{"id":205336,"date":"2026-07-27T13:43:00","date_gmt":"2026-07-27T04:43:00","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=205336"},"modified":"2026-07-27T13:43:00","modified_gmt":"2026-07-27T04:43:00","slug":"what-is-amm","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/column\/technology\/what-is-amm\/","title":{"rendered":"AMM(\u81ea\u52d5\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc)\u3068\u306f\uff1f\u4ed5\u7d44\u307f\u30fbDEX\u3068\u306e\u95a2\u4fc2\u30fb\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u3068\u7a0e\u91d1\u3092\u5fd6\u5ea6\u306a\u304f\u89e3\u8aac\u30102026\u5e74\u6700\u65b0\u3011"},"content":{"rendered":"\n<p class=\"u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong>ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide u-mb-ctrl u-mb-10\"\/>\n\n\n\n<ul class=\"wp-block-list -list-under-dashed is-style-index\">\n<li><strong><span class=\"swl-marker mark_yellow\">AMM(\u81ea\u52d5\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc)\u306f\u3001\u53d6\u5f15\u76f8\u624b\u304c\u3044\u306a\u304f\u3066\u3082\u4ea4\u63db\u304c\u6210\u7acb\u3059\u308bDEX\u306e\u4e2d\u6838\u306e\u4ed5\u7d44\u307f<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>Automated Market Maker\u306e\u7565\u3067\u300c\u30a8\u30fc\u30a8\u30e0\u30a8\u30e0\u300d\u3068\u8aad\u3080\u3002\u58f2\u8cb7\u3092\u4eba\u3067\u306f\u306a\u304f\u30d7\u30ed\u30b0\u30e9\u30e0(\u30b9\u30de\u30fc\u30c8\u30b3\u30f3\u30c8\u30e9\u30af\u30c8)\u304c\u81ea\u52d5\u3067\u3055\u3070\u304f<\/li>\n\n\n\n<li>\u300cAMM\u300d\u306f\u4ed5\u7d44\u307f\u306e\u540d\u524d\u3001\u300cDEX\u300d\u306f\u305d\u306e\u4ed5\u7d44\u307f\u3092\u4f7f\u3063\u305f\u53d6\u5f15\u6240\u306e\u540d\u524d\u3002\u5225\u3005\u306e\u8a00\u8449\u3068\u3057\u3066\u6574\u7406\u3059\u308b\u3068\u7406\u89e3\u304c\u65e9\u3044<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u4fa1\u683c\u306f\u300c\u6d41\u52d5\u6027\u30d7\u30fc\u30eb\u300d\u3068\u5b9a\u6570\u7a4d\u306e\u6570\u5f0f(x*y=k)\u3067\u81ea\u52d5\u7684\u306b\u6c7a\u307e\u308b<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u8ab0\u304b\u304c\u9810\u3051\u305f2\u3064\u306e\u30c8\u30fc\u30af\u30f3\u306e\u5728\u5eab\u6bd4\u7387\u3067\u4fa1\u683c\u304c\u52d5\u304f\u3002\u677f(\u6ce8\u6587)\u3082\u7d04\u5b9a\u76f8\u624b\u3082\u8981\u3089\u306a\u3044<\/li>\n\n\n\n<li>\u4ee3\u8868\u4f8b\u306fUniswap\u3002TVL(\u9810\u304b\u308a\u8cc7\u7523)\u306f\u7d0431\u5104\u30c9\u30eb\u3067\u3001DEX\u306e\u4e2d\u3067\u6700\u5927\u7d1a(2026\u5e747\u6708\u6642\u70b9\u30fbDefiLlama)<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u6d41\u52d5\u6027\u3092\u9810\u3051\u308c\u3070\u624b\u6570\u6599\u3092\u7a3c\u3052\u308b\u304c\u300c\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u300d\u306b\u6ce8\u610f<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u53d6\u5f15\u306e\u305f\u3073\u306b\u767a\u751f\u3059\u308b\u30b9\u30ef\u30c3\u30d7\u624b\u6570\u6599\u304c\u3001\u6d41\u52d5\u6027\u63d0\u4f9b\u8005(LP)\u306e\u5831\u916c\u306b\u306a\u308b<\/li>\n\n\n\n<li>\u9810\u3051\u305f\u30da\u30a2\u306e\u4fa1\u683c\u304c\u52d5\u304f\u3068\u542b\u307f\u640d(\u5909\u52d5\u640d\u5931)\u304c\u51fa\u308b\u3002\u4fa1\u683c\u304c2\u500d\u52d5\u3051\u3070\u7d045.7%\u304c\u76ee\u5b89<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u30ea\u30b9\u30af\u3068\u7a0e\u91d1\uff5c\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\u30fbMEV\u30fb\u8a50\u6b3a\u30c8\u30fc\u30af\u30f3\u3001\u305d\u3057\u3066\u4ea4\u63db\u306e\u305f\u3073\u306b\u8ab2\u7a0e<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u5927\u53e3\u53d6\u5f15\u307b\u3069\u4fa1\u683c\u304c\u305a\u308c\u308b(\u30b9\u30ea\u30c3\u30da\u30fc\u30b8)\u3002\u30b5\u30f3\u30c9\u30a4\u30c3\u30c1\u653b\u6483\u3084\u8a50\u6b3a\u30c8\u30fc\u30af\u30f3\u306e\u898b\u6975\u3081\u3082\u5fc5\u8981<\/li>\n\n\n\n<li>\u65e5\u672c\u3067\u306fAMM\u3067\u306e\u30b9\u30ef\u30c3\u30d7\u3084LP\u5831\u916c\u3082\u8ab2\u7a0e\u5bfe\u8c61\u306b\u306a\u308a\u3046\u308b\u3002\u6d77\u5916DEX\u306f\u8a18\u9332\u304c\u51fa\u305a\u8a08\u7b97\u304c\u7169\u96d1<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n<div class=\"swell-block-balloon\"><div class=\"c-balloon -bln-left\" data-col=\"gray\"><div class=\"c-balloon__icon -square\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png\" alt=\"\" class=\"c-balloon__iconImg\" width=\"80px\" height=\"80px\"><span class=\"c-balloon__iconName\">\u6728\u7530 \u967d\u4ecb<\/span><\/div><div class=\"c-balloon__body -speaking -border-none\"><div class=\"c-balloon__text\">\n<p><span class=\"swl-fz u-fz-s\">AMM\u306f\u3001DeFi\u3084DEX\u3092\u89e6\u308b\u306a\u3089\u6700\u521d\u306b\u7406\u89e3\u3057\u3066\u304a\u304d\u305f\u3044\u300c\u571f\u53f0\u306e\u4ed5\u7d44\u307f\u300d\u3067\u3059\u3002\u5fd6\u5ea6\u306a\u304f\u8a00\u3046\u3068\u3001&#8221;\u8ab0\u3067\u3082\u9810\u3051\u3066\u7a3c\u3052\u308b&#8221;\u306e\u4e00\u9762\u3060\u3051\u3092\u898b\u3066\u6d41\u52d5\u6027\u63d0\u4f9b\u306b\u98db\u3073\u8fbc\u3080\u3068\u3001\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u3084\u7a0e\u91d1\u3067\u3064\u307e\u305a\u304d\u307e\u3059\u3002\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u306a\u305c\u76f8\u624b\u306a\u3057\u3067\u53d6\u5f15\u304c\u6210\u7acb\u3059\u308b\u306e\u304b\u3068\u3044\u3046\u6838\u5fc3\u304b\u3089\u3001\u7a3c\u304e\u65b9\u3068\u30ea\u30b9\u30af\u3001\u65e5\u672c\u3067\u306e\u7a0e\u91d1\u307e\u3067\u307e\u3068\u3081\u3066\u6574\u7406\u3057\u307e\u3059\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n<div class=\"p-blogParts post_content\" data-partsID=\"201302\">\n<div class=\"wp-block-columns pc_only border_main\">\n<div class=\"wp-block-column\">\n<div class=\"swell-block-columns u-mb-ctrl u-mb-0\"><div class=\"swell-block-columns__inner\">\n<div class=\"swell-block-column swl-has-mb--s\" style=\"--clmn-w--pc:20%\">\n<figure class=\"wp-block-image size-full is-resized is-style-rounded\"><img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png\" alt=\"\" class=\"wp-image-203458\" style=\"width:119px;height:auto\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png 500w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-300x300.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.3\"><strong><span class=\"swl-fz u-fz-s\">\u6728\u7530 \u967d\u4ecb<\/span><\/strong><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\"><br>(\u682a)ICHIZEN HOLDINGS<\/mark><\/span><\/p>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1\"><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\">\u4ee3\u8868\u53d6\u7de0\u5f79<\/mark><\/span><\/p>\n<\/div>\n\n\n\n<div class=\"swell-block-column swl-has-mb--s\" data-valign=\"center\" style=\"--clmn-w--pc:80%\">\n<div class=\"wp-block-columns u-mb-ctrl u-mb-0\">\n<div class=\"wp-block-column\">\n<p class=\"u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong><span style=\"text-decoration: underline;\"><span class=\"swl-fz u-fz-l\">\u3053\u306e\u8a18\u4e8b\u306e\u57f7\u7b46\u8005\/\u76e3\u4fee\u8005<\/span><\/span><\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column\">\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"https:\/\/twitter.com\/yosuke_kida\" target=\"_blank\" rel=\"noopener\" title=\"\">X<\/a>\u30fb<span class=\"swl-fz u-fz-s\"><a href=\"https:\/\/www.facebook.com\/p\/%E6%9C%A8%E7%94%B0%E9%99%BD%E4%BB%8B-100018641115746\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Facebook<\/a><\/span>\u30fb<a href=\"https:\/\/www.linkedin.com\/in\/%E9%99%BD%E4%BB%8B-%E6%9C%A8%E7%94%B0-68609327b\/?originalSubdomain=jp\" target=\"_blank\" rel=\"noopener\" title=\"\">Linkedin<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<p class=\"u-mb-ctrl u-mb-10 wp-block-paragraph\" style=\"line-height:1.4\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\"><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\">2016\u5e74\u304b\u3089\u4eee\u60f3\u901a\u8ca8\u30c8\u30ec\u30fc\u30c9\u3092\u958b\u59cb\u30022017\u5e74\u306b\u682a\u5f0f\u4f1a\u793eCoinOtaku\u3092\u5171\u540c\u3067\u5275\u696d\u3002\u540c\u5e74CoinOtaku\u306e\u4ee3\u8868\u306b\u5c31\u4efb\u30022020\u5e74\u306b\u6771\u8a3c\u4e8c\u90e8\u4e0a\u5834\u4f01\u696d\u306b6\u5104\u5186\u3067M&amp;A\u3002bitget\u306e\u6708\u9593\u53d6\u5f15\u9ad8\u3067\u4e16\u754c4\u4f4d\u3092\u7372\u5f97\u30022025\u5e74\u306bCoinOtaku\u4ee3\u8868\u3092\u9000\u4efb\u3057\u3001\u540c\u5e745\u6708\u306b\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS\u306e\u4ee3\u8868\u53d6\u7de0\u5f79\u306b\u5c31\u4efb\u3002<\/mark><\/span><\/mark><\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns border_gray sp_only\">\n<div class=\"wp-block-column\">\n<figure class=\"wp-block-image size-full is-resized is-style-rounded\"><img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png\" alt=\"\" class=\"wp-image-203458\" style=\"width:85px\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png 500w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-300x300.