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。

 

61 thoughts on “州长笔记:介绍质押代币”
  1. Hi there! This post couldn’t be written any better! Going through this post reminds me of my previous roommate! He always kept talking about this. I’ll forward this information to him. Pretty sure he’ll have a good read. Thanks for sharing!

  2. Awesome things here. I’m very satisfied to peer your article. Thank you so much and I’m looking forward to touch you. Will you please drop me a mail?

  3. With havin so much content and articles do you ever run into any problems of plagorism or copyright violation? My website has a lot of completely unique content I’ve either authored myself or outsourced but it appears a lot of it is popping it up all over the web without my authorization. Do you know any techniques to help stop content from being ripped off? I’d certainly appreciate it.

  4. This is the right web site for anybody who wishes to find out about this topic. You realize so much its almost hard to argue with you (not that I personally would want toHaHa). You definitely put a new spin on a topic that has been written about for decades. Excellent stuff, just excellent!

  5. Hi, i think that i saw you visited my website so i came to return the favor.I am trying to find things to improve my site!I suppose its ok to use some of your ideas!!

  6. Sweet blog! I found it while surfing around on Yahoo News. Do you have any tips on how to get listed in Yahoo News? I’ve been trying for a while but I never seem to get there! Many thanks

  7. Sweet blog! I found it while surfing around on Yahoo News. Do you have any tips on how to get listed in Yahoo News? I’ve been trying for a while but I never seem to get there! Thanks

  8. Greetings I am so excited I found your weblog, I really found you by error, while I was browsing on Askjeeve for something else, Anyhow I am here now and would just like to say thank you for a incredible post and a all round enjoyable blog (I also love the theme/design), I don’t have time to look over it all at the minute but I have saved it and also added in your RSS feeds, so when I have time I will be back to read a great deal more, Please do keep up the superb job.

  9. I loved as much as you will receive carried out right here. The sketch is tasteful, your authored subject matter stylish. nonetheless, you command get bought an edginess over that you wish be delivering the following. unwell unquestionably come further formerly again since exactly the same nearly a lot often inside case you shield this increase.

  10. Hey There. I found your blog the use of msn. This is a very smartly written article. I will be sure to bookmark it and come back to read more of your useful information. Thank you for the post. I will definitely comeback.

  11. I have been surfing online more than 2 hours today, yet I never found any interesting article like yours. It’s pretty worth enough for me. Personally, if all website owners and bloggers made good content as you did, the net will be much more useful than ever before.

  12. Greetings from Carolina! I’m bored to tears at work so I decided to check out your website on my iphone during lunch break. I enjoy the info you present here and can’t wait to take a look when I get home. I’m shocked at how quick your blog loaded on my mobile .. I’m not even using WIFI, just 3G .. Anyhow, amazing site!

  13. Wonderful goods from you, man. I’ve understand your stuff previous to and you’re just too great. I really like what you’ve acquired here, really like what you’re stating and the way in which you say it. You make it entertaining and you still take care of to keep it sensible. I can not wait to read far more from you. This is actually a great site.

  14. My brother suggested I would possibly like this website. He was totally right. This publish actually made my day. You cann’t believe just how much time I had spent for this information! Thank you!

  15. You’ve made some good points there. I looked on the web to learn more about the issue and found most individuals will go along with your views on this site.

  16. Can I just say what a relief to discover an individual who actually knows what they’re talking about online. You certainly understand how to bring an issue to light and make it important. More people should look at this and understand this side of the story. I can’t believe you aren’t more popular since you definitely have the gift.

  17. Hi there, i read your blog occasionally and i own a similar one and i was just wondering if you get a lot of spam responses? If so how do you stop it, any plugin or anything you can suggest? I get so much lately it’s driving me insane so any assistance is very much appreciated.

  18. I like the valuable information you supply on your articles. I will bookmark your weblog and check again here frequently. I am quite certain I will be informed many new stuff right here! Good luck for the following!

  19. Hi there i am kavin, its my first time to commenting anywhere, when i read this article i thought i could also make comment due to this brilliant article.

  20. Can I just say what a relief to find someone who actually knows what they’re talking about online. You certainly know how to bring an issue to light and make it important. More people ought to read this and understand this side of the story. It’s surprising you aren’t more popular since you certainly have the gift.

  21. Hey there I am so thrilled I found your weblog, I really found you by error, while I was researching on Aol for something else, Nonetheless I am here now and would just like to say thank you for a marvelous post and a all round thrilling blog (I also love the theme/design), I don’t have time to browse it all at the minute but I have saved it and also included your RSS feeds, so when I have time I will be back to read a lot more, Please do keep up the awesome job.

  22. Interesting blog! Is your theme custom made or did you download it from somewhere? A design like yours with a few simple adjustements would really make my blog jump out. Please let me know where you got your design. With thanks

Leave a