摘要

  • ◉ Babylon Finance是一个基于以太坊的资产管理平台,允许个人和团体创建被称为花园的定制投资社区。
  • ◉ 花园策略可以通过一个无代码用户界面建立,允许用户从各种DeFi协议(如Uniswap、Aave、Lido、Yearn、Convex等)中混合和匹配操作。
  • ◉ 社区成员(花园投资者)既可以不动手,只是存入他们的资本,也可以在投票和创建策略方面发挥积极作用,并因此获得收益份额。
  • ◉ 在更广泛的DeFi资产管理领域,Babylon通过将透明的、信任最小化的、分散的投资过程与创建积极策略的能力结合起来,为自己开辟了一片天地。
  • ◉ Babylon本身和它的许多最大的花园在Rari/Fuse协议被黑之前就有很大的风险,因此遭受了相当大的损失。
  • ◉ 除了继续修正Rari/Fuse黑客攻击的下游影响外,Babylon正在努力同时扩大协议/增加可定制性和简化用户体验。

 

在过去的几年里,零售投资出现了一个高潮。虽然部分原因可以归结为市场条件(例如,谷底利率),但很难夸大互联网的作用。

除了开放市场准入,互联网还让投资者有能力以新的方式分享信息并与其他市场参与者协调。这导致了机器人顾问的兴起,大量复杂和创新的ETF,以及从Real Vision到wallstreetbets的投资社区。这些平台为日常投资者提供了一种方法,在主题领域专家和同行的帮助下为他们的决策提供信息。在某些情况下,它们甚至刺激了蓄意的、有组织的、集体的行动(例如,GME的挤兑)。

然而,从传统的、模拟的金融系统转向互联网的原生金融系统,也被称为去中心化金融(DeFi),现在允许用户更进一步。由于有了智能合约,个人和团体现在可以直接、无权限、透明地协调,而不必放弃信任。

Babylon Finance,一个基于以太坊的资产管理平台,利用这些功能,让个人和团体创建投资社区。这使得一致的参与者可以一起投资于DeFi。社区成员(投资者)既可以不动手,只是存入他们的资本,也可以在投票和创建策略方面发挥积极作用,同时为此获得一定的收益份额。

通过对资产管理过程的开放和民主化,巴比伦金融为每个人提供了一些东西–从不熟悉的人到专家。

公司背景

2020年底,Babylon Finance的创始人Ramon Recuero已经厌倦了回答朋友和家人关于投资加密货币的同样问题。他决定精简这一过程。Recuero把他们的资本放在一个智能合约中,并通过Telegram频道与每个人协调他们的投资。虽然这个系统很成功,回报率超过1000%,但它也很耗时。

为了扩大这个过程,Recuero成立了Babylon Finance,允许团体使用以太坊智能合约协调并投资于DeFi。

Babylon Finance在2021年7月推出了其门槛测试版(Settlers Beta)。大约9个月后,在2022年4月初,在增加了一些功能和集成后,Babylon Finance举行了公开发布会。

Babylon 的运作模式

花园
在高层次上,巴比伦以其非监护人的投资社区为中心,称为 “花园”。花园可以不受限制地创建,几乎可以用于任何目的。

除了提出投资论点外,花园创建者可以定制一些参数,包括

  • ◉  花园的名称和花园代币(ERC-20代币,代表成员在花园的所有权)
  • ◉  花园权限(谁可以加入和投票或创建策略)
  • ◉  储备资产(用于存款/提款和计算回报;目前的选择是DAI、USDC、WETH和WBTC)
  • ◉ 最低存款规模和最大花园容量
  • ◉ 利润分配
  • ◉ 策略的投票、持续时间和流动性门槛

