HashKey Research 2021-06-19 00:05:42 阅读数:660
Original title ：《 Synthetic assets — Trends and opportunities 》
Synthetic assets are products of product design , But at the root , It's actually a product of liquidity .
Crypto There are two types of synthetic assets ：
The main operating mechanisms of synthetic assets are ： Predicting machine , liquidator , Price is linked to , synthesis （mint） And destruction （burn）.
The Oracle has two functions ： One is to quote for assets , Such as Synthetix Trading prices of synthetic assets . The second is to provide price instructions for debt monitoring , When the mortgage is insufficient （ Like lending debt / The ratio of collateral is below a certain threshold ）, You can start the liquidation process . Such as MakerDao The purpose of the Oracle block is to determine CDP Whether it is safe and whether it will trigger liquidation due to price changes .
A liquidator is a person who settles a problem loan . For example, when CDP The ratio is below the threshold , External liquidators can step in directly , Not enough Dai, Get part of the collateral at a discount ETH. There are more profits in the liquidation process , There will also be competition between liquidators .Synthetix There was no liquidation mechanism earlier , Later on 2020 Year of Altair Upgrading , The liquidator mechanism has been added . The liquidator mechanism provides a price guarantee , It's also a warning , Give Way CDP The mortgagor has the motivation to maintain the level of mortgage rate , And for the lost CDP （ If the private key is lost ） It can be cleaned up in time , In order to maintain the overall level . There are also many types of clearing mechanisms , image UMA The agreement adopts a no price clearing mechanism , The Oracle is only used when there is a dispute , Similar to the final judge of the dispute mechanism , Because tokens are also priceless , Minimize the use of Oracle .
The commonly used price linkage mechanisms are ： Over mortgage 、 There's a problem with automatic clearing CDP、 Supply adjustment 、 Emergency shutdown, etc .
The process of synthesis and destruction is relatively direct , That is, mortgaging coins , And return the money and end the low-pressure position .
Asset replication just reproduces the price performance of the asset , Other rights to assets are basically abandoned . For example, the voting of stock composite token 、 government 、 Dividends, etc , The interest of the bond composite token 、 Debt claims, etc . In terms of stocks , How many shares a company issues , How much of the voting power is divided , Synthetic assets create synthetic stocks , Voting rights cannot be allocated to synthetic assets . This is a general problem of synthetic assets of asset replication class .
At present, this is within the acceptable range ：
1、 The underlying assets themselves are high-risk assets , Users only care about price fluctuations ; As far as the stock itself is concerned , Very few users are paying dividends 、 government , Convert to crypto After synthesizing assets, users don't care ;
2、DeFi Intervention , Giving up some rights will be compensated by other mechanisms , For example, stable currency can have interest , Because it comes from real lending , And the interest is high , And the dollar has almost no interest . Synthetic tokens can also be used as collateral , such as BTC It's a zero return asset , however wBTC Can participate in mining .
Direct synthetic assets have no such concerns , Collateral rights are bound by agreements , For example, the demand of computing power token for computing power in return , The risk graded token is the demand for return on risk . Direct synthetic assets represent all kinds of interests that have not been and will be capitalized in the blockchain world .
Synthetic assets can't really peg Live in the price of the original assets , Such as the decoupling of the stable currency from the US dollar , The composite stock deviates from the original stock price . Here we need the protocol built-in peg Mechanism to solve , It's all in the experiment .
For example, the stable currency used peg Mechanism ：
The mechanism is part of , The confidence and participation brought by the mechanism is the most important . The problem faced by many algorithms is the failure of supply regulation function when the price is too low , Because the confidence in participation is greatly reduced .
There is always a risk of price decoupling , Because these mechanisms are not tightly coupled , So it's normal to be attacked , The most common attack dimension is Oracle attack , such as 2019 year Synthetix I was attacked by a oracle . Portfolio synthetic assets , Relying on the oracle to quote DeFi Protocols are at risk of being attacked by Oracle .
There are two main risks to collateral ： One is liquidation , The second is the opportunity cost of excess mortgage .
Sellers of synthetic assets , That is, the borrower of the synthetic asset , The underlying assets accepted by the agreement need to be deposited in the smart contract . Because many synthetic asset agreements have access to clearing mechanisms , When a certain mortgage ratio cannot be achieved , It will be liquidated . Of course , If image CDP Such debt contracts , We also have to bear the risk of parameter changes , such as CDP You need a stable rate to hold , And this rate is variable , adopt DAO Decision making , It's unpredictable . Or settling fines 、 Changes in the debt ceiling, etc .
