狂野的代幣崩潰了泳池派對

這些資產不如模因硬幣和其他低尺寸硬幣那樣波動，但仍然容易發生價格波動，使它們成為潛在的危險

Crypto might no longer be the Wild West but it’s still got its share of “wild” tokens: exotic assets whose volatility is a feature, not a bug. At the extreme end of the scale, there are meme coins that can live and die in a day, pulling triple-digit percentage gains and then hemorrhaging value just as fast. But even within the calmer waters of DeFi, there are a number of token types that warrant the “wild” moniker.

加密貨幣可能不再是狂野的西部，但它仍然有“野生”代幣的份額：奇異的資產，其波動性是一個特徵，而不是錯誤。在規模的極端，有一些模因硬幣可以在一天之內生存和死亡，提取三位數的百分比增長，然後出血價值同樣快。但是，即使在Defi的平靜水域中，也有許多像徵性的類型值得“狂野”的綽號。

These assets aren’t as volatile as meme coins and other low-cap coins, but are nevertheless prone to price fluctuations that make them a potential hazard that must be handled with care. Liquidity providers may be reluctant to pool them in case they get hit by impermanent loss, while lending markets may balk at accepting them as deposits in case they cause positions to become undercollateralized.

這些資產不像模因硬幣和其他低帽硬幣那樣波動，但仍然容易出售價格波動，使它們成為可能需要謹慎處理的潛在危害。流動性提供者可能不願意將其匯總，以防萬一他們受到無常損失的打擊，而貸款市場可能會拒絕接受它們作為存款，以防萬一職位使職位變得不足。

There’s clearly a demand for these assets, but DeFi protocols need to handle them with kid gloves in case their shifting valuation causes systemic shock. So what’s the solution to integrating these exotic tokens into core DeFi primitives such as lending markets? And can they be suitably sandboxed to prevent widespread fallout?

顯然，對這些資產有需求，但是Defi協議需要用KID手套來處理它們，以防其轉移估值引起全身性衝擊。那麼，將這些異國情調的代幣納入諸如貸款市場之類的核心偏見的原則是什麼？並且可以適當地沙盒子以防止廣泛的影響嗎？

The Wild Tokens Crashing the Pool Party

狂野的代幣崩潰了泳池派對

The introduction of highly volatile tokens into DeFi protocols is akin to a teenager cannonballing into a serene pool. One moment the seniors are sedately swimming lengths; the next they’re coughing up chlorine. It’s an impromptu pool party that no one ordered.

將高度揮發的代幣引入DEFI協議類似於少年砲彈進入寧靜的游泳池。一會兒，老年人的游泳長度是漫不經心的。下一個他們正在咳嗽氯。這是一個沒有人訂購的即興泳池派對。

The definition of what constitutes a “wild” DeFi token is subject to interpretation, but Pendle’s Principal Tokens (PTs) – as well as many RWAs – fall into that bracket. They’re not tearaway tokens, but their integration into the sedate waters of DeFi platforms can still make one hell of a splash. Placing these assets into shared liquidity pools can unsettle lenders, exposing them to unpredictable risks and causing a headache for developers who need to factor in extreme scenarios when modeling token behaviors.

構成“野生” defi代幣的定義是可以解釋的，但是Pendle的主要令牌（PTS）以及許多RWA都屬於該括號。它們不是撕裂的代幣，但是它們集成到Defi平台的鎮靜水域中仍然可以使人震驚。將這些資產置於共享的流動性池中可能會使貸方不安，使它們面臨不可預測的風險，並使在建模令牌行為時需要在極端情況下考慮的開發人員感到頭疼。

The solution to this challenge isn’t to prohibit these “wild” tokens from playing in the pool altogether. Rather, it’s to assign them their own pool – a containment zone where no matter how big the splash, other bathers are unaffected. We’re talking about isolated lending, to be clear, with a sprinkling of aquatic metaphors thrown in to illustrate the point.

解決這一挑戰的方法不是禁止這些“野生”代幣在泳池中播放。相反，這是為他們分配自己的游泳池 - 一個遏制區，無論飛濺多大，其他沐浴者都不會受到影響。我們正在談論的是孤立的貸款，可以清楚地表明，散佈著水的隱喻來說明這一點。

The Ripple Effect of High-Energy Tokens

高能令牌的連鎖反應

Decentralized finance is a broad tent that encompasses many assets, from the dull yet reliable – stablecoins – to the esoteric and capricious – think rebasing tokens or yield-bearing tokens whose value is programmed to increase in line with a base asset such as stETH/ETH. Pendle PTs are a good example of a token type that forms a DeFi staple and yet which skews towards the exotic end of the scale.

