Coinbase 通过与 Morpho 的 DeFi 集成重新推出加密货币支持贷款

Coinbase 用户可以再次直接通过交易所借用比特币。新的加密货币支持贷款可供美国客户使用

Coinbase users in the US (except New York) can now borrow against their Bitcoin directly through the exchange. The crypto-backed loans will become available in other jurisdictions over time.

美国（纽约除外）的 Coinbase 用户现在可以直接通过交易所借用比特币。随着时间的推移，加密货币支持的贷款将在其他司法管辖区推出。

This marks the second attempt by Coinbase to offer crypto-backed loans. The exchange previously ran a program that let customers borrow up to $1 million against as much as 30% of their Bitcoin holdings. But in July 2023, the exchange officially axed the program following an SEC complaint the previous month that alleged Coinbase had operated as an unregistered broker, exchange, and clearing agency.

这标志着 Coinbase 第二次尝试提供加密货币支持的贷款。该交易所此前曾运行过一项计划，允许客户以其持有的比特币 30% 的金额借款至多 100 万美元。但在 2023 年 7 月，继上个月 SEC 投诉称 Coinbase 作为未注册的经纪人、交易所和清算机构运营后，该交易所正式取消了该计划。

A Coinbase spokesperson told CoinDesk in May of that year that the shutdown of Coinbase Borrow was due to reduced demand.

Coinbase 发言人当年 5 月告诉 CoinDesk，Coinbase Borrow 的关闭是由于需求减少。

However, the new crypto-backed loans are different from the previous offerings, Coinbase says. The exchange itself isn’t facilitating the loans — it’s just the middleman. The operation is instead powered by Morpho, a DeFi lending protocol with $3.7 billion in deposits.

然而，Coinbase 表示，新的加密货币支持贷款与之前的产品有所不同。交易所本身并不为贷款提供便利——它只是中间人。该操作由 Morpho 提供支持，Morpho 是一个拥有 37 亿美元存款的 DeFi 借贷协议。

Paul Frambot, CEO and co-founder of Morpho, told DL News his app’s customisability makes it a good choice for Coinbase’s crypto-backed loans.

Morpho 首席执行官兼联合创始人 Paul Frambot 告诉 DL News，他的应用程序的可定制性使其成为 Coinbase 加密支持贷款的不错选择。

“Morpho empowers companies like Coinbase to maintain full control over the products they build,” he said. “It also eliminates the need to relinquish control or governance to third parties, such as DAOs.”

“Morpho 使像 Coinbase 这样的公司能够保持对其开发的产品的完全控制，”他说。 “它还消除了将控制或治理交给第三方（例如 DAO）的需要。”

How do DeFi loans work?

DeFi 贷款如何运作？

In DeFi there are no credit scores to help lenders assess borrowers. Instead all loans are overcollateralised and the actions users can take are governed by hard-coded rules.

在 DeFi 中，没有信用评分来帮助贷方评估借款人。相反，所有贷款都是超额抵押的，用户可以采取的行动都受到硬编码规则的约束。

Borrowers can deposit any of the protocol’s supported assets as collateral to borrow another asset at a dynamic interest rate, determined by the demand for the borrowed asset.

借款人可以存入该协议支持的任何资产作为抵押品，以动态利率借入另一种资产，该利率由借用资产的需求决定。

For example, if a user wants to borrow USDC against their Bitcoin, they’ll first need to convert their Bitcoin to cbBTC. Then they can use the cbBTC as collateral to borrow USDC from the Morpho protocol.

例如，如果用户想要用比特币借入 USDC，他们首先需要将比特币转换为 cbBTC。然后他们可以使用 cbBTC 作为抵押品从 Morpho 协议借入 USDC。

Max Branzburg, VP of Product at Coinbase, told DL News that when users borrow USDC against Bitcoin, their collateral is automatically converted to cbBTC and transferred to the Morpho protocol.

Coinbase 产品副总裁 Max Branzburg 告诉 DL News，当用户用比特币借用 USDC 时，他们的抵押品会自动转换为 cbBTC 并转移到 Morpho 协议。

CbBTC is a DeFi compatible version of Bitcoin issued by Coinbase. The token is a one-to-one version of the top crypto, backed by coins held in custody by the exchange.

CbBTC是Coinbase发行的比特币的DeFi兼容版本。该代币是顶级加密货币的一对一版本，由交易所托管的代币支持。

Because DeFi loans are overcollateralised, borrowers don’t default on them. Instead, the lending protocol lets their collateral be liquidated. This means selling collateral to cover the cost of borrowed assets so the protocol doesn’t accrue bad debt.

由于 DeFi 贷款是超额抵押的，因此借款人不会违约。相反，借贷协议让他们的抵押品被清算。这意味着出售抵押品来支付借入资产的成本，这样协议就不会产生坏账。

Liquidation can happen if the value of a borrower’s collateral drops, or if interest rates rise too high.

如果借款人抵押品的价值下降，或者利率升得太高，则可能会发生清算。

While Coinbase offers the loans and covers network fees, it doesn’t protect users from liquidation.

虽然 Coinbase 提供贷款并承担网络费用，但它并不能保护用户免遭清算。

“Customers will be responsible for the variable interest rates assigned to their loan,” Branzburg said.

布兰茨堡说：“客户将对分配给他们贷款的可变利率负责。”