然而,一旦最终确定,上述参数就无法改变。

截至目前,巴比伦上最受欢迎的花园是ETH之泉。该花园的目标是 “通过低风险策略积累ETH,不受法币价格影响”。其资产净值(NAV)目前徘徊在1500ETH左右。

成员
一旦一个花园建立起来,它需要来自用户的资金。

从用户的角度来看,一个花园非常类似于一个滚动基金。用户要存入资金,花园首先必须是开放的;在其最大容量之下;并且是公开的或已将该用户列入其成员白名单(允许存入资金的地址集)。一旦满足这些条件,用户就可以存入大于最低存款额的储备资产,收到花园代币作为交换,从而成为花园会员。存款有0.5%的管理费。

该协议和延伸的花园是非托管的,这意味着用户保留对其资本的所有权。

策略
每个花园通过运行符合其投资理论的策略(或多个策略),为这些成员创造价值。对策略的提议和投票的权限因园地而异–从向园地(会员)存入资金的任何人到特定的白名单地址。

有不同的方法来创建策略。一种方法是使用babylon.finance上的无代码用户界面(UI)。这个抽象层允许未来的战略家在各种支持的DeFi协议(例如,Uniswap、Aave、Lido、Yearn、Convex等)上轻松混合和匹配操作。最近发布的另一项功能允许策略师编写自己的自定义逻辑,并创建新的DeFi协议的适配器。虽然有一些注意事项(即这些自定义集成只能由允许它们的 “未经验证的 “花园使用),但这些自定义集成仍然代表了战略家在设计空间方面的一个步骤变化。

除了设计策略的机制外,策略师还可以指定其他特征,包括。

  • ◉ 预期收益
  • ◉ 持续时间
  • ◉ 花费在气体上的最大百分比
  • ◉ 每笔交易的最大滑点百分比
  • ◉ 最大分配额(花园本金的%和储备资产的金额)
  • ◉ 他们自己的股份(在策略的有效期内锁定)

提交后,花园成员可以为候选策略投票。如果他们投票支持的策略被成功执行,投票者将获得收益,与策略师分享最多15%的总利润。默认情况下,策略师获得10%,投票者获得5%。而且,投票者不仅仅是通过对策略的投票获得收益,如果一个策略最终无利可图,投票者还可以分享策略师的股份。

一旦某个候选策略达到花园指定的法定人数,它就会在自动执行之前进入一个冷却期(汽油费由花园成员分摊)。虽然每个策略都有一个预设的持续时间,但策略师可以在任何时候单方面关闭他们提出的策略。

在策略完成(或关闭)后,策略中的资产将被转换回花园的储备资产。除了预定给战略家和选民的(最多)15%的利润外,还有5%的利润用于巴比伦财政库。

鉴于协议的结构和围绕批准的过程,战略往往是为中长期设计的(例如,几周/月而不是几小时/天)。在某些方面,它们反映了传统的交易所交易基金(ETF),以一种被动的、系统的但具有战略性的方式部署资本。

战略的一个例子是The Fountain of ETH中的Aladdin DAO stETH战略。这是一个两步走的策略,首先为Curve中的stETH/ETH对提供流动性,然后将这些Curve LP代币存入Aladdin DAO的Concentrator金库中。

提取资本
如果花园里有足够的闲置资本,成员可以通过将他们的花园代币兑换成相应的储备资产来提取,而不会受到惩罚。然而,如果没有足够的资本可用,成员必须等待策略结束,或支付2.5%的罚款,以立即提取(这将被分配给花园)。

用于DAO国债的Babylon
虽然Babylon的平台最初是为零售投资者创建的,但它的工具对DAO也很有用,特别是他们的财政。

虽然Babylon最近才开始进入这个市场,但明显的主要用例是实现去中心化的、透明的财政管理。这种管理方式可以通过创建一个花园并允许成员创建/投票的策略,或者使用预先存在的Babylon花园来创建投资策略组合来实现。除了产生收益,Babylon还可以用来创建一个赌注机制,或者通过将策略利润换回项目的ERC-20治理代币,实现回购等流程的自动化。

