狂野的代币崩溃了泳池派对

这些资产不如模因硬币和其他低尺寸硬币那样波动，但仍然容易发生价格波动，使它们成为潜在的危险

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.

加密货币可能不再是狂野的西部，但它仍然有“野生”代币的份额：奇异的资产，其波动性是一个特征，而不是错误。在规模的极端，有一些模因硬币可以在一天之内生存和死亡，提取三位数的百分比增长，然后出血价值同样快。但是，即使在Defi的平静水域中，也有许多象征性的类型值得“狂野”的绰号。

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.

这些资产不像模因硬币和其他低帽硬币那样波动，但仍然容易出售价格波动，使它们成为可能需要谨慎处理的潜在危害。流动性提供者可能不愿意将其汇总，以防万一他们受到无常损失的打击，而贷款市场可能会拒绝接受它们作为存款，以防万一职位使职位变得不足。

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?

显然，对这些资产有需求，但是Defi协议需要用KID手套来处理它们，以防其转移估值引起全身性冲击。那么，将这些异国情调的代币纳入诸如贷款市场之类的核心偏见的原则是什么？并且可以适当地沙盒子以防止广泛的影响吗？

The Wild Tokens Crashing the Pool Party

狂野的代币崩溃了泳池派对

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.

将高度挥发的代币引入DEFI协议类似于少年炮弹进入宁静的游泳池。一会儿，老年人的游泳长度是漫不经心的。下一个他们正在咳嗽氯。这是一个没有人订购的即兴泳池派对。

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.

构成“野生” defi代币的定义是可以解释的，但是Pendle的主要令牌（PTS）以及许多RWA都属于该括号。它们不是撕裂的代币，但是它们集成到Defi平台的镇静水域中仍然可以使人震惊。将这些资产置于共享的流动性池中可能会使贷方不安，使它们面临不可预测的风险，并使在建模令牌行为时需要在极端情况下考虑的开发人员感到头疼。

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.

解决这一挑战的方法不是禁止这些“野生”代币在泳池中播放。相反，这是为他们分配自己的游泳池 - 一个遏制区，无论飞溅多大，其他沐浴者都不会受到影响。我们正在谈论的是孤立的贷款，可以清楚地表明，散布着水的隐喻来说明这一点。

The Ripple Effect of High-Energy Tokens

高能令牌的连锁反应

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.

分散的金融是一个广泛的帐篷，包括许多资产，从沉闷但可靠的stablecoins到深奥和反复无常的资产，都认为重新打造的代币或屈服代币的价值可以与诸如Steth/Eth等基本资产一致。 Pendle Pts是代币类型的一个很好的例子，该类型形成了Defi主食，但偏向于尺度的异国端。

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代表了承重资产的主要部分，剥夺了其收益率，可折扣直到到期。结果，他们提供固定的收率，但固有的速率波动。如果与斯特斯（Steth）（固定以太坊）这样的波动资产绑定的PT进入了一个带有稳定资产的游泳池，例如USDC，价格波动（由市场情绪或基本收益率变化驱动），可能会爆发，增加所有用户的清算风险。

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.

如果屈服转移，PTS每天可以移动多达20％ - 共享池的东西根本无法容纳。这将PTS和某些RWA等资产置于一个奇怪的位置：显然它们具有有形用例的Defi仪器，但它们不适合共享池模型，其中大多数分散式融资（包括流行的贷款平台，例如AAVE）运行。

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添加了另一层复杂性。涉及房地产，艺术品或美国国债的标记现实世界资产带来了稳定，但也带来了独特的风险，例如流动性限制或监管不确定性。大多数时候，RWAS非常寒意。但是有时候，现实世界中的事件 - 地理政治危机或鹰派美联储的陈述 - 可能会使它们做出巨大的反应，对它们集成的Defi协议产生后果。

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

筒仓的解决方案：孤立的市场作为“仅炮弹”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.

显然，所谓的“野性”代币在Defi中起着重要作用。同样很明显，他们需要对传统资产（例如ETH或Stables）进行不同的处理。 Silo Finance定居的Defi平台的解决方案是一种务实的解决方案，将这些野生代币放在孤立的贷款市场中。将它们视为单独的“只有炮弹”池，在这些池中，冒险的用户可以在不溅出其他人的情况下潜入潜水。

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是一个非监测的Defi市场，与旨在隔离每个市场风险的两国资产池中的贷方和借款人相匹配。对于Pendle PTS，Silo的孤立市场使贷方可以将PT与ETH这样的桥梁资产配对，并在该筒仓中包含波动性。贷方选择他们的