Golden Finance 2023-01-24 13:08:34 阅读数:655
We believe this is founded the company in the field of block chain great time.Compared with the previous cycle,Talents by higher education degree,Have enthusiasm for the industry more.2022 In the first half from the VC Industry to raise the 1210亿美元,正在等待部署.
原文标题：《The Year Ahead》
假设现在是 2022 年 1 月 1 日.想象一下,到 2023 年 1 月 17 日,Tesla will fall 63%,Meta 下跌 60%,亚马逊 -42%,PayPal -57%,Square -54%.According to the study of history investment return, emeritus professor at the university of Santa Clara Edward McQuarrie 的分析,For U.S. bond investors,This is the worst recorded since one year：
“即使回到 250 年前,Can't find than 2022 Worse in a year.”
现在,Guess what the currency fall how many.I think most people would say more than 54%.
This is not even that Sam Bankman-Fried/FTX/Alameda 对 500 Ten thousand people really shocking crimes committed,And the three arrows capital、TerraLUNA、Genesis、BlockFi、Celsius Well-known institutions such as the collapse of the event.
Faced with the risk of bad assets of macro market and the special historic disaster,Blockchain's resilience is impressive.
然而,这并不奇怪.Pantera In the past three“加密冬天”Management of the chain block fund.Catastrophic events have happened to everyone.例如,当 Mt. Gox 下跌时,它占据了 85% 的市场份额——比今天的 FTX 大得多.
Block chain will change the world.It is bound to survive against all odds.
I believe it has a bottom,We will soon see blockchain assets continue their 13 年每年 2.3 Times trend.
1. 2022 年度回顾
2. 我们的 2023 年展望：
联合首席信息官 Joey Krug The encryption of monetary market outlook
Block chain risk investment current situation, 普通合伙人 Paul Veradittakit
投资分析师 Will Reid Blockchain infrastructure merged with Ethereum
Structure safety DeFi,Investment assistant Chia Jeng Yang
3.宣布 2023 年 Pantera 区块链峰会 : 2023 年 4 月 3 日至 4 日,加利福尼亚州旧金山
2022 Years is a crazy year for block chain industry.We have witnessed some of the things：
以太坊合并,An update,It reduces Ethereum's energy usage by about 99.9%,And promote the inflation of Ethereum——This is a huge achievement in blockchain coordination.
三箭资本、Terra LUNA、Celsius、Voyager And the exchange with the second largest trading volume ever FTX 的崩盘.
增加对 DeFi Institutional adoption and R&D investment of protocols and products,例如,JPMorgan Chase Partners with Monetary Authority of Singapore,In public for the first time block on the chain DeFi 交易.Adoption like this is also happening in the public sector,Many major countries in the middle of the test block chain based digital currency bank (CBDC).
以下是 2022 A recap of some key highlights of the year：
回顾过去,2022 2020 Could Be the Most Turbulent Year in Crypto History.A year many times,I found myself in saying,“This feeling than Mt. Gox 还大.” 当 Mt. Gox When being attacked by a hacker,It kicks off the next phase of major developments in the crypto space：Transition to a more global trust-minimized architecture,and remove intermediaries beyond payments.
在实践中,像 Ledger 和 Trezor Such self hosting solutions in early popular.They make encryption currency retail investors to put their money stored in the safer than computer place,A centralized exchange to hold assets without trust.在机构方面,像 BitGo Such companies make multiple signature solution can also use safety and save money,Eliminate again“信任”Any need to exchange.事后看来,These changes seem to be quite small/很明显,But they are significant——That people can more safely hold their encryption money.
With the establishment of Ethereum and smart contracts,A more important shift has taken place.The technology makes extensive worldwide value transfer deal（Whether it is a financial transaction or other transaction）成为可能,without trusting any individual or entity.The vision also includes making the financial system more efficient、更容易获得,And reduce the cost of financial intermediation.
但是,These benefits still depend on scalability.当时,There are a few people are talking about trading in the case of without the use of exchange encryption monetary ideas,Whether by atomic swap——A don't need to trust otc counterparty way——Or through mature based on Ethernet fang intelligent decentralized exchange contract (DEX) 的出现.If you fast forward to today,很容易通过 Uniswap 和 0x 等 DEX For encryption to encrypt currency trading.早在 2013 年和 2014 年,These thoughts are only fleeting in the developer's eyes,They just wrote some early thoughts on the forum.
历史不会重复,But in rhyme：DeFi Still fundamental to the next cryptocurrency cycle
2022 年与 2014 The end of the year crypto era is very similar.Many run counter to the encryption monetary basic principles of project and the companies have failed.人们说,“加密货币已死”,but I think it's getting into the field、One of the best time to start building a serious things,Also will be deployed to encryption in the field of monetary funds is a good time.Now is the darkest hour before the dawn.
