Jiedao jdon 2021-05-06 22:02:46 阅读数:937
Let's talk about real decentralization in DeFi How it works in the field . For encryption and DeFi To achieve decentralization in the environment of , You must have the following characteristics ;
If the protocol has the above characteristics , Then every aspect of the agreement is distributed among many people and countries / region , Without a single point of failure .
DeFi It stands for decentralized finance . Many people throw out this catchphrase without knowing its exact meaning .DeFi It's a movement to eliminate middlemen and return economic opportunities to others .
Even though DeFi Just the name of the sport , But there is still a range of products that make up the ecosystem . It's like Uniswap In this way DEX（ Decentralized exchange ）, It's like LEND and COMP Such a lending platform , Also like YFI Such an automatic revenue network (Yield Farming) agreement .
We're going to go into each of them , And how they are in DeFi Play a role in space .
All of these projects have something in common .
These agreements are not set up to generate profits , It's just to help the space become more fragmented . therefore , Basically , You will be your own bank . Let's start with borrowing , We will build on that .
LEND and COMP And so on . under these circumstances , The borrower is the demand , And the lender is the supplier .
Lenders provide liquidity in the form of cryptocurrency or stable coins . As a lender , You'll get liquidity providers （LP） Token as an exchange . This is proof of your ownership of the tag source . Whenever you return LP When the token is , The agreement will give you back everything you put in , And some profits .
Where do profits come from ？ When you put money into the agreement , The agreement will use the funds to lend to others . The borrower pays a certain amount of interest , The interest is transferred to you in the form of the currency you deposited .
Now? , You might ask yourself , Why do borrowers have to pay back the money , Because people don't have to pay their debts . Because there is no enforcement agency , So the agreement to mortgage the borrower means , If Bob Want to borrow 100 dollar , He needs to put in value 200 US dollar cryptocurrency as collateral , Then he can borrow stable coins .
Most agreements are based on 1：2 The proportion of mortgage , Require borrowers to maintain a healthy ratio of debt to equity . therefore , If Bob To give up ETH As collateral for your USDT, And if the ETH Insufficient reserves , be Bob Have to provide more... For debt ETH At a healthy rate . If Bob Failure to do so , The agreement will be liquidated ETH Collateral , And repay your initial investment with certain interest .
therefore , Now you may ask yourself ： Why does Bob need to borrow ？ Because Bob （Bob） I believe his Ethereum will appreciate , And he doesn't want to sell his Ethereum at the current price . however , He does need some cash to survive . under these circumstances , He can mortgage his Ethereum and borrow some stable coins . When he pays back capital and interest , He can unlock his own ETH And continue to hold .
please remember , These loans are immediate ！ No paperwork or waiting time . You press “ Advance charge ” Get a stable coin , Without losing investment in your sacred cryptocurrency .
This change in supply and demand creates a very interesting market , So we got into some places where we borrowed money DEX And automatic market making .
DEX And automatic market making
Decentralized switching or switching protocols are decentralized versions of centralized switching .DEX Is in ETH Smart contracts running on the Internet . Like any other exchange , Pairing , You can immediately put A The deal is B, Without opening an account , If KYC Trading, etc .
How it works ？ The concept has two components ：
Liquidity providers choose the pool of funds they want to provide secure liquidity （ The deal is right ）, You can use ETH-USDT Yes .
When supply is liquid ,Uniswap Will provide you with a LP Tokens, , This token represents your percentage ownership of the pool .
Whenever you need , You can return it LP Token and get your share of the shared pool and some LP cost .
When you provide liquidity , You have to provide both ends of the currency pair equally .
therefore , If you put in value 100 $ Of ETH, You need to invest 100 $ USDT. Unlike the borrowers above who need to maintain a healthy debt relationship ,Uniswap Will be through the purchase of assets A Buy assets at the same time A More assets to automatically keep your ratio healthy , This is called automatic market making （AMM）.
hypothesis ETH by 100 $, You have 1 individual ETH and 100 USDT To be used as LP. If ETH Fell to 50 dollar ,Uniswap Will use 25 USDT Buy ETH, send 2 The proportion of assets is 1：1. result , Now you have a total of 150 $. This is called impermanence loss , It is DeFi The most important aspect of assessing risk .
about AMM, What you need to know is , Whether assets go up or down , You are in 2 The ratio in each asset is always 1：1, It's the job of an automated market maker .
