I-decentralized finance (DeFi) ecosystem yenze intuthuko enkulu eminyakeni emibili edlule.Bengilokhu ngicubungula nokuncintisana ezingeni lesivumelwano kanye nosayizi wemakethe.Ngahlaziya owokuqala ngo-April, futhi lesi sihloko sizogxila kulokhu kwakamuva.

Ukukhathazeka kwami ​​​​okukhulu mayelana nesimo samanje se-DeFi se-Ethereum ukuthi singaphansi kophahla olulodwa noma ngaphezulu olungabonakali (ngizochaza ngezansi).Ngokwencazelo ka-Eugene Wei, uphahla olungabonakali luwumkhawulo ongaphezulu ongabonakali—awukwazi ukulinganiswa ngokuqondile, futhi luzovela kuphela ekuhlaziyeni okwephula amaqiniso—kodwa empeleni kuvimbela ukukhula.

Yize kusesekuseni kakhulu ukwenza iziqinisekiso, i-DeFi ecosystem kungenzeka ithinte le mikhawulo.Isibonelo, inani eliphezulu le-ETH elithenjiswe kuphrothokholi ye-DeFi cishe li-2-3% yenani eliphelele le-ETH.

Kulesi sihloko, ngizohlola izinzuzo nezinkinga zohlelo lwamanje lwe-DeFi oluhlobene ne-CeFi (ezezimali ezimaphakathi).Khona-ke, ngizozama ukuhlola uphahla oluthile olungabonakali olukhawulela ukukhula kwe-DeFi, futhi ngiphakamise izixazululo.

Izimo zohlelo lokusebenza lwe-DeFi

Yize izimo zohlelo lwe-DeFi zicebe kakhulu (okuhlanganisa namathikithi elotho angashaneli, imakethe yokubikezela, isibambiso, ubunikazi, njll.), okwamanje ukusetshenziswa kwayo okuyinhloko kungokulandelayo:

Isilinganiso (isibonelo, isibambiso sokuboleka kuMenzi, Inhlanganisela, noma ukuhweba kwemajini ku-dYdX)
Okwenziwayo (isb. 0x, Uniswap, Kyber, IDEX, dYdX)
Thola ukuchayeka kwempahla yokwenziwa (isb. Synthetix, UMA)
Lezi zinhlelo zokusebenza ezintathu ezinkulu zilandisa ngobuningi bemisebenzi ye-DeFi.
Isivumelwano sezezimali ngasinye kulezi ezibekwe ngenhla siqhudelana ngokuqondile nezinye izindlela ezibekwe endaweni eyodwa.Okulandelayo, sihlaziya amandla alezi zimo zohlelo lokusebenza ngamunye ngamunye ukuze siqonde uphahla olungabonakali lwe-DeFi.

Engeza amandla

Kwabahwebi abaningi, izici ezimbili ezibaluleke kakhulu zokusebenzisa amandla zingukuphindaphinda okuningi kanye nezindleko.Kepha kulezi zici ezimbili, i-DeFi ayilungile njenge-CeFi.

1. I-DeFi's leverage ratio iphansi.Kuncike ekubambezelekeni kwesistimu (isikhathi sokuvinjwa kwe-Ethereum amasekhondi angu-15), ukuphindaphinda kwesilinganiso akukwazi ukuba phezulu kakhulu.Manje kungani ukubambezeleka okuphezulu kunciphisa amandla aphezulu?Uma kucatshangelwa ukuguquguquka kwezimpahla ze-crypto kanye nengozi yokuqedwa kwe-serial phakathi nesikhathi sokuvimba semizuzwana eyi-15, kunzima ku-DeFi ukuhlinzeka ngemikhiqizo enenzuzo ephezulu.I-dYdX yethule inkontileka engapheli ye-BTC enesilinganiso esingu-10x ngo-April, kodwa isilinganiso esivamile sokuphindaphinda kwabasebenzisi be-BitMEX singama-25-30x.2. Izindleko zokuboleka ze-CeFi ziphansi.Izinkampani ze-CeFi zandisa izikweletu (amabhange afana ne-Silvergate), zinciphisa izimfuneko zokubolekwa kwezindlu ezisekelwe ekuthembekeni (njengobukhulu bomnyango wemalimboleko osebenza namakhasimende athembekile), noma zinikeze inani elikhulu lamadiphozi amakhasimende (njengeminyango yemalimboleko yakwa-Binance kanye ne-Coinbase) Ukufeza lokhu.Nakuba kwezinye izimo, izinga lenzalo yemalimboleko yesivumelwano se-DeFi liphansi, kodwa linamaphutha esakhiwo.Nakuba ngokombono kukhona ithuba elinjalo: abadayisi kancane kancane baqala ukuhweba i-cToken ye-Compound-le protocol iphindaphinda kahle izinzuzo ze-Binance kanye ne-Coinbase's centralized ledger-kodwa lokhu kuzohlakaza imali phakathi kwe-cToken kanye nempahla eyisisekelo.

