加密谷交易所承諾在defi中提高效率的效率

據加密谷交易所（Crypto Valley Exchange）稱，保持衍生品交易的複雜管道將在Defi中提高效率。

Crypto Valley Exchange is introducing a "smart clearing" protocol designed to enhance the efficiency of derivatives trades in DeFi. Unlike the current practice of requiring 100% collateral for every trader in a trustless environment, the protocol will set collateral levels based on the traded assets' correlations in price. This approach, inspired by traditional financial markets, could make DeFi more competitive with the mainstream financial markets it's trying to replace, according to Crypto Valley Exchange CEO James Davies.

加密山谷交易所（Crypto Valley Exchange）引入了“智能清算”協議，旨在提高DEFI中的衍生品交易效率。與當前需要在無信任環境中為每個交易者需要100％抵押品的實踐不同，該協議將根據交易資產的價格相關性設置抵押品水平。 Crypto Valley Exchange首席執行官詹姆斯·戴維斯（James Davies）表示，這種方法受到傳統金融市場的啟發，可能使Defi與試圖取代的主流金融市場更具競爭力。

In a conversation with Blockworks, Davies explained that while institutions trading futures and options on CME and NYMEX have a trusted counterparty in the clearinghouse, they still need to put up some portion of the trade’s value in collateral. However, in DeFi, there's no trusted middleman, necessitating full collateralization.

在與Blockworks的對話中，Davies解釋說，儘管機構在CME和NYMEX上交易期貨和期權在交換所的交易所中，但他們仍然需要在抵押品中提高貿易價值的一部分。但是，在Defi中，沒有信任的中間人，需要完全抵押。

"The issue with that is it limits how much capital traders can use in other markets," Davies said. "If you look at the size of the futures and options markets in TradFi, and then compare them to what we have in crypto, we’re massively, massively undersized."

戴維斯說：“問題在於，它限制了資本交易者在其他市場中可以使用多少。” “如果您查看Tradfi中的期貨和期權市場的規模，然後將它們與我們在加密貨幣中所擁有的相提並論，那麼我們大量，大量矮小。”

He attributes this size disparity to the lack of efficient clearing in DeFi.

他將這種大小差異歸因於缺乏defi中缺乏有效的清除。

"This is the one place where all of crypto is much more conservative than TradFi. We’re really, really undersized in this space, and that’s because clearing is needed to create this efficiency."

“這是所有加密貨幣比Tradfi更為保守的地方。我們在這個領域確實非常矮小，這是因為需要清算來創造這種效率。”

Davies highlighted the absurdity of demanding full margin for trades involving highly correlated assets.

戴維斯（Davies）強調了涉及高度相關資產的交易的要求全部荒謬。

"If I was to go to, say NYMEX as an oil company and want to buy crude oil and sell jet fuel, and you asked me to put down full margin on both parts, I'd laugh at you, because those things are 90% correlated. I'd say ‘no, just put down the delta, the difference in price, on both of these products, and then I'll take the commonality in price and put that in a basket' - which is what they do."

如果我要去去做石油公司，想購買原油並出售噴氣燃料，你要我在這兩個部分上都放下全部利潤，我會嘲笑你，因為這些東西是90％的相關性。我說'不，只是放下三角洲，價格差，價格差異，然後在價格上和價格上的共同點，然後將其放在一個籃子裡 - 他們在籃筐上做些什麼。

He believes the same logic should apply in DeFi.

他認為應適用於defi。

"Ethereum isn't going to 10,000 on the day Solana goes to zero. So, if I'm trading a relative-value bet on ETH up and SOL down, I shouldn't need to post full margin for both of those."

“以太坊不會在索拉納（Solana）達到零的那一天達到10,000。

In his view, clearing is the missing piece in DeFi's effort to gobble up traditional finance. If protocols can better manage the risk, and also do so transparently, on a blockchain, so that everyone can see what's happening and how, then they'll become competitive with the financial rails they're trying to replace.

在他看來，清理是迪迪（Defi）努力吞噬傳統財務的缺失作品。如果協議可以更好地管理風險，並且在區塊鏈上也可以透明地進行風險，以便每個人都可以看到正在發生的事情以及如何進行，那麼它們將與他們試圖更換的金融軌道競爭。

"You can't just build a perps DeFi platform for, say, treasuries or commodities, go up against NYMEX or go up against CME, and expect to win when you have to lock up so much more collateral than you would do to trade on those platforms. It's just not going to happen."

“您不能僅僅為國庫或商品建立一個PERPS Defi平台，與Nymex抗衡或對抗CME，並期望在您鎖定比在這些平台上交易更多的抵押品時獲勝。這是不會發生的。”

If crypto's real-world asset (RWA) subsector delivers on its promise of bringing tokenized versions of everything on-chain then, according to Davies, DeFi will need a solution to the clearing efficiency problem such as this. Institutional investors won't put up with requirements for triple the collateral capital they're used to – especially on correlated trades, he said.

戴維斯（Davies）稱，如果加密貨幣的現實資產（RWA）子部門提供了將所有鍊子的令牌化版本帶到鏈上的承諾，那麼Defi將需要解決此類清除效率問題的解決方案。他說，機構投資者不會承受對他們用過的抵押品資本的要求，尤其是在相關行業方面。

The first user is Crypto Valley Exchange itself. Already, the Arbitrum-based futures and options DEX is running dated futures orders through its smart clearing. More capabilities are coming later this year to support commodities markets beyond crypto, and Davies hopes for other protocols to plug into smart clearing, too.

第一個用戶是加密山谷交換本身。基於仲裁的期貨和期權DEX已經通過其智能清算運行了日期的期貨訂單。今年晚些時候，將有更多能力支持加密貨幣之外的商品市場，戴維斯也希望其他協議也可以插入智能清算。