Charge a fee and allocate it to the liquidity provider according to its share in the liquidity pool . Middlemen are also known as exchanges and market makers , And all the costs are passed on to you .
For both sides , It's a win-win situation . Traders don't have to register with exchanges , Conduct KYC transaction , You don't have to put money on the exchange .. meanwhile , Liquidity providers enjoy transaction fees instead of letting their assets sit idle on the exchange .
Income grazing (Yield Farming)
Income grazing / Revenue networks / Income farm is where you provide liquidity to different agreements and earn interest （ That's the revenue ） The process of putting money in . There are many different strategies for revenue networks . It can be as simple as a protocol A Provide liquidity and get a certain amount of interest . perhaps , It can be very complicated , For example, using X borrow Y, take Y lend Z And deposit in Z To earn A, And then sell all the proceeds .
Some protocols can automate the whole process , So what you have to do is deposit the funds into the platform , And let smart contracts automate the whole process , So as to save your time and gas fee . for example Yearn Finance（YFI）. You can deposit stable coins in Yearn, And let the protocol process the most profitable pool on the network . You always get whatever you put in , Plus some interest . There is no loss of impermanence .YFI The current strategy is to use stable coins to grow Curve, And sell stable coins .
If you're smart , You can do it manually farming Provide LP A reward agreement . As an example , Let's take a look FARM.Harvest.Finance It's a real decentralized, automated agriculture agreement （ Don't let trolls look like they've cheated you ）.Harvest with YFI The same farming strategy , But also by offering $ FARM Tokens to motivate them to provide liquidity in the pool . It's like YFI and Yearn equally ,FARM yes Harvest The governance token of . although ,YFI The supply has run out , No farming , but Farm It can be cultivated at present . No pun . then , You can use FARM lofting FARM Pool and plant more FARM.
APY vs APR vs ROI
APY It's a term , You will DeFi I met a lot of . exactly ,APR and ROI Difference is very big , And frankly , It's a bit misleading .APY It's interest incurred , Including compound interest effect . Even if these pools automatically increase your profits , But the effect of this increase is quite different from what most people expect .
therefore , please remember , these APY There is a slight drop in the percentage , You are more likely to see lower returns than these . There are many variables , For example, total liquidity , The price of farming , The amount cultivated and the rate of inflation cultivated , They are APY It plays an important role in calculation . Considering that there is no APY The calculation will cause permanent damage ！
When the price of one of the assets changes , Liquidity providers will suffer a permanent loss . because Uniswap Always keep your deposit ratio at 1：1, So either sell ETH To buy more USDT, Or use USDT To buy more ETH. Permanent loss is related to measuring the value of one's assets, which is very important . If you want more USDT, Then you hope ETH rose , vice versa .
Let's look at some examples of permanent losses in the case of profit and loss . You deposit value 100 $ Of ETH and 100 USDT.ETH Up to the 150 dollar . result , Now you have value 125 $ Of ETH and 125 USDT, Always be 1：1 Ratio of . contrary , hypothesis ETH Fell to 50 dollar , Then you will have 75 The dollar ETH and 75 The dollar USDT. The important thing is to pay attention , by “ small change ” The provision of liquidity is likely to result in a permanent loss .
up to now , You probably need to see some sample protocols already . I will list some potential risk measures .
Yearn-Yearn.finance The vault is the safest way to earn interest on stable coins
Harvest-Harvest.finance It's another agreement , Enables you to manage governance tokens while deploying and Yearn The same farming strategy
YFV,LUA — yfv.finance and luaswap.org It's both these two agreements , Allows you to store and manage the governance tokens of an un exchanged liquidity provider . however , These agreements have a high risk of permanent damage .
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