Babylon Finance代币(BABL)
BABL是Babylon Finance基于Ethereum的ERC-20治理代币。

协议治理在链上使用Babylon Governor进行。BABL持有者可以提交和表决有关财务管理、集成、系统更新、协议费用等方面的提案。

初始供应的分配细目为:19%在三年的归属期内分配给种子投资者,10%在四年的归属期内分配给团队成员,2%保留给未来的筹款,69%用于社区。

在分配给社区的69%中,50%用于BABL采矿项目,14%分配给其财务部,其余5%将用于流动性引导计划。

BABL采矿计划是一个为期10年的计划,奖励参与巴比伦。它利用BABL来提高所有参与方(成员、战略家、投票者和花园创建者)的战略收益率。

除了治理,BABL持有者可以将他们的BABL抵押给巴比伦之心花园,并获得hBABL作为回报。hBABL是一种投票托管的代币,采用流行的veCRV模式,这意味着较长的锁定会带来更高的投票权。

巴比伦之心花园的设置也是为了采用一些流行的代币组学策略,为BABL制定者创造收益,并普遍支持该协议。一方面,它使用从花园收取的费用来回购BABL,并将其分配给hBABL持有人(10%)和巴比伦金融库(45%)。它还利用BABL根据投保人的投票权投资于其他花园(20%),为BABL-ETH对提供流动性(10%),并提供Babylon Shield(5%)以防止意外发生。

虽然上述策略仍然有效,但在Rari/Fuse黑客事件后,一些用于为 “巴比伦之心 “产生额外收益的策略被废除了。这些策略包括通过巴比伦的黄金贷款人导火索池借出部分协议收入(10%)和85%的押注BABL,然后用借出的金额进行借款,在整个DeFi产生额外收益。因此,虽然 “心 “的目标年利率被设定为30%,但投保人应期望暂时获得更低的收益。

然而,投保人可以通过巴比伦的债券计划提高他们的押注收益率(最高10%)。展望未来,巴比伦金融团队也在寻找至少两个新的协议,以重新启用使用BABL的贷款和借款。

自2021年11月中旬的门控测试版到公开发行后的头两个月(2022年4月1日),巴比伦以美元计算的总价值锁定(TVL)增长了,以ETH计算的TVL增长了两倍多。尽管市场波澜不惊,不断下跌,Terra/LUNA崩溃,但这仍然是一个很好的例子。然而,6月中旬的传染病被证明是太多了。

此外,巴比伦本身和它的许多最大的花园对Rari Fuse协议有非常大的风险。大约在6月中旬,Rari/FEI正式背弃了他们的承诺,对那些被利用的人进行补偿。结果,从Babylon的Golden Lender Fuse池中取出的341万美元代币被正式标记为0。虽然Babylon国库试图支持这一损失,但鉴于国库的新生状态,他们只能支付约10万美元和34个ETH。

自从急剧下降以来,Babylon的TVL一直保持在大约持平状态(以ETH和美元计),但Babylon团队和社区目前正在努力反弹和扩大协议。

竞争格局
看到智能合约如何实现无信任的协调,Babylon Finance在去中心化的非托管资产管理领域并不孤单,这并不奇怪。

然而,巴比伦金融通过将信任最小化/去中心化的投资过程与运行主动策略的能力相结合,为自己开辟了一个利基。其他现有的具有主动策略的资产管理协议(如Enzyme Finance和dHEDGE)模仿了传统的对冲基金模式,只有一个经理和一个 “2+20 “的收费结构。巴比伦的与众不同之处在于允许透明的、分散的决策过程,可以利用结盟社区的集体智慧,并与他们也分享回报(绩效费用)。

另一方面,还有一些透明的、信任度最低的资产管理协议(如Yearn、Index Coop和TokenSets),它们是被动的,模仿传统的ETF/指数。除了缺乏灵活、主动的选择(围绕资本分配和再平衡),这些协议也倾向于有围绕产品创建的障碍。这些障碍包括从要求编码策略(Yearn)到复杂的社区范围内的审批程序(Index Coop)到狭窄的设计空间(TokenSets)。