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-social-links has-small-icon-size u-mb-ctrl u-mb-10 is-content-justification-center is-layout-flex wp-container-core-social-links-is-layout-fe48e5de wp-block-social-links-is-layout-flex\"><li class=\"wp-social-link wp-social-link-twitter wp-block-social-link\"><a href=\"https:\/\/twitter.com\/yosuke_kida\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M22.23,5.924c-0.736,0.326-1.527,0.547-2.357,0.646c0.847-0.508,1.498-1.312,1.804-2.27 c-0.793,0.47-1.671,0.812-2.606,0.996C18.324,4.498,17.257,4,16.077,4c-2.266,0-4.103,1.837-4.103,4.103 c0,0.322,0.036,0.635,0.106,0.935C8.67,8.867,5.647,7.234,3.623,4.751C3.27,5.357,3.067,6.062,3.067,6.814 c0,1.424,0.724,2.679,1.825,3.415c-0.673-0.021-1.305-0.206-1.859-0.513c0,0.017,0,0.034,0,0.052c0,1.988,1.414,3.647,3.292,4.023 c-0.344,0.094-0.707,0.144-1.081,0.144c-0.264,0-0.521-0.026-0.772-0.074c0.522,1.63,2.038,2.816,3.833,2.85 c-1.404,1.1-3.174,1.756-5.096,1.756c-0.331,0-0.658-0.019-0.979-0.057c1.816,1.164,3.973,1.843,6.29,1.843 c7.547,0,11.675-6.252,11.675-11.675c0-0.178-0.004-0.355-0.012-0.531C20.985,7.47,21.68,6.747,22.23,5.924z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-facebook wp-block-social-link\"><a href=\"https:\/\/www.facebook.com\/p\/%E6%9C%A8%E7%94%B0%E9%99%BD%E4%BB%8B-100018641115746\/\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 2C6.5 2 2 6.5 2 12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Facebook<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-linkedin wp-block-social-link\"><a href=\"https:\/\/www.linkedin.com\/in\/%E9%99%BD%E4%BB%8B-%E6%9C%A8%E7%94%B0-68609327b\/?originalSubdomain=jp\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M19.7,3H4.3C3.582,3,3,3.582,3,4.3v15.4C3,20.418,3.582,21,4.3,21h15.4c0.718,0,1.3-0.582,1.3-1.3V4.3 C21,3.582,20.418,3,19.7,3z M8.339,18.338H5.667v-8.59h2.672V18.338z M7.004,8.574c-0.857,0-1.549-0.694-1.549-1.548 c0-0.855,0.691-1.548,1.549-1.548c0.854,0,1.547,0.694,1.547,1.548C8.551,7.881,7.858,8.574,7.004,8.574z M18.339,18.338h-2.669 v-4.177c0-0.996-0.017-2.278-1.387-2.278c-1.389,0-1.601,1.086-1.601,2.206v4.249h-2.667v-8.59h2.559v1.174h0.037 c0.356-0.675,1.227-1.387,2.526-1.387c2.703,0,3.203,1.779,3.203,4.092V18.338z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">LinkedIn<\/span><\/a><\/li><\/ul>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.7\"><span class=\"swl-fz u-fz-xs\">\u76e3\u4fee<\/span>\u3000<strong><span style=\"font-size:19px\" class=\"swl-fz\">\u6728\u7530 \u967d\u4ecb<\/span><\/strong><br><span class=\"swl-fz u-fz-xs\">\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS \u4ee3\u8868\u53d6\u7de0\u5f79<\/span><\/p>\n\n\n\n<p class=\"has-text-align-left u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.7\"><span class=\"swl-fz u-fz-xs\">2016\u5e74\u304b\u3089\u4eee\u60f3\u901a\u8ca8\u30c8\u30ec\u30fc\u30c9\u3092\u958b\u59cb\u30022017\u5e74\u306b\u682a\u5f0f\u4f1a\u793eCoinOtaku\u3092\u5171\u540c\u3067\u5275\u696d\u3002\u540c\u5e74CoinOtaku\u306e\u4ee3\u8868\u306b\u5c31\u4efb\u30022020\u5e74\u306b\u6771\u8a3c\u4e8c\u90e8\u4e0a\u5834\u4f01\u696d\u306b6\u5104\u5186\u3067M&amp;A\u3002bitget\u306e\u6708\u9593\u53d6\u5f15\u9ad8\u3067\u4e16\u754c4\u4f4d\u3092\u7372\u5f97\u30022025\u5e74\u306bCoinOtaku\u4ee3\u8868\u3092\u9000\u4efb\u3057\u3001\u540c\u5e745\u6708\u306b\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS\u306e\u4ee3\u8868\u53d6\u7de0\u5f79\u306b\u5c31\u4efb\u3002<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">AMM(\u81ea\u52d5\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc)\u3068\u306f\uff1f\u57fa\u672c\u60c5\u5831<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span class=\"swl-marker mark_yellow\">AMM(\u81ea\u52d5\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc)\u3068\u306f\u3001\u53d6\u5f15\u76f8\u624b\u3092\u63a2\u3055\u306a\u304f\u3066\u3082\u6697\u53f7\u8cc7\u7523\u3092\u4ea4\u63db\u3067\u304d\u308b\u3088\u3046\u306b\u3059\u308b\u3001DEX(\u5206\u6563\u578b\u53d6\u5f15\u6240)\u306e\u4e2d\u6838\u3068\u306a\u308b\u4ed5\u7d44\u307f\u3067\u3059\u3002<\/span><\/strong>Automated Market Maker\u306e\u7565\u3067\u300c\u30a8\u30fc\u30a8\u30e0\u30a8\u30e0\u300d\u3068\u8aad\u307f\u307e\u3059\u3002\u58f2\u308a\u624b\u3068\u8cb7\u3044\u624b\u3092\u30de\u30c3\u30c1\u30f3\u30b0\u3059\u308b\u4ee3\u308f\u308a\u306b\u3001\u3042\u3089\u304b\u3058\u3081\u7528\u610f\u3055\u308c\u305f\u300c\u6d41\u52d5\u6027\u30d7\u30fc\u30eb\u300d\u306b\u5bfe\u3057\u3066\u30d7\u30ed\u30b0\u30e9\u30e0\u304c\u81ea\u52d5\u3067\u4fa1\u683c\u3092\u8a08\u7b97\u3057\u3001\u30b9\u30ef\u30c3\u30d7(\u4ea4\u63db)\u3092\u6210\u7acb\u3055\u305b\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5f93\u6765\u306e\u53d6\u5f15\u6240\u306f\u3001\u677f(\u30aa\u30fc\u30c0\u30fc\u30d6\u30c3\u30af)\u306b\u4e26\u3093\u3060\u6ce8\u6587\u3092\u4eba\u9593\u3084\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc\u304c\u30de\u30c3\u30c1\u30f3\u30b0\u3057\u3066\u53d6\u5f15\u3057\u3066\u3044\u307e\u3057\u305f\u3002AMM\u306f\u3053\u306e\u300c\u76f8\u624b\u63a2\u3057\u300d\u3092\u306a\u304f\u3057\u3001<strong>\u6570\u5f0f\u3068\u6d41\u52d5\u6027\u30d7\u30fc\u30eb\u3060\u3051\u306724\u6642\u9593\u3044\u3064\u3067\u3082\u4ea4\u63db\u3067\u304d\u308b<\/strong>\u3088\u3046\u306b\u3057\u305f\u767a\u660e\u3067\u3059\u3002Uniswap\u3092\u306f\u3058\u3081\u3068\u3059\u308b\u591a\u304f\u306eDEX\u304c\u3053\u306e\u4ed5\u7d44\u307f\u3067\u52d5\u3044\u3066\u304a\u308a\u3001DeFi(\u5206\u6563\u578b\u91d1\u878d)\u304c\u5e83\u304c\u308b\u571f\u53f0\u306b\u306a\u308a\u307e\u3057\u305f\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u9805\u76ee<\/th><th>\u5185\u5bb9(2026\u5e747\u6708\u6642\u70b9)<\/th><\/tr><\/thead><tbody><tr><th>\u540d\u79f0<\/th><td>AMM(Automated Market Maker\uff0f\u81ea\u52d5\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc)<\/td><\/tr><tr><th>\u8aad\u307f\u65b9<\/th><td>\u30a8\u30fc\u30a8\u30e0\u30a8\u30e0<\/td><\/tr><tr><th>\u5f79\u5272<\/th><td>DEX\u3067\u53d6\u5f15\u76f8\u624b\u306a\u3057\u306b\u30b9\u30ef\u30c3\u30d7\u3092\u6210\u7acb\u3055\u305b\u308b\u4ed5\u7d44\u307f<\/td><\/tr><tr><th>\u4fa1\u683c\u6c7a\u5b9a<\/th><td>\u6d41\u52d5\u6027\u30d7\u30fc\u30eb\u306e\u5728\u5eab\u6bd4\u7387\u3068\u6570\u5f0f(\u5b9a\u6570\u7a4d x*y=k \u306a\u3069)\u3067\u81ea\u52d5\u6c7a\u5b9a<\/td><\/tr><tr><th>\u767b\u5834\u4eba\u7269<\/th><td>\u30c8\u30ec\u30fc\u30c0\u30fc\uff0f\u6d41\u52d5\u6027\u63d0\u4f9b\u8005(LP)\uff0f\u30b9\u30de\u30fc\u30c8\u30b3\u30f3\u30c8\u30e9\u30af\u30c8<\/td><\/tr><tr><th>\u4ee3\u8868\u4f8b<\/th><td>Uniswap\uff0fCurve\uff0fPancakeSwap\uff0fRaydium \u306a\u3069<\/td><\/tr><tr><th>\u4e3b\u306a\u30e1\u30ea\u30c3\u30c8<\/th><td>\u76f8\u624b\u4e0d\u8981\u30fb24\u6642\u9593\u30fb\u8ab0\u3067\u3082\u53c2\u52a0\u53ef(\u30d1\u30fc\u30df\u30c3\u30b7\u30e7\u30f3\u30ec\u30b9)<\/td><\/tr><tr><th>\u4e3b\u306a\u30ea\u30b9\u30af<\/th><td>\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\uff0f\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\uff0fMEV\uff0f\u8a50\u6b3a\u30c8\u30fc\u30af\u30f3<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u307e\u305a\u591a\u304f\u306e\u4eba\u304c\u3064\u307e\u305a\u304f\u306e\u304c\u300cAMM\u3068DEX\u306f\u4f55\u304c\u9055\u3046\u306e\u304b\u300d\u3068\u3044\u3046\u70b9\u3067\u3059\u3002\u6b21\u306e\u7ae0\u3067\u3001\u3053\u306e2\u8a9e\u306e\u95a2\u4fc2\u3092\u306f\u3063\u304d\u308a\u6574\u7406\u3057\u3066\u304b\u3089\u3001\u4ed5\u7d44\u307f\u306e\u4e2d\u8eab\u306b\u5165\u3063\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">AMM\u3068DEX\u306e\u9055\u3044\uff5c\u6df7\u540c\u3057\u3084\u3059\u30442\u8a9e\u3092\u6574\u7406<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span class=\"swl-marker mark_yellow\">AMM\u306f\u300c\u4fa1\u683c\u3092\u6c7a\u3081\u308b\u4ed5\u7d44\u307f\u300d\u3001DEX\u306f\u300c\u305d\u306e\u4ed5\u7d44\u307f\u3092\u4f7f\u3063\u305f\u53d6\u5f15\u6240\u305d\u306e\u3082\u306e\u300d\u3067\u3059\u3002<\/span><\/strong>\u3053\u306e2\u3064\u306f\u30bb\u30c3\u30c8\u3067\u8a9e\u3089\u308c\u308b\u305f\u3081\u6df7\u540c\u3055\u308c\u304c\u3061\u3067\u3059\u304c\u3001\u30ec\u30a4\u30e4\u30fc\u304c\u9055\u3044\u307e\u3059\u3002DEX(Decentralized Exchange\uff1d\u5206\u6563\u578b\u53d6\u5f15\u6240)\u3068\u3044\u3046\u5efa\u7269\u306e\u4e2d\u3067\u3001\u4fa1\u683c\u6c7a\u5b9a\u3068\u7d04\u5b9a\u3092\u62c5\u3063\u3066\u3044\u308b\u30a8\u30f3\u30b8\u30f3\u304cAMM\u3001\u3068\u3044\u3046\u30a4\u30e1\u30fc\u30b8\u304c\u6b63\u78ba\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3068\u3048\u3070Uniswap\u306fDEX\u3067\u3059\u304c\u3001\u305d\u306e\u5185\u90e8\u3067\u30b9\u30ef\u30c3\u30d7\u3092\u6210\u7acb\u3055\u305b\u3066\u3044\u308b\u306e\u306fAMM\u306e\u4ed5\u7d44\u307f\u3067\u3059\u3002\u9006\u306b\u8a00\u3048\u3070\u3001AMM\u3092\u4f7f\u308f\u306a\u3044DEX(\u30aa\u30fc\u30c0\u30fc\u30d6\u30c3\u30af\u578b\u306eDEX)\u3082\u5b58\u5728\u3057\u307e\u3059\u3002<strong>\u300cAMM\uff1dDEX\u306e\u4e00\u7a2e\u306e\u5b9f\u88c5\u65b9\u5f0f\u300d<\/strong>\u3068\u6349\u3048\u308b\u3068\u3001\u4e21\u8005\u306e\u95a2\u4fc2\u304c\u3059\u3063\u304d\u308a\u3057\u307e\u3059\u3002DEX\u5168\u4f53\u306e\u4ed5\u7d44\u307f\u3084CEX(\u4e2d\u592e\u96c6\u6a29\u53d6\u5f15\u6240)\u3068\u306e\u9055\u3044\u306f\u3001\u5225\u8a18\u4e8b\u3067\u8a73\u3057\u304f\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">AMM\u306e\u4ed5\u7d44\u307f\uff5c\u306a\u305c\u76f8\u624b\u304c\u3044\u306a\u304f\u3066\u3082\u53d6\u5f15\u304c\u6210\u7acb\u3059\u308b\u306e\u304b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">AMM\u304c\u300c\u76f8\u624b\u63a2\u3057\u306a\u3057\u300d\u3067\u4ea4\u63db\u3092\u6210\u7acb\u3055\u305b\u3089\u308c\u308b\u306e\u306f\u3001<strong>\u300c\u6d41\u52d5\u6027\u30d7\u30fc\u30eb\u300d\u3068\u3044\u3046\u5171\u6709\u306e\u8cc7\u91d1\u30d7\u30fc\u30eb\u3068\u3001\u4fa1\u683c\u3092\u81ea\u52d5\u8a08\u7b97\u3059\u308b\u6570\u5f0f<\/strong>\u3068\u3044\u30462\u3064\u306e\u90e8\u54c1\u304c\u3042\u308b\u304b\u3089\u3067\u3059\u3002\u8ab0\u304b\u304c\u58f2\u8cb7\u76f8\u624b\u306b\u306a\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u30d7\u30fc\u30eb\u3092\u76f8\u624b\u306b\u30c8\u30fc\u30af\u30f3\u3092\u51fa\u3057\u5165\u308c\u3059\u308b\u2014\u2014\u3053\u306e\u767a\u60f3\u306e\u8ee2\u63db\u304c\u3001AMM\u306e\u672c\u8cea\u3067\u3059\u3002\u9806\u756a\u306b\u5206\u89e3\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6d41\u52d5\u6027\u30d7\u30fc\u30eb\u3068LP\uff5c\u53d6\u5f15\u306e\u5143\u624b\u3092\u7686\u3067\u51fa\u3057\u5408\u3046<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u6d41\u52d5\u6027\u30d7\u30fc\u30eb(Liquidity Pool)<\/strong>\u3068\u306f\u30012\u7a2e\u985e\u306e\u30c8\u30fc\u30af\u30f3\u3092\u30da\u30a2\u3067\u8caf\u3081\u3066\u304a\u304f\u5171\u6709\u306e\u91d1\u5eab\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3059\u3002\u305f\u3068\u3048\u3070\u300cETH\u3068USDC\u306e\u30d7\u30fc\u30eb\u300d\u306b\u306f\u3001ETH\u3068USDC\u304c\u4e00\u5b9a\u306e\u4fa1\u5024\u30d0\u30e9\u30f3\u30b9\u3067\u9810\u3051\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u30c8\u30ec\u30fc\u30c0\u30fc\u306f\u3053\u306e\u30d7\u30fc\u30eb\u306bETH\u3092\u5165\u308c\u3066USDC\u3092\u5f15\u304d\u51fa\u3059\u3001\u3068\u3044\u3063\u305f\u5f62\u3067\u4ea4\u63db\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u30d7\u30fc\u30eb\u306b\u5143\u624b\u3092\u63d0\u4f9b\u3059\u308b\u4eba\u3092<strong>\u6d41\u52d5\u6027\u63d0\u4f9b\u8005(LP\uff1dLiquidity Provider)<\/strong>\u3068\u547c\u3073\u307e\u3059\u3002LP\u306f2\u3064\u306e\u30c8\u30fc\u30af\u30f3\u3092\u30da\u30a2\u3067\u9810\u3051\u308b\u898b\u8fd4\u308a\u306b\u3001\u9810\u5165\u30b7\u30a7\u30a2\u3092\u793a\u3059<strong>LP\u30c8\u30fc\u30af\u30f3<\/strong>\u3092\u53d7\u3051\u53d6\u308a\u307e\u3059\u3002\u5f15\u304d\u51fa\u3059\u3068\u304d\u306f\u3053\u306eLP\u30c8\u30fc\u30af\u30f3\u3092\u8fd4\u3059\u3053\u3068\u3067\u3001\u30d7\u30fc\u30eb\u5185\u306e\u81ea\u5206\u306e\u6301\u3061\u5206\u3068\u3001\u305d\u306e\u9593\u306b\u305f\u307e\u3063\u305f\u624b\u6570\u6599\u3092\u56de\u53ce\u3067\u304d\u308b\u4ed5\u7d44\u307f\u3067\u3059\u3002\u3064\u307e\u308aAMM\u306f\u3001<strong>\u4e0d\u7279\u5b9a\u591a\u6570\u306eLP\u304c\u51fa\u3057\u5408\u3063\u305f\u8cc7\u91d1\u3092\u300c\u53d6\u5f15\u306e\u5143\u624b\u300d\u3068\u3057\u3066\u52d5\u3044\u3066\u3044\u308b<\/strong>\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5b9a\u6570\u7a4d\u30e2\u30c7\u30eb(x*y=k)\uff5c\u4fa1\u683c\u304c\u81ea\u52d5\u3067\u6c7a\u307e\u308b\u6570\u5f0f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">AMM\u306e\u4fa1\u683c\u6c7a\u5b9a\u3067\u6700\u3082\u57fa\u672c\u7684\u306a\u306e\u304c<strong>\u5b9a\u6570\u7a4d\u30e2\u30c7\u30eb(CPMM\uff1dConstant Product Market Maker)<\/strong>\u3067\u3059\u3002\u30d7\u30fc\u30eb\u5185\u306e2\u30c8\u30fc\u30af\u30f3\u306e\u6570\u91cf\u3092x\u30fby\u3068\u3057\u305f\u3068\u304d\u3001<strong>\u305d\u306e\u7a4d x*y \u304c\u5e38\u306b\u4e00\u5b9a(\uff1dk)\u306b\u306a\u308b\u3088\u3046\u4fdd\u305f\u308c\u308b<\/strong>\u3001\u3068\u3044\u3046\u30eb\u30fc\u30eb\u3067\u4fa1\u683c\u304c\u6c7a\u307e\u308a\u307e\u3059\u3002\u5f0f\u306b\u3059\u308b\u3068\u300cx * y = k\u300d\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5177\u4f53\u7684\u306b\u898b\u3066\u307f\u307e\u3059\u3002ETH\u304c10\u500b\u3001USDC\u304c40,000\u679a\u3042\u308b\u30d7\u30fc\u30eb(k\uff1d400,000)\u3092\u8003\u3048\u307e\u3059\u3002\u8ab0\u304b\u304cETH\u30921\u500b\u8cb7\u3046\u3068\u3001\u30d7\u30fc\u30eb\u306eETH\u306f9\u500b\u306b\u6e1b\u308a\u3001k\u3092\u4fdd\u3064\u305f\u3081USDC\u306f\u7d0444,444\u679a\u306b\u5897\u3048\u307e\u3059\u3002\u3064\u307e\u308a<strong>\u8cb7\u3063\u305f\u4eba\u306f\u7d044,444USDC\u3092\u652f\u6255\u3063\u305f<\/strong>\u3053\u3068\u306b\u306a\u308a\u30011ETH\uff1d\u7d044,444USDC\u3067\u7d04\u5b9a\u3057\u307e\u3059\u3002ETH\u306e\u5728\u5eab\u304c\u6e1b\u308b\u307b\u3069\u6b21\u306e1\u500b\u306f\u3055\u3089\u306b\u9ad8\u304f\u306a\u308b\u2014\u2014\u3053\u306e\u3088\u3046\u306b<strong>\u300c\u5728\u5eab\u304c\u6e1b\u3063\u305f\u5074\u304c\u9ad8\u304f\u3001\u5897\u3048\u305f\u5074\u304c\u5b89\u304f\u306a\u308b\u300d<\/strong>\u65b9\u5411\u3078\u4fa1\u683c\u304c\u81ea\u52d5\u3067\u52d5\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u677f\u3082\u7d04\u5b9a\u76f8\u624b\u3082\u8981\u3089\u305a\u3001\u6570\u5f0f\u304c\u4fa1\u683c\u3092\u6c7a\u3081\u308b\u306e\u304c\u30dd\u30a4\u30f3\u30c8\u3067\u3059\u3002\u306a\u304a\u3001\u3053\u306e\u300c\u5927\u53e3\u306e\u6ce8\u6587\u307b\u3069\u4fa1\u683c\