加密貨幣借貸：徹底改變數位金融還是定時炸彈？

DeFi 借貸經歷了顯著成長，鎖定總價值達 343 億美元。然而，質押抵押品與更廣泛的加密貨幣市場之間的相關性帶來了重大風險。 MakerDAO 的黑色星期四和 Luna 崩潰等事件凸顯了解決這種相關性的必要性，因為加密貨幣市場的波動可能會導致用戶迅速清算和損失。

Crypto Lending and Borrowing: A Paradigm Shift in Digital Finance

加密貨幣借貸：數位金融的典範轉移

Since the advent of Decentralized Finance (DeFi) innovations, the crypto lending and borrowing niche has experienced an unparalleled surge in popularity and adoption. According to DeFi Llama, the total value locked (TVL) in lending protocols has skyrocketed to a staggering $34.3 billion, with a peak of over $50 billion during the previous bull run.

自從去中心化金融（DeFi）創新出現以來，加密貨幣借貸領域的受歡迎程度和採用率經歷了前所未有的激增。根據 DeFi Llama 的數據，借貸協議的鎖定總價值 (TVL) 已飆升至驚人的 343 億美元，在上一次牛市期間高峰超過 500 億美元。

This exponential growth is not solely confined to the realm of crypto assets; the convergence of on-chain and off-chain assets is driving the expansion of DeFi lending and borrowing into uncharted territories. Notably, Real World Assets (RWAs), such as real estate, private credit, and treasuries, are bridging the gap between the blockchain economy and traditional financial markets.

這種指數級成長不僅限於加密資產領域；鏈上和鏈下資產的整合正在推動 DeFi 借貸向未知領域擴張。值得注意的是，房地產、私人信貸和國債等現實世界資產（RWA）正在彌合區塊鏈經濟與傳統金融市場之間的差距。

One such platform, SOIL, is revolutionizing the DeFi lending landscape by offering stablecoin holders an unprecedented opportunity to generate real yield. Unlike traditional yield farming with its reliance on incentivized tokenomics, SOIL has established a decentralized corporate debt marketplace where small and medium-sized enterprises (SMEs and MSMEs) can secure loans. Crucially, these loans are invested in markets that exhibit minimal correlation to crypto volatility.

SOIL 就是這樣一個平台，它為穩定幣持有者提供前所未有的產生實際收益的機會，正在徹底改變 DeFi 借貸格局。與依賴激勵性代幣經濟的傳統流動性挖礦不同，SOIL 建立了一個去中心化的企業債務市場，中小型企業（中小企業和中小微型企業）可以在其中獲得貸款。至關重要的是，這些貸款投資於與加密貨幣波動性相關性最小的市場。

However, the crypto lending ecosystem is not exempt from challenges and vulnerabilities. Despite borrowing and lending being fundamental tenets in traditional finance (tradfi), the DeFi market is still in its nascent stages of maturation, both technically and fundamentally.

然而，加密貨幣借貸生態系統也面臨挑戰和漏洞。儘管借貸是傳統金融（tradfi）的基本原則，但 DeFi 市場在技術和基本面方面仍處於成熟的初級階段。

Correlation: A Pernicious Threat to DeFi Lending

相關性：對 DeFi 借貸的致命威脅

In the financial world, crises often stem from the insidious correlation of assets. Case in point, the 2008 U.S. financial crisis spiraled out of control because virtually every investor had exposure to real estate products, whether through mortgages or the infamous mortgage-backed securities (MBS). When the housing market collapsed, so too did the global financial system.

在金融界，危機往往源自於資產間的隱密相關性。典型的例子是，2008 年美國金融危機逐漸失控，因為幾乎每個投資者都接觸過房地產產品，無論是透過抵押貸款還是臭名昭著的抵押貸款支持證券 (MBS)。當房地產市場崩盤時，全球金融體係也崩潰了。

Parallel concerns arise in the DeFi lending and borrowing market. Although a relatively novel concept, it has already demonstrated the catastrophic consequences of a market founded on highly correlated assets. Moreover, the inherent volatility of the crypto market exacerbates the risks, with events unfolding at a far more rapid pace than in traditional banking environments.

DeFi 借貸市場也出現了類似的擔憂。儘管這是一個相對新穎的概念，但它已經證明了建立在高度相關資產基礎上的市場的災難性後果。此外，加密貨幣市場固有的波動性加劇了風險，事件發生的速度比傳統銀行環境快得多。

Cautionary Tales: MakerDAO's Black Thursday and Luna's Collapse

警世故事：MakerDAO 的黑色星期四和 Luna 的崩潰

DeFi users have witnessed firsthand the devastating impact of collateral assets experiencing sudden and precipitous declines. Two notable incidents stand out as stark reminders: MakerDAO's Black Thursday liquidations and the $60 billion collapse of Luna.

DeFi 用戶親眼目睹了抵押資產突然大幅下跌所帶來的毀滅性影響。兩起值得注意的事件引人注目：MakerDAO 的黑色星期四清算和 Luna 價值 600 億美元的崩潰。

In the former incident, MakerDAO users who had collateralized debt positions (CDPs) lost approximately $8.3 million when the value of ETH, the collateral asset, plummeted by over 45% in the wake of the COVID-19 pandemic. Simultaneously, MakerDAO's native token, MKR, which is inherently a crypto asset, nosedived by around 65%, leaving users with no recourse to prevent their open positions from liquidation.

在前一起事件中，當抵押資產 ETH 的價值因 COVID-19 大流行而暴跌超過 45% 時，擁有抵押債務頭寸 (CDP) 的 MakerDAO 用戶損失了約 830 萬美元。同時，MakerDAO 的原生代幣 MKR（本質上是一種加密資產）暴跌約 65%，導致用戶無法追索以防止其未平倉部位被清算。

The Path Forward: Mitigating Correlation

前進之路：減輕相關性

To ensure the long-term sustainability and resilience of DeFi lending and borrowing, it is imperative to mitigate the risks associated with asset correlation. One promising approach is to diversify the underlying collateral assets, ensuring that they are not overly concentrated in a single asset class or market.

為了確保 DeFi 借貸的長期可持續性和彈性，必須降低與資產相關性相關的風險。一種有前途的方法是使基礎抵押資產多樣化，確保它們不會過度集中於單一資產類別或市場。

Another crucial step is to develop sophisticated risk management tools that can dynamically adjust loan parameters based on market conditions. This will help prevent overleveraging and excessive risk-taking, which can lead to the catastrophic liquidations that have plagued the DeFi lending ecosystem in the past.

另一個關鍵步驟是開發複雜的風險管理工具，可以根據市場狀況動態調整貸款參數。這將有助於防止過度槓桿化和過度冒險，否則可能導致過去困擾 DeFi 借貸生態系統的災難性清算。

Conclusion

結論

The crypto lending and borrowing market has emerged as a transformative force in the digital finance landscape. However, it is still in its early stages of development and faces significant challenges, particularly in terms of correlated assets and risk management. By addressing these vulnerabilities and embracing innovative solutions, the DeFi lending ecosystem can mature and evolve into a robust and sustainable pillar of the crypto economy.

加密借貸市場已成為數位金融領域的一股變革力量。然而，它仍處於發展的早期階段，面臨重大挑戰，特別是在相關資產和風險管理方面。透過解決這些漏洞並採用創新解決方案，DeFi 借貸生態系統可以成熟並發展成為加密經濟的強大且可持續的支柱。