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DeFi 借贷经历了显着增长,锁定总价值达 343 亿美元。然而,质押抵押品与更广泛的加密货币市场之间的相关性带来了重大风险。 MakerDAO 的黑色星期四和 Luna 崩溃等事件凸显了解决这种相关性的必要性,因为加密货币市场的波动可能会导致用户迅速清算和损失。
Crypto Lending and Borrowing: A Paradigm Shift in Digital Finance
加密货币借贷:数字金融的范式转变
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.
自去中心化金融(DeFi)创新出现以来,加密货币借贷领域的受欢迎程度和采用率经历了前所未有的激增。根据 DeFi Llama 的数据,借贷协议的锁定总价值 (TVL) 已飙升至惊人的 343 亿美元,在上一次牛市期间峰值超过 500 亿美元。
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.
这种指数级增长不仅仅局限于加密资产领域;链上和链下资产的融合正在推动 DeFi 借贷向未知领域扩张。值得注意的是,房地产、私人信贷和国债等现实世界资产(RWA)正在弥合区块链经济与传统金融市场之间的差距。
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 就是这样一个平台,它为稳定币持有者提供前所未有的产生实际收益的机会,正在彻底改变 DeFi 借贷格局。与依赖激励性代币经济的传统流动性挖矿不同,SOIL 建立了一个去中心化的企业债务市场,中小型企业(中小企业和中小微企业)可以在其中获得贷款。至关重要的是,这些贷款投资于与加密货币波动性相关性最小的市场。
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,加密货币借贷生态系统也面临着挑战和漏洞。尽管借贷是传统金融(tradfi)的基本原则,但 DeFi 市场在技术和基本面方面仍处于成熟的初级阶段。
Correlation: A Pernicious Threat to DeFi Lending
相关性:对 DeFi 借贷的致命威胁
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,危机往往源于资产之间的隐秘相关性。典型的例子是,2008 年美国金融危机逐渐失控,因为几乎每个投资者都接触过房地产产品,无论是通过抵押贷款还是臭名昭著的抵押贷款支持证券 (MBS)。当房地产市场崩溃时,全球金融体系也崩溃了。
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 借贷市场也出现了类似的担忧。尽管这是一个相对新颖的概念,但它已经证明了建立在高度相关资产基础上的市场的灾难性后果。此外,加密货币市场固有的波动性加剧了风险,事件发生的速度比传统银行环境快得多。
Cautionary Tales: MakerDAO's Black Thursday and Luna's Collapse
警示故事:MakerDAO 的黑色星期四和 Luna 的崩溃
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 用户亲眼目睹了抵押资产突然大幅下跌所带来的毁灭性影响。两起值得注意的事件引人注目:MakerDAO 的黑色星期四清算和 Luna 价值 600 亿美元的崩溃。
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,当抵押资产 ETH 的价值因 COVID-19 大流行而暴跌超过 45% 时,拥有抵押债务头寸 (CDP) 的 MakerDAO 用户损失了约 830 万美元。与此同时,MakerDAO 的原生代币 MKR(本质上是一种加密资产)暴跌约 65%,导致用户无法追索以防止其未平仓头寸被清算。
The Path Forward: Mitigating Correlation
The Path Forward: Mitigating Correlation
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.
为了确保 DeFi 借贷的长期可持续性和弹性,必须降低与资产相关性相关的风险。一种有前途的方法是使基础抵押资产多样化,确保它们不会过度集中于单一资产类别或市场。
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.
另一个关键步骤是开发复杂的风险管理工具,可以根据市场状况动态调整贷款参数。这将有助于防止过度杠杆化和过度冒险,否则可能导致过去困扰 DeFi 借贷生态系统的灾难性清算。
Conclusion
结论
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.
加密借贷市场已成为数字金融领域的一股变革力量。然而,它仍处于发展的早期阶段,面临重大挑战,特别是在相关资产和风险管理方面。通过解决这些漏洞并采用创新解决方案,DeFi 借贷生态系统可以成熟并发展成为加密经济的强大且可持续的支柱。
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