u304c\u5927\u304d\u304f\u305a\u308c\u308b\u300d\u6027\u8cea\u304c\u3001\u5f8c\u8ff0\u3059\u308b<strong>\u30b9\u30ea\u30c3\u30da\u30fc\u30b8<\/strong>\u306e\u6b63\u4f53\u3067\u3082\u3042\u308a\u307e\u3059\u3002\u5b89\u5b9a\u30b3\u30a4\u30f3\u540c\u58eb\u306e\u3088\u3046\u306b\u5024\u52d5\u304d\u304c\u8fd1\u3044\u30da\u30a2\u3067\u306f\u3001Curve\u306e\u3088\u3046\u306b\u5b9a\u6570\u7a4d\u3068\u5b9a\u6570\u548c\u3092\u7d44\u307f\u5408\u308f\u305b\u305f\u5f0f\u3092\u4f7f\u3044\u3001\u4fa1\u683c\u306e\u305a\u308c(\u30b9\u30ea\u30c3\u30da\u30fc\u30b8)\u3092\u6291\u3048\u308b\u5de5\u592b\u3082\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30b9\u30ef\u30c3\u30d7\u624b\u6570\u6599\uff5cLP\u306e\u5831\u916c\u306b\u306a\u308b\u53d6\u5f15\u30b3\u30b9\u30c8<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c8\u30ec\u30fc\u30c0\u30fc\u304c\u30b9\u30ef\u30c3\u30d7\u3059\u308b\u305f\u3073\u306b\u3001\u53d6\u5f15\u984d\u306b\u5fdc\u3058\u305f<strong>\u30b9\u30ef\u30c3\u30d7\u624b\u6570\u6599<\/strong>\u304c\u767a\u751f\u3057\u307e\u3059\u3002\u3053\u306e\u624b\u6570\u6599\u306f\u30d7\u30fc\u30eb\u306b\u52a0\u7b97\u3055\u308c\u3001<strong>\u6d41\u52d5\u6027\u3092\u9810\u3051\u3066\u3044\u308bLP\u3078\u6301\u3061\u5206\u306b\u5fdc\u3058\u3066\u5206\u914d\u3055\u308c\u308b<\/strong>\u306e\u304c\u57fa\u672c\u8a2d\u8a08\u3067\u3059\u3002LP\u304c\u300c\u9810\u3051\u308b\u3060\u3051\u3067\u7a3c\u3052\u308b\u300d\u3068\u8a00\u308f\u308c\u308b\u306e\u306f\u3001\u3053\u306e\u624b\u6570\u6599\u53ce\u5165\u304c\u3042\u308b\u305f\u3081\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u624b\u6570\u6599\u7387\u306fDEX\u3084\u30d7\u30fc\u30eb\u306b\u3088\u3063\u3066\u7570\u306a\u308a\u307e\u3059\u3002\u76ee\u5b89\u3068\u3057\u3066\u3001Uniswap\u306ev2\u306f\u4e00\u5f8b0.30%\u3001v3\u3067\u306f\u30da\u30a2\u306e\u5024\u52d5\u304d\u306e\u8352\u3055\u306b\u5fdc\u3058\u30660.01%\uff0f0.05%\uff0f0.30%\uff0f1.00%\u306a\u3069\u306e\u30c6\u30a3\u30a2(\u6bb5\u968e)\u304b\u3089\u9078\u3076\u65b9\u5f0f\u3067\u3059\u3002\u5b89\u5b9a\u30b3\u30a4\u30f3\u30da\u30a2\u306b\u5f37\u3044Curve\u306f0.01\u301c0.04%\u7a0b\u5ea6\u3068\u4f4e\u3081\u306b\u8a2d\u5b9a\u3055\u308c\u3066\u3044\u307e\u3059(\u5404\u6599\u7387\u306f\u5909\u66f4\u3055\u308c\u308b\u305f\u3081\u6700\u65b0\u306f\u516c\u5f0f\u3067\u8981\u78ba\u8a8d)\u3002\u3055\u3089\u306b\u3001\u53d7\u3051\u53d6\u3063\u305fLP\u30c8\u30fc\u30af\u30f3\u3092\u5225\u306e\u5834\u6240\u306b\u9810\u3051\u3066\u8ffd\u52a0\u306e\u5831\u916c\u3092\u72d9\u3046<strong>\u30a4\u30fc\u30eb\u30c9\u30d5\u30a1\u30fc\u30df\u30f3\u30b0(\u6d41\u52d5\u6027\u30de\u30a4\u30cb\u30f3\u30b0)<\/strong>\u3068\u3044\u3046\u7a4d\u307f\u5897\u3057\u306e\u624b\u6cd5\u3082\u3042\u308a\u307e\u3059\u3002\u8a73\u3057\u304f\u306f<a href=\"https:\/\/ichizenholdings.co.jp\/media\/stable-investments\/defi\/liquidity-mining\/\" target=\"_blank\" rel=\"noopener\">\u6d41\u52d5\u6027\u30de\u30a4\u30cb\u30f3\u30b0\u306e\u8a18\u4e8b<\/a>\u3067\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">AMM\u3068\u30aa\u30fc\u30c0\u30fc\u30d6\u30c3\u30af(\u677f\u53d6\u5f15)\u306e\u9055\u3044<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">AMM\u306e\u7279\u5fb4\u306f\u3001\u5f93\u6765\u306e<strong>\u30aa\u30fc\u30c0\u30fc\u30d6\u30c3\u30af(\u677f\u53d6\u5f15)<\/strong>\u3068\u6bd4\u3079\u308b\u3068\u3001\u3088\u308a\u9bae\u660e\u306b\u306a\u308a\u307e\u3059\u3002\u677f\u53d6\u5f15\u306f\u3001\u591a\u304f\u306eCEX(\u4e2d\u592e\u96c6\u6a29\u53d6\u5f15\u6240)\u3084\u4e00\u90e8\u306eDEX\u304c\u63a1\u7528\u3057\u3066\u3044\u308b\u3001\u8cb7\u3044\u6ce8\u6587\u3068\u58f2\u308a\u6ce8\u6587\u3092\u4fa1\u683c\u9806\u306b\u4e26\u3079\u3066\u30de\u30c3\u30c1\u30f3\u30b0\u3059\u308b\u65b9\u5f0f\u3067\u3059\u3002\u4e21\u8005\u306e\u9055\u3044\u3092\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u6bd4\u8f03\u9805\u76ee<\/th><th>AMM(\u81ea\u52d5\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc)<\/th><th>\u30aa\u30fc\u30c0\u30fc\u30d6\u30c3\u30af(\u677f\u53d6\u5f15)<\/th><\/tr><\/thead><tbody><tr><th>\u7d04\u5b9a\u306e\u76f8\u624b<\/th><td>\u6d41\u52d5\u6027\u30d7\u30fc\u30eb(\u76f8\u624b\u4e0d\u8981)<\/td><td>\u53cd\u5bfe\u6ce8\u6587\u3092\u51fa\u3057\u305f\u5225\u306e\u30c8\u30ec\u30fc\u30c0\u30fc<\/td><\/tr><tr><th>\u4fa1\u683c\u306e\u6c7a\u307e\u308a\u65b9<\/th><td>\u30d7\u30fc\u30eb\u306e\u5728\u5eab\u6bd4\u7387\u3068\u6570\u5f0f\u3067\u81ea\u52d5<\/td><td>\u58f2\u308a\u624b\u3068\u8cb7\u3044\u624b\u306e\u5408\u610f\u4fa1\u683c<\/td><\/tr><tr><th>\u53d6\u5f15\u306e\u6210\u7acb\u6761\u4ef6<\/th><td>\u30d7\u30fc\u30eb\u306b\u8cc7\u91d1\u304c\u3042\u308c\u3070\u3044\u3064\u3067\u3082\u53ef<\/td><td>\u4fa1\u683c\u306e\u5408\u3046\u76f8\u624b\u304c\u3044\u308c\u3070\u6210\u7acb<\/td><\/tr><tr><th>\u6d41\u52d5\u6027\u306e\u62c5\u3044\u624b<\/th><td>\u4e0d\u7279\u5b9a\u591a\u6570\u306eLP<\/td><td>\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc\u30fb\u677f\u53c2\u52a0\u8005<\/td><\/tr><tr><th>\u53c2\u52a0\u306e\u3057\u3084\u3059\u3055<\/th><td>\u8ab0\u3067\u3082LP\u30fb\u53d6\u5f15\u53ef(\u30d1\u30fc\u30df\u30c3\u30b7\u30e7\u30f3\u30ec\u30b9)<\/td><td>\u53d6\u5f15\u6240\u306e\u53e3\u5ea7\u30fb\u5be9\u67fb\u304c\u524d\u63d0\u306e\u3053\u3068\u304c\u591a\u3044<\/td><\/tr><tr><th>\u4e0d\u5229\u306b\u306a\u308a\u3084\u3059\u3044\u5c40\u9762<\/th><td>\u5927\u53e3\u53d6\u5f15\u30fb\u8584\u3044\u30d7\u30fc\u30eb(\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\u5927)<\/td><td>\u677f\u304c\u8584\u3044\u9298\u67c4(\u6ce8\u6587\u304c\u523a\u3055\u3089\u306a\u3044)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">AMM\u306e\u5f37\u307f\u306f\u3001<strong>\u76f8\u624b\u304c\u3044\u306a\u304f\u3066\u3082\u3001\u30d7\u30fc\u30eb\u306b\u8cc7\u91d1\u304c\u3042\u308b\u9650\u308a\u5373\u5ea7\u306b\u4ea4\u63db\u3067\u304d\u308b<\/strong>\u70b9\u306b\u3042\u308a\u307e\u3059\u3002\u4e00\u65b9\u3067\u3001\u5927\u53e3\u306e\u53d6\u5f15\u3084\u6d41\u52d5\u6027\u306e\u8584\u3044\u30d7\u30fc\u30eb\u3067\u306f\u4fa1\u683c\u304c\u5927\u304d\u304f\u305a\u308c\u3084\u3059\u3044\u3068\u3044\u3046\u5f31\u70b9\u3082\u3042\u308a\u307e\u3059\u3002\u677f\u53d6\u5f15\u306f\u4fa1\u683c\u306e\u900f\u660e\u6027\u3084\u5927\u53e3\u306e\u52b9\u7387\u3067\u512a\u308c\u308b\u5834\u9762\u304c\u3042\u308b\u53cd\u9762\u3001\u5e38\u306b\u7d04\u5b9a\u76f8\u624b\u304c\u5fc5\u8981\u3067\u3059\u3002\u3069\u3061\u3089\u304c\u512a\u308c\u3066\u3044\u308b\u3068\u3044\u3046\u3088\u308a\u3001<strong>\u5f79\u5272\u3068\u5f97\u610f\u5206\u91ce\u304c\u9055\u3046<\/strong>\u3068\u7406\u89e3\u3059\u308b\u306e\u304c\u5b9f\u52d9\u7684\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u4e3b\u8981\u306aAMM\u7cfbDEX\u3068\u4ed5\u7d44\u307f\u306e\u30d0\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3072\u3068\u304f\u3061\u306bAMM\u3068\u3044\u3063\u3066\u3082\u3001\u4fa1\u683c\u3092\u6c7a\u3081\u308b\u6570\u5f0f\u3084\u5bfe\u8c61\u8cc7\u7523\u306b\u3088\u3063\u3066\u3044\u304f\u3064\u304b\u306e\u30bf\u30a4\u30d7\u304c\u3042\u308a\u307e\u3059\u3002\u4ee3\u8868\u7684\u306aAMM\u7cfbDEX\u3068\u3001\u305d\u306e\u7279\u5fb4\u30fb\u898f\u6a21\u611f\u3092\u6574\u7406\u3057\u307e\u3059\u3002<strong>TVL(Total Value Locked\uff1d\u9810\u304b\u308a\u8cc7\u7523)\u306f\u5404DEX\u306e\u6d41\u52d5\u6027\u306e\u539a\u307f\u3092\u793a\u3059\u76ee\u5b89<\/strong>\u3067\u3001\u5927\u304d\u3044\u307b\u3069\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\u304c\u8d77\u304d\u306b\u304f\u3044\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>DEX<\/th><th>\u4e3b\u306a\u30c1\u30a7\u30fc\u30f3<\/th><th>\u7279\u5fb4<\/th><th>TVL(2026\u5e747\u6708\u6642\u70b9)<\/th><\/tr><\/thead><tbody><tr><th>Uniswap<\/th><td>Ethereum \u307b\u304b\u591a\u6570<\/td><td>\u6c4e\u7528\u30da\u30a2\u306e\u6700\u5927\u624b\u3002v3\u3067\u96c6\u4e2d\u6d41\u52d5\u6027\u3092\u5c0e\u5165<\/td><td>\u7d0431\u5104\u30c9\u30eb<\/td><\/tr><tr><th>PancakeSwap<\/th><td>BNB