Although the specific causes of the collapse are different,But the centralized entity due to hacker attack、Because greed desperate to do illegal business deals, and traditional financial markets with old style.The actual encryption——Such as chain、智能合约、Based on the protocol encryption——Really alleviate these problems,Because you don't need to give all his money to a claim that“信任我们”的实体.
但需要警惕的是,Intelligent contract just code——The code is stupid,The computer will do exactly what it is programmed to do.因此,Even if no longer need to trust some centralized exchange、the legal system or whatever enforces the product,Write to create a risk of financial products intelligent contract there is still a risk.If I made a smart contracts allow you to unsecured loans,So if your loan is not being repaid,It is not a computer program fault.
With this disclaimer,关于 2022 In centralized financial (CeFi) 崩溃的“不同之处”The short version of is a thriving crypto credit market.三箭资本、TerraLUNA、BlockFi、Celsius、Voyager、FTX 和 Genesis There is a common thread：Unlimited access to lending money to counterparty risk is relatively high,either did not provide sufficient collateral,Either do not provide sufficient collateral risk limits（If you provide any collateral）.
另一方面,值得注意的是,Decentralized finance protocols are not broken.DeFi There are several layers to the reasons behind the success of the protocol.从表面上看,这些协议（例如 Compound、Aave 和 Maker）Forcing people to provide collateral and implement positive risk control.极具讽刺意味的是,The risk control and centralized entity is the control of the same kind of control,People often say that these control“Too tight,效率低下”.They will tell us,“These protocols can't like our monitor risk”.仅仅几个月后,One of my friends tell me,One of the company provides preferential loan conditions to him,And the company is at risk of bankruptcy.I told him something similar,“Since these centralized lender entities,The next cycle may burst.They pick up a coin in front of the roller.”
在软件工程中,有一句俗语：“越差越好”（worse is better）,意思是“能正常工作”More than a simple system can increase the risk of failure of highly complex design is better.在我看来,DeFi Philosophy of risk control is the less, the better is a good example,But for the financial.The centralized lenders we interviewed certainly had“优雅”的系统,But their system doesn't work.many of the hottest in the previous cycle、“最好”The growth of the wheel are zero.some because their business isn't a real business——They're just akin to betting on downside volatility——And some because they're outright scams.
DeFi 协议在 2022 Years of running the second key is open and to trust.Decentralized protocols can't just say,“相信我,I went to MIT,To donate all to charity”.DeFi Agreement is more like a“You don't have to believe we”的性质,Or, as Google said before give it up：DeFi 协议“不可能是邪恶的”.The only option for the protocol layer is to build something effective,something from first principles,在开放的环境中,An anonymous playing field against rational economic actors,Your code is open,Anyone can double check and read it.
简单概括 2022 The encryption of market——Nick Szabo 说得最好：“Trusted third parties are the security hole.”
展望未来,很明显,Using smart contracts based on block chain system will be on track to become the world's financial.The real question is how do we achieve,And what needs to be done to.
Although the price is low,But I think the space was obviously better than ever before in the position of.We finally have a scalability solution,能够以不到 10 The cost of the cents are traded.As the etheric fang and 2 层（协议扩展）More update,It's hard not to drop transaction fees down to about a penny.这很重要,Because if the cost is too high,Decentralized exchange can't compete with centralized exchange.
与 2017 年相比,Another major paradigm shift is almost non-existent when developers infrastructure.Compared with the previous cycle,Now write system based on intelligent contract much easier.2017 年,我是 Alchemy The first major user,At that time everyone is in AWS 或 DigitalOcean Mess up on the node infrastructure.When new developers into the field,This and other issues have been resolved.Not only is a node.Every other area of the stack has been improved,Both test suite to capture common errors in intelligent contract automation tools,都为 IDE 提供了对 Solidity 的支持.
If looking to the next step,There are two interesting questions worth thinking about：
1. A final state is what kind of？
2. What supporting innovations and companies need to be built/Agreement to achieve this goal？
当然,I believe both areas are worth investing in.
在我看来,A final state is decentralized financial agreement and application basically solved many problems discussed above.The average person will install apps on their phones,Let them can visit DeFi,where they can be without a bank/Financial transactions without a broker,费用更低,Global Liquidity and Markets 24/7 24/7 运作.金融科技（fintech）The problem is that in the development of,it looks like it's putting lipstick on a pig,The pig refers to the existing financial system.所以,To truly realize the vision of cryptocurrency,New economic infrastructure needs to be created from scratch.好消息是,Many new original elements of the financial system now exist.
例如,We already have the money（Includes dollar-pegged and free-floating）、交易所、Lending market, etc.The world in the universe looks like a when you want to trade assets,You can use a decentralized exchange,Where you can access the global liquidity pool trading,without depositing assets on an exchange first.Even things like otc——通常由 HNWIs（高净值个人）Or agencies use——也可以在 DeFi 中进行.Why to wire money to the otc counter and hope they will refund another deal for you？相反,OTC The reception desk should be able to automatically send you a price quote includes their links,Only you can fill out the link.
