影响未来金融的DeFi项目

Quantstamp Announcements
August 24, 2020

DeFi applications continue to push the automation and decentralization of finance at an aggressive pace. The term hyper-liquidity comes to mind because DeFi is creating infrastructure that enables a level of market efficiency that was previously impossible. In this post, we highlight:

A note of caution: Quantstamp is very excited about all of the cutting-edge experiments in the DeFi ecosystem, but we want to be clear that these projects can present risks for users. If you are using any DeFi application, please do your own research, think for yourself, and understand that even audited projects are not free of risk.

Curve

Stablecoins are a top Ethereum use case, and Curve improves the utility of existing stablecoins by enhancing their liquidity. Curve is a decentralized exchange similar to Uniswap, except that it optimizes for stablecoins. Curve’s differences include:

In Uniswap, users expecting to trade large volumes of stablecoins at close to a 1-to-1 basis are often disappointed due to slippage. Although this slippage is not ideal for stablecoins, it is necessary to keep Uniswap’s markets alive because Uniswap is designed to support volatile trading pairs.  

Curve fulfills an important niche in the DEX ecosystem. By only supporting trading pairs with assets pegged to the same value, Curve can support a pricing mechanism that reduces slippage while sustaining healthy markets. Low slippage in combination with low fees has led to massive volume for Curve and, more importantly, enhanced liquidity for the entire stablecoin ecosystem.

In addition to enhancing stablecoin liquidity, Curve recently transitioned to decentralized governance. Just last week, CurveDAO was launched and began distributing the CRV governance and utility token. CurveDAO and the CRV distribution mechanism was audited by Quantstamp.

yearn.finance

Another thriving DeFi use case is earning interest on your digital assets. A challenge users face in DeFi is ensuring that their assets are loaned to the market offering the best APR. This is difficult because the market with the best APR can change frequently.

The brainchild of Andre Cronje, yearn.finance was created to automatically find the best APR for your stablecoins. Users just need to deposit their stablecoins into yearn.finance and then the protocol will automatically deposit their funds into Aave, dYdx, or Compound. If a user’s funds were originally deposited into Aave, and then dYdX started offering a higher APR, that user’s funds would automatically switch from Aave to dYdX.  

Yearn is constantly innovating, so be on the lookout for new financial products—but also be aware that Yearn regularly publishes unaudited updates. While Quantstamp recently completed an informal code review of yearn.finance, yearn.finance published an unaudited update shortly after.

KeeperDAO

KeeperDAO provides another way to earn yield for DeFi users by participating in liquidations. Liquidations are an underappreciated mechanism that ensure that collateralized lending markets like Compound and Maker are in a healthy state. For every loan issued to a user, these protocols must hold enough user collateral to break even should a user default on their loan.

Maker, one of the earliest and most reputable DeFi projects, recently experienced an under-collateralization crisis that put their entire system at risk. The price of Ether dropped sharply, causing many loans to default. The collateral auction began, but there were no liquidators available to purchase the discounted collateral. If the community did not quickly respond, the entire DAI system could have failed.  

KeeperDAO is a pool of funds designed to let “Keepers'' use flashloans to borrow from the pool in order to take advantage of liquidation opportunities of any size. The creators of KeeperDAO also designed the “Grim Trigger,” an incentive mechanism to prevent frontrunning and gas wars amongst Keepers and external liquidators. The aim of KeeperDAO is to ensure the health of the collateralized lending market, allow non-whales to take advantage of liquidation opportunities of any size, and encourage healthy competition between liquidators.

Quantstamp has audited KeeperDAO in the past and is currently in the process of auditing updates to the KeeperDAO protocol.

Just 3 months ago, the majority of the value locked in DeFi was focused in Maker. Now that value is spreading out.

A Rocky Journey, But a Hyperliquid Future

As we warned throughout this post, many of the same DeFi projects that are at the cutting edge of innovation also present high risks to their users. Updating existing systems with new, unaudited systems is extremely risky—but even audited projects carry some risk.  

Having said that: despite the bumpy road, we are slowly moving to a decentralized and hyper-liquid future. At Quantstamp, we often say “It’s 1994,” comparing the current state of blockchain technology to the early stages of the internet. Like the early internet, we do not know exactly what the future holds for us, but it is hard to imagine a future where traditional finance will ever be the same.

