> For the complete documentation index, see [llms.txt](https://steakhouse.financial/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://steakhouse.financial/docs/risk-management/zh/collateral/layers-pillars-and-criteria/market-rating-layer-3/liu-dong-xing.md).

# 流动性

流动性是 Steakhouse Financial 的市场评级层中的四项标准之一，用于通过主要赎回或二级市场互换评估退出路径质量。

流动性被评估为代币持有者将其代币兑换为另一种价值储存的能力。理想情况下，这一过程是原子性的，也就是说，两种资产之间的转移发生在同一笔交易中。

在清算的情况下，需要原子性转移；当借款人的未偿贷款价值超过其抵押品价值的某个阈值时，就会发生清算，这一阈值称为清算贷款价值比（Liquidation Loan-to-Value）。这一参数可在市场中观察到，后文将作解释。清算涉及将抵押资产出售以换取贷款资产，从而偿还贷款方，因此需要原子性。

原子性流动性可通过一级赎回或二级市场互换实现。一级赎回是直接与发行方进行，某些情况下通过去中心化的 PSM（Peg Stability Module，挂钩稳定模块）执行，它是链上资产储备，可与已发行代币进行兑换。二级市场流动性则通过流动性池获得，流动性提供者允许用户以无需许可的方式在池内资产之间进行交换。

{% hint style="info" %}
指标：

* 一级市场赎回可能性
* 二级市场深度
* 锁定期或通知期
  {% endhint %}


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