加密谷交易所承诺在defi中提高效率的效率

据加密谷交易所（Crypto Valley Exchange）称，保持衍生品交易的复杂管道将在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”协议，旨在提高DEFI中的衍生品交易效率。与当前需要在无信任环境中为每个交易者需要100％抵押品的实践不同，该协议将根据交易资产的价格相关性设置抵押品水平。 Crypto Valley Exchange首席执行官詹姆斯·戴维斯（James Davies）表示，这种方法受到传统金融市场的启发，可能使Defi与试图取代的主流金融市场更具竞争力。

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.

在与Blockworks的对话中，Davies解释说，尽管机构在CME和NYMEX上交易期货和期权在交换所的交易所中，但他们仍然需要在抵押品中提高贸易价值的一部分。但是，在Defi中，没有信任的中间人，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."

戴维斯说：“问题在于，它限制了资本交易者在其他市场中可以使用多少。” “如果您查看Tradfi中的期货和期权市场的规模，然后将它们与我们在加密货币中所拥有的相提并论，那么我们大量，大量矮小。”

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

他将这种大小差异归因于缺乏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."

“这是所有加密货币比Tradfi更为保守的地方。我们在这个领域确实非常矮小，这是因为需要清算来创造这种效率。”

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

戴维斯（Davies）强调了涉及高度相关资产的交易的要求全部荒谬。

"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，想购买原油并出售喷气燃料，你要我在这两个部分上都放下全部利润，我会嘲笑你，因为这些东西是90％的相关性。我说'不，只是放下三角洲，价格差，价格差异，然后在价格上和价格上的共同点，然后将其放在一个篮子里 - 他们在篮筐上做些什么。

He believes the same logic should apply in DeFi.

他认为应适用于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."

“以太坊不会在索拉纳（Solana）达到零的那一天达到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.

在他看来，清理是迪迪（Defi）努力吞噬传统财务的缺失作品。如果协议可以更好地管理风险，并且在区块链上也可以透明地进行风险，以便每个人都可以看到正在发生的事情以及如何进行，那么它们将与他们试图更换的金融轨道竞争。

"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."

“您不能仅仅为国库或商品建立一个PERPS Defi平台，与Nymex抗衡或对抗CME，并期望在您锁定比在这些平台上交易更多的抵押品时获胜。这是不会发生的。”

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.

戴维斯（Davies）称，如果加密货币的现实资产（RWA）子部门提供了将所有链子的令牌化版本带到链上的承诺，那么Defi将需要解决此类清除效率问题的解决方案。他说，机构投资者不会承受对他们用过的抵押品资本的要求，尤其是在相关行业方面。

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.

第一个用户是加密山谷交换本身。基于仲裁的期货和期权DEX已经通过其智能清算运行了日期的期货订单。今年晚些时候，将有更多能力支持加密货币之外的商品市场，戴维斯也希望其他协议也可以插入智能清算。