Quantstamp 公告
2020年8月24日

DeFi应用继续以积极的步伐推动金融的自动化和去中心化。人们之所以会想到超流动性这个词,是因为DeFi正在创建基础设施,使市场效率达到以前不可能达到的水平。在本篇文章中,我们将重点介绍。

需要提醒的是:Quantstamp ,我们对DeFi生态系统中的所有前沿实验感到非常兴奋,但我们要明确的是,这些项目会给用户带来风险。如果您正在使用任何DeFi应用,请自行研究,自己思考,并理解即使是经过审核的项目也并非没有风险。

曲线

稳定币是Ethereum的顶级用例,Curve通过增强稳定币的流动性来提高现有稳定币的效用。Curve是一个类似于Uniswap的去中心化交易所,只是它针对稳定币进行了优化。Curve的区别包括

在Uniswap中,期望以接近1比1的方式交易大量稳定币的用户往往会因为滑点而失望。虽然这种滑落对于稳定币来说并不理想,但它对于保持Uniswap的市场活力是必要的,因为Uniswap的设计是为了支持波动的交易对。  

Curve满足了DEX生态系统中的一个重要利基。通过只支持资产与相同价值挂钩的交易对,Curve可以支持一种降低滑点的定价机制,同时维持健康的市场。低滑点与低费用相结合,为Curve带来了巨大的交易量,更重要的是,增强了整个稳定币生态系统的流动性。

除了增强稳定币的流动性,Curve最近还向去中心化治理转型。就在上周,CurveDAO推出并开始分发CRV治理和实用代币。CurveDAO和CRV分发机制由Quantstamp.审核

年金

另一个蓬勃发展的DeFi用例是赚取数字资产的利息。用户在DeFi中面临的一个挑战是确保他们的资产被借给提供最佳年利率的市场。这很困难,因为具有最佳年利率的市场可能会经常变化。

作为Andre Cronje的心血结晶,yearn.finance的创建是为了自动为你的稳定币找到最好的年利率。用户只需要将稳定币存入yearn.finance,然后协议会自动将资金存入Aave、dYdx或Compound。如果用户的资金最初存入Aave,然后dYdX开始提供更高的年利率,该用户的资金将自动从Aave切换到dYdX。  

Yearn在不断创新,所以要留意新的金融产品--但也要注意Yearn定期发布未经审计的更新。虽然Quantstamp 最近完成了对 yearn.financial 的非正式代码审查,但 yearn.financial 不久后就发布了未经审计的更新。

KeeperDAO

KeeperDAO通过参与清算为DeFi用户提供了另一种赚取收益的方式。清算是一种被低估的机制,它确保了Compound和Maker等抵押贷款市场处于健康状态。对于每一笔发放给用户的贷款,这些协议必须持有足够的用户抵押品,以便在用户违约时实现收支平衡。

Maker是最早的、信誉度最高的DeFi项目之一,最近发生了抵押不足的危机,使他们的整个系统面临风险。以太坊的价格急剧下跌,导致很多贷款违约。抵押品拍卖开始了,但没有清算人可以购买折价的抵押品。如果社区不迅速作出反应,整个DAI系统可能会失败。  

KeeperDAO是一个资金池,旨在让"守护者"使用闪电贷从资金池中借款,以便利用任何规模的清算机会。KeeperDAO的创建者还设计了"严峻的触发器",这是一种激励机制,以防止Keepers和外部清算人之间的争锋相对和气战。KeeperDAO的目的是保证抵押借贷市场的健康发展,让非鲸鱼利用任何规模的清算机会,鼓励清算人之间的良性竞争。

Quantstamp 过去曾对KeeperDAO进行过审计,目前正在对KeeperDAO协议的更新进行审计。

就在3个月前,DeFi锁定的大部分价值都集中在Maker中。现在,这种价值正在向外扩散。

崎岖不平的旅程,但超液态的未来。

正如我们在整篇文章中所警告的那样,许多处于创新前沿的DeFi项目也给用户带来了高风险。用新的、未经审计的系统更新现有的系统是非常危险的--但即使是经过审计的项目也会带来一些风险。  

话虽如此:尽管道路坎坷,但我们正在慢慢走向一个去中心化和超流动性的未来。在Quantstamp ,我们经常说"这是1994年",将区块链技术的现状与互联网的早期阶段相比较。就像早期的互联网一样,我们不知道未来到底会发生什么,但很难想象未来传统金融会有什么变化。

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