尽管如此,主动的单一管理人策略和固定的长期被动策略显然都有巨大的市场。这就是巴比伦灵活的花园和策略创建发挥作用的地方。园地和策略创建者不仅可以挖掘上述的两端,而且还可以填补两者之间的空间。

尽管有一个全面的产品,有一个巨大的潜在市场,但迄今为止,Babylon还没有能够发挥其潜力。其中一些原因可以归结为不幸的时机和Babylon团队无法控制的情况。根据团队和社区的承认,另一个因素可能是协议的复杂性和广泛的范围。此外,其独特的利基(积极的社区管理)仍然是新的和未经证实的,在传统的金融世界中没有真正的类似物。

如果巴比伦能在宏观逆风和挫折中坚持下去,它确实有潜力。然而,市场似乎也看到了这一点,新的、更接近的竞争对手正在出现。两个值得关注的项目是Syndicate,专注于Web3和现实世界资产的链上投资俱乐部(与DeFi相反),以及Enso Finance,它在功能上似乎最接近Babylon,但仍处于私人测试阶段。

路线图
巴比伦金融的路线图目前正在努力实现三个主要目标:继续修正Rari/Fuse黑客攻击的后果,扩大协议,并增加可定制性。

前者仍在由巴比伦团队和社区在巴比伦讨论区(公开)酝酿中。目前的计划是围绕着使用巴比伦国库的BABL将受影响花园的奖励增加2.5倍。计划中仍在讨论的部分是分配方法,特别是围绕如何减轻一些预期的销售压力。一旦社区讨论达成共识,将提出一个提案供链上代币持有人投票(BIP-24)。

协议扩展将包括增加对第二层解决方案、其他第一层链(即Avalanche和Fantom)、其他DeFi协议和NFT的支持。

可定制性路线图的一部分旨在改善DAO库房的工具,使他们能够选择定制的储备资产。另一个部分围绕着战略定制,增加战略家的设计空间和使用 “微观治理投票 “的成员投入,以及允许战略访问其他公共花园。

风险
Babylon有两个主要的风险载体:协议和其整合。

巴比伦金融团队在安全方面相当勤奋,迄今为止进行了八次外部审计,并保持了一个(高达10万美元的)错误赏金计划。这项工作似乎已经得到了回报,因为到目前为止,该协议还没有以任何方式被直接破坏。

该协议的另一个风险是国库,它在上一个上升周期中没有机会建立起来,并在支持Rari/Fuse黑客和stETH-ETH剥离方面受到了很大的打击。然而,巴比伦已经开始解决这个问题,将国库的协议收入份额增加到45%(从10%)。

最后,Babylon独特的、未经测试的价值主张描绘了一幅不确定的画面(尽管很有希望)。

第二个风险矢量更难控制。DeFi整合。除了Rari/Fuse黑客攻击外,巴比伦财政部还在stETH-ETH贬值期间损失了一大笔资本(125ETH)支持ETH的喷泉。考虑到协议的性质(聚合/可组合性),完全减轻这些风险是很难做到的。然而,Babylon团队和社区已经开始采取措施,分散风险(即为新的BABL借贷协议),并在不倚靠国库的情况下支付意外费用(即Babylon Shield)。

结尾

尽管只有几个月的时间,巴比伦面临的挫折已经超过了它的公平份额。尽管如此,协议、团队和社区还是坚持了下来。如果他们能继续经受住挑战,并在这一过程中吸取教训,Babylon金融就有必要成为DeFi资产管理的一个不可或缺的工具。

尽管竞争很激烈,但该类别仍处于起步阶段。巴比伦模式的魅力在于,它可以为每个人提供一些东西。

By Hailey

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