When you want to lend or borrow an asset,The most appropriate place is DeFi 借贷协议.目前,DeFi Lending agreement encryption is one of the few to borrow or lend money of one of the places,特别是考虑到,除了少数例外,Many larger centralized borrowing enterprise insolvent in this field.
Another exciting innovation in financial markets,Originated in called“永续合约”的加密技术.These enable traders to gain leveraged exposure,Just as people can be gained through futures contracts,But there is no due date.相反,Interest will continue to be paid to the party with less demand（即,If more do more demand,Will be paid to short,反之亦然）.
There are some permanent decentralized exchange with traction.虽然 FTX Failure is“Permanent exchange”Catalyst mass take off,But I think we need to first establish some enabling innovation.从长远来看,This will happen in an easy-to-use application,The end user may not even be aware that the DeFi.And very real world of long-term assets will exist and is marked on the chain.因此,Stability of final state looks like a new parallel financial system,It supports everything that can be done in legacy systems,甚至更多.Similar to the Internet are doing in terms of content creation,Encryption technology can be in any things to create customized financial markets suite endless.
为了实现这一切,I think that must solve some problems to make with the further development of.问题分为两类：
1. 增加 DeFi The ecological system and internal liquidity
2. 让 DeFi 尽可能简单易用
在流动性方面,要使用 DeFi Get more institutions capital,Need more support directly using Ethernet fang assets custodian.虽然有像 Fireblocks The best solution,但主要问题是,从 SEC 的角度来看,Most of these solutions（如果不是全部的话）Are not regulated custodian.Some charter custodian has obtained the federal or state agencies,In the field of encryption currency as the regulated custodian operations,例如 BitGo,通过与 MetaMask Institutional The cooperation of support the use of DeFi 协议,But other regulated custodian must also increase the use of DeFi 协议的支持.It should be as DeFi Bring more liquidity and capital.
Increase the liquidity of another method is the aggregation across multiple chain、第 2 layer and the liquidity of the liquidity pools on these chains.These aggregators will enable users to submit transactions,And the application will across multiple sites、Across multiple chain to obtain liquidity,Thus providing users with the best price and best execution.要构建它,We need a quick safety chain across the bridge.So far to build many of the bridge across the chain makes me feel so appalling——Not in a very cool“入侵 PlayStation”的方式,But is more of a“Will things together,It only works if you trust（Insert trusted third party here） ”.
正如我们所见,This trust is a“安全漏洞”.The cross-chain issue has always been a procedural issue,In my opinion it should be solved with a software program——Rather than predict machine、A trusted multisignature etc.To solve the problem of ideal method is the use of zero knowledge proof,Once the etheric fang introduced“Single time slot eventually sex”,It should be able to bridge to other chains very quickly.届时,Pooling liquidity becomes more feasible.
The second set of questions——DeFi 的可用性问题——As important as liquidity part.Although over the years has made great improve usability,But a general counter is,“It is very difficult to network in early with,Availability should not become obstacles”.然而,Since the early days of the Internet,User expectations of availability has risen by several orders of magnitude.People expect things easy to use.I think there are three usability issues that need to be addressed to accelerate DeFi 的采用：
1.The first is the user experience around the wallet（UX）问题.我和其他人一样喜欢 MetaMask and all that it does for the space.But it is a simple browser extensions of users to download,Rather than have a well-designed user experience a powerful application.The layout of its confusing,Novice users may be overwhelmed,而且 UI（用户界面）太复杂.它让我想起了 iPhone Before the existence of those old Palm 或 Windows 手持设备.Perhaps the long-term answer here looks like a kind of based on MPC Retail purse.
2. The second problem is that must be used ETH Payment transaction cost problems.This makes in addition to send/交易/Trading of any assets,还需要 ETH.The idea of economic abstraction solves this problem.Local upgrade of the Ethereum protocol,这样就可以用 ETH Tokens to pay the cost of trading.
3. 第三个问题：More and more good legal entry,Can be distributed application (dApps) In the local integration.大众市场、类似 Stripe 的集成——dApps You can add fiat entrance,Allows users to buy cryptocurrencies with a few clicks,And the cost is not high,But it is not there.It needs to be embedded as a widget in the UI 中,没有人控制 UI（即 dApp）.虽然很酷,但 Stripe ’s new crypto on-ramp product doesn’t solve the problem.
当前,This a series of problem solutions will be two to three years of time to solve and build.其中许多,and the future innovations they enable,Will provide excellent investment opportunities.When they do get to solve,将为 DeFi Driven by an encrypted monetary cycle to create exciting basis.对我来说,最令人兴奋的事情是 DeFi Implemented a new open、全球化的、More efficient financial system.
