加密貨幣借貸要點：抵押品、風險和無擔保選擇權

對於普通用戶來說，除了 DeFi 平台上的專門閃電貸之外，在沒有抵押品的情況下獲得加密貨幣貸款是不可行的。這些貸款需要技術知識，僅適合經驗豐富的用戶。標準加密貨幣貸款需要抵押品，通常需要超額抵押來消除信用檢查，從而增加貸方的風險並保證更高的利率。大公司之間的無擔保加密貨幣借貸導致了 2022 年的市場崩盤，凸顯了其中所涉及的風險。雖然一些公司仍然提供此類貸款，但僅限於其他公司和機構投資者。

The Essential Guide to Crypto Lending: Collateral, Risks, and Unsecured Options

加密貨幣借貸基本指南：抵押品、風險和無擔保選擇權

Unveiling the Collateral Requirement in Crypto Lending: A Necessary Safeguard

揭露加密貨幣借貸的抵押要求：必要的保障

In the cryptosphere, obtaining a crypto loan necessitates the provision of collateral, a measure implemented to mitigate risks for lenders. Collateral serves as a valuable asset pledged by the borrower to secure the loan, which the lender can liquidate to recoup potential losses in the event of the borrower's failure to repay. This strategic approach ensures that lenders can safeguard their funds, even in unfavorable market conditions.

在加密領域，獲得加密貸款需要提供抵押品，這是為降低貸方風險而採取的措施。抵押品是藉款人為擔保貸款而質押的有價值的資產，貸款人可以在藉款人無法償還貸款時對其進行清算，以彌補潛在的損失。這種策略方法確保貸款人即使在不利的市場條件下也能保護其資金。

Unsecured Crypto Lending: A Risky Endeavor Exclusive to Elite Market Players

無擔保加密貨幣借貸：菁英市場參與者獨有的高風險行為

Unsecured crypto lending, a practice where borrowers are not required to provide collateral, is a high-risk activity confined to large cryptocurrency companies with substantial capital reserves. This unconventional approach carries significant risks and played a detrimental role in the 2022 cryptocurrency market crash. Companies like Voyager, Three Arrows Capital, BlockFi, and Celsius engaged in unsecured lending practices, contributing to the market's instability.

無擔保加密貨幣貸款是一種借款人無需提供抵押品的做法，是一種高風險活動，僅限於擁有大量資本儲備的大型加密貨幣公司。這種非常規的做法帶來了巨大的風險，並在 2022 年加密貨幣市場崩盤中發揮了不利作用。 Voyager、三箭資本、BlockFi 和攝氏等公司從事無擔保貸款業務，加劇了市場的不穩定性。

The Advent of Flash Loans: A Glimpse of No-Collateral Crypto Borrowing

閃電貸的出現：無抵押加密貨幣借貸的一瞥

Amidst the prevalent collateral requirement in crypto lending, flash loans emerged as an innovative exception. These unique on-chain loans empower borrowers to access cryptocurrency funds without collateral, provided that the borrowed funds are repaid within the confines of a single block. Flash loans are solely accessible through specific decentralized finance (DeFi) protocols, such as Aave, and require extensive knowledge of smart contract programming and the intricacies of the Ethereum Virtual Machine (EVM). Hence, these loans remain inaccessible to the average user.

在加密貨幣借貸中普遍存在的抵押要求中，閃電貸成為一種創新的例外。這些獨特的鏈上貸款使借款人能夠在沒有抵押的情況下獲得加密貨幣資金，前提是藉入的資金在單一區塊的範圍內償還。閃電貸只能透過特定的去中心化金融 (DeFi) 協議（例如 Aave）獲得，並且需要對智慧合約編程和以太坊虛擬機 (EVM) 的複雜性有廣泛的了解。因此，普通用戶仍然無法獲得這些貸款。

Over-Collateralization in Crypto Lending: Balancing Risk and Flexibility

加密借貸中的超額抵押：平衡風險和靈活性

Crypto lenders often adopt an over-collateralization strategy, requiring borrowers to pledge collateral exceeding the value of the borrowed funds. This conservative approach eliminates the need for traditional credit checks and risk assessments, facilitating crypto loans for borrowers with Ethereum wallet funds. Over-collateralization provides lenders with an additional layer of security, diminishing the likelihood of losses.

加密貨幣貸款人通常採用超額抵押策略，要求借款人抵押超過借入資金價值的抵押品。這種保守的方法消除了傳統信用檢查和風險評估的需要，為擁有以太坊錢包資金的借款人提供了加密貨幣貸款。超額抵押為貸方提供了額外的安全保障，減少了損失的可能性。

Loan-to-Value (LTV) Ratio: Monitoring Collateral Adequacy

貸款價值 (LTV) 比率：監控抵押品充足性

In crypto lending, the loan-to-value (LTV) ratio plays a pivotal role in risk management. It represents the ratio of the loan amount to the value of the collateral provided. Lenders establish liquidation LTVs, and borrowers must maintain their LTVs below this threshold. Should the LTV approach the liquidation level due to a decline in collateral value, borrowers must either repay the loan or provide additional collateral to prevent liquidation. Higher LTVs generally correspond to higher interest rates, reflecting the increased risk for lenders.

在加密貨幣借貸中，貸款價值（LTV）比率在風險管理中發揮關鍵作用。它代表貸款金額與所提供抵押品價值的比率。貸方建立清算 LTV，借款人必須將其 LTV 維持在該門檻以下。如果貸款價值比因抵押品價值下降而接近清算水平，借款人必須償還貸款或提供額外的抵押品以防止清算。較高的貸款價值比通常對應於較高的利率，反映了貸方風險的增加。

Undercollateralized Crypto Loans: A Double-Edged Sword

抵押不足的加密貨幣貸款：一把雙面刃

Undercollateralized loans, where the value of the borrowed assets exceeds that of the collateral, exist in the crypto lending landscape. These loans offer the advantage of accessing a greater amount of funds; however, they come with higher interest rates and stricter lending criteria. Credit and background checks may be prerequisites for obtaining an undercollateralized loan. Due to their inherently higher risk profile, undercollateralized loans are not advisable unless reputable lenders are involved and interest rates are reasonable.

加密貸款領域中存在抵押不足的貸款，即藉入資產的價值超過抵押品的價值。這些貸款的優點是可以獲得更多資金；然而，它們的利率更高，貸款標準更嚴格。信用和背景調查可能是獲得抵押不足貸款的先決條件。由於其固有的較高風險狀況，除非涉及信譽良好的貸方且利率合理，否則不建議抵押不足的貸款。

Conclusion: Navigating the Crypto Lending Landscape

結論：探索加密借貸領域

Borrowing crypto without collateral is not feasible for retail crypto investors. Crypto lending platforms mandate collateral provision, often resorting to over-collateralization as a risk-mitigation strategy. By pledging collateral that exceeds the loan value, borrowers can bypass credit checks and expedite the lending process.

對於散戶加密貨幣投資者來說，在沒有抵押的情況下借用加密貨幣是不可行的。加密借貸平台要求提供抵押品，通常採用超額抵押作為降低風險的策略。透過抵押超過貸款價值的抵押品，借款人可以繞過信用檢查並加快貸款流程。