Deep exploration of defi: read AAVE's past and present life

Defi Baize Research Institute 2021-09-14 10:01:30 阅读数:18

deep exploration defi read aave

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compile | Baize Research Institute

Aave It's a decentralized lending system , Allows users to borrow without an intermediary 、 Lending and earning interest on encrypted assets .Aave Running on the Ethereum blockchain , And use the smart contract system , Enable the assets on the platform to be managed by the distributed computer network running its software . therefore , Their users don't have to trust an organization or individual to handle their funds .

AAVE Allow users to create loan pools , Enable them to lend or borrow 20 Different cryptocurrencies . In order to be in Aave Borrow money from , The user must provide collateral , At the same time, if you experience encryption market shock after lending , Then the user must face liquidation risk .Aave There are other functions , For example, fast loans and other forms of debt and credit issuance , But in terms of user adoption and use , These are currently in alpha Stage .

end 9 month 6 Japan ,AAVE It's number one 35 Bit cryptocurrency , Market capitalization 53 Billion dollars , In all DeFi Ranked No 7. Just behind Uniswap、Chainlink、Terra and Pancakeswap Other giants .AAVE The price of is 404.28 dollar ,2021 year 5 month 18 Japan set a new record , by 631.26 dollar .


Aave It's Finnish , intend “ ghost ”, Originally in 2017 year 11 When it was launched in January, it was called ETHLend. ETHLend It's a peer-to-peer lending system . Throughout 2018 A lot of research has been done in ETHLend when ,Aave The team realizes that peer-to-peer lending is inefficient , And decided to give it up . As we know today ,Aave stay 2018 It's been changed to P2C Lending platform , And have been doing this since then .

Aave The founder and CEO of is Stani Kulechov, He is the company's main public image . When Stani When discovering Ethereum and its functions , He is studying law at the University of Helsinki . He began to explore how it affected DeFi System , And put forward ETHLend.


capital / Money

2017 year ,Aave Launched ICO( Initial token issue ), Raised... For them 1620 Million dollars .ICO send Stani Be able to hire more developers to focus on improving the protocol .

2020 year 1 month ,Aave stay ETH Go online on the main network , Support 16 Types of assets .2020 year 7 month ,Aave Got three arrows capital 、Framework Ventures and Parafi Capital Of 300 Ten thousand dollar investment . From then on ,Aave Got it Blockchain Capital、DTC Capital、Standard Crypto、 Ventures and Defiance Capital The support of .

2020 Year is Aave The decisive year , To 2020 end of the year , their TVL from 300,000 The dollar soared to about 20 Billion dollars .Aave Tokens, ($AAVE) It's also 2020 The best performing asset of the year , And produced 5,000% Revenue . at present ,Aave The total value of the lock-in is about 180 Billion dollars .


Aave What's the role ?

Aave It's a loan pool system , Enables you to choose to borrow 、 Lend and earn 20 Interest on different digital assets , Without a middleman .

Users who want to earn interest will deposit the funds they want to lend , Then collect it into the liquidity pool . When the Borrower Loans , They draw money from these pools . Lenders may trade or transfer these tokens in any way they think fit .

Aave Two types of tokens are issued to promote this activity ,$AAVE( Native token ) and aTokens.

$AAVE Tokens can be used in many ways :

  • If the user uses $AAVE As collateral for borrowings , They will receive a discount fee , If $AAVE The borrower's loan denominated in tokens , There will be no charge .
  • If you pay ,$AAVE The owner of the loan can choose to view the loan before publishing it to the public .
  • Use $AAVE As collateral, users can borrow slightly more than any other digital asset .
  • Token holders can pledge on the platform $AAVE, To get about 6% Of APY Distribute .

aTokens  Tokens, :

  • These tokens are forged at the time of deposit , Destroy on redemption .
  • They are related to Aave The value of the underlying assets of the agreement is expressed in 1:1 The ratio of .
  • aTokens Provide lenders with “ Receipt ”, Allow them to charge interest on their deposits .

2020 year 12 month ,Aave Upgrade its platform to Aave V2. The upgrade brings the ability to repay part of the loan collateral without multiple transactions , By combining these operations into one transaction , Users can save network costs (ETH Transaction costs can be reduced by up to 50%)、 Time and energy .

Besides ,Aave Borrowers on the platform can now issue a new token , Just like the lender aTokens. Tokens allow borrowers to manage borrowed tokens from their cold wallets . The renewal also brings stable borrowing and fixed interest rates , It provides better predictability and avoids temporary losses caused by market fluctuations . Data analysis website Support.token  Provides more detailed V2 Upgrade list ( The figure below ).