四、Block chain business situation
Although the price of cryptocurrencies has changed from last year 1 月开始下跌,But private market deal activity continues,至少在 2022 In the first half is such.
Private market valuations often lag behind public market pricing.Compared with the previous bear market,The last bull market witnessed the rise of consumer encrypted currencies and other industry,例如 DAO（去中心化自治组织）、加密游戏（赚钱模式）、NFT（不可替代代币）和Web3 创作者经济.
From the above pie chart to see,在 Pantera 2022 In trading industry segment in the,DeFi 处于领先地位,游戏/Consumer industries in second place.DeFi Investment mainly concentrated in the following areas：
基础设施 (Braavos, Waterfall)
衍生品 (Maverick, Cega)
In a structured products（ Ondo、Rift）The agency DeFi
在游戏方面,We focus on experienced teams（Metatheory、Revolving Games）Use cryptoeconomics to build fun、Fascinating game.消费者 DeFi Company focused on identity ( Unstoppable Domains ) And fashion yuan universe ( Spacerunners ) 等领域.During a bull market and 2022 年第二季度,Pantera USES the barbell strategy to invest in capital allocation,Mainly invests in seed rounds of startups.
2022 年下半年,We have been waiting for private market valuations are reset.Although during that time fundraising absolute number of startups have fallen,But we see a higher proportion of start-up companies with a strong team to enter the market——Entrepreneurs from Coinbase and other mature cryptocurrency startups,以及 Facebook、Uber 和 Square 等大型科技公司,and traditional financial institutions like JP Morgan and Goldman Sachs.
For venture capital into the ecological system of talent is the most important of the quality and quantity of.根据 Alchemy 的数据,在这个熊市期间,Build on its platform has tripled the number of developers：
As I recently about 2023 As mentioned in the blog post on the 2019 forecast,Entrepreneurs' areas of focus have consolidated,This usually happens in each of the bear market.I see a shift to infrastructure and domain,例如去中心化金融、Tokenization of world assets on the blockchain、Developer Tools and Data Infrastructure.
FTX 之后,Trading volume has been transferred to the Coinbase 和 Bitstamp Such as highly regulated exchanges,以及基于 DeFi 的去中心化交易所.以下是过去 12 Decentralized transaction volume in a month,其中 11 月（FTX The collapse of the in）Trading volume significantly increased.
As for trust and security review,We believe in self regulation、安全、Insurance and status, and other fields to provide startup the chance.Another trend is similar to that of a bear market in the past,We expect compared to international founders,Higher percentage of deals initiated by local founders,Because the focus is on infrastructure, not the application.As the market gradually get rid of the bear market,We expect Asia to see a larger share of NFT、Games and decentralized social applications.由于劳动力成本、Full of vitality and the influence of the brand and strong social mobile penetration,Asia is better positioned at the application layer.
We believe this is founded the company in the field of block chain great time.平均而言,Compared with the previous cycle,Talents by higher education degree,Have enthusiasm for the industry more.Has raised a lot of money（2022 In the first half from the VC Industry to raise the 1210亿美元）,正在等待部署.Many new encryption VC 已经出现.根据我们的经验,Bear markets usually represent the noise and construction period of distraction less.此外,We observed institutions and enterprises than ever more willing to work with block chain companies to enhance their business.
2022 Valuations for private equity deals fell a lot in the second half of 2019,Growth-stage valuations fall more than early-stage deals.We see most of the deals are in the same round at the same time involved in equity and tokens.Entrepreneurs should first ensure that have enough runway and buffer through a bear market and into the next bull market,Optimizing for the right investment partner rather than valuation.More mature companies is expected to efforts to achieve profitability.Secondary trading and acquisition in this period of time may be more common,To provide liquidity to employees and investors.
我们相信 Pantera Open to business,and actively seek out compelling seeds and A A series of chance.We hope that as soon as possible and we think we can speed up new Internet economy layer of entrepreneurs in the development of cooperation.
作者：投资分析师 WILL REID
We can write a small book,讲述 2022 Everything Happening in Crypto Infrastructure in 2019,以及 2023 In preparation for all.但为了简洁起见,We will only cover some from 2022 Key areas worth reviewing as the year begins,Is worth thinking for the coming year.
以太坊的 Merge Is the technology in one of the most impressive software updates.Roughly to shut down during the flight, rocket ship engine,2022 年 9 Month from work certificate to the rights and interests of the transition of the etheric lane network in a more sustainable economic、User friendly and environmental friendly.The network has increased its inflation rate from approximately 3.6% Reduced to almost flat,Improved the deals include time,Make the network feels competitive compared with credit card pos systems,and reduce electricity consumption across the country in Austria's,closer to san marino or the vatican.
