081\u306e\u5bfe\u7b56\u3082\u9032\u5316\u3057\u3066\u3044\u307e\u3059\u3002<br>\u3053\u3053\u3067\u306f\u3001\u57fa\u672c\u7684\u306a\u5bfe\u7b56\u65b9\u6cd5\u30683\u3064\u306e\u5fdc\u7528\u7b56\u3092\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box\"><div class=\"cap_box_ttl\"><span>\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306e\u5bfe\u7b56\u65b9\u6cd5<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li>\u5bfe\u7b56\u306e\u57fa\u672c\uff1a\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u3084\u4fa1\u683c\u5909\u52d5\u306e\u5c0f\u3055\u3044\u30da\u30a2\u3092\u9078\u3076<\/li>\n\n\n\n<li>\u5fdc\u7528\u7b56\u2460\uff1a\u6d41\u52d5\u6027\u3092\u7279\u5b9a\u306e\u4fa1\u683c\u7bc4\u56f2\u306b\u96c6\u4e2d\u3055\u305b\u308b\uff08\u96c6\u4e2d\u6d41\u52d5\u6027\uff09<\/li>\n\n\n\n<li>\u5fdc\u7528\u7b56\u2461\uff1a\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\u3092\u6291\u3048\u308b\u65b0\u3057\u3044AMM\u306e\u5f62\uff08Liquidity Book\uff09<\/li>\n\n\n\n<li>\u5fdc\u7528\u7b56\u2462\uff1a\u53d6\u5f15\u30ed\u30b8\u30c3\u30af\u3092\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u3059\u308b\uff08\u30d5\u30c3\u30af\uff09<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">\u5bfe\u7b56\u306e\u57fa\u672c\uff1a\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u3084\u4fa1\u683c\u5909\u52d5\u306e\u5c0f\u3055\u3044\u30da\u30a2\u3092\u9078\u3076<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u3082\u30b7\u30f3\u30d7\u30eb\u3067\u57fa\u672c\u7684\u306a\u5bfe\u7b56\u306f\u3001\u4fa1\u683c\u5909\u52d5\u304c\u5c0f\u3055\u3044\u30c8\u30fc\u30af\u30f3\u306e\u30da\u30a2\u3067\u6d41\u52d5\u6027\u3092\u63d0\u4f9b\u3059\u308b\u3053\u3068\u3067\u3059\u3002<br><strong><span class=\"swl-marker mark_yellow\">\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306f\u4fa1\u683c\u5909\u52d5\u7387\u306b\u4f9d\u5b58\u3059\u308b\u305f\u3081\u3001\u4fa1\u683c\u304c\u5b89\u5b9a\u3057\u3066\u3044\u308c\u3070\u640d\u5931\u3082\u5c0f\u3055\u304f\u306a\u308a\u307e\u3059\u3002<\/span><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list is-style-check_list -list-under-dashed\">\n<li>\u4ee3\u8868\u7684\u306a\u30da\u30a2\uff1aUSDC\/USDT\u306e\u3088\u3046\u306a\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u540c\u58eb\u306e\u30da\u30a2<\/li>\n\n\n\n<li>\u30e1\u30ea\u30c3\u30c8\uff1a\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306e\u30ea\u30b9\u30af\u3092\u6700\u5c0f\u9650\u306b\u6291\u3048\u3001\u624b\u6570\u6599\u3092\u5f97\u3089\u308c\u308b<\/li>\n\n\n\n<li>\u30c7\u30e1\u30ea\u30c3\u30c8\uff1a\u4fa1\u683c\u5909\u52d5\u304c\u5c0f\u3055\u3044\u305f\u3081\u3001\u53d6\u5f15\u91cf\u3082\u5c11\u306a\u304f\u306a\u308a\u304c\u3061\u3067\u3001\u5f97\u3089\u308c\u308b\u624b\u6570\u6599\u53ce\u5165\u3082\u6bd4\u8f03\u7684\u4f4e\u3044\u50be\u5411\u306b\u3042\u308b\u3002<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">\u5fdc\u7528\u7b56\u2460\uff1a\u6d41\u52d5\u6027\u3092\u7279\u5b9a\u306e\u4fa1\u683c\u7bc4\u56f2\u306b\u96c6\u4e2d\u3055\u305b\u308b\uff08\u96c6\u4e2d\u6d41\u52d5\u6027\uff09<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Uniswap