Inspiration from the collapse of defi: thinking about the future multi chain structure from the perspective of liquidation

Vernacular blockchain 2021-06-18 20:35:48 阅读数:109

inspiration collapse defi thinking future

Original title :《 Plummeting to DeFi It's a big test , Or Ethereum 、 The future trend of Boca's Multi Chain Pattern 》

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 :

1. Tens of millions of dollars in a short time , hold XVS The price is from 70 The dollar pulled down 140 dollar .
2. High mortgage XVS Four thousand have been loaned out BTC And tens of thousands of ETH.
3. run .
4. To let go XVS Prices fell rapidly and began to settle .
5.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 ”.

 01  Clearing everywhere

Defi 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's the liquidator direct Take over the debtor's position at a discount , 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 :

1. Assets to be cleared are discounted .

2. The liquidator bought the discounted debt .

3. 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 .

 02 312 MakerDAO Liquidation failed, simple re offer

Defi 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 312MakerDAO 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 :

1.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 .

2. 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 .

 03 XVS The depth of liquidation exposed

Defi312 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 ?

 04  Clearing and blockchain end in a multi chain universe

Defi 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 :

1. There are... On this chain BTC,ETH, Or mainstream collateral DEX

2. This DEX Of LP The pool is deep enough

3.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 ;RollupL2 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 .

 05  Summary

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. .

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