More risk comes from opportunity cost , Because most of the collateral is over collateralized , Excess collateral locks in liquidity . After the liquidity is mined out , The collateral has the potential to mine , There will be decades of yield . As a seller of synthetic assets , The need for computers will cost . With the help of mining, the parties also give rewards while pledging , such as Synthetix in , pledge SNX Generate sUSD, You can get Synthetix.Exchange The transaction fee is divided into , as well as SNX The inflation reward of （ similar PoS The chain staking）
The advantages of synthetic assets
The role of traditional synthetic assets is very simple and direct , It's to meet the risk exposure needs of customers , Generally, this risk exposure requirement cannot be provided by standard products . The basic design is a combination of derivatives , Or an underlying asset plus derivatives , And most of them are customized by investment banks . That is to say, demand comes first , Investment banks use the tools at hand to help clients build a synthetic asset . For example, the creation of synthetic convertible bonds , Ordinary creditor's rights + Put long options to synthesize , Become a fitting convertible bond . A few examples of traditional synthetic assets may be right Crypto Synthetic assets will inspire .
Alibaba in 2014 Listed in USA in , For various reasons Merrill Lynch Failed to participate in IPO In the process of . So structural products created a derivative , Let customers even before Alibaba goes public 「 get 」 Its stock . This product is a synthetic product , The bulls in its components are Softbank shares , Short positions are shares of other listed companies held by Softbank , Such as Sprint、 Yahoo Japan 、KDDI etc. , The net exposure of such products is Alibaba stock + Some small stocks . In this way, customers can get Alibaba's pre IPO valuation in advance . And investors have gained a lot , Untie this product when it's on the market , Buy regular stock .ML Because of the complicated operation and product design , Get a good income .
stay RQFII Before opening , International investors should invest in Chinese mainland index through security A50, Although this is a ETF, But it's also a synthetic product , The use of A Stock linked products （CAAP, A class of derivatives ） fitting A50 Index , It fills the gap that overseas investors can't touch A The imperfection of the stock index . Later due to RQFII Opening , What can really be invested in stocks ETF appear , Competitiveness will be weakened , But at some point in time , It's very necessary and the only way to invest .
A broader example is credit default swaps CDS. The buyer and the seller reach an agreement on a series of specific bond default events , The buyer of the default swap pays the seller a certain amount of 「 premium 」, Suppose there is a credit risk , The buyer will sell the defaulted bond to the seller at face value . So that buyers get the motivation to do more risky assets , Avoiding credit risk . Because of the direct avoidance of credit default risk ,CDS Once launched, it is very popular in the market , Because it solves a very necessary pain point , This reflects the ability of product design and market fit Accuracy .
So synthetic assets can be created without demand , But the real vitality is the creation with demand . We can divide the role of synthetic assets into the following aspects ：
Stable currency is the first kind of synthetic asset , It's just that the anchored asset is a special kind of currency . The mechanism for stabilizing the currency is relatively simple , There's almost no need for a stabilization mechanism to mortgage dollars , If it's a digital asset , We need to join the excess mortgage mechanism . If you don't use collateral , To stabilize the currency, we need to design ways to curb inflation and deflation . from 2020 Year begins , A kind of stable currency with elastic supply began to appear . The stable mechanism of flexible adjustment depends on the adjustment of supply ,rebase It may cause the whole market value to rise and fall suddenly .
The earliest synthetic asset agreement Synthetix
Synthetix It's one of the first synthetic asset agreements , Coincidentally, it was originally transformed from stable currency .2018 Since then, a large number of algorithmic stable currency projects have appeared in the market , A lot of it goes to silence , Some are like basis This is in 2020 The end of the year is quietly rising , Also like Synthetix stay 2018 The transition began at the end of the year .
Synthtix It's the first batch of mobile mining DeFi ： Although liquidity mining originated last year 6 month Compound go online COMP Tokens, , however Syntheix It's an earlier batch （2018 It's been on the line since 2000 ）. Because synthetic assets are less liquid , Besides, mint Synthetic assets require a high mortgage ratio , And then it went down （750%->600%->500%）, therefore syhthetix It gives the pledgor a higher income , It's also a guarantee SNX Our prices are stable . synthesis s Assets are better than direct purchases s Assets have a certain appeal . About half of them at the moment SNX Mortgage on the Internet .