Chain \u4e2d\u5fc3<\/td><td>Uniswap\u7cfb\u30d5\u30a9\u30fc\u30af\u767a\u7965\u3002\u624b\u6570\u6599\u304c\u5b89\u3081<\/td><td>\u7d0417\u5104\u30c9\u30eb<\/td><\/tr><tr><th>Curve<\/th><td>Ethereum \u307b\u304b<\/td><td>\u5b89\u5b9a\u30b3\u30a4\u30f3\u7b49\u306e\u8fd1\u3044\u5024\u52d5\u304d\u30da\u30a2\u306b\u6700\u9069\u5316\u30fb\u4f4e\u30b9\u30ea\u30c3\u30da\u30fc\u30b8<\/td><td>\u7d0413\u5104\u30c9\u30eb<\/td><\/tr><tr><th>Raydium<\/th><td>Solana<\/td><td>Solana\u4e0a\u306eAMM\u3002\u30aa\u30fc\u30c0\u30fc\u30d6\u30c3\u30af\u3068\u306e\u30cf\u30a4\u30d6\u30ea\u30c3\u30c9\u8a2d\u8a08<\/td><td>\u7d048\u5104\u30c9\u30eb<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u6570\u5024\u306fDefiLlama\u3092\u53c2\u7167\u3057\u305f\u6982\u7b97\u3067\u3001TVL\u306f\u65e5\u3005\u5909\u52d5\u3057\u307e\u3059(\u203b1)\u3002\u6700\u65b0\u5024\u306f\u5404DEX\u306e\u516c\u5f0f\u3084DefiLlama\u3067\u3054\u78ba\u8a8d\u304f\u3060\u3055\u3044\u3002<strong>Uniswap\u304c\u6c4e\u7528DEX\u306e\u6700\u5927\u624b<\/strong>\u3067\u3001Ethereum\u3060\u3051\u3067\u306a\u304fBase\u3084Arbitrum\u306a\u3069\u8907\u6570\u30c1\u30a7\u30fc\u30f3\u306b\u5c55\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u6b21\u306b\u3001\u4fa1\u683c\u6c7a\u5b9a\u306e\u300c\u5f0f\u300d\u306e\u30d0\u30ea\u30a8\u30fc\u30b7\u30e7\u30f3\u3092\u898b\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u5b9a\u6570\u7a4d\u578b\u30fb\u5b89\u5b9a\u30b3\u30a4\u30f3\u578b\u30fb\u96c6\u4e2d\u6d41\u52d5\u6027\u306e\u9055\u3044<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">AMM\u306e\u6570\u5f0f\u306b\u306f\u3001\u5bfe\u8c61\u8cc7\u7523\u306b\u5408\u308f\u305b\u305f\u9032\u5316\u304c\u3042\u308a\u307e\u3059\u3002\u4ee3\u8868\u7684\u306a3\u30bf\u30a4\u30d7\u3092\u62bc\u3055\u3048\u3066\u304a\u304f\u3068\u3001DEX\u3054\u3068\u306e\u5f97\u610f\u5206\u91ce\u304c\u898b\u3048\u3066\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u5b9a\u6570\u7a4d\u578b(CPMM\u30fbx*y=k)<\/strong>\uff5cUniswap v2\u306a\u3069\u3002\u3069\u3093\u306a\u30da\u30a2\u306b\u3082\u4f7f\u3048\u308b\u6c4e\u7528\u578b\u3002\u5024\u52d5\u304d\u306e\u5927\u304d\u3044\u30da\u30a2\u5411\u304d<\/li>\n\n\n\n<li><strong>\u5b89\u5b9a\u30b3\u30a4\u30f3\u6700\u9069\u5316\u578b<\/strong>\uff5cCurve\u306a\u3069\u3002\u5024\u52d5\u304d\u304c\u8fd1\u3044\u8cc7\u7523\u3069\u3046\u3057\u306e\u30da\u30a2\u3067\u3001\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\u3092\u6975\u5c0f\u5316\u3059\u308b\u5f0f\u3092\u63a1\u7528<\/li>\n\n\n\n<li><strong>\u96c6\u4e2d\u6d41\u52d5\u6027\u578b(CLMM)<\/strong>\uff5cUniswap v3\u306a\u3069\u3002LP\u304c\u4fa1\u683c\u30ec\u30f3\u30b8\u3092\u6307\u5b9a\u3057\u3066\u8cc7\u91d1\u3092\u96c6\u4e2d\u6295\u4e0b\u3059\u308b\u65b9\u5f0f<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u3068\u304f\u306b<strong>Uniswap v3\u3067\u5c0e\u5165\u3055\u308c\u305f\u300c\u96c6\u4e2d\u6d41\u52d5\u6027\u300d<\/strong>\u306f\u5927\u304d\u306a\u9032\u5316\u3067\u3059\u3002\u5f93\u6765\u306ev2\u306f\u4fa1\u683c0\u304b\u3089\u7121\u9650\u5927\u307e\u3067\u307e\u3093\u3079\u3093\u306a\u304f\u8cc7\u91d1\u3092\u8584\u304f\u5e83\u3052\u3066\u3044\u307e\u3057\u305f\u304c\u3001\u5b9f\u969b\u306b\u53d6\u5f15\u304c\u8d77\u304d\u308b\u306e\u306f\u4eca\u306e\u4fa1\u683c\u306e\u8fd1\u8fba\u3060\u3051\u3067\u3059\u3002v3\u3067\u306f<strong>LP\u304c\u300c\u3053\u306e\u4fa1\u683c\u5e2f\u3060\u3051\u300d\u3068\u7bc4\u56f2\u3092\u6307\u5b9a\u3057\u3066\u8cc7\u91d1\u3092\u96c6\u4e2d\u3055\u305b\u3089\u308c\u308b<\/strong>\u305f\u3081\u3001\u540c\u3058\u8cc7\u91d1\u3067\u3088\u308a\u591a\u304f\u306e\u53d6\u5f15\u3092\u3055\u3070\u304d\u3001\u624b\u6570\u6599\u3092\u52b9\u7387\u3088\u304f\u7a3c\u3052\u307e\u3059\u3002\u53cd\u9762\u3001\u4fa1\u683c\u304c\u6307\u5b9a\u30ec\u30f3\u30b8\u306e\u5916\u3078\u51fa\u308b\u3068\u3001\u305d\u306e\u6d41\u52d5\u6027\u306f\u7a3c\u50cd\u3092\u6b62\u3081\u3066\u624b\u6570\u6599\u3092\u751f\u307e\u306a\u304f\u306a\u308a\u3001\u5f8c\u8ff0\u3059\u308b\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u3082\u9855\u5728\u5316\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<strong>\u52b9\u7387\u3068\u624b\u9593\u30fb\u30ea\u30b9\u30af\u306e\u30c8\u30ec\u30fc\u30c9\u30aa\u30d5<\/strong>\u304c\u3042\u308b\u70b9\u306f\u7406\u89e3\u3057\u3066\u304a\u304d\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">AMM\u306e\u30ea\u30b9\u30af\u30fb\u6ce8\u610f\u70b9(\u5fd6\u5ea6\u306a\u3057)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">AMM\u306f\u300c\u8ab0\u3067\u3082\u9810\u3051\u3066\u7a3c\u3052\u308b\u300d\u3068\u7d39\u4ecb\u3055\u308c\u304c\u3061\u3067\u3059\u304c\u3001\u5b9f\u969b\u306b\u306f\u56fa\u6709\u306e\u30ea\u30b9\u30af\u304c\u3044\u304f\u3064\u3082\u3042\u308a\u307e\u3059\u3002\u3068\u304f\u306b\u6d41\u52d5\u6027\u63d0\u4f9b(LP)\u306f\u3001<strong>\u624b\u6570\u6599\u53ce\u5165\u3068\u3044\u3046\u5229\u70b9\u3068\u3001\u4fa1\u683c\u5909\u52d5\u306b\u3088\u308b\u640d\u5931\u3084\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u306e\u5371\u967a\u304c\u80cc\u4e2d\u5408\u308f\u305b<\/strong>\u3067\u3059\u3002\u6df7\u540c\u3055\u308c\u3084\u3059\u3044\u306e\u3067\u3001\u4e3b\u306a\u30ea\u30b9\u30af\u3092\u5206\u3051\u3066\u6574\u7406\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-onborder_ttl2\" data-colset=\"col1\"><div class=\"cap_box_ttl\"><span>AMM\u306e\u4e3b\u306a\u30ea\u30b9\u30af<\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list is-style-bad_list\">\n<li>\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\uff5c\u9810\u3051\u305f\u30da\u30a2\u306e\u4fa1\u683c\u304c\u52d5\u304f\u3068\u542b\u307f\u640d\u304c\u51fa\u308b<\/li>\n\n\n\n<li>\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\uff5c\u5927\u53e3\u53d6\u5f15\u3084\u8584\u3044\u30d7\u30fc\u30eb\u3067\u3001\u60f3\u5b9a\u3088\u308a\u4e0d\u5229\u306a\u4fa1\u683c\u3067\u7d04\u5b9a\u3059\u308b<\/li>\n\n\n\n<li>MEV\u30fb\u30b5\u30f3\u30c9\u30a4\u30c3\u30c1\u653b\u6483\uff5c\u53d6\u5f15\u3092\u524d\u5f8c\u3067\u631f\u307e\u308c\u3001\u5024\u5e45\u3092\u629c\u304d\u53d6\u3089\u308c\u308b<\/li>\n\n\n\n<li>\u8a50\u6b3a\u30c8\u30fc\u30af\u30f3\u30fb\u30e9\u30b0\u30d7\u30eb\uff5c\u767a\u884c\u8005\u304c\u6d41\u52d5\u6027\u3092\u5f15\u304d\u629c\u304f\u30fb\u58f2\u5374\u4e0d\u80fd\u306b\u8a2d\u8a08\u3059\u308b<\/li>\n\n\n\n<li>\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u30ea\u30b9\u30af\uff5c\u30d0\u30b0\u30fb\u30cf\u30c3\u30ad\u30f3\u30b0\u30fb\u627f\u8a8d(approve)\u306e\u60aa\u7528<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<h3 class=\"wp-block-heading\">\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9(\u5909\u52d5\u640d\u5931)\uff5cLP\u6700\u5927\u306e\u843d\u3068\u3057\u7a74<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9(IL\uff1d\u5909\u52d5\u640d\u5931)<\/strong>\u3068\u306f\u3001\u6d41\u52d5\u6027\u3092\u9810\u3051\u305f\u30da\u30a2\u306e\u4fa1\u683c\u6bd4\u304c\u5909\u308f\u3063\u305f\u3068\u304d\u306b\u3001\u300c\u305f\u3060\u6301\u3063\u3066\u3044\u305f\u5834\u5408(HODL)\u300d\u3068\u6bd4\u3079\u3066\u751f\u3058\u308b\u542b\u307f\u640d\u306e\u3053\u3068\u3067\u3059\u3002AMM\u306f\u4fa1\u683c\u304c\u52d5\u304f\u3068\u81ea\u52d5\u3067\u30ea\u30d0\u30e9\u30f3\u30b9\u3057\u3001<strong>\u5024\u4e0a\u304c\u308a\u3057\u305f\u5074\u3092\u58f2\u308a\u3001\u5024\u4e0b\u304c\u308a\u3057\u305f\u5074\u3092\u8cb7\u3044\u5897\u3059<\/strong>\u6319\u52d5\u3092\u3068\u308a\u307e\u3059\u3002\u305d\u306e\u7d50\u679c\u3001\u5024\u4e0a\u304c\u308a\u30c8\u30fc\u30af\u30f3\u306e\u5229\u76ca\u3092\u53d6\u308a\u3053\u307c\u3057\u3066\u3057\u307e\u3046\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u300c\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8(\u975e\u6c38\u7d9a\u7684)\u300d\u3068\u547c\u3070\u308c\u308b\u306e\