然而,Ethereum’s development is far from complete.Merger marks the etheric fang full extension roadmap in the beginning of inflection point.以太坊创始人 Vitalik Buterin 在 7 月 EthCC This turning point was outlined in a speech by：
资料来源： Vitalik Buterin,EthCC 巴黎,2022 年 7 月
展望未来,Vitalik 将以太坊的“Change the fastest period”分为 6 个不同的部分：The Merge、The Surge、The Scourge、The Verge、The Purge 和 The Splurge.
The development and deployment of these“Urge”The time required will be far more than 2023 年,But as a result of each part in understanding the largest base layer encryption ecosystem vision is important,We'll briefly outline each of them here：
合并： Although by combining the etheric main workshop with beacon chain from certification work migrated to the rights and interests of the main and the most technically complex event has been completed,但在“合并”There are still several meaningful upgrades that need to be performed in' Roadmap section for the coming months and years.预计将于 2023 年 3 Month of Shanghai upgrade will allow the etheric fang pledge of withdraw its pledge assets,The single-slot finality reduces the transaction confirmation time from about 15 分钟缩短至约 12 秒,This is a longer-term goal. Distributed validator technology will provide the etheric fang stakeholders with risk management functions of the key.
The Surge： It's about scaling Ethereum's transaction throughput.Goal is to achieve per 100,000 笔交易（目前约为 30 笔）.In order to achieve such a significant expansion,The etheric fang will introduce a new transaction type,Allow attached to deal“数据块”Contains a large number of transaction data,These data do not need to be accessed when the transaction is executed.The first instance of these new transactions will be“ Proto-Danksharding ”,这是“ Danksharding ”的前身,它将作为EIP-4844Part of the upgrade to the etheric fang（预计在 2023 年 5 月或 6 月）交付.
The Scourge： The Scourge Is the new members of the roadmap,Aimed at solving maximum extraction value(MEV) 带来的风险.根据 Vitalik的说法,Natural disasters should be“确保可靠、公平、Trusted neutral deal in,[并]解决 MEV 问题” .The first stage is the core in the etheric lane network implementation proposal is-建造者分离（PBS）.At present within the agreement PBS The earliest is estimated to be in 2H23 的某个时候,Flashbots正在领导 PBS 的研发.
The Verge： “Fully SNARKed Ethereum”旨在通过引入Verkle Trees to reduce the cost of authentication block（This way you can even install the authenticator on your phone） ,这是Merkle More efficient version of the tree,It since the etheric fang was born will provide support for the etheric fang.Verkle Trees are moving towards the etheric fang stateless client first step.These upgrades will ensure that the Ethernet fang further decentralization and flexibility of network.
The Purge Designed to simplify and performance improvement.从EIP-4444开始,This will significantly reduce the etheric fang client history data of storage cost,The Purge Other parts will perform a series aimed at promoting the etheric lane road map upgrade,For example, to delete the well-known“自毁”来自 Solidity The operation code to enable the Verkle The launch of the tree,and eventually build state expiration into the network（A client needs to reduce the amount of data storage to about 20-50 GB 的系统）.
Splurge： “All the other problems”Part includes account abstract（Significant UX improvements to the web）And verifiable delay function（Another efficiency booster）.
So what we can from all these upgrades？最终,Ethereum is on its way to be faster than Ethereum is today、成本更低、更公平、更去中心化、Safe and user-friendly web development.随着区块链的成熟,Building on its application will be able to more effectively use block chain technology the core features of（Such as removing trusted intermediary）,But is not limited by the underlying protocol.
As higher bandwidth Internet connection to allow early in the Internet to build more and more diversified content and application,更高带宽、Safer and more user friendly block chain should allow similar Cambrian explosion network applications and cases.
Despite the merger has many positive effects on the etheric fang ecosystem,但降低gasFee is not one of them,因此第 2 Extended solution is still the etheric fang ecological system is a key part of the infrastructure.Develop protocol layers beyond the base blockchain（例如,第 2 层）Is in order to extend the functionality and/Or solve the problems inherent in its related underlying blockchain（Usually scalability problem）.
到目前为止,Layer-2 In a bear market doing relatively well,There are many important update,例如 Arbitrum 的Nitro 升级和 StarkWare Introduce recursive prove（并升级到Cairo v1.0）,围绕zk- EVM和 alt-L1（Instead of layer 1）The rotation of the industry provides a tailwind for the.
自 1 月以来,ArbitrumActive development team growth516% .所有 StarkEx The cumulative trading volume of the platform has increased from the beginning of the year 3000 more than doubled,达到 7950亿美元.