Adopt dynamic debt ratio ： General mortgage projects adopt static debt ratio . It's just the collateral , Such as Ether The ratio between the price and the debt lent is no less than the closing line , There's no problem with the debt , Redeemable at any time . however synthetix Dynamic debt ratios , Like casting sUSD In the process of , The initial requirement was 500%, After that, if SNX Falling price , The mortgage ratio is down , The platform will ask users for additional collateral , To ensure that the mortgage ratio is greater than or equal to at any time 500%. Doing so worst case Namely minter There needs to be collateral at all times SNX The needs of （ But it can increase SNX The pressure to buy ）, The other is minter It's not going to explode , Unless you can't keep up with the rhythm . Others defi Collateral defi All agreements have the requirement of closing line .
Exchanges based on debt pools ： except mint Beyond assets ,Synthetix There are also exchanges based on debt pools . There are no counterparties and no flow pools , There is only one central opponent - Debt pool . When trading sUSD To SBTC when , It's like the debt pool has been recovered sUSD, Printed the same amount of sBTC. The debt pool is actually a pool of shared debt , because s Asset price changes , From the process of initial mortgage to price change , All the debt will be different minter Redistributes on , So even if you don't do anything , Personal debt can also be caused by s Assets trade and change .
This is for trader Come on , It can be used to express the preference of a certain kind of asset , For example, watch BTC, Just print it sBTC, such sBTC The price goes up , Profits will increase . Because of dynamic adjustment , More will be saved SNX, If there is an increase in debt , There's more to be done SNX mortgage . print sUSD What kind of s assets , Very particular .
Based on the Terra Upper MirrorProtocol
Mirror It's based on Terra Synthetic asset protocol on the Internet , The synthetic assets it issues are called mAssets.mAsset Will imitate real asset price changes .mAsset It's completely decentralized , Can accept a variety of types of collateral , And make sure there's enough collateral .Terra On the stock exchange Terraswap You can build mAsset Of UST The deal is right .Mirror They have their own Mirror token, You can reward liquidity providers .
Mirror There are four types of characters ：
Trader： stay Terraswap In business mAsset Users of , The portfolio is exposed to synthetic assets .
Minter： People who actually make synthetic assets , Will enter into a CDP agreement , Mortgage assets have to be higher than mAsset The minimum demand for . therefore ,minter In fact, we are short of synthetic assets . As long as the mortgage asset ratio is higher than the minimum requirement , The collateral can be withdrawn .Minter By burning mAssets Or add more collateral to adjust the collateral ratio
LP：LP Add the same amount of mAsset and UST De corresponding Terraswap Pond , Will increase the liquidity of synthetic assets LP Get LP Certificate can get more pool income .
Staker： mortgage LP tokens and MIR tokens, To get MIR tokens.LP token Holders can get MIR Benefit from inflation ,MIR staking You can get CDP cost . If users mortgage MIR, They can participate in governance and have some voting rights . Governance is new mAsset Enter the white list , And the change of parameters .
Oracle feeder： Used to provide accurate and accurate external quotation , And it's the only account that can update asset prices . It's very important to the whole operation , Communities will choose and replace carefully through governance . The current use is Band protocol.
Mirror and Synthetix The main difference is that the mortgage assets ,Synthetix The mortgage is volatile SNX Tokens, , and Mirror Use stable UST Tokens, , So there is a big difference in mortgage rates . however UST No Mirror The ecological token of , therefore tradeoff It's a trade-off between functional and ecological development .
General synthetic asset agreement UMA
UMA It's a synthetic asset issuance agreement , adopt UMA You can issue any synthetic asset . At present, there are 11 A project , It's divided into three categories ：Digitally Native Index、Yield Dollar、Synthetic Asset Exchange.
To create tokens with special functions DigitallyNative Index It's the most interesting kind ,Domination Finance Tracking bitcoin market share 、ETH/BTC track ETHBTC Ratio of 、uGAS Finally Ethereum gas fee、uSTONKS track Wall StreetBets The popularity of the stock market 、yCOMP You can have more than one flight COMP Token, etc .UMA Created a series of products for special needs , Good use of the properties of synthetic products .
