In a multi chain universe , Whether each chain can really run a complete set independently DeFi Financial system ？
Original title ：《 Plummeting to DeFi It's a big test , Or Ethereum 、 The future trend of Boca's Multi Chain Pattern 》
writing ： Five fireballs master
519 You must still remember the great tragedy , It's hard for an insider to forget this day , After all, it can be related to 312「 Equal reputation 」 An epic waterfall .
You may have heard of XVS stay 519 The embarrassment of the day ,XVS I met with 「 Epic 」 Liquidation , and This liquidation , In essence, it is related to 519 The day's plunge had little to do with .
Here's the thing , as everyone knows Venus It can be mortgaged XVS, Lend BTC perhaps ETH The mortgage rate of such assets is 80%, and XVS Compared with the mainstream currency, the liquidity of RMB is much lower . A large family found this 「 Loophole 」, There are the following divine operations ：
- Tens of millions of dollars in a short time , hold XVS The price is from 70 The dollar pulled down 140 dollar .
- High mortgage XVS Four thousand have been loaned out BTC And tens of thousands of ETH.
- run .
- To let go XVS Prices fell rapidly and began to settle .
- XVS As the liquidity is not enough, it can not be cleared in a short time , to XVS The platform caused hundreds of millions of bad debts .
According to a community member , There's a million to be cleared XVS Low price hanging there , The liquidatee （ Probably robots ） It took more than ten hours to buy it out .
And that's what led us to think ： In the current Multi Chain universe , Whether each chain can really run a complete set independently DeFi Our financial system ？ Including exchange , Metonymy , Stable currency , Synthetic assets .
In terms of the current status of blockchain , The answer is likely to be 「 suspension 」.
Liquidation is something you don't normally notice at all , Because it doesn't really happen . But when it comes to extremes , Liquidation is everywhere .
take DeFi The basic four piece set ： exchange 、 Metonymy 、 Stable currency （ This is especially for DeFi A stable currency with original encrypted collateral , such as DAI,LUSD etc. ） And synthetic assets . You'll find that in addition to exchanging , The other three have clearing mechanisms as their core components .
Simply speaking , No liquidation , nothing DeFi. Every time there is an extreme market , Like 312、519, It is also equivalent to a liquidation mechanism for each project , Even the whole DeFi System 「 Health degree 」 It's a big test .
Clearing varies from platform to platform , such as MakerDAO It's an asset auction mechanism ,Compound and AAVE It is a mechanism for the liquidator to take over the debtor's position directly at a discount price , The latest stable currency rookie Liquity LUSD It also set up triple liquidation （ Stabilization pool , Debt position transfer , Global clearing ） Mechanism , If you are interested in it, you can check it by yourself , I won't start here .
However, whatever the liquidation mechanism is , We can't avoid such three basic strides ：
- Assets to be cleared are discounted .
- The liquidator bought the discounted debt .
- The liquidator sells debt bought at a discount .
It's not hard to see that in the whole clearing system , The role of the liquidator , It's all the core of the core .
312 MakerDAO Liquidation failed, simple re offer
Like miners , Liquidators are also a group of people who are financially motivated . After all, liquidation assets are sold at a discount , As long as you grab it and sell it in a short enough time , It's an almost guaranteed business .
They're watching all the time MakerDAO、Compound、AAVE and Liquity And other items meet the liquidation conditions , Or assets close to liquidation , When the liquidation happens, they rush up in droves . It's like a bunch of vultures , Staring at a dying rabbit , When it falls down , It depends on who can dive faster , It's more accurate .
It's not hard for you to think of , How can this kind of thing be staring at with the naked eye , It must be a lot of written robot programs , Monitoring all the time .
Ethereum is a dark forest , There are not only arbitrage robots lurking in the dark , There are also clearing robots on standby , Even many clearing robots will use lightning loan as an advanced tool 0 Risk clearing （ Buy discount assets with your own money and try to sell them at the original price , In the process of rapid price decline, there is 「 To make ends meet 」 Risky ）.
that 312 MakerDAO Why did it end up 0 Yuan won the auction , As a result, millions of bad debts have been accumulated ？ Mainly because at that time ETH Blocked Gas The cost has exceeded 1000gwei(1 ETH = 10^9Gwei) , This leads to two consequences ：
MakerDAO In our auction mechanism , The biggest congestion is a lot of bids 0 High exchange rate because Gas The cost is not enough , So it wasn't packaged .
More to the point , A lot of clearing robots in that super high Gas In the case of . It's not hard to understand , Robots are for profit , When Gas The cost is too high , Over the asset discount price , Or the failure of every liquidation Gas The cost is too high , So many robots will 「 downtime 」.
It's about every time BTC The price fell below the price of many mining machines 「 Power off price 」 There's a reason why the miner is shut down . It is said that 312 On that day MakerDAO At the end of the auction, only three liquidators were left to bid , everyone （or robot ） Are subject to 0 Yuan won the auction .
XVS The depth of liquidation exposed
312 What's exposed is MakerDAO stay ETH What happened to you in the past 「 The liquidator bought 「 Discount debt 」 The question of this step ,519 What's exposed is XVS stay BSC What happened to you in the past 「 The liquidator sells ‘ Debt bought at a discount The question of this step .
