For those unfamiliar, TWAP is a trading executing strategy in CeFi that seeks to minimize a large order’s impact on the market, by dividing it into several smaller trades and executing these trades at regular intervals over a specified period of time.
对于那些不熟悉的人来说，TWAP 是 CeFi 中的一种交易执行策略，旨在通过将大订单分成几个较小的交易并在指定的时间段内定期执行这些交易，来最大限度地减少大订单对市场的影响。