Standard product agreement UMA Used a set of ExpiringMultiParty (EMP) contract Standard product contract for , It allows developers to quickly launch a synthetic asset token that can mature . After the completion of the development contract , Before and after the experience 7 A step , You can bring a whole set of synthetic tokens online .
UMA The agreement also has tokens UMA Tokens, It can be used to solve its dispute resolution system DVM (Data VerificationMechanism), And governance of the entire agreement . hold UMA The main uses of tokens are ：1、 Use DVM You need to vote for a reward ;2、 Governance rewards for upgrading with protocol parameter changes .
The core mechanism - Solve Oracle bribery DVM It's about centralization and Oracle bribery , It's a prophecy in itself .UMA It is considered that blockchain Oracle is difficult to avoid being bribed . So the demands and economic means . The corruption of the Oracle requires costs , namely Cost of Corruption (CoC), And profit from action Profit from Corruption (PfC), Ensure that only CoC Greater than PfC that will do . And you can calculate CoC as well as PfC.
Because corrupt people need 51% Of token, So that 51% token The market price of （CoC）>PfC, This needs to be DVM Continuous monitoring CoC >PfC Relationship .
The creation of tokens requires collateral ,UMA Also accept a very wide range of token types, mostly mortgage .UMA The agreement itself does not check the adequacy of tokens , But the token economy will give the liquidator the incentive to identify the insufficient synthetic token agreements .UMA It doesn't need to be tracking price data on the chain , Eradicate UMA According to the founders , Since launch , There were only six disputes .
Different from the above two agreements ,UMA Don't use excess collateral , It's not healthy to use financial incentives to prompt the liquidator to liquidate in time CDP, That is active management CDP, Instead of waiting for the closing line . from UMA It uses 「 No price clearing 」, Through cooperative game , Make the whole body CDP Keep healthy . One advantage is , Some long tail assets （ For example, there is no price yet ） It can also be used to synthesize , There will be no quotation barrier .
Computational power token is a very interesting product , In line with our criteria ：1、 Abstract special resources ;2、 Using token features to make it Tradable 、 Circulating 、 Can be priced ;3、 Mining with mobility , Let computing power produce （yield） It's also token . The computing power token market is a very potential application of synthetic assets , Solved the problem of block chain bottom circulation , The original so-called 「 Cloud computing power 」DeFi and NFT turn , More decentralized .
PoW Power tokens MARS
MARS It's the computational power derivative token project launched by the coin printing pool , Yes BTC Mining power certificate pBTC35A,ETH Mining power certificate pETH18C, And governance tokens MARS. Each one pBTC35A Aimed at 1 TH/s The power of bitcoin , Each one pETH18C Aimed at 1 MH/s Our Ethereum computing power , At the bottom, the computing power is supported by the physical miner of the coin seal , Mining income is distributed on the chain .MRAS The protocol is based on Ethereum .
Get the power gain through Staking Conduct , pledge pBTC35A You can get wBTC and MARS, pledge pETH18C You can get ETH and MARS. In addition to Uniswap The provision of pBTC35A and pETH18C We can also get extra mining income from the liquidity of the transaction （wBTC, ETH and MARS）. The parameters of the pit are as follows ： Electricity fees : $0.0583/kWh, Pool charges (FPPS): 2.50%, Power consumption ratio : 35W/T
BTCST and MARS similar , It's also a power token agreement . Every token is aimed at 0.1 TH/s, Conduct staking After that, you can get the income of bitcoin computing power every day .
and MARS Based on the difference ,BTCST It's a free market for computing power tokens , Any miner can apply for , as long as ：1、 Contribution is self-made ;2、 The computing power contained in the equipment can pass the risk test of the team ;3、 At least there are no less than 5PH/s Calculation power . Then the miners can issue their own BTCST Calculate the force . The parameters of the pit are as follows ： Electricity fees : $0.058/kWh, Efficiency loss : 2.50%, Power consumption ratio : 60W/T
chart ：BTCST Calculate the force token The transformation process
HashMix It's a universal computing power token solution protocol . You can token traditional BTC/ETH The computing power of the Internet , It can also be token like Filecoin Such a storage mining protocol , That is, a token transfer protocol that can cross the chain . Different from the above two products , We don't use standard computing power , So the calculation power submitted by all kinds of miners , Will become NFT Not the average ERC20 Tokens, . So the calculation power of each miner can be very different , This is also in line with the actual situation .
every last NFT Both represent different computing power agreements , The authenticity of computing power is verified by the verifier , Multiple wallets control purchasing power NFT Token money , The verifier relies on protocol tokens HSM To inspire . In addition, computing power tokens can enter the financial market , Be attached to a loan 、 The function of trading . such as Fil There is a demand for loans for mining computing power .