然而,The industry isn't entirely immune to the bear market. Locked in the etheric fang 2 The total value of layer down 40% 以上,从1 月份的约 70 亿美元降至约 40 Billions of dollars in late December.锁定的总价值 (TVL) 是一种 DeFi 性能指标,Said inner agreement for a period of time the mortgage or storage encryption the capitalization of the value of the asset number.也就是说,像 DAU（每日活跃用户）和 TVL Such indicators may be misleading,Because they can be manipulated,and often doesn't reflect organic growth.在Layer-2发展的现阶段,More important is the focus of the technological progress.Need to monitor the key development including support optimistic rollups 的欺诈证明、Work in the production of zkEVM、Decentralization of Sequencers and Provers,以及与 Layer-1s 相比的 gas 减少.
展望未来,第 2 Layer will need toEIP-4844The implementation of,It is expected to collect fees reduce 10-100 倍.然而,Ecosystems can also benefit from expensive alt-L1 The end of the incentive plan benefit,The plan has run out,Designed to lure users away from the Ethereum ecosystem.
跟踪第 2 Layer of ecosystem key KPI Will be from the DeFi Vertical flows in the field of.As the transaction cost down,From the game and NFT Case of capital inflows is expected to be particularly strong growth carrier,并将成为 Layer-2 Attract encryption native DeFi Key indicators of the ability to reach audiences beyond users.
最后,Layer-3 的话题在2022 Years has received the widespread attention.Although the term suggests that“rollupThe solutionsrollup解决方案”或“rollup平方”,but it actually contains many possible visions,Including custom functions（如隐私）、定制rollup（such as data compression optimized for specific uses）案例）Trust and weak extension solution（将使用ValidiumsIn order to obtain cheaper、Lower safety summary,This can be especially good to serve“企业区块链”）.然而,Specific to the application of the first 3 Will have to deal with and establish a completely independent block chain associated costs,So it is possible that barriers to entry than the first 3 Higher layer implied by the hype.例如,一条 DeFi Chain need to pay the sequencer、RPC 节点、Feed prices predict machine、The cost of the indexer and bridge——Getting this chain up is a considerable overhead.
总体而言,我们认为第 2 Floor space may be the most watched all encryption ecosystem area,以衡量 2023 Years of encryption adopts whole and performance.We will pay close attention to.
Interoperability across the chain is still a big spot in the field of encryption,2022 In bridging the loss caused by hackers 20 亿美元,of the total number of crypto hacks for the year 70%以上.High-level bridges can be classified as untrusted（Also known as the native validation）或可信（Also known as external validation）.到目前为止,Most of the Bridges are reliable,Or through external validation of,but don't trust or locally authenticated bridges（如IBC ）The rise of may prove to be the antidote to solve the problem of bridge hacker attacks.
IBC 在 2022 年取得了巨大的成功,成为 Cosmos In fact the bridge,Is trading one of the top three encryption monetary bridge.ZK-tech Merger and recent progress are IBC Launching on Ethereum creates possible pathways.
最后,由 Succinct Labs和zkBridgeA bridge of team development is based on zero knowledge provides another build no trust bridge solution,并在 2022 The last quarter of 2019 attracted widespread attention.Both teams will be in 2022 launch a mainnet version of its product sometime in 20202023.
The etheric fang middleware
Flashbots、Eigenlayer和Obol Network正在为新的“The etheric fang middleware”Laying a foundation for field.
对于Flashbots来说,proposer-builderSeparation of launch andbuilderThe development of the market will be2023In the focus areas of.
对于 Eigenlayer,We will monitor the launch of its re-staking product,Allow the product to pledge ETH and extend Ethereum's base layer security,To provide other services and products on the web.
对于 Obol Network,Launch of distributed validator technology on mainnet(DVT) Should boost adoption of institutional staking,因为 ETH The slashing risk of staking has been greatly reduced.我们对 DVT Excited to be a core part of the infrastructure,We think it's just a“需要存在”.我们迫不及待地想看看 Obol 团队为 2023 年准备了什么.
Lisk Theme Continues to Gain Momentum,Cosmos 生态系统在 2022Received a special high proportion of developers and users attention.像 Aptos 和 Sui 这样的新 Layer-1s (L1s) Provides a more familiar Web2 开发人员体验,From their initial startup and broad prospects for higher trading volume.Sei 和 Injective Such as application specific L1 Promises to provide a more attractive DeFi 体验,Order book logic built directly into the base layer of the protocol.像NEARSuch protocols continue to build cutting-edge technologies directly into the first 1 层——你知道 NEAR Has account abstraction at the protocol level been addressed？
六、“Structure safety DeFi”： What security means？
We will never eliminate greed offenders,尤其是在金融领域,But we can do is to reduce their evil ability to succeed.在我看来,The structure more secure DeFi With three pillars：
1. 作为“执行者”Programming and coding
2. The traditional legal structure and regulations——The law as“担保人”
The traditional legal structure and regulations shall be deemed to be a good but not complete security means,And only the purpose of the structure more secure financial part of the way.As a decentralized technology,任何单一的、Centralized authority can't control,DeFi In the regulatory operate outside.为了取得成功,DeFi Must be able to use code to protect users money only——And it is in an increasingly hostile、An open global environment.幸运的是,There is no more structured execution mechanism than code.
