到目前为止,加密货币贷款有两个主要限制。首先,借款人池是有限的,主要是由加密货币的本地人组成,借以在加密货币市场进行投机和交易。这使得对贷款的基本需求,以及由此产生的收益严重依赖于市场条件。当市场繁荣时,借贷需求增加,利率也随之提高。但当市场前景疲软时,对贷款的需求和收益率就会下降。

加密货币贷款的第二个限制是,它们必须有过度抵押。使用匿名钱包的借款人没有身份系统或信用评分,如果没有足够的抵押品,就不能指望他们偿还贷款。这对大多数加密货币贷款市场来说都是如此,只有少数例外,如Iron Bank和Maple Finance向经批准的加密货币协议和机构参与者提供贷款,以及Aave上的闪光贷款,必须在同一区块内偿还。

金翅鸟金融公司向现实世界中被批准的实体提供零抵押贷款,从而解决了加密货币贷款协议的两个限制。通过向加密货币以外的借款人提供贷款,Goldfinch将来自现实世界商业的回报带到了加密货币生态系统中。它能够解决一个全新的借款人群体,并产生与加密货币市场完全不相关的回报。

此外,通过独特的协议设计和只借给经批准的实体而不是匿名钱包,Goldfinch能够提供低抵押贷款。该协议设计使个人的激励机制与更大的整体相一致,它奖励积极的参与者和风险承担者。

协议设计

Goldfinch迎合了贷款业务,如债务基金和金融科技公司,为他们提供USDC的信贷额度,他们可以将其转换为法币,并进一步部署给他们的借款人。

Goldfinch有一个独特的设计,使其能够提供真实世界的零抵押贷款。为了更好地理解它,让我们探讨一下贷款的借贷过程。

  1. 在借款人申请贷款之前,他们必须得到协议的去中心化审计人员的批准。审计员是独立的实体,他们必须以治理代币GFI为赌注,以获得验证借款人的机会,从而换取奖励。审计员只评估借款人是否是他们声称的人,而不评估他们的信用度。目前,审计师系统还没有上线,核心贡献者批准借款人。
  2. 在得到审计师的批准后,借款人向支持者提出贷款条款。这些条款可能包括寻求的金额、贷款期限、利率、借款人的背景、以及资金的使用方式等细节。
  3. 支持者评估借款人的信用度,如果他们同意条款,可以选择提供初级阶段的资金。初级部分是高风险的资金池,在发生违约的情况下首先被减记。因此,它也被称为 “第一损失资本”。
  4. 从流动性提供者那里收集的高级资金池,然后将资金分配给高级档。优先级资金池的贷款额度可达初级贷款的数倍。优先档是低风险的资金池。它首先收到付款,只有在初级贷款不能完全覆盖违约的情况下才会被减记。为了补偿初级贷款的支持者的额外风险和评估借款人的工作,他们会得到高级贷款池所获得收益的20%。
  5. 在优先级资金池完成分配后,贷款程序就完成了,借款人就可以获得资金。

生态系统中的主要参与者及其相互关系

Source: Goldfinch Finance

抵制欺诈行为

由于Goldfinch Finance提供担保不足的贷款,所以借款人有动机试图欺骗贷款人。支持者自己做尽职调查,并期望在贷款时了解风险。然而,由被动贷款人的资金组成的高级池,必须受到协议设计和激励结构的保护。因此,该协议在贷款借贷过程中采用多重检查,以尽量减少欺诈的风险。

第一层保护是Goldfinch的所有借款人都是在现实世界中存在的命名实体。这一点就将它与其他具有匿名借款人的加密协议区分开来。有了现实世界的存在,就能激励借款人诚信行事,以保持他们的声誉和维护他们的信用记录。支持者也可以独立地要求与借款人签署协议,以便在发生欺诈时拥有法律追索权。

由于借款人在提交借款申请前必须得到审计师的批准,因此欺诈的风险被进一步降低。从审计师库中随机抽取9名审计师,以减少串通的风险。批准也是通过超级多数获得的,至少有六张 “赞成 “票和不超过一张 “反对 “票,才能允许借款人进入高级池。审计员必须与GFI有利害关系,因此,他们有动力以协议的最佳利益行事。他们的诚实也被类似于股权证明的共识机制所鼓励,投票反对大多数人的审计员会被削减其股权。每个审计员还必须通过一个KYC检查,称为独特身份(UID),以防止塞拜尔攻击。
.

此外,支持者通过发挥信用分析师的作用,评估借款人的信用度以及条款是否与风险相匹配,协助降低欺诈风险。由于他们是第一损失资本的提供者,他们被激励在其分析中保持谨慎。高级资金池使用的杠杆模型考虑到了支持者的分布,因此得到大量支持者支持的借款人从高级资金池中获得更大的分配。支持者也必须有一个UID,以防止Sybil攻击。

Goldfinch还鼓励审计师和支持者在做检查时,通过聊天、视频通话和AMA等现实世界的交流手段与借款人直接互动。

通常情况下,加密货币借贷协议不需要分析借款人的信用度。这是因为他们的贷款是超额抵押的,如果有一天抵押率低于最低限度,自动清算会保护协议不被减记。在传统金融中,贷款人可以获得借款人的信用记录,以评估他们的风险状况,并以优惠的条件做出明智的决定。Goldfinch的功能更像传统金融中的银行,但有一个分散的审计师、贷款人和信用分析师池,他们的激励机制旨在为协议的最佳利益而行动。