V3\u3067\u306f\u300c\u96c6\u4e2d\u6d41\u52d5\u6027\uff08Concentrated Liquidity\uff09\u300d\u3068\u3044\u3046\u753b\u671f\u7684\u306a\u4ed5\u7d44\u307f\u304c\u5c0e\u5165\u3055\u308c\u307e\u3057\u305f\u3002<br>\u3053\u308c\u306f\u3001\u6d41\u52d5\u6027\u3092\u300c0\u304b\u3089\u7121\u9650\u5927\u300d\u306e\u5168\u4fa1\u683c\u5e2f\u306b\u63d0\u4f9b\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001<strong><span class=\"swl-marker mark_yellow\">\u81ea\u5206\u3067\u6307\u5b9a\u3057\u305f\u7279\u5b9a\u306e\u4fa1\u683c\u7bc4\u56f2\u306b\u96c6\u4e2d\u3055\u305b\u308b\u6a5f\u80fd<\/span><\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u96c6\u4e2d\u6d41\u52d5\u6027\u306e\u4f7f\u3044\u65b9\u3068\u3057\u3066\u306f\u3001\u4f8b\u3048\u3070\u3001ETH\u306e\u4fa1\u683c\u304c1,800\u301c2,200USDC\u306e\u9593\u3067\u52d5\u304f\u3068\u4e88\u6e2c\u3059\u308b\u5834\u5408\u3001\u305d\u306e\u7bc4\u56f2\u306b\u6d41\u52d5\u6027\u3092\u96c6\u4e2d\u3055\u305b\u308b\u3001\u3068\u3044\u3046\u30a4\u30e1\u30fc\u30b8\u3067\u3059\u3002\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u96c6\u4e2d\u6d41\u52d5\u6027\u306e\u6700\u5927\u306e\u30e1\u30ea\u30c3\u30c8\u306f\u3001\u8cc7\u672c\u52b9\u7387\u304c\u5287\u7684\u306b\u5411\u4e0a\u3057\u3001\u540c\u3058\u8cc7\u672c\u3067\u3082\u3088\u308a\u591a\u304f\u306e\u624b\u6570\u6599\u53ce\u5165\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u70b9\u3067\u3059\u3002\u4f8b\u3048\u3070\u3001\u3042\u306a\u305f\u304cETH\/USDC\u30da\u30a2\u3067\u300c1,800\u301c2,200\u306e\u7bc4\u56f2\u3067\u6d41\u52d5\u6027\u3092\u63d0\u4f9b\u3057\u3066\u3044\u308b\u300d\u3068\u4eee\u5b9a\u3059\u308b\u3068\u3001\u305d\u306e\u7bc4\u56f2\u5185\u3067ETH\u3068USDC\u304c\u53d6\u5f15\u3055\u308c\u308b\u9650\u308a\u3001\u63d0\u4f9b\u3057\u305f\u6d41\u52d5\u6027\u306f\u52b9\u679c\u7684\u306b\u4f7f\u308f\u308c\u3001\u624b\u6570\u6599\u53ce\u76ca\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u307e\u3059\u3002\u4e00\u65b9\u3001\u5f93\u6765\u306e\u6d41\u52d5\u6027\u63d0\u4f9b\uff08Uniswap V2\u306a\u3069\uff09\u3067\u306f\u3001\u4fa1\u683c\u7bc4\u56f2\u3092\u9650\u5b9a\u305b\u305a\u306b\u5747\u7b49\u306b\u6d41\u52d5\u6027\u3092\u63d0\u4f9b\u3059\u308b\u305f\u3081\u3001\u5e83\u7bc4\u56f2\u306b\u308f\u305f\u308b\u8cc7\u672c\u3092\u4f7f\u3044\u7d9a\u3051\u306a\u3051\u308c\u3070\u306a\u3089\u305a\u3001\u540c\u3058\u624b\u6570\u6599\u53ce\u76ca\u306b\u5bfe\u3057\u3066\u5fc5\u8981\u306a\u8cc7\u672c\u91cf\u304c\u591a\u304f\u306a\u308a\u304c\u3061\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Uniswap\u306e\u516c\u5f0f\u30d6\u30ed\u30b0\u306b\u3088\u308b\u3068\u3001V3\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u306f\u3001\u30ea\u30d0\u30e9\u