The price risk of digital currency has always been great , Users with trading experience can directly go short to protect positions . Imitating the real world , A lot of synthetic assets have been designed in an updated way . For example, for volatility , Or design for risk stratification . Synthetic assets of risk are practical , For the need of risk aversion , So we expect to have a good market . But the risk of risk token itself is great , We also have to face the prophecy machine 、 Arbitrage and other risks of being attacked .
Volmex Launched an index based on Ethereum's volatility , And based on this index, we developed a tradable platform , Users can directly target the risks of Ethereum （ Volatility based on options ） Pricing the market , You can hedge against market volatility , Or the whole Ethereum ecosystem . Like based on UMA Issued dVIX So is the index , Can provide similar ETH Volatility trading products (volETH), And you can short volatility （ivolETH）
Risk stratification protocol
Barnbridge It's just risk stratification , Put some loan agreements like Compound My pool is divided into Seniortranche and Junior tranche Two types of ,Senior Get a risk-free interest rate ,Junior Get a risky interest rate , But the income is higher . Every kind of tranche They all have a corresponding token sBONDs,jTokens. The solution is when the loan pool income changes , Different risk preferences reflect the benefits of users . This kind of product is called Smart Yield Bond.
Barnbridge Another product of our company is Smart Alpha Bond. Although it's called Bond, however SAB It's not about fixed income in itself , It's about any measurable gain , such as BTC/ETH The risk stratification of price fluctuation in China . For example, will ETH The price range is divided into three parts , Each part can bear different benefits , Such a ETH It can be split into three different token, Such as jETH/mETH/sETH, Make right ETH You can have a big choice .
Saffron Use a similar structure , There are three levels in fixed income ：S,AA and A.
Charged Particle The protocol can take any erc-20 The representative injects into NFT In my token , to NFT Tokens, 「 Charge 」. Because and AAVE Cooperative relationship , Deposited token Can become atoken, That is, with interest token, Such as deposit in Dai, It can become aDai. And there is no limit to the types of assets deposited , It can be ERC20, It can also be ERC721,ERC1155. In this way, one NFT It becomes an asset package , It's all inclusive , It's true. 「 synthesis 」.
Charged Particle Provides an idea , In fact, synthetic assets is a packaging process ,NFT You can naturally combine all kinds of assets , What kind of assets do you want , You can pack it in . And the trick is to distribute the revenue and support the verifiability of the bottom layer .
UMA founder HartLambur I've combed synthetic assets , And a conceptual formula of synthetic assets is given ： Mortgage assets + The payoff function = Synthetic assets . We think the expenditure function here has financial significance , There needs to be another layer of non-financial （ It's mainly about governance ） The meaning of , Because claims on assets actually move from the right to the left . According to this framework , There are two types of issues that need to be considered ：
What we really do in synthetic assets is stable currency , The track is mainly from demand , Stable currency is a demand , And it's long-term demand . As long as the dollar system remains unchanged （ It's about pricing ）, And the way in and out is the same （ It's about the relationship between the two worlds ）, This demand will not change .
At present, we think the most promising ： Direct synthetic assets to solve real problems , Such as the power token 、 Risk token 、 Complex income tokens （ Like exotic options ）.
And finally , Synthetic assets are products of product design , But at the root , It's actually a product of liquidity . Whether it's traditional synthetic assets , It's also the largest synthetic asset stabilizer , And all kinds of products that may be created in the future , There is liquidity behind it . Liquidity spillovers , It's not just supply , It also increases demand . These needs , They all revolve around risk exposure and enhancing utility . Assuming there is no liquidity , There is no need , No liquidity , No one will create synthetic assets , No one will trade it out . So in the big context , Synthetic assets are still thanks to the era of excessive liquidity .It is All About Liquidity.
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