> 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/yun-zuo-ji-zhi.md).

# 运作机制

<figure><img src="/files/ZfhDO0zeX27BBP6N6jbP" alt=""><figcaption><p>图 1 - Alpha Vaults将流动性存入Uniswap V3上的3个范围单</p></figcaption></figure>

Alpha Vaults使用3个范围单来管理流动性：一个[全范围单](https://support.uniswap.org/hc/en-us)以确保代币始终可交易，一个[基准单](https://learn.charm.fi/charm/products-overview/alpha-vaults/whitepaper#overview-of-passive-rebalancing)用以集中流动性，以及一个[限价单](https://learn.charm.fi/charm/products-overview/alpha-vaults/whitepaper#overview-of-passive-rebalancing)来最小化无常损失。

通过调整金库的[策略参数](https://learn.charm.fi/charm/manage-liquidity/user-guides/vault-parameters#strategy-parameters)，流动性管理者能自行设定集中多少流动性、金库如何降低无常损失、以及当币价变动到设定范围之外时，在范围外能有多少流动性。这些参数可以随时[更改](https://learn.charm.fi/charm/manage-liquidity/user-guides/walkthroughs/edit-vault)。

在设置参数后，单次调用再平衡函数将引发金库选择新的范围单集，并且该操作可[完全自动化](https://learn.charm.fi/charm/manage-liquidity/user-guides/walkthroughs/automating-rebalance)。

### 业绩记录&#x20;

<figure><img src="/files/3pr8zMADbcPcgkljXhCN" alt=""><figcaption><p>图 2 - <a href="https://dune.com/queries/850055/1483210?Number+of+days_t6c1ea=750">链上数据</a>显示，近两年来，Alpha Vaults使市场价格（红线）始终保持在金库选择的范围（蓝色区域）的中间部分。</p></figcaption></figure>

​自2021年5月以来，Alpha Vaults已为流动性管理了选择了[超过1000个](https://etherscan.io/address/0x1cea471aab8c57118d187315f3d6ae1834ccd836)范围单。


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