30f3\u30b9\u3092\u884c\u308f\u306a\u304f\u3066\u3082V2\u3068\u6bd4\u8f03\u3057\u3066<strong>\u5e73\u5747\u3067\u7d0454%\u9ad8\u3044\u624b\u6570\u6599\u30ea\u30bf\u30fc\u30f3<\/strong>\u3092\u5f97\u3089\u308c\u305f\u3068\u5831\u544a\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u3088\u3046\u306b\u3001\u96c6\u4e2d\u6d41\u52d5\u6027\u3092\u6d3b\u7528\u3059\u308b\u3053\u3068\u3067\u3001\u5c11\u306a\u3044\u8cc7\u672c\u3067\u3088\u308a\u9ad8\u3044\u53ce\u76ca\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u3001\u8cc7\u672c\u52b9\u7387\u304c\u683c\u6bb5\u306b\u5411\u4e0a\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3067\u30c7\u30e1\u30ea\u30c3\u30c8\u3068\u3057\u3066\u306f\u3001\u4fa1\u683c\u304c\u6307\u5b9a\u3057\u305f\u7bc4\u56f2\u3092\u5916\u308c\u308b\u3068\u3001\u624b\u6570\u6599\u53ce\u5165\u306f\u5f97\u3089\u308c\u306a\u304f\u306a\u308a\u3001\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306e\u5f71\u97ff\u3092\u3088\u308a\u5927\u304d\u304f\u53d7\u3051\u307e\u3059\u3002<br>\u4f8b\u3048\u3070\u3001ETH\/USDC\u30da\u30a2\u3067\u4fa1\u683c\u7bc4\u56f2\u30921,800\u301c2,200\u306b\u8a2d\u5b9a\u3057\u3066\u6d41\u52d5\u6027\u3092\u63d0\u4f9b\u3057\u3066\u3044\u308b\u5834\u5408\u3001ETH\u306e\u4fa1\u683c\u304c3,000\u306b\u6025\u9a30\u3059\u308b\u3068\u3001\u305d\u306e\u7bc4\u56f2\u5916\u306b\u306a\u308b\u305f\u3081\u3001\u3042\u306a\u305f\u306e\u6d41\u52d5\u6027\u306fETH\u304b\u3089USDC\u306b\u5909\u63db\u3055\u308c\u3001\u4ee5\u964d\u306e\u4fa1\u683c\u4e0a\u6607\u306b\u3088\u308b\u5229\u76ca\u3092\u5f97\u308b\u3053\u3068\u304c\u3067\u304d\u306a\u304f\u306a\u308a\u307e\u3059\u3002\u3053\u308c\u306f\u3001\u8a2d\u5b9a\u3057\u305f\u7bc4\u56f2\u5185\u3067\u306e\u53d6\u5f15\u304c\u884c\u308f\u308c\u3066\u3044\u306a\u3044\u305f\u3081\u3001\u6d41\u52d5\u6027\u304c\u63d0\u4f9b\u3055\u308c\u306a\u304f\u306a\u308b\u304b\u3089\u3067\u3059\u3002\u3053\u306e\u30ea\u30b9\u30af\u3092\u907f\u3051\u308b\u305f\u3081\u306b\u306f\u3001\u4fa1\u683c\u5909\u52d5\u3092\u4e88\u6e2c\u3057\u3001\u5b9a\u671f\u7684\u306b\u4fa1\u683c\u7bc4\u56f2\u3092\u518d\u8a2d\u5b9a\uff08\u30ea\u30d0\u30e9\u30f3\u30b9\uff09\u3057\u3066\u6d41\u52d5\u6027\u3092\u9069\u5207\u306b\u7ba1\u7406\u3059\u308b\u3053\u3068\u304c\u91cd\u8981\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5fdc\u7528\u7b56\u2461\uff1a\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\u3092\u6291\u3048\u308b\u65b0\u3057\u3044AMM\u306e\u5f62\uff08Liquidity Book\uff09<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Trader Joe V2\u306a\u3069\u3067\u63a1\u7528\u3055\u308c\u3066\u3044\u308b\u300cLiquidity Book\u300d\u306f\u3001AMM\u306e\u65b0\u3057\u3044\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u3059\u3002<br>\u3053\u308c\u306f\u3001<strong>\u6d41\u52d5\u6027\u3092\u96e2\u6563\u7684\u306a\u4fa1\u683c\u306e\u300c\u30d3\u30f3\uff08Bin\uff09\u300d\u306b\u5206\u5272\u3057\u3066\u7ba1\u7406<\/strong>\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list