u306f\u3001<strong>\u4fa1\u683c\u304c\u5143\u306e\u6bd4\u7387\u306b\u623b\u308c\u3070\u640d\u5931\u3082\u6d88\u3048\u308b<\/strong>\u305f\u3081\u3067\u3059\u3002\u9006\u306b\u3001\u4fa1\u683c\u304c\u96e2\u308c\u305f\u307e\u307e\u5f15\u304d\u51fa\u305b\u3070\u640d\u5931\u306f\u78ba\u5b9a\u3057\u307e\u3059\u3002\u5b9a\u6570\u7a4d\u30e2\u30c7\u30eb\u3067\u306eIL\u306e\u76ee\u5b89\u306f\u6b21\u306e\u3068\u304a\u308a\u3067\u3059\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u9810\u5165\u5f8c\u306e\u4fa1\u683c\u5909\u52d5(\u7247\u65b9)<\/th><th>\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9(HODL\u6bd4\u30fb\u76ee\u5b89)<\/th><\/tr><\/thead><tbody><tr><td>1.25\u500d<\/td><td>\u7d040.6%<\/td><\/tr><tr><td>1.5\u500d<\/td><td>\u7d042.0%<\/td><\/tr><tr><td>2\u500d<\/td><td>\u7d045.7%<\/td><\/tr><tr><td>3\u500d<\/td><td>\u7d0413.4%<\/td><\/tr><tr><td>5\u500d<\/td><td>\u7d0425.5%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u8868\u306e\u3068\u304a\u308a\u3001<strong>\u4fa1\u683c\u304c\u5927\u304d\u304f\u52d5\u304f\u307b\u3069IL\u306f\u6025\u306b\u81a8\u3089\u307f\u307e\u3059<\/strong>\u3002\u30dd\u30a4\u30f3\u30c8\u306f\u3001\u3053\u306e\u542b\u307f\u640d\u3092\u4e0a\u56de\u308b\u30b9\u30ef\u30c3\u30d7\u624b\u6570\u6599\u3092\u7a3c\u3052\u308c\u3070\u901a\u7b97\u3067\u30d7\u30e9\u30b9\u306b\u306a\u308b\u3001\u3068\u3044\u3046\u70b9\u3067\u3059\u3002\u5024\u52d5\u304d\u306e\u8fd1\u3044\u5b89\u5b9a\u30b3\u30a4\u30f3\u30da\u30a2\u306fIL\u304c\u5c0f\u3055\u304f\u3001\u5024\u52d5\u304d\u306e\u8352\u3044\u30da\u30a2\u306fIL\u304c\u5927\u304d\u304f\u306a\u308a\u3084\u3059\u3044\u2014\u2014\u3060\u304b\u3089\u3053\u305d\u3001\u9810\u3051\u308b\u30da\u30a2\u306e\u9078\u629e\u304c\u91cd\u8981\u306b\u306a\u308a\u307e\u3059\u3002IL\u306e\u8a73\u3057\u3044\u4ed5\u7d44\u307f\u3084\u5bfe\u7b56\u306f\u3001<a href=\"https:\/\/ichizenholdings.co.jp\/media\/column\/web3-0\/impermanent-loss\/\" target=\"_blank\" rel=\"noopener\">\u30a4\u30f3\u30d1\u30fc\u30de\u30cd\u30f3\u30c8\u30ed\u30b9\u306e\u8a18\u4e8b<\/a>\u3067\u65e9\u898b\u8868\u3064\u304d\u3067\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\uff5c\u5927\u53e3\u307b\u3069\u4fa1\u683c\u304c\u305a\u308c\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u30b9\u30ea\u30c3\u30da\u30fc\u30b8<\/strong>\u3068\u306f\u3001\u6ce8\u6587\u3057\u305f\u3068\u304d\u306b\u60f3\u5b9a\u3057\u3066\u3044\u305f\u4fa1\u683c\u3068\u3001\u5b9f\u969b\u306b\u7d04\u5b9a\u3057\u305f\u4fa1\u683c\u306e\u305a\u308c\u306e\u3053\u3068\u3067\u3059\u3002AMM\u3067\u306f\u3001\u5b9a\u6570\u7a4d\u306e\u6027\u8cea\u4e0a<strong>\u6ce8\u6587\u304c\u5927\u304d\u3044\u307b\u3069\u30d7\u30fc\u30eb\u306e\u5728\u5eab\u6bd4\u7387\u3092\u5927\u304d\u304f\u52d5\u304b\u3057\u3001\u4fa1\u683c\u304c\u4e0d\u5229\u306a\u65b9\u5411\u3078\u305a\u308c\u307e\u3059<\/strong>\u3002\u6d41\u52d5\u6027\u306e\u8584\u3044(TVL\u306e\u5c0f\u3055\u3044)\u30d7\u30fc\u30eb\u307b\u3069\u3001\u3053\u306e\u5f71\u97ff\u306f\u5927\u304d\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u591a\u304f\u306eDEX\u3067\u306f\u3001\u30b9\u30ef\u30c3\u30d7\u6642\u306b\u300c\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\u8a31\u5bb9\u5ea6(\u4f55%\u307e\u3067\u306e\u305a\u308c\u3092\u8a31\u3059\u304b)\u300d\u3092\u8a2d\u5b9a\u3067\u304d\u307e\u3059\u3002\u8a31\u5bb9\u5ea6\u3092\u72ed\u304f\u3059\u308b\u3068\u4e0d\u5229\u306a\u7d04\u5b9a\u3092\u9632\u3052\u307e\u3059\u304c\u3001\u4fa1\u683c\u304c\u52d5\u304f\u3068\u53d6\u5f15\u81ea\u4f53\u304c\u5931\u6557\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<strong>\u5c11\u984d\u306e\u53d6\u5f15\u3084\u539a\u3044\u30d7\u30fc\u30eb\u3092\u9078\u3076\u3001\u8a31\u5bb9\u5ea6\u3092\u9069\u5207\u306b\u8a2d\u5b9a\u3059\u308b<\/strong>\u3068\u3044\u3063\u305f\u5bfe\u7b56\u304c\u57fa\u672c\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">MEV\u30fb\u30b5\u30f3\u30c9\u30a4\u30c3\u30c1\u653b\u6483\uff5c\u53d6\u5f15\u3092\u631f\u307f\u53d6\u3089\u308c\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u306eAMM\u7279\u6709\u306e\u30ea\u30b9\u30af\u304c<strong>MEV(Maximal Extractable Value)<\/strong>\u3001\u3068\u304f\u306b<strong>\u30b5\u30f3\u30c9\u30a4\u30c3\u30c1\u653b\u6483<\/strong>\u3067\u3059\u3002\u3053\u308c\u306f\u3001\u3042\u306a\u305f\u306e\u30b9\u30ef\u30c3\u30d7\u6ce8\u6587\u304c\u51e6\u7406\u3055\u308c\u308b\u524d\u306b\u3001\u305d\u306e\u5185\u5bb9\u3092\u898b\u305f\u7b2c\u4e09\u8005(\u30dc\u30c3\u30c8)\u304c<strong>\u5148\u56de\u308a\u3067\u8cb7\u3044\u3001\u3042\u306a\u305f\u306e\u53d6\u5f15\u3067\u4fa1\u683c\u304c\u4e0a\u304c\u3063\u305f\u76f4\u5f8c\u306b\u58f2\u308a\u629c\u3051\u308b<\/strong>\u3053\u3068\u3067\u3001\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\u5206\u306e\u5229\u76ca\u3092\u629c\u304d\u53d6\u308b\u6575\u5bfe\u7684\u306a\u884c\u70ba\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5bfe\u7b56\u3068\u3057\u3066\u306f\u3001<strong>\u30b9\u30ea\u30c3\u30da\u30fc\u30b8\u8a31\u5bb9\u5ea6\u3092\u5fc5\u8981\u4ee5\u4e0a\u306b\u5e83\u3052\u306a\u3044<\/strong>\u3053\u3068\u3001\u53d6\u5f15\u5185\u5bb9\u304c\u4e8b\u524d\u306b\u898b\u3048\u306b\u304f\u3044\u30d7\u30e9\u30a4\u30d9\u30fc\u30c8RPC\u3092\u4f7f\u3046\u3053\u3068\u3001\u78ba\u5b9a\u898b\u7a4d\u578b\u306eDEX\u3092\u9078\u3076\u3053\u3068\u306a\u3069\u304c\u6319\u3052\u3089\u308c\u307e\u3059\u3002\u5927\u53e3\u306e\u53d6\u5f15\u307b\u3069\u72d9\u308f\u308c\u3084\u3059\u3044\u305f\u3081\u3001\u91d1\u984d\u3092\u5206\u5272\u3059\u308b\u65b9\u6cd5\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u8a50\u6b3a\u30c8\u30fc\u30af\u30f3\u30fb\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u30ea\u30b9\u30af\uff5c\u81ea\u5df1\u8cac\u4efb\u306e\u4e16\u754c<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">AMM\u306f\u8ab0\u3067\u3082\u30d7\u30fc\u30eb\u3092\u4f5c\u308c\u308b\u30d1\u30fc\u30df\u30c3\u30b7\u30e7\u30f3\u30ec\u30b9\u306a\u4ed5\u7d44\u307f\u306e\u305f\u3081\u3001<strong>\u8a50\u6b3a\u7684\u306a\u30c8\u30fc\u30af\u30f3\u3082\u7d1b\u308c\u8fbc\u307f\u307e\u3059<\/strong>\u3002\u767a\u884c\u8005\u304c\u96c6\u3081\u305f\u6d41\u52d5\u6027\u3092\u7a81\u7136\u5f15\u304d\u629c\u304f\u300c\u30e9\u30b0\u30d7\u30eb\u300d\u3084\u3001\u8cb7\u3048\u308b\u306e\u306b\u58f2\u308c\u306a\u3044\u3088\u3046\u8a2d\u8a08\u3055\u308c\u305f\u300c\u30cf\u30cb\u30fc\u30dd\u30c3\u30c8\u300d\u304c\u5178\u578b\u3067\u3059\u3002\u898b\u6975\u3081\u306b\u306f\u3001\u30df\u30f3\u30c8\u6a29\u9650\u304c\u653e\u68c4\u3055\u308c\u3066\u3044\u308b\u304b\u3001\u6d41\u52d5\u6027\u304c\u30ed\u30c3\u30af\u3055\u308c\u3066\u3044\u308b\u304b\u3001\u76e3\u67fb\u3092\u53d7\u3051\u3066\u3044\u308b\u304b\u3068\u3044\u3063\u305f\u78ba\u8a8d\u304c\u6709\u52b9\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u52a0\u3048\u3066\u3001AMM\u306f\u30b9\u30de\u30fc\u30c8\u30b3\u30f3\u30c8\u30e9\u30af\u30c8\u3067\u52d5\u304f\u305f\u3081\u3001<strong>\u30b3\u30fc\u30c9\u81ea\u4f53\u306e\u30d0\u30b0\u3084\u30cf\u30c3\u30ad\u30f3\u30b0\u3001\u30c8\u30fc\u30af\u30f3\u306e\u5229\u7528\u8a31\u53ef(approve)\u3092\u60aa\u7528\u3055\u308c\u308b\u5371\u967a<\/strong>\u3082\u3042\u308a\u307e\u3059\u3002\u4e2d\u592e\u306e\u7ba1\u7406\u8005\u304c\u3044\u306a\u3044\u5206\u3001\u30c8\u30e9\u30d6\u30eb\u6642\u306b\u52a9\u3051\u3066\u304f\u308c\u308b\u7a93\u53e3\u3082\u3042\u308a\u307e\u305b\u3093\u3002<strong>DeFi\u306f\u57fa\u672c\u304c\u81ea\u5df1\u8cac\u4efb<\/strong>\u3067\u3042\u308b\u70b9\u3092\u3001\u4fbf\u5229\u3055\u3068\u540c\u3058\u91cd\u3055\u3067\u610f\u8b58\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">AMM\u3092\u5b9f\u969b\u306b\u4f7f\u3046\u306b\u306f\uff5c\u57fa\u672c\u306e\u6d41\u308c<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">AMM(DEX)\u3067\u30b9\u30ef\u30c3\u30d7\u3084\u6d41\u52d5\u6027\u63d0\u4f9b\u3092\u8a66\u3059\u5834\u5408\u3001\u3044\u304d\u306a\u308aDEX\u304b\u3089\u59cb\u3081\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002DEX\u306f\u65e5\u672c\u5186\u3092\u76f4\u63a5\u6271\u3048\u306a\u3044\u305f\u3081\u3001<strong>\u307e\u305a\u53d6\u5f15\u6240\u3067\u5143\u624b\u3068\u306a\u308b\u6697\u53f7\u8cc7\u7523\u3092\u7528\u610f\u3057\u3001\u30a6\u30a9\u30ec\u30c3\u30c8\u3078\u79fb\u3057\u3066\u304b\u3089DEX\u306b\u63a5\u7d9a\u3059\u308b<\/strong>\u306e\u304c\u57fa\u672c\u306e\u6d41\u308c\u3067\u3059\u3002<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>\u53d6\u5f15\u6240\u3067\u6697\u53f7\u8cc7\u7523\u3092\u8cfc\u5165<\/strong>\uff5c\u56fd\u5185\u53d6\u5f15\u6240\u3067\u65e5\u672c\u5186\u3092\u5165\u91d1\u3057\u3001ETH\u3084USDT\u30fbSOL\u306a\u3069\u5bfe\u8c61\u30c1\u30a7\u30fc\u30f3\u3067\u4f7f\u3048\u308b\u9298\u67c4\u3092\u8cb7\u3046<\/li>\n\n\n\n<li><strong>\u30a6\u30a9\u30ec\u30c3\u30c8\u3078\u9001\u91d1<\/strong>\uff5cMetaMask\u3084Phantom\u306a\u3069\u306e\u30a6\u30a9\u30ec\u30c3\u30c8\u3092\u7528\u610f\u3057\u3001\u8cb7\u3063\u305f\u6697\u53f7\u8cc7\u7523\u3092\u9001\u308b(\u30c1\u30a7\u30fc\u30f3\u306e\u9078\u629e\u30df\u30b9\u306b\u6ce8\u610f)<\/li>\n\n\n\n<li><strong>DEX\u306b\u63a5\u7d9a\u3057\u3066\u30b9\u30ef\u30c3\u30d7\uff0fLP<\/strong>\uff5cUniswap\u306a\u3069\u306eDEX\u306b\u30a6\u30a9\u30ec\u30c3\u30c8\u3092\u63a5\u7d9a\u3057\u3001\u30b9\u30ef\u30c3\u30d7\u3084\u6d41\u52d5\u6027\u63d0\u4f9b\u3092\u884c\u3046<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">\u5143\u624b\u3068\u306a\u308b\u6697\u53f7\u8cc7\u7523\u306e\u8abf\u9054\u3067\u306f\u3001<strong>\u53d6\u6271\u9298\u67c4\u304c\u591a\u304f\u3001\u5bfe\u8c61\u30c1\u30a7\u30fc\u30f3\u3078\u306e\u51fa\u91d1\u306b\u5bfe\u5fdc\u3057\u305f\u53d6\u5f15\u6240<\/strong>\u3092\u9078\u3076\u3068\u52d5\u304d\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002\u5f53\u30e1\u30c7\u30a3\u30a2\u3067\u306f\u3001\u7dcf\u5408\u529b\u3068\u30b5\u30dd\u30fc\u30c8\u306e\u30d0\u30e9\u30f3\u30b9\u304b\u3089<strong>Bitget<\/strong>\u3092\u4e3b\u8ef8\u306e\u5019\u88dc\u3068\u3057\u3066\u6319\u3052\u3066\u3044\u307e\u3059\u3002\u6d77\u5916DEX\u3084\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u3067\u306e\u30b9\u30ef\u30c3\u30d7\u306b\u539a\u3044\u6d41\u52d5\u6027\u3092\u6c42\u3081\u308b\u5834\u5408\u306f\u3001Perp DEX\u306e<strong>Hyperliquid<\/strong>\u306e\u3088\u3046\u306a\u9078\u629e\u80a2\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1916\" height=\"956\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2026\/07\/bitget-1.png\" alt=\"\u6d77\u5916\u53d6\u5f15\u6240Bitget\u306e\u7d39\u4ecb\u753b\u50cf\" class=\"wp-image-204287\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2026\/07\/bitget-1.png 1916w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2026\/07\/bitget-1-300x150.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2026\/07\/bitget-1-1024x511.png 1024w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2026\/07\/bitget-1-768x383.png 768w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2026\/07\/bitget-1-1536x766.png 1536w\" sizes=\"(max-width: 1916px) 100vw, 1916px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong><span class=\"swl-marker mark_yellow\">\uff3cDEX\u306e\u5143\u624b\u3065\u304f\u308a\u306b\u4f7f\u3048\u308b\u7dcf\u5408\u529bNo.1\uff0f<\/span><\/strong><\/p>\n\n\n\n<div class=\"swell-block-button red_ -size-l is-style-btn_solid u-mb-ctrl u-mb-0\" data-id=\"what-is-amm-bitget\"><a href=\"https:\/\/ichizenholdings.co.jp\/media\/go-bitget\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"swell-block-button__link\"><span>Bitget\u306e\u8a73\u7d30\u3092\u898b\u306b\u884c\u304f<\/span><\/a><\/div>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><a href=\"https:\/\/ichizenholdings.co.jp\/media\/go-bitget\" target=\"_blank\" rel=\"noopener\"><span class=\"swl-fz u-fz-xs\">\u516c\u5f0f\u30b5\u30a4\u30c8\u306f\u3053\u3061\u3089<\/span><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">ICHIZEN Capital\u306e\u8996\u70b9\uff5cAMM\u3068\u7a0e\u91d1\u306e\u843d\u3068\u3057\u7a74<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u591a\u304f\u306e\u5165\u9580\u8a18\u4e8b\u306f\u300cAMM\u3067\u7a3c\u3052\u308b\u300d\u3067\u7d42\u308f\u308a\u307e\u3059\u304c\u3001<strong>\u5b9f\u969b\u306b\u4f7f\u3046\u3068\u5fc5\u305a\u95a2\u308f\u308b\u306e\u304c\u7a0e\u91d1\u3067\u3059<\/strong>\u3002\u3053\u3053\u306f\u4e0a\u4f4d\u8a18\u4e8b\u304c\u6700\u3082\u624b\u8584\u306a\u9818\u57df\u306a\u306e\u3067\u3001\u7a0e\u52d9\u30fb\u4e8b\u696d\u8005\u306e\u8996\u70b9\u3067\u6b63\u78ba\u306b\u6574\u7406\u3057\u307e\u3059\u3002\u7d50\u8ad6\u304b\u3089\u8a00\u3046\u3068\u3001<strong>AMM\u3067\u306e\u30b9\u30ef\u30c3\u30d7\u3082\u6d41\u52d5\u6027\u63d0\u4f9b\u306e\u5831\u916c\u3082\u3001\u65e5\u672c\u3067\u306f\u8ab2\u7a0e\u5bfe\u8c61\u306b\u306a\u308a\u3046\u308b<\/strong>\u3068\u3044\u3046\u70b9\u3092\u3001\u4f7f\u3046\u524d\u306b\u7406\u89e3\u3057\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30b9\u30ef\u30c3\u30d7\u306f\u300c\u4ea4\u63db\u3057\u305f\u6642\u70b9\u300d\u3067\u8ab2\u7a0e\u3055\u308c\u3046\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e5\u672c\u306e\u5c45\u4f4f\u8005\u306b\u3068\u3063\u3066\u3001\u6697\u53f7\u8cc7\u7523\u306e\u5229\u76ca\u306f\u539f\u5247<strong>\u300c\u96d1\u6240\u5f97\u300d\u3068\u3057\u3066\u7dcf\u5408\u8ab2\u7a0e<\/strong>\u3055\u308c\u307e\u3059\u3002\u7a0e\u7387\u306f\u4ed6\u306e\u6240\u5f97\u3068\u5408\u7b97\u3057\u30665\u301c45%(\u4f4f\u6c11\u7a0e\u3092\u542b\u3081\u308b\u3068\u6700\u5927\u7d0455%)\u3067\u3001\u7d66\u4e0e\u6240\u5f97\u8005\u306f\u6697\u53f7\u8cc7\u7523\u3092\u542b\u3080\u96d1\u6240\u5f97\u304c<strong>\u5e7420\u4e07\u5186\u3092\u8d85\u3048\u308b\u3068\u539f\u5247\u78ba\u5b9a\u7533\u544a\u304c\u5fc5\u8981<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u3067\u898b\u843d\u3068\u3055\u308c\u304c\u3061\u306a\u306e\u304c\u3001<strong>\u300c\u65e5\u672c\u5186\u306b\u63db\u3048\u3066\u3044\u306a\u3051\u308c\u3070\u975e\u8ab2\u7a0e\u300d\u3068\u3044\u3046\u601d\u3044\u8fbc\u307f<\/strong>\u3067\u3059\u3002AMM\u3067\u306e\u30b9\u30ef\u30c3\u30d7\u3001\u305f\u3068\u3048\u3070ETH\u3092USDC\u306b\u4ea4\u63db\u3057\u305f\u6642\u70b9\u3067\u3082\u3001\u624b\u653e\u3057\u305fETH\u306b\u5229\u76ca\u304c\u51fa\u3066\u3044\u308c\u3070\u8ab2\u7a0e\u5bfe\u8c61\u306b\u306a\u308a\u3048\u307e\u3059\u3002<strong>\u5186\u306b\u63db\u3048\u305f\u304b\u3069\u3046\u304b\u3067\u306f\u306a\u304f\u3001\u640d\u76ca\u304c\u78ba\u5b9a\u3057\u305f\u304b\u3069\u3046\u304b\u3067\u5224\u65ad\u3055\u308c\u308b<\/strong>\u306e\u304c\u539f\u5247\u3067\u3059(\u203b2)\u3002AMM\u306f\u624b\u8efd\u306b\u4f55\u5ea6\u3082\u30b9\u30ef\u30c3\u30d7\u3067\u304d\u308b\u3076\u3093\u3001\u305d\u306e\u305f\u3073\u304c\u8ab2\u7a0e\u30a4\u30d9\u30f3\u30c8\u306b\u306a\u308a\u3046\u308b\u70b9\u306f\u8981\u6ce8\u610f\u3067\u3059\u3002\u6697\u53f7\u8cc7\u7523\u306e\u7a0e\u91d1\u306e\u5168\u4f53\u50cf\u306f\u3001<a