关键见解

◉ 抵押代币的提议代表了Aave和Balancer长期战略中的一个关键拼图,允许Balancer流动资金提供者(LPs)可以用他们的流动资金池代币作为抵押品。
◉ 如果获得批准,该提案为GHO的上市战略奠定了基础,避免了使用Aave原生激励机制。该战略利用Aave持有的veBAL来激励Balancer LP抵押品,同时利用Aave控制GHO借款利率的能力来引导GHO的流动性。
◉  如果GHO获得成功,将为Aave和Balancer经历重要的总价值锁定(TVL)的增长,创造一个合法的稳定币竞争者,建立在两个DeFi巨头的资本效率的流动性上。

简介

Aave和Balancer的关系由来已久,可以追溯到2021年1月。此后,每个协议都在不断发展。Aave继续执行其路线图,计划发布一个过度抵押的稳定币GHO。Balancer正在加倍努力实现其作为一个基盘协议的雄心,使用vetokenomics使LP激励与协议增长保持一致。虽然每条道路都是独特的,但Balancer整合的共同利益从未如此清晰。

最新的Aave提案,Staked aTokens。一个探索投票-代币经济的新的Aave原始概念,是这种伙伴关系的下一步。如果获得批准,该提案将为一个跨链GHO的跨链市场战略奠定了基础,该战略避免了使用Aave原生的激励措施。该战略将利用Aave持有的veBAL来激励Balancer Boosted Pools,同时利用Aave控制GHO借款利率的能力来吸引贷款人并引导GHO的流动性。为了了解该提案的背景及其影响,我们将观察每个协议的路线图以及如何将它们更紧密地结合在一起。

平衡者:流动性堆栈

Balancer与去中心化交易所(DEX)的巨头Uniswap和Curve竞争TVL和交易量。为了吸引流动性和发展伙伴关系,Balancer推出了一个投票托管(ve)tokenomics框架。新的tokenomics允许80 BAL / 20 ETH池的LPs将他们的Balancer Pool代币(BPT)入股,以赚取veBAL。 veBAL持有人可以将BAL排放给LPs或自己,并累积部分协议收入。虽然veBAL代币学极大地影响了Balancer的运作,但该协议仍在等待流动性、TVL和数量,以赶上Uniswap和Curve。


虽然不是没有成长的痛苦,但在推出veBAL后的八个月里,Balancer在其基础层之上已经萌生了整个应用和市场的生态系统。veBAL生态系统包括一个液体储物柜供应商和贿赂市场。然而,Balancer Pool Tokens(BPTs)的新用例和可组合性是缺乏的。更深入的Aave整合将是一个开始,提供杠杆式的LP机会,并有从veBAL排放的社会化提升收益的额外好处。


Boosted Pools是Aave在Balancer上最相关的创新。这些池子通过将闲置的代币送到借贷市场(目前只有Aave)来累积利息,从而提高存款人的资本效率。Boosted Pools可以与Balancer的staBAL3-USD资金池进行比较,这是一个等权的DAI/USDC/USDT资金池。如果stabal3-USD池中没有交易量,它将获得零收益。相比之下,Balancer的bb-a-USD元池包括三个提升池(bb-a-USDC、bb-a-USDT和bb-a-DAI),在零交易量的情况下仍会产生收益,因为该池的资产中超过70%是有收益的aToken。Boosted Pools还提供了更高的交换效率,因为它们是由Phantom BPTs组成的,它抽象出了铸造和燃烧LP代币的成本。


bb-a-USD是Balancer上第三大资金池,拥有超过1.22亿美元的TVL。随着LPs继续寻找新的方法来增加收益,提升的资金池提供了一个独特的、规避风险的解决方案。如果有一种方法可以利用BB-A-USD的头寸就好了……

Aave:所有系统GHO

Messari之前发表了一份关于GHO提案的全面概述,但Aave的路线图远远超出了提案本身的范围。与其他借贷市场不同,Aave可以直接控制GHO的借贷利率。由于Aave开采GHO,因此没有储户,消除了基于利用率的利率。因此,Aave控制了一个强大的机制,推动抵押品的协议。Aave可以通过调整其支持的抵押品资产组合中的GHO借款利率,影响GHO的供应和支持GHO的抵押品的性质。Aave甚至可以通过调整提供给安全模块订户的GHO借款利率折扣来影响安全模块抵押品。

Aave V3引入了一系列单独的功能,提高了资本效率和安全性,并通过引入跨链功能,将Aave引入。

◉ 高效模式(E-mode):使抵押品和借款资产的资本效率最大化,相关的价格使贷款价值比率高达97%。
◉ 门户网站:允许用户通过燃烧和铸造aTokens跨链桥接aTokens。