is-style-check_list 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class=\"wp-block-heading\">\u5fdc\u7528\u7b56\u2462\uff1a\u53d6\u5f15\u30ed\u30b8\u30c3\u30af\u3092\u30ab\u30b9\u30bf\u30de\u30a4\u30ba\u3059\u308b\uff08\u30d5\u30c3\u30af\uff09<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/v4.uniswap.org\/\" target=\"_blank\" rel=\"noopener\" title=\"Uniswap V4\">Uniswap V4<\/a>\uff082025\u5e741\u670831\u65e5\u30ed\u30fc\u30f3\u30c1\uff09\u3067\u5c0e\u5165\u3055\u308c\u305f\u6700\u65b0\u306e\u6982\u5ff5\u304c\u300c\u30d5\u30c3\u30af\uff08Hooks\uff09\u300d\u3067\u3059\u3002<br>\u3053\u308c\u306f\u3001\u958b\u767a\u8005\u304c\u6d41\u52d5\u6027\u30d7\u30fc\u30eb\u306e\u30e9\u30a4\u30d5\u30b5\u30a4\u30af\u30eb\u306e\u69d8\u3005\u306a\u30dd\u30a4\u30f3\u30c8\u3067\u3001\u72ec\u81ea\u306e\u30ed\u30b8\u30c3\u30af\uff08\u30d7\u30ed\u30b0\u30e9\u30e0\uff09\u3092\u7d44\u307f\u8fbc\u3080\u3053\u3068\u304c\u3067\u304d\u308b\u6a5f\u80fd\u3067\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list is-style-check_list 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class=\"wp-block-paragraph\">\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306e\u672c\u8cea\u3068\u3001\u305d\u308c\u306b\u5bfe\u3059\u308b\u6700\u65b0\u306e\u5bfe\u7b56\u306b\u3064\u3044\u3066\u8a73\u3057\u304f\u89e3\u8aac\u3057\u307e\u3057\u305f\u3002\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306f\u3001AMM\uff08\u81ea\u52d5\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc\uff09\u306e\u4ed5\u7d44\u307f\u306b\u57fa\u3065\u3044\u3066\u3001\u4fa1\u683c\u5909\u52d5\u304c\u3042\u308b\u9650\u308a\u767a\u751f\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u73fe\u8c61\u3067\u3059\u3002\u305d\u306e\u672c\u8cea\u306f\u3001HODL\uff08\u4fdd\u6709\uff09\u3057\u3066\u3044\u305f\u5834\u5408\u3068\u306e\u300c\u5dee\u984d\u300d\u306b\u3042\u308a\u307e\u3059\u3002\u3053\u306e\u5dee\u984d\u306f\u3001AMM\u306e\u4fa1\u683c\u6c7a\u5b9a\u5f0f\u300cx * y = k\u300d\u306b\u8d77\u56e0\u3057\u3066\u304a\u308a\u3001\u53d6\u5f15\u6240\u306b\u304a\u3051\u308b\u6d41\u52d5\u6027\u63d0\u4f9b\u8005\u306b\u3068\u3063\u3066\u907f\u3051\u3089\u308c\u306a\u3044\u30ea\u30b9\u30af\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3060\u3057\u3001\u640d\u5931\u306e\u5927\u304d\u3055\u306f\u8a08\u7b97\u53ef\u80fd\u3067\u3042\u308a\u3001\u5bfe\u7b56\u3068\u3057\u3066\u30b9\u30c6\u30fc\u30d6\u30eb\u30b3\u30a4\u30f3\u30da\u30a2\u306e\u9078\u629e\u3084\u3001\u96c6\u4e2d\u6d41\u52d5\u6027\u3001Liquidity