Simply speaking , Is that when 80 In dollars XVS Discount to 70 Bought by the liquidator , But the liquidator found that because of the sliding point and the depth , If the quantity is large, it can only be sold to 65, This is awkward ……
This is also a walk XVS The original abacus of the wool magnate . In my own hands XVS sufficient , Want to ship , The depth of the market can't sustain itself 「 Smash the plate 」 Under the premise of , hold XVS Mortgage to the system , Equivalent to the highest price of 80%（XVS Mortgage rate ） I sold everything I had XVS, And then it's all the liquidators + Unable to clear the bad debts of the system itself .
This has caused a lot of discussion , In especial XVS As a less liquid asset ,80% The mortgage rate is too high , That's what triggered the bad debt incident , If the mortgage rate is 50%, These problems may not happen at all .
Also, or , We only accept BTC、ETH This kind of high liquidity assets as collateral , Such problems can also be avoided . So here comes the question , Even if you just accept BTC,ETH This kind of high liquid assets as collateral , In the context of a multi chain universe , Will liquidation be a problem ？
Clearing and blockchain end in a multi chain universe
You see , liquidator Or The essence of clearing robot is profit driven .
So you need to make sure that after his discount is cleared , You can find a platform right away ( Usually it's Dex） Sell the collateral at a price higher than he bought it , Protect the liquidator's profit .
Originally we had only one Ethereum , We have Uniswap, We never worry about WBTC、ETH And some mainstream DeFi The depth of currency , therefore Compound Good ,MakerDAO、AAVE Let it be , We didn't worry about it 「 The liquidator sells ‘ Buy at a discount ’ Debt of 」 What's wrong with this step .
However XVS The event of "the Great Wall" has brought us a wake-up call , Even if you just accept BTC and ETH Mortgage of , In a multi chain universe , our BTC and ETH Is that enough ？
You see , We have now ETH,EOS,TRX,BSC,HECO,Solana,Fantom,Cosmos,Polkadot,Avax…… These are just the main chains .
L2 Or side chains , We have Loopring,Xdai,Matic, just Rollup The family is Arbitrum, In two months there will be Optimism, We'll see it again in a few months without any accident ZkSync,Startware,Aztec……
It seems that I haven't calculated some unpopular main chains, such as Waves,Ada, The older generation NEO, quantum ,IOST wait ……
If we think the end of blockchain , In other words, at least in recent years, it will be such a multi chain universe .
You feel , Run on every chain DeFi Four big things ： exchange 、 Metonymy 、 Stable currency 、 How likely are synthetic assets ？ In the case of liquidation alone , You have to be satisfied ：
There are... On this chain BTC,ETH, Or mainstream collateral DEX
This DEX Of LP The pool is deep enough
DEX Of LP Enough more . you 're right , A lot of these chains are right LP It's provided by several large families , Once liquidation occurs or before , What if they remove the pool ？
By this standard , Say it bluntly , The dozens of chains listed above , In fact, there are few that can be met .
If you think DeFi It's going to be the future of blockchain （ So far at least ）, Then according to the DeFi From the perspective of standard, especially liquidation , A few years later, the end of the blockchain Multi Chain universe , Nothing more than the following ：
1 Multi Chain universes coexist .
In theory , If L2 In and out L1 Fast enough , And there is enough perfect mechanism of Multi Chain universe , So when black swan level clearing triggers, single chain DEX Problems that are not deep enough can come from various other chains 「 To move the brick 」 The settlement of the settlement robot .
Because to some extent, it shares the overall fluidity of the Multi Chain universe , But it's just theory , So many chains with different standards , Want to get through quickly and perfectly , It's too difficult to operate .
2.1 Ten thousand chains return to one ETH.
A chain + One L2,ETH Get into L2 Rollup+2.0 The age of fragmentation ,TPS and GAS It's no longer a problem ;Rollup L2 Finish eating chicken , Leave the one who can fight the most Rollup KO All of the other Rollup, Depth is no longer a problem . In terms of liquidation , This should be the most 「 comfortable 」 A model of .
2.2 Ten thousand chains return to one ETH.
A chain + Multiple L2,ETH Get into L2 Rollup+2.0 The age of fragmentation ,TPS and GAS It's no longer a problem ;RollupL2 Sengoku , There's a lot of cleavage , But found a way to get through all the Rollup Methods , Like state channels or aggregators , Depth in this case also OK. In liquidation , The complexity is definitely higher than 2.1, lower than 1.
3 Ten thousand chains return to one Polkadot.
In terms of liquidation , Boca has two advantages , One is the bottom design ,ETH Liquidation requires a TX To trigger , And Boca can do direct liquidation .
The second is the standardized Multi Chain of Boca parallel chain , There's a universal interface , In terms of the depth of Multi Chain interoperability and sharing , It's much more practical than the first kind of Multi Chain universe , be relative to 2.2 It's more advantageous , The biggest opponent should be 2.1 scene .
Of course , It's just from DeFi From the perspective of clearing, we can deduce the development of blockchain , It's just a way of thinking , Please don't take it seriously .
One last word about liquidation ,Uniswap V3 By providing granularity control LP （ Liquidity providers ） Market making offers more than Uniswap V2 high N Times capital efficiency , But if you think the other way around , On a large scale ,V3 In theory, it means more than Uniswap V2 It's low N Times the depth .
When the black swan extremes are cleared on a large scale …… More and more like Wall Street Feel 了 ： The more efficient , The bigger the bubble is. .