Ingabe iphrothokholi ye-DeFi inganikeza amandla amaningi?Uma kucatshangelwa ukuguquguquka kwezimali ze-crypto kanye nokushiyeka kwamanje kwe-Ethereum (isikhathi sokuvimba imizuzwana engu-15), kunzima ukucabanga ukuthi isiteji sizohlinzeka izikhathi ezingaphezu kwezingu-10 zokuzuza.Inhlekelele yangoLwesine Olumnyama ngoMashi 12 isacacile.

Kodwa-ke, kunezixazululo ezithile ze-Layer 2 (ezifana ne-Skale) ezingafinyelela isikhathi sokuvimba sesekhondi elingu-1, ukunciphisa ukubambezeleka kwenethiwekhi (sicela uqaphele ukuthi ukwakheka kwe-vanilla optimistic rollup akukwazi ukunciphisa isikhathi sokuvimba, ngakho-ke akukwazi ukuxazulula leli phutha).Kodwa-ke, akucaci ukuthi ukuhwebelana kwe-decentralized (DEX) okufana ne-dYdX nabahwebi kuzodlulisela ukukhokha kuzixazululo ze-Layer 2 ezifana ne-Skale.

Ngakho-ke ngokuhamba kwesikhathi, ingabe isivumelwano se-DeFi singanikeza isilinganiso senzalo semalimboleko esincintisana kakhulu?Impendulo ithi: mhlawumbe akunjalo.Ngilindele ukuthi eminyakeni embalwa ezayo, amabhange amaningi (anganikeza isikweletu ngokusebenzisa imali ebolekiwe ingxenye) azongena esikhaleni se-crypto, futhi izindleko ezinkulu ezinikezwa izikhungo zezimali ezimaphakathi zizokwehla kancane kancane.Ukwengeza, njengoba izivumelwano ze-DeFi zingakwazi ukubhala phansi ubudlelwano bokuthembana, zidinga isilinganiso esiphezulu se-mortgage, esizokwandisa izindleko zemali (ithuba).

Esikhathini esizayo esibonakalayo, ngicabanga ukuthi isivumelwano se-DeFi asikwazi ukwehlula abahlinzeki bendabuko abasebenzisa amandla.Nakuba isivumelwano se-DeFi singanikeza amakhasimende athile inzuzo encane abahlinzeki bempahla evamile abangakwazi, isabelo semakethe sincane kakhulu.Iningi labahlanganyeli bemakethe lifuna ukwandisa izindleko nokutholakala kwesilinganiso, futhi iphrothokholi ye-DeFi kunzima ukufanisa i-CeFi kulezi zici ezimbili.

Idatha yemakethe yanamuhla iphinde ibonise ngokucacile lokhu: ingxenye enkulu yenzuzo ku-crypto ecosystem namuhla inikezwa ukushintshaniswa kwendabuko.

Kuyaphawuleka ukuthi uma yonke imisebenzi yokuhweba idluliselwa esivumelwaneni esithile, esivulekile nesithembekile se-DeFi esingathathi hlangothi (njenge-Layer 1 eyodwa engishilo emasontweni ambalwa edlule), i-DeFi ingakwazi ukuqeda izingozi eziyisisekelo, Ngaleyo ndlela ithuthukise ukusebenza kahle kwezimali bonke abahlanganyeli bemakethe.Nokho, lokhu kungenzeka kuphansi kakhulu esikhathini esizayo esibonakalayo.

ukuthengiselana

Iphrothokholi ye-DeFi iphansi kakhulu kunezinye izindlela ezibekwe endaweni eyodwa ngezindlela ezinkulu ezimbalwa.Sekukonke, izici ezilandelayo zivimbele i-DEX ekuthatheni isabelo semakethe se-CEX.