分散的金融是一個廣泛的帳篷，包括許多資產，從沉悶但可靠的stablecoins到深奧和反复無常的資產，都認為重新打造的代幣或屈服代幣的價值可以與諸如Steth/Eth等基本資產一致。 Pendle Pts是代幣類型的一個很好的例子，該類型形成了Defi主食，但偏向於尺度的異國端。

Pendle PTs represent the principal portion of yield-bearing assets, stripped of their yield and tradable at a discount until maturity. As a result they offer fixed yields but with inherent rate volatility. If a PT tied to a volatile asset like stETH (staked Ethereum) enters a pool with stable assets such as USDC, price swings – driven by market sentiment or underlying yield changes – can ripple through, increasing liquidation risks for all users.

Pendle PTS代表了承重資產的主要部分，剝奪了其收益率，可折扣直到到期。結果，他們提供固定的收率，但固有的速率波動。如果與斯特斯（Steth）（固定以太坊）這樣的波動資產綁定的PT進入了一個帶有穩定資產的游泳池，例如USDC，價格波動（由市場情緒或基本收益率變化驅動），可能會爆發，增加所有用戶的清算風險。

PTs can move by as much as 20% in a day if yields shift – something which shared pools simply aren’t designed to accommodate. This places assets such as PTs and certain RWAs in a strange position: they’re clearly DeFi instruments with a tangible use case and yet they’re ill-suited to the shared-pool model on which the majority of decentralized finance, including popular lending platforms such as Aave, operates.

如果屈服轉移，PTS每天可以移動多達20％ - 共享池的東西根本無法容納。這將PTS和某些RWA等資產置於一個奇怪的位置：顯然它們具有有形用例的Defi儀器，但它們不適合共享池模型，其中大多數分散式融資（包括流行的貸款平台，例如AAVE）運行。

RWAs add another layer of complexity. Tokenized real-world assets spanning real estate, art, or U.S. Treasuries bring stability but also unique risks, like liquidity constraints or regulatory uncertainty. Most of the time, RWAs are pretty chill. But occasionally, real-world events – geo-political crises or hawkish Fed statements – can cause them to react sharply, having ramifications for DeFi protocols where they’re integrated.

RWA添加了另一層複雜性。涉及房地產，藝術品或美國國債的標記現實世界資產帶來了穩定，但也帶來了獨特的風險，例如流動性限製或監管不確定性。大多數時候，RWAS非常寒意。但是有時候，現實世界中的事件 - 地理政治危機或鷹派美聯儲的陳述 - 可能會使它們做出巨大的反應，對它們集成的Defi協議產生後果。

Silo’s Solution: Isolated Markets as ‘Cannonballs-Only’ Pools

筒倉的解決方案：孤立的市場作為“僅砲彈”池

It’s clear that so-called “wild” tokens have a major role to play in DeFi. It’s also clear that they need to be treated differently to conventional assets such as ETH or stables. The solution that DeFi platforms such as Silo Finance have settled on is a pragmatic one, placing these wild tokens in isolated lending markets. Think of them as separate “cannonballs-only” pools where risk-tolerant users can dive in without splashing others.

顯然，所謂的“野性”代幣在Defi中起著重要作用。同樣很明顯，他們需要對傳統資產（例如ETH或Stables）進行不同的處理。 Silo Finance定居的Defi平台的解決方案是一種務實的解決方案，將這些野生代幣放在孤立的貸款市場中。將它們視為單獨的“只有砲彈”池，在這些池中，冒險的用戶可以在不濺出其他人的情況下潛入潛水。

Silo operates as a non-custodial DeFi marketplace, matching lenders and borrowers in two-asset pools designed to segregate each market’s risk. For Pendle PTs, Silo’s isolated markets allow lenders to deposit PTs paired with a bridge asset like ETH, containing volatility within that silo. Lenders choose their

Silo是一個非監測的Defi市場，與旨在隔離每個市場風險的兩國資產池中的貸方和借款人相匹配。對於Pendle PTS，Silo的孤立市場使貸方可以將PT與ETH這樣的橋樑資產配對，並在該筒倉中包含波動性。貸方選擇他們的