Token Economics ( Model )

2020 year 7 month ,Aave Founder and CEO Stani Kulechov Announced the token economics of the agreement “Aavenomics”.Aavenomics The upgrade will every 100 individual $LEND Token conversion to 1 individual $AAVE Tokens, , The maximum total supply is 1600 m . The upgrade conducted a governance vote , And with almost 100% Passed unanimously . Pass a new vote ,1600 Of 10000 tokens 1300 Wan GeYou LEND The holder redeems , rest 300 Ten thousand entered Aave Ecosystem reserves , The reserve is described as “ The guiding fund allocated to the agreement incentive when the governance deems it appropriate ”.

Besides , The security module starts with token rebasing . The security module acts as a collateral mechanism for tokens , To act as insurance in the event of a shortage . This is $AAVE Brought token agriculture , Among them, stakeholders can obtain security incentives and a certain proportion of agreement costs .

stay Avenomics Post release 4 months (2020 year 10 month ),$ AAVE The transaction premium is about 50 dollar .2020 Beginning of the year ,LEND The price of is 0.02 dollar . Even if the supply decreases and the price rebalances to 2 dollar ,AAVE In a short span of 4 It's still up in months 2,400%.

Aavenomics The whole reason for the introduction is that through the governance of token holders Aave More decentralized . Quote an official announcement :“Aave Tokenomics The goal is through its incentives and policies , Create a Shelling Point, The growth of the agreement 、 Sustainability and security take precedence over the goals of individual stakeholders ”.


safety problem / Audit

according to  Token Sniffer That's what I'm saying ,Aave Include an agency contract , It has the possibility of protocol utilization . Proxy contracts allow developers to change things to blockchain protocols , This is it. Aave V2 Can be achieved in . It's like Facebook How to find errors and provide updates to fix them , Proxy contracts allow developers to update when problems are found “ immutable ” Blockchain protocol . The problem with agency contracts is , Theoretically , Hackers can change or manipulate protocols that benefit them by using and utilizing proxy contracts deployed for specific protocols ( For example, stealing funds ).

Have an agency contract for Aave It brings a slight loophole , But it also brings flexibility and options , The agreement can be made better by voting according to the governance of the token holder .

In order to reduce risk through agency contracts and other forms of hacker potential ,Aave There is a loophole in the bounty activity , Anyone can try to use their protocol to find loopholes . If they find a loophole , Users will receive monetary rewards according to the severity of the discovered vulnerabilities , Amount from 100 Dollar to 250,000 Dollar inequality .Aave It is also continuously audited by various audit platforms :


The roadmap 、 progress

Aave from 2020 The momentum that began in has continued until 2021 year . In order to start the 2021 year ,Aave Successfully launched V1 -> V2 Migration tools . With the support of flash loan , Users can almost seamlessly move their liquidity positions from version to version 1 Transfer to version 2 . Flash loan is a way to borrow digital assets without collateral .2021 year 3 month 16 Japan ,Aave Released its first AMM( Auto market makers ) market .AMM The liquidity pool allows Uniswap and Balancer Our liquidity providers use their LP( Liquidity providers ) Token as Aave Collateral in the agreement .

2021 year ,Aave Reduced focus on scalability , And explore “ New frontier ”.Aave The multi market approach enables it to go deep into these new areas . Building synergies with other projects is DeFi One of the main assets of .Aave Taking advantage of this , Establish a market in all important areas of cryptocurrency . Their latest example of leading-edge scalability is the side chain with polygon implementation . This implementation is Aave Brought a very fast and almost free deal . Besides ,Polygon from Chainlink Provide support , It is in the agreement price feed for Aave Brings flagship security .Polygon And Aave The synergy allows more affiliate options to fit the network , This increases Aave and Polygon extensibility .

At the time of writing , Integrated into the Polygon On the blockchain Aave The last big thing done . up to now , In addition to scalability and trying to reduce ETH In addition to the price and expenses , No more announcements about what will happen , This is them 2021 Main focus of the year .


Aave It is the flagship product in Ethereum ecosystem , Working for other P2P Standard setting for loan agreements . With the explosive power of the past year and eight months , We can only hope that they can continue to define with energy DeFi New areas of the field .Aave stay DeFi China is so important , So much so that Grayscale Have been looking for Aave Your next trust , Show how much trust and motivation they have gained .

At the time of writing , Founder and CEO Kulechov The last fascinating tweet is to meet someone in the metauniverse . You can imagine , With Aave Continue to grow into a bigger and better lending market , What's going to happen ? Maybe we will also work with Aave Meet in the metauniverse .


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