href=\"https:\/\/ichizenholdings.co.jp\/media\/column\/crypto-tax-japan\/\" target=\"_blank\" rel=\"noopener\">\u4eee\u60f3\u901a\u8ca8\u306e\u7a0e\u91d1\u306e\u8a18\u4e8b<\/a>\u3067\u8a73\u3057\u304f\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u6d41\u52d5\u6027\u63d0\u4f9b\u306e\u5831\u916c\u30fb\u5b9f\u52d9\u8ca0\u62c5\u3068\u3044\u3046\u8ad6\u70b9<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6d41\u52d5\u6027\u63d0\u4f9b(LP)\u306b\u3082\u7a0e\u52d9\u306e\u8ad6\u70b9\u304c\u3042\u308a\u307e\u3059\u3002\u53d7\u3051\u53d6\u3063\u305f\u30b9\u30ef\u30c3\u30d7\u624b\u6570\u6599\u3084\u30a4\u30fc\u30eb\u30c9\u30d5\u30a1\u30fc\u30df\u30f3\u30b0\u306e\u5831\u916c\u306f\u3001<strong>\u53d7\u3051\u53d6\u3063\u305f\u6642\u70b9\u306e\u6642\u4fa1\u304c\u6240\u5f97\u3068\u3057\u3066\u8a8d\u8b58\u3055\u308c\u308b<\/strong>\u306e\u304c\u4e00\u822c\u7684\u306a\u8003\u3048\u65b9\u3067\u3059\u3002\u3055\u3089\u306b\u3001\u30d7\u30fc\u30eb\u3078\u306e\u9810\u3051\u5165\u308c\u3084\u5f15\u304d\u51fa\u3057\u306e\u969b\u306b\u3082\u3001\u6697\u53f7\u8cc7\u7523\u3092\u624b\u653e\u3057\u305f\u30fb\u53d7\u3051\u53d6\u3063\u305f\u3068\u898b\u3066\u640d\u76ca\u304c\u751f\u3058\u3046\u308b\u5834\u9762\u304c\u3042\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u3001DeFi\u56fa\u6709\u306e\u51e6\u7406\u306f\u56fd\u7a0e\u5e81\u304b\u3089\u660e\u78ba\u306a\u6307\u91dd\u304c\u793a\u3055\u308c\u3066\u3044\u306a\u3044\u8ad6\u70b9\u3082\u591a\u304f\u3001<strong>\u5b9f\u52d9\u3067\u306f\u89e3\u91c8\u304c\u5206\u304b\u308c\u308b\u90e8\u5206\u304c\u6b8b\u3063\u3066\u3044\u307e\u3059<\/strong>\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3082\u3046\u4e00\u3064\u306e\u73fe\u5b9f\u7684\u306a\u58c1\u304c<strong>\u8a18\u9332\u30fb\u8a08\u7b97\u306e\u8ca0\u62c5<\/strong>\u3067\u3059\u3002\u6d77\u5916\u306eDEX\u306f\u56fd\u5185\u53d6\u5f15\u6240\u306e\u3088\u3046\u306a\u5e74\u9593\u53d6\u5f15\u5831\u544a\u66f8\u3092\u51fa\u3057\u3066\u304f\u308c\u307e\u305b\u3093\u3002\u30b9\u30ef\u30c3\u30d7\u3084LP\u306e\u51fa\u3057\u5165\u308c\u3092\u3059\u3079\u3066\u81ea\u5206\u3067\u8a18\u9332\u3057\u3001\u305d\u306e\u90fd\u5ea6\u306e\u6642\u4fa1\u3067\u640d\u76ca\u3092\u8a08\u7b97\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u3001\u53d6\u5f15\u56de\u6570\u304c\u5897\u3048\u308b\u307b\u3069\u624b\u4f5c\u696d\u3067\u306f\u8ffd\u3044\u304d\u308c\u306a\u304f\u306a\u308a\u307e\u3059\u3002\u640d\u76ca\u8a08\u7b97\u30c4\u30fc\u30eb\u306e\u5229\u7528\u304c\u524d\u63d0\u306b\u306a\u308a\u3084\u3059\u3044\u306e\u304c\u5b9f\u60c5\u3067\u3059\u3002<\/p>\n\n\n<div class=\"swell-block-balloon\"><div class=\"c-balloon -bln-left\" data-col=\"gray\"><div class=\"c-balloon__icon -square\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/03\/DSC00474\u306e\u30b3\u30d4\u30fc2-removebg-preview-150x150.png\" alt=\"\" class=\"c-balloon__iconImg\" width=\"80px\" height=\"80px\"><span class=\"c-balloon__iconName\">\u6c34\u91ce \u502b\u592a\u90ce<\/span><\/div><div class=\"c-balloon__body -speaking -border-none\"><div class=\"c-balloon__text\">\n<p><span class=\"swl-fz u-fz-s\">\u7a0e\u52d9\u306e\u73fe\u5834\u3067\u898b\u3066\u3044\u308b\u3068\u3001AMM\u3084DeFi\u306f\u300c\u7a3c\u3052\u305f\u91d1\u984d\u300d\u3088\u308a\u300c\u8a18\u9332\u304c\u6b8b\u3063\u3066\u3044\u306a\u3044\u3053\u3068\u300d\u3067\u3064\u307e\u305a\u304f\u65b9\u304c\u591a\u3044\u3067\u3059\u3002\u5186\u306b\u63db\u3048\u3066\u3044\u306a\u304f\u3066\u3082\u3001\u30b9\u30ef\u30c3\u30d7\u3084LP\u5831\u916c\u3067\u8ab2\u7a0e\u5bfe\u8c61\u306b\u306a\u308a\u3046\u308b\u306e\u304c\u65e5\u672c\u306e\u30eb\u30fc\u30eb\u3002DeFi\u56fa\u6709\u306e\u51e6\u7406\u306f\u672a\u78ba\u5b9a\u306e\u8ad6\u70b9\u3082\u591a\u3044\u306e\u3067\u3001\u53d6\u5f15\u5c65\u6b74\u3092\u5fc5\u305a\u6b8b\u3057\u3001\u5224\u65ad\u306b\u8ff7\u3046\u5834\u5408\u306f\u7a0e\u7406\u58eb\u3084\u7a0e\u52d9\u7f72\u3078\u306e\u78ba\u8a8d\u3092\u304a\u3059\u3059\u3081\u3057\u307e\u3059\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n\n<h2 class=\"wp-block-heading\">\u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n<div class=\"swell-block-faq\" data-q=\"fill-main\" data-a=\"fill-custom\">\n<div class=\"swell-block-faq__item\"><h3 class=\"faq_q\">AMM\u3068\u306f\u4f55\u3067\u3059\u304b\uff1f\u308f\u304b\u308a\u3084\u3059\u304f\u6559\u3048\u3066\u304f\u3060\u3055\u3044<\/h3><div class=\"faq_a\">\n<p class=\"wp-block-paragraph\">AMM(\u81ea\u52d5\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc)\u306f\u3001\u53d6\u5f15\u76f8\u624b\u3092\u63a2\u3055\u306a\u304f\u3066\u3082\u6697\u53f7\u8cc7\u7523\u3092\u4ea4\u63db\u3067\u304d\u308b\u3088\u3046\u306b\u3059\u308bDEX\u306e\u4ed5\u7d44\u307f\u3067\u3059\u3002\u58f2\u308a\u624b\u3068\u8cb7\u3044\u624b\u3092\u30de\u30c3\u30c1\u30f3\u30b0\u3059\u308b\u4ee3\u308f\u308a\u306b\u3001\u3042\u3089\u304b\u3058\u3081\u7528\u610f\u3055\u308c\u305f\u6d41\u52d5\u6027\u30d7\u30fc\u30eb\u306b\u5bfe\u3057\u3066\u3001\u30d7\u30ed\u30b0\u30e9\u30e0\u304c\u6570\u5f0f\u3067\u4fa1\u683c\u3092\u8a08\u7b97\u3057\u3066\u30b9\u30ef\u30c3\u30d7\u3092\u6210\u7acb\u3055\u305b\u307e\u3059\u3002\u4eba\u3067\u306f\u306a\u304f\u30d7\u30ed\u30b0\u30e9\u30e0\u304c\u81ea\u52d5\u3067\u3055\u3070\u304f\u305f\u3081\u300c\u81ea\u52d5\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc\u300d\u3068\u547c\u3070\u308c\u307e\u3059\u3002<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><h3 class=\"faq_q\">AMM\u3068DEX\u306e\u9055\u3044\u306f\u4f55\u3067\u3059\u304b\uff1f<\/h3><div class=\"faq_a\">\n<p class=\"wp-block-paragraph\">AMM\u306f\u300c\u4fa1\u683c\u3092\u6c7a\u3081\u308b\u4ed5\u7d44\u307f\u300d\u3001DEX\u306f\u300c\u305d\u306e\u4ed5\u7d44\u307f\u3092\u4f7f\u3063\u305f\u5206\u6563\u578b\u53d6\u5f15\u6240\u305d\u306e\u3082\u306e\u300d\u3067\u3059\u3002DEX\u3068\u3044\u3046\u53d6\u5f15\u6240\u306e\u5185\u90e8\u3067\u3001\u4fa1\u683c\u6c7a\u5b9a\u3068\u7d04\u5b9a\u3092\u62c5\u3046\u30a8\u30f3\u30b8\u30f3\u304cAMM\u3001\u3068\u3044\u3046\u95a2\u4fc2\u306b\u306a\u308a\u307e\u3059\u3002Uniswap\u306fDEX\u3067\u3059\u304c\u3001\u305d\u306e\u4e2d\u3067\u52d5\u3044\u3066\u3044\u308b\u306e\u304cAMM\u3067\u3059\u3002AMM\u3092\u4f7f\u308f\u306a\u3044\u30aa\u30fc\u30c0\u30fc\u30d6\u30c3\u30af\u578b\u306eDEX\u3082\u5b58\u5728\u3057\u307e\u3059\u3002<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><h3 class=\"faq_q\">AMM\u3067\u306f\u306a\u305c\u76f8\u624b\u304c\u3044\u306a\u304f\u3066\u3082\u53d6\u5f15\u3067\u304d\u308b\u306e\u3067\u3059\u304b\uff1f<\/h3><div class=\"faq_a\">\n<p class=\"wp-block-paragraph\">\u76f8\u624b\u3067\u306f\u306a\u304f\u300c\u6d41\u52d5\u6027\u30d7\u30fc\u30eb\u300d\u3092\u76f8\u624b\u306b\u53d6\u5f15\u3059\u308b\u305f\u3081\u3067\u3059\u3002\u30d7\u30fc\u30eb\u306b\u306f2\u7a2e\u985e\u306e\u30c8\u30fc\u30af\u30f3\u304c\u30da\u30a2\u3067\u9810\u3051\u3089\u308c\u3066\u304a\u308a\u3001\u7247\u65b9\u3092\u5165\u308c\u3066\u3082\u3046\u7247\u65b9\u3092\u5f15\u304d\u51fa\u3059\u5f62\u3067\u4ea4\u63db\u3057\u307e\u3059\u3002\u4fa1\u683c\u306f\u5b9a\u6570\u7a4d(x*y=k)\u306a\u3069\u306e\u6570\u5f0f\u3067\u81ea\u52d5\u7684\u306b\u6c7a\u307e\u308b\u305f\u3081\u3001\u7d04\u5b9a\u76f8\u624b\u3092\u63a2\u3059\u5fc5\u8981\u304c\u3042\u308a\u307e\u305b\u3093\u3002\u30d7\u30fc\u30eb\u306b\u8cc7\u91d1\u304c\u3042\u308b\u9650\u308a\u300124\u6642\u9593\u3044\u3064\u3067\u3082\u30b9\u30ef\u30c3\u30d7\u3067\u304d\u307e\u3059\u3002<\/p>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><h3 class=\"faq_q\">\u5b9a\u6570\u7a4d(x*y=k)\u3068\u306f\u4f55\u3067\u3059\u304b\uff1f\u4fa1\u683c\u306f\u3069\u3046\u6c7a\u307e\u308a\u307e\u3059\u304b\uff1f<\/h3><div class=\"faq_a\">\n<p 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DefiLlama\u300c\u5404\u30d7\u30ed\u30c8\u30b3\u30eb\u306eTVL(Uniswap\uff0fCurve\uff0fPancakeSwap\uff0fRaydium)\u300d(2026\u5e747\u6708\u6642\u70b9\u30fb\u8981\u78ba\u8a8d)<a href=\"https:\/\/defillama.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/defillama.com\/<\/a><br>2. \u56fd\u7a0e\u5e81\u300c\u6697\u53f7\u8cc7\u7523\u7b49\u306b\u95a2\u3059\u308b\u7a0e\u52d9\u4e0a\u306e\u53d6\u6271\u3044(FAQ)\u300d<a href=\"https:\/\/www.nta.go.jp\/\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.nta.go.jp\/<\/a><br>3. \u56fd\u7a0e\u5e81 \u7a0e\u52d9\u5927\u5b66\u6821\u8ad6\u53e2113\u53f7\u300c\u6697\u53f7\u8cc7\u7523\u30fbDeFi\u53d6\u5f15\u306b\u4fc2\u308b\u6240\u5f97\u7a0e\u306e\u8ab2\u7a0e\u95a2\u4fc2\u300d(\u4ee4\u548c6\u5e74)<a href=\"https:\/\/www.nta.go.jp\/about\/organization\/ntc\/kenkyu\/ronsou\/113\/01\/01.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.nta.go.jp\/about\/organization\/ntc\/kenkyu\/<\/a><\/p>\n\n\n\n<p 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