The current paradigm shift of defi: from "total lock value" to "agreement control value"

Treasury research 2021-11-23 15:20:42 阅读数:474

current paradigm shift defi total

Original title :《 Present DeFi Paradigm shift : from TVL To PCV》

writing : Davids

A while ago  OlympusDAO  Many people are shocked by the development of , Some people use DeFi 2.0 To give this wave of rising DeFi The project is labeled . This time through trial Mirror The opportunity of , Combine yourself with DeFi The observation of , Just say some of your views .

DeFi When it just started ,TVL Is a very important measure .TVL The ranking is also an important way to compare items horizontally . Although different types of projects , risk (Risk)、 Capital efficiency (Capital Efficiency) Somewhat different , But this is more or less TVL It can be reflected in .

under certain conditions , so to speak TVL suffer APY drive ( After all, capital pursues profit ),APY The higher the ,TVL The easier it is to rise . We'll see a project TVL Positive and negative cycles of . A positive cycle means that as the currency price rises ,APY elevated ,TVL Will rise with it , Until an industry benchmark is reached (benchmark). With the increase of excavated assets , The throwing pressure increases , It may enter a negative cycle at some point in time . The whole process is accompanied by many other variables , It can also be used as a basis for judging the status of the project .

But as time goes on , If the Comp Start liquidity mining as a sign ,DeFi It has entered its second year of rapid development .TVL Add the dimension of time , What has changed ?

Let's ask a question :

Suppose there are two projects , project A stay TVL by 10 The level of 100 million has been maintained for a year , And projects B stay TVL It only maintained 10 God , Can these two projects be the same ?

The answer shows different , But at some point in time , The two TVL There is no difference in this indicator .

TVL This indicator is obviously not enough . In a way , This means that we need a new indicator to measure the status of a project .

Let's ask the second question :

TVL + Time, What precipitated down ?

Liquidity entered the agreement , Operate in a predetermined way , Generate revenue from agreements and users . Users take away their own income , The income from the agreement is distributed according to the agreement . For most of the newer agreements , These income rates are probably going into Treasury.

Suppose the two protocol codes are basically the same , Other external factors are exactly the same , It's just that the online time is different , Then precipitate in Treasury The money will be completely different ; This indicator can be called Treasury AUM (Treasury Assets Under Management), But if you go into Treasury The funds have specific purposes and obligations , It can be called PCV (Protocol Controlled Value).

Third question :

The agreement income is Treasury The only source of income ?

The answer, of course, is not .

Suppose the two protocol codes are basically the same , Other external factors are exactly the same , It's just that the online time is different , Although the accumulated agreement income is different , But suppose the project party directly injects a fund into Treasury, Then the difference between the two can be eliminated . In short :Treasury There are obviously many other ways to grow .

For post launch agreements , This is also the core indicator of overtaking in curves .

Let's look back Fei Protocol,OlympusDAO, In essence, it is designed at this level ; They all cleverly designed a user asset swap mechanism , Swap the user's assets with the original assets of the project ; However, the assets exchanged include some assets with very good growth , such as ETH; And by ETH Its own growth , To some extent, it can eliminate the debt issued by the project at the previous price .

Of course, the specific methods of different projects are not exactly the same , Some of the effects are also different , There is no specific judgment here .

In short , In this way , The positive and negative cycle of the project will become closely related to the market , The positive and negative cycle scale of a good project itself may be put into the whole cycle of cattle and bears ; And if there is an appropriate asset management strategy , Will even outperform the cycle . This is the time , behind DAO Your wisdom becomes crucial .

The purpose of this paper is to roughly record some thoughts , The details are not expanded ; In fact, if it continues , There will be many points worth digging and exploring , Some are still developing at a sustained high speed . But through this kind of thinking, experimental thinking , We can see some deep logic behind it in our own way , Here to share with you .

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