GFI代币

GFI代币是该协议的治理代币,GFI的持有者管理社区DAO。持有人通过投票来调整协议的各种参数。例如,社区DAO可以升级智能合约,设置和改变奖励结构,并在紧急情况下暂停协议。

GFI在协议内通过审计师盯盘/砍价机制具有实用性。它还为所有参与者提供激励。目前,该协议正在为贷款人运行一个流动性挖掘计划,优先级池的年利率提高25%以上,支持者池的年利率提高40-50%,用于USDC贷款。在未来,完全偿还贷款的借款人也可能获得GFI代币作为奖励。

GFI还通过协议的收入模式积累价值。该协议将所有利息支付的10%保留在其储备中。此外,从高级池中的任何赎回都会产生0.5%的费用,这些费用也会计入协议的财务部。社区DAO对国库资金有完全的控制权,可以按照它认为合适的方式为成员的利益使用这些资金。在过去的30天里,该协议赚取了约81,000美元的费用。

Goldfinch已经从a16z和Coinbase Ventures等大型加密货币风险基金,以及Balaji Srinivasan、Ryan Selkis和Tarun Chitra等天使投资人那里筹集了三轮3700万美元。GFI有114,285,714个代币的固定供应量,但DAO以后可能会增加通货膨胀的因素,以激励未来的贡献者。

当前状态

Goldfinch Finance的借款人是贷款企业本身,他们向最终借款人贷款,或者是债务基金向贷款企业贷款。金翅鸟已经与不同司法管辖区的公司合作,获得了广泛的最终借款人的机会。到目前为止,所接触的主要是亚洲、非洲和南美洲的发展中经济体。然而,最近,总部设在美国的债务基金Stratos,具有100%的支付记录,已经申请了2000万美元的信贷额度。增加类似的高质量借款人和有利的条件将是该协议成功的关键。

该协议的TVL和未偿还贷款已经稳步增长。目前的TVL为8800万美元,在过去30天内增长了30%。大部分资金,即7900万美元,被锁定在高级池中。本月未偿还贷款持平,为3900万美元。目前有三个寻求筹集4000万美元的借款人资金池开放,将促进贷款增长。

Goldfinch提供的USDC收益率在加密货币中是最高的。Goldfinch上的借款人支付10-12%的利率。Goldfinch能够以这样的利率放贷有两个原因。首先,借款人愿意为担保不足的贷款支付更高的利率。第二,由于它的业务遍及全球,它可以向发展中国家的企业贷款,而这些国家的零抵押贷款的当地利率可能更高。

高的借款利率使支持者能够持续获得15-18%的收益,包括来自优先级池的额外20%的收益。他们的收益率因流动性挖掘计划而进一步提高,按当前价格计算,总年收益率超过40%。

在目前40%的利用率下,优先级池的基本收益率为~5%。如果我们把流动性挖掘计划的激励措施包括在内,被提升的APY超过25%。随着利用率的提高,预计优先级池的可持续收益率也会提高。寻求的4000万美元的贷款将使利用率提高到90%左右。随着杠杆倍数从3倍增加到4倍,利用率也将提高,这是一个正在进行的改进建议

挑战

该协议是独特的,其挑战也是如此。好消息是,该协议不是智能合约创新的结果,因此,智能合约的风险有限。然而,它的其他风险也因此而被放大。

信用风险

信用风险是金雀的最关键风险。虽然它有一个激励结构,以尽量减少欺诈风险,但它仍然需要一定程度的信任,与完全抵押的贷款协议不同。此外,即使没有欺诈,不可预见的情况,如过去两年所见,也可能使借款人无法支付。如果发生违约,优先级资金池被提取,可能会削弱贷款人对协议减轻风险能力的信心。套用本叔叔的话说–“巨大的收益伴随着巨大的风险”。

监管风险

Goldfinch还面临着更大的监管风险。虽然它的唯一身份系统排除了美国的参与者,但由于它与现实世界的公司打交道,Goldfinch仍可能在其他司法管辖区面临更大的监管审查。

寻找规模和采用

Goldfinch Finance还可能面临规模化和采用方面的问题。与其他加密货币的借贷协议不同,金翅鸟金融公司不能简单地通过协议补贴提供廉价贷款来发展。它必须在现实世界中找到高质量的借款人。然而,这有一个好处,那就是使协议能够抵抗分叉和吸血鬼攻击,因为它的网络效应在现实世界中。

持续激励

支持者和审计师通过对借款人进行尽职调查,为协议执行一项重要任务。他们的工作很复杂,必须分析来自不同司法管辖区的不同类型的借款人,具有独特的风险。该协议必须通过不断激励他们来保持他们的积极性。如果协议产生的回报不够,他们可能需要通过代币膨胀来进行补偿。

结论

Goldfinch说它正在将 “加密货币贷款带到现实世界”,但从加密货币本地人的角度来看,它正在将现实世界的收益率带到加密货币。不言而喻,将寻求收益的过剩加密货币资本与全球对零抵押贷款的需求相匹配,是一个巨大的机会。然而,它必须遵循传统金融的规则,平衡增长和风险。金翅鸟金融公司在去中心化金融的下一步发展中迈出了一大步,将现实世界与加密货币连接起来。

 

354 thoughts on “详解Goldfinch运作机制、经济模型与风险”
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