Ukubambezeleka kanye nokuzimisela okungenzeka.Ngenxa yokuthi i-Ethereum yamukela i-Satoshi Consensus—ehambisana nokunqunywa kwamathuba okubambezeleka okuphezulu—umthengi nomthengisi abakwazi ngokunembile indawo yabo eqondile ngesikhathi sangempela.Ngenxa yokuntuleka kokunemba, ukuthengiselana kwabo kufanele kucophelele (isibonelo, kusetshenziswa ukusabalala okukhulu).Kulokhu, noma yisiphi isisombululo esinesikhathi esifushane sokuvimba singadambisa isimo.
Abavukuzi baphishekela inzuzo (abahamba phambili).Njengoba i-crypto ecosystem ikhula futhi abadayisi bedlulisa ukuthengiselana okwengeziwe ngokuqondile kuchungechunge ukuze kuxazululwe, ama-node akhiqiza i-block azoqala ukukhulisa izinzuzo ezitholakala kubavukuzi ngokwabo (MEV).Uma lokhu kwenzeka, abavukuzi bazoqala ukuthengiselana ngaphambi kwesikhathi, okuyinto engathandeki kakhulu kubahlinzeki bezimali.
Izikhundla ezigcwele zokuzuza kanye nezikhundla ze-offset.Njengamanje, i-Binance ne-FTX inikeza abasebenzisi izikhundla ezigcwele zezinhlobo ezahlukene zemikhiqizo (isibonelo, isikhundla esingapheli sokuqinisekisa izinketho zekholi).Ngonyaka olandelayo, ngilindele ukuthi banikeze kancane kancane izikhundla ze-offset (isibonelo, ngezikhundla ezimfushane ze-ETH, abasebenzisi banweba izikhundla ezinde ze-BTC), bese kuthi okunye ukuhwebelana okumaphakathi kuzolandela.Nakuba imvelo ehlukaniselwe ngokwethiyori enkulu ingahlinzeka ngesikhundla esiphelele, ukusebenza kwangempela kuba nzima kakhulu ngoba imakethe yokuhweba ehlukaniselwe ayikavuthwa.
Ukuntuleka kwemali ye-fiat.Indlela yokwehlukaniswa kwabantu inzima ukudlulisa abasebenzisi emhlabeni we-fiat baye endaweni yokubethela ngezinga elikhulu.Akhona ngempela amaqembu amaningana asebenza kule nkinga, kodwa alikho nelilodwa lawo eselithole isisombululo.Ngaphambi kwalokhu, kubasebenzisi asebevele bephethe ama-cryptocurrencies, ama-stablecoins ayeyisilinganiso esihle sokumisa.
Izindleko zokuphuma kanye negesi.Abahwebi bafuna ukuxazulula ukuthengiselana ngokushesha, balungise isilinganiso se-mortgage, bese bevula ngokushesha ama-oda amasha.Le misebenzi idinga izindleko eziningi zegesi.
Ngakho-ke, ingabe iphrothokholi ye-DeFi inganciphisa ukubambezeleka futhi inikeze isiqiniseko esisheshayo?Kusendlalelo sokungabambeki okuphansi 2 (isb. Skale) noma Ungqimba 1 (isb. Solana), impendulo ithi yebo.
Ingabe isivumelwano se-DeFi singanciphisa usongo lokufuna inzuzo kwabavukuzi?Olunye ungqimba 1 lunazo izixazululo zethiyori, kodwa zibangela ukubambezeleka okuphezulu, ukuba yinkimbinkimbi, nezindleko zegesi.Okwesendlalelo 2 sezindawo ezithile zokuqinisekisa ilayisensi, impendulo inguyebo.

Ingabe isivumelwano se-DeFi singakwazi ukukhokhela ukuntuleka kokusekelwa kwemali ye-fiat?Ngama-stablecoins, impendulo inguyebo.

Esikhathini esizayo esibonakalayo, kunzima ukubona ukuhwebelana okuhlukaniselwe ezindaweni okudlula ukuhwebelana okumaphakathi.Nakuba kunesixazululo esicacile sokuxazulula inkinga yokubambezeleka kanye nesiphetho, abadayisi abanolwazi lwe-1) abafuni ukuthi i-block node iqale ukuthengiselana, i-2) ithemba lokukwazi ukuhweba izikhundla ze-margin kanye nezikhundla ze-offset zokwandisa ukusebenza kahle kwezimali zabo.

Lesi simo futhi sisobala kakhulu kudatha: ukuhwebelana kwendabuko kwenza inani elikhulu lokuhweba, futhi cishe wonke amanani atholakala encike ku-CeFi.