Book\u3001\u30d5\u30c3\u30af\u3068\u3044\u3063\u305f\u6280\u8853\u7684\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u5b58\u5728\u3057\u307e\u3059\u3002\u3053\u308c\u3089\u306e\u5bfe\u7b56\u3092\u99c6\u4f7f\u3059\u308b\u3053\u3068\u3067\u3001\u30ea\u30b9\u30af\u3092\u6291\u3048\u3064\u3064\u3001\u5b89\u5b9a\u7684\u306b\u53ce\u76ca\u3092\u5f97\u308b\u3053\u3068\u304c\u53ef\u80fd\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">DeFi\u306b\u304a\u3044\u3066\u6d41\u52d5\u6027\u3092\u63d0\u4f9b\u3059\u308b\u969b\u306b\u306f\u3001\u3053\u306e\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u3092\u6b63\u3057\u304f\u7406\u89e3\u3057\u3001\u5f97\u3089\u308c\u308b\u624b\u6570\u6599\u53ce\u5165\u3068\u306e\u30d0\u30e9\u30f3\u30b9\u3092\u610f\u8b58\u3059\u308b\u3053\u3068\u304c\u3001\u9577\u671f\u7684\u306b\u898b\u3066\u8ce2\u660e\u306a\u904b\u7528\u306b\u3064\u306a\u304c\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n<div class=\"swell-block-postLink\">\t\t\t<div class=\"p-blogCard -internal\" data-type=\"type1\" data-onclick=\"clickLink\">\n\t\t\t\t<div class=\"p-blogCard__inner\">\n\t\t\t\t\t<span class=\"p-blogCard__caption\">\u3042\u308f\u305b\u3066\u8aad\u307f\u305f\u3044<\/span>\n\t\t\t\t\t<div class=\"p-blogCard__thumb c-postThumb\"><figure class=\"c-postThumb__figure\"><img decoding=\"async\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2022\/02\/ICHIZEN-CAPITAL-29-1-300x169.png\" alt=\"\" class=\"c-postThumb__img u-obf-cover\" width=\"320\" height=\"180\"><\/figure><\/div>\t\t\t\t\t<div class=\"p-blogCard__body\">\n\t\t\t\t\t\t<a class=\"p-blogCard__title\" href=\"https:\/\/ichizenholdings.co.jp\/media\/column\/web3-0\/apr-apy\/\">\u4eee\u60f3\u901a\u8ca8\u306eAPR\u3068APY\u306e\u9055\u3044\u3068\u306f\uff1f\u5909\u63db\u3084\u8a08\u7b97\u65b9\u6cd5\u307e\u3067\uff01<\/a>\n\t\t\t\t\t\t<span class=\"p-blogCard__excerpt\">\u300cAPR\u3068APY\u3063\u3066\u4f55\u304b\u9055\u3044\u306f\u3042\u308b\u306e\uff1f\uff01\u300d PancakeSwap\u306a\u3069\u306e\u5206\u6563\u578b\u53d6\u5f15\u6240(DEX)\u3067\u30a4\u30fc\u30eb\u30c9\u30d5\u30a1\u30fc\u30df\u30f3\u30b0\u3084\u6d41\u52d5\u6027\u30de\u30a4\u30cb\u30f3\u30b0\u3001\u30b9\u30c6\u30fc\u30ad\u30f3\u30b0\u3092\u59cb\u3081\u308b\u3068\u3001\u8ab0\u3082\u304c\u76ee\u306b\u3059\u308b\u300cAPR&#8230;<\/span>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>DeFi\uff08\u5206\u6563\u578b\u91d1\u878d\uff09\u306e\u4e16\u754c\u3067\u3001\u30a4\u30fc\u30eb\u30c9\u30d5\u30a1\u30fc\u30df\u30f3\u30b0\u3084\u6d41\u52d5\u6027\u63d0\u4f9b\u3068\u3044\u3063\u305f\u9b45\u529b\u7684\u306a\u904b\u7528\u65b9\u6cd5\u306b\u6311\u6226\u3057\u3088\u3046\u3068\u3059\u308b\u3068\u304d\u3001\u591a\u304f\u306e\u4eba\u304c\u51fa\u4f1a\u3046\u306e\u304c\u300c\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\uff08Impermanent Loss \/ \u5909\u52d5\u640d\u5931\uff09\u300d\u3068\u3044\u3046\u8a00\u8449\u3067\u3059 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":203880,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"","footnotes":""},"categories":[106],"tags":[],"class_list":["post-12261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-web3-0"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" 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