In decentralized finance (DeFi), designing fixed-income lending automated market makers (AMMs) is extremely challenging due to time-related complexities. Moreover, existing protocols only support single-maturity lending. Building upon the BondMM protocol, this paper argues that its mathematical invariants are sufficiently elegant to be generalized to arbitrary maturities. This paper thus propose an improved design, BondMM-A, which supports lending activities of any maturity. By integrating fixed-income instruments of varying maturities into a single smart contract, BondMM-A offers users and liquidity providers (LPs) greater operational freedom and capital efficiency. Experimental results show that BondMM-A performs excellently in terms of interest rate stability and financial robustness.
翻译：在去中心化金融（DeFi）领域，由于时间相关复杂性，设计固定收益借贷自动化做市商（AMM）极具挑战性。此外，现有协议仅支持单一期限借贷。本文基于BondMM协议，论证其数学不变量具有足够优雅的数学结构，可推广至任意期限。因此，本文提出改进设计BondMM-A，支持任意期限的借贷活动。通过将不同期限的固定收益工具整合至单一智能合约中，BondMM-A为用户及流动性提供者（LP）赋予更高的操作自由度和资本效率。实验结果表明，BondMM-A在利率稳定性和金融稳健性方面均表现优异。
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