Aave的集成负责人Marc Zeller最近加倍强调了该协议的钱包、社交和金融技术的雄心。Aave希望将GHO定位为Aave应用生态系统的 “重心”–Aave和Lens的金融和社交生态系统的综合货币。

抵押的aTokens。一个新的Aave原形

Aave公司是监督Aave协议的官方开发实验室,其最新提案概述了Aave DAO的一个新的aToken原形。Staked aTokens是专门针对允许LPs从计价器中获得奖励的静脉协议。Staked aTokens的概念结合了前面几节所探讨的想法,允许流动性提供者在Aave协议中使用流动性头寸作为抵押品。虽然抵押代币与协议无关,但该提案批准Balancer作为第一个抵押代币的集成。

该提案的技术实现涉及部署BalancerVeRouter,将Aave与Balancer的VotingEscrow智能合约整合在一起,并允许Aave参与veBAL计量投票和收入索赔。提供给Aave协议的BPT资产将被合约押在流动性计价器上。然后,Aave可以对库房持有的BAL进行配对和押注,为BAL的流动性排放投票,并提高aBPT收益。

 

Source: Aave Governance Forum.

该合同还可以将一定比例的奖励抽调到Aave库房,并进一步加强Aave在Balancer的治理能力。一些社区成员,特别是Llama,在类似的提议中建议Aave提高风险曲线,以整合Aura,一个veBAL液体储物柜,以进一步提高收益。虽然Aave公司团队收到了这个想法,但在进行进一步的风险分析和审计之前,它被驳回了。

该提案得到了论坛和链外投票的压倒性积极支持。该提案得到了Balancer的核心贡献者SolarCurve以及Flipside和Stablenode的有影响力的代表的认可。如果成功,未来的提案将选择一个最终的BPT资产清单,实施允许列表,并将国库持有的BAL和ETH部署到veBAL合约中。Aave国库目前持有20,996个BAL,约占veBAL总供应量的1.48%。一旦部署,估计这个veBAL将控制每周1,986.5 BAL的分配。

综上所述,如果认为增加LP头寸作为抵押品不会带来重大风险,那就太傻了。Gauntlet的Paul Lei迈出了第一步,公开处理Aave提案的安全风险,包括LP清算对流动性的重大影响。Gauntlet的初步结论表明,即使在完美的条件下,LP的抵押品也应该低于任何相关的抵押品因素。

接下来会发生什么?

在Aave寻求引导GHO流动性的过程中,此次整合使其具有一些明显的优势。Aave利用其持有的BAL的能力使其能够以基本零成本激励bb-a-USD aToken的杠杆。此外,利用veBAL和Aave将GHO借款利率设置为低于bb-a-USD利率的能力,Aave可以同时推动对bb-a-USD杠杆、GHO抵押品和bb-a-USD/GHO流动性的需求。简而言之,Aave可以通过veBAL激励aToken借贷市场,并允许LPs有机会利用他们的头寸。

如果将上述E-mode的因素考虑在内,飞轮的潜力是非常大的。假设Aave为针对bb-a-USD池的GHO贷款启用了电子模式(即,高达97%的LTV)。在这种情况下,杠杆机会可以让Aave激励GHO的流动性,并完全避免流动性挖掘活动。Aave在多条链上铸造原生GHO的能力,加上Balancer的跨链存在,只会让该策略的可扩展性更强。

Marc Zeller不断表达了Aave对Balancer作为重要合作伙伴的看法,特别概述了Aave获得veBAL影响力的重要性,这是安全模块(目前由Aave Balancer Pool Token(ABPT)和stkAAVE两部分组成)和GHO的关键战略。这种情绪进一步反映在Aave公司以100万DAI从Tribe DAO购买112,000个veBAL的野心,作为Fei Unwind的一部分。

正如Maker DAO和Curve与最初的稳定币Tri-Pool所显示的那样,深度和有效的流动性基础不仅创造了高度的交换效率,而且在波动期间维持稳定币挂钩方面发挥了重要作用。

由于Aave安全模块制定者可以获得GHO的折扣借款利率,bb-a-USD/GHO代币持有者也可以被纳入安全模块,让GHO LP同时获得安全激励和折扣借款利率。

GHO作为Lens生态系统的基本稳定币,其下游的社会野心也变得有趣。想象一下,Aave x Lens的整合,允许创造者利用这些DeFi乐章。用户可以与一键式合同互动,用他们的稳定币储蓄进行资本效率高的GHO贷款,以资助新的创意项目。Aave V3的潜力将继续增长,因为该协议允许其用户在Arbitrum、Polygon、甚至StarkNet上铸造他们的GHO。

Balancer x Aave的伙伴关系为GHO的流动性奠定了坚实的基础。如果这两个协议能够成功地执行路线图,GHO似乎有能力获得牵引和成功,每个协议都应该期待TVL的显著增长。

 

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