进入 2023 年,We should expect to see TradFi（传统金融）Best practices for extended to DeFi,Better legal framework can help here.Cega Understand how to structure and founder of the support contract to support the loss,This reflects their TradFi Background how to let them in DeFi 世界中占据优势.Due to the strong internal practice,For example, each market maker is required to use ISDA,Cega Become established counterparty risk management of the market leaders.The code can try to become a law,But law and code are not mutually exclusive.
作为一个行业,We have been focusing on pillar 1（上图）,而忘记了 TradFi In the use of prop 2 和 3 方面有着悠久的历史.Enhanced regulation will help increase legal certainty,But we also know that regulatory capture and dependencies are not DeFi 的重点.If we want to create a balance and with a minimum workable regulatory scrutiny of the world,Our industry must be through the market's expectations of the minimum safety behavior self-management ability.
I mean to avoid do not show up in the traditional financial behavior.例如,Lack of mortgages did not fail because the chain of blocks some of the esoteric things.它失败了,Because lenders are willing to WhatsApp 消息作为 AUM 的证明.同样,TradFi of financial managers always have to use some CFO The way to consider hosting service failed to do counterparty risk.We will also continue to see more and more attention for a variety of DeFi Protocol users provide market standard information.More clearly convey liquidity providers for some pools of liquidity risk,will go a long way toward creating a fairer system,Reduce the regulatory scrutiny.
Currently used on reserve based on the block chain certificate and liabilities of the debate is a good example of a centralized exchange.Constitute a market we need for our trading counterparties to set the minimum safety behavior expectations.Markets might expect after comprehensive audit of exchange as a basic case to do business with others.
在我们看来,CeFi（中心化金融）The ability to obfuscate its backend is only a short-term advantage,And infrastructure weaknesses and shortcuts can cause long-term holes.FTX Failed in part because alameda have a preferential account.Alameda When excessive leverage are allowed in the absence of automatic clearing mechanism to trade.DeFi No back door or preferential.Avoid the trading of the back door and sweetheart we repeatedly pointed out DeFi 的核心优势.
This allows us to how to think DeFi The forward has a key insights.DeFi 是一个比 CeFi 和/或 TradFi More adversarial environment.The characteristics of market means,Although there are many headlines about the hacker attacks and vulnerabilities using,But the industry has been from these mistakes,Permanent and strengthen its infrastructure development.TradFi The best practice is through the manual or rules that executives are more likely to be passed down the memory of,而 DeFi Knowledge is passed through the code.
TradFi Best practices need to blend in DeFi.DeFi Infrastructure needs to be incorporated into the CeFi/TradFi.Embrace this symbiotic relationship is the key to the next phase of the.
DeFiThe big y
我们相信 2023 Years will see regulated and fight censorship infrastructure differences.
重要的是要记住,Blockchain promises to create new financial rails（TradFi Institutions are interested）And the new financial system（Boycott review participants interested in）.
一直以来,The enterprise DeFi 持怀疑态度,I think many of them are unfounded.非去中心化、Permission to block chain to promote the existing relationship between the financial participants,Instead of creating a new relationship,This and can resist despotic government and intermediary organizations of different resistance to review financial ecological system.
同时,This reflects the great promise of blockchain technology——Facilitating two by creating a horizontal technology（至少）Distinct builders camp.It's important to remember why we're here：Trusted neutral infrastructure is good for everyone,Poorly designed biased infrastructure is not good for anyone.
首先,Reminds us that in the enterprise DeFi How far has come.正如 Coinbase 在其 2023 In the report pointed out,摩根大通在 Onyx Since the digital assets on the days of the buyback applications 2020 年 11 Since its launch in January, more than 4300 Repo transactions $.此外,摩根大通、星展银行和 SBI Digital Asset Holdings Makes Tokenization Deals2022 年 11 月通过 Polygon Money and sovereign bond.These developments mean that whatever other markets play a role,Block chain will be place in the enterprise technology stack.Despite what the current market downturn could mean,But institutions remain in the investment and research DeFi.
与此同时,OFAC、FTX、MakerDAO Events such as support to allow DeFi Doubts about compromises of centralization within the infrastructure.同时,We will see more and more regulatory crackdown and to many DeFi dApp And infrastructure challenges,Makes building trusted neutral infrastructure needs to shift from long-term stability problem for living conditions.
These two very different ideological differences and develop will appear on the market in a lot of ways,For many do not need to be in a bull market in the face of these potential tensions for investors.
