> For the complete documentation index, see [llms.txt](https://learn.charm.fi/cn/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://learn.charm.fi/cn/guan-li-liu-dong-xing/feng-xian-ji-qi-huan-jie-cuo-shi.md).

# 风险及其缓解措施

{% hint style="danger" %}
当某金库的TVL在整个流动性池的TVL的占比较大时 （由[Vault/Pool](broken://spaces/ncWpbfiN022KvH5AGrQq/pages/qfbt6HKYDBv3PdSuINrQ#vault-pool)来度量），该金库将被视作高风险金库。

这类金库会面临更高的[价格操纵](https://chain.link/education-hub/market-manipulation-vs-oracle-exploits)与[逆向选择](https://en.wikipedia.org/wiki/Adverse_selection)的风险，从而可能会导致金库的收益降低。Alpha Vaults 的前端界面在用户每次试图存入该类金库之前都会对其提供清晰的[警示](broken://spaces/ncWpbfiN022KvH5AGrQq/pages/qfbt6HKYDBv3PdSuINrQ#vault-pool)。

假如用户希望使用某高风险金库来管理流动性，请直接与Charm 联系（<contact@charm.fi>）以获得进一步协助。
{% endhint %}

<details>

<summary><strong>意外的价格波动</strong></summary>

如果出现意外的币价波动，其实时价格可能会[超出所设定范围](https://learn.charm.fi/charm/appendix/glossary#out-of-range-liquidity)。这将导致流动性比全范围的情况更差，并且只有在价格回到设定范围内时才会有所改善。

如果项目方不确定币对的价格走势，他们能够：

* [在全范围上设置更高的流动性占比](https://learn.charm.fi/charm/manage-liquidity/user-guides/vault-parameters#full-range-weight-fullrangeweight)，使得交易在范围之外进行时仍然有较好的流动性。
* 为[基准单](https://learn.charm.fi/charm/manage-liquidity/user-guides/vault-parameters#base-order-width-basethreshold)和[范围单](https://learn.charm.fi/charm/manage-liquidity/user-guides/vault-parameters#limit-order-width-limitthreshold)设置更宽的范围，以避免价格波动至所设范围之外。

项目可随时更新参数。例如，如果波动性较低，项目方可选择[窄范围策略](https://learn.charm.fi/charm/manage-liquidity/user-guides/create-vault/default-values#narrow-range-strategy)或减少全范围的流动性占比，从而获取更多的费用收入或提高资本效率。

为协助项目方选择参数，Alpha Vaults的前端界面会为用户展示在设立金库[之前](https://learn.charm.fi/charm/manage-liquidity/user-guides/walkthroughs/create-vault)和[之后](https://learn.charm.fi/charm/manage-liquidity/user-guides/walkthroughs/edit-vault)的操作步骤。

</details>

<details>

<summary><strong>再平衡操作不够频繁</strong></summary>

任何人\*都能够对金库进行再平衡操作，但假如该操作从未被引发过，那么无论币对的价格如何变化，该金库的价格设置区间都将保持不变。这意味着金库的业绩将更可能表现不佳。

为实现[自动再平衡](https://learn.charm.fi/charm/manage-liquidity/user-guides/walkthroughs/automating-rebalance)，项目方可使用自动化解决方案（如 [Gelato Automate](https://www.gelato.network/automate)）、激励社区成员进行再平衡操作，或者使用守护者脚本自行进行再操作。

\*金库管理者可关闭该功能，使得仅在列在白名单上的地址才能进行再平衡操作。

</details>

<details>

<summary><strong>价格操纵</strong></summary>

价格操纵是指攻击者利用大量资金进行换币操作，以便操纵流动性池内币对的价格。如果其他协议（如贷款协议）将此流动性池的价格作为预言机，那么币价在暂时被操纵期间，攻击者可能会从协议中盗取资产。

[研究表明](https://github.com/euler-xyz/uni-v3-twap-manipulation/blob/master/cost-of-attack.pdf)，如果有全范围单，那么发生价格操纵的可能性会更小。因此，假如项目方的金库管理着流动性池内的大部分流动性，那么项目方也许会希望在全范围上设置[更大的流动性占比](https://learn.charm.fi/charm/manage-liquidity/user-guides/vault-parameters#full-range-weight-fullrangeweight)。

</details>


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