2023 In the focus areas of：The macro impact portfolio construction
在过去的几年里,“风险偏好”On the chain of the development of financial infrastructure.As the macro environment is beneficial to safety,我们将看到“避险”The development of the financial ecology system.As a result of the real world investment portfolio to keep risk aversion and the search for more security tools,Especially in the field of fixed income,We should expect to see more real world yields and fixed income assets on the chain growth.
When the bond and real world fixed-income assets becomes more attractive,The correct response is to get excited about it——A clear problem statement——As well as to which part of the value chain represents the largest investment opportunities to understand good for real world assets on the chain.I'm especially excited to according to encrypt the promise of unlocking global liquidity that step further：Limited to traditional financial institutions of science and technology the way customers around the world to the assets of the real world.专注于“0-1”To obtain financial tools rather than incremental gain in particular, the company will do well.
As a bull market is alternative investment platform on the catalyst,The bear market will also be a new wave of safer investment tools catalyst.
Application Weaknesses Lead to Infrastructure Opportunities
为什么在 DeFi 基础设施和 dApp So many weaknesses are easy to spot in？because when we build the financial system from the ground up,We also in the building enterprise and its infrastructure from scratch.At least it's hard to say,而且充满挑战.Because of the lack of available external infrastructure providers,Suboptimal there must be existing business infrastructure components or rely on the shortcut to.As markets and regulations demand better practices,Infrastructure vendors will also need to better support the practice of safer.
Back to the example of the counterparty risk deposit,TradFi Face a similar problem,并由 IntraFi Such as company address,This helps to separate the treasury into separate accounts,以利用 25 万美元的 FDIC 保险.As companies realize they need to be in the same way of strict management counterparty risk,We will see on the various types of infrastructure participants to solve the problems of the previous demand.
换句话说,正如 Union Square Ventures pointed out differently,Infrastructure, as a result of application prosperity prosperous infrastructure boom.As they point out that,We can ahead of the infrastructure to build excellent application,But sometimes these applications will collapse and lose money.We learn from these experiences,Outsourcing requirements better infrastructure and build more secure application.We continue to invest in DeFi Better infrastructure and other fields and more secure application.
TradFi Experience and lessons of the financial investment of science and technology
在加入 Pantera 之前,I invest in emerging market fintech,And always believe,Encryption investment in many ways similar to the relatively weak financial technology emerging market investment.These markets show the monetization difficult、Need to build core infrastructure in-house、Distribution and user education challenges,Large public and private players occupy monopoly market share.印度统一支付接口 (UPI) The surrounding ecosystem is a good example of some of the challenges,Especially around to UPI Company based in essence is the ability to public railway profit.For the room TradFi 人员,I always joked that mortgage and MEV（最大可提取价值）Is the new loan.
The main lessons I have learned from these experiences are,Success means a strong ability to build a product roadmap,The roadmap is focused on in the current market with extremely valuable customers mind share,And by a wider range of income stream monetization increment of capacity of traditional startup.It is because of this dynamic,Some of the most innovative financial technology developed in India business strategy.
As establishing encrypted currency, founder of the double our efforts to find products suitable for the market,许多 TradFi Course will be expanded to encrypt currency areas.
七、2023 年 PANTERA 区块链峰会
Pantera Blockchain Summit 2023将于 2023 年 4 月 3 日至 4 日在旧金山举行.这是我们自 2013 Series of meetings held since the ninth summit.
This year is also the establishment of the US blockchain fund industry 10周年,从 Pantera The currency fund launch start,Our team is very pleased to get our portfolio companies、Partners and investors family day study、Inspiration and contact.
Pantera 区块链峰会 2023 Is one of the only invited to participate in activities,由 Pantera Investment planning team,Focus on block chain industry is one of the most important and the most exciting topic.Our goal is to find valuable insights,Promote good conversation,And assigned to the Pantera Network to move our industry forward.We received different background of industry leaders at the summit,包括企业家、Developers and regulator.
2023 In confirmation of the speaker include：
CFTC 前主席 Chris Giancarlo
BitGo 的联合创始人兼首席执行官 Mike Belshe
Amir Bandeali,0x Labs 联合创始人
Audius 首席执行官 Roneil Rumburg
BitOasis 联合创始人兼首席执行官 Ola Doudin
Bradley Kam,Unstoppable Domains 联合创始人
CoinDCX 联合创始人兼首席执行官 Sumit Gupta
Injective 联合创始人兼首席执行官 Eric Chen
Ondo Finance 联合创始人兼首席执行官 Nathan Allman
Cega 联合创始人兼首席执行官 Arisa Toyosaki
Quantstamp 董事总经理 Don Ho
您可以在此处查看2022 年 Pantera Block chain summit highlights.
如果您有兴趣参加,May submit application here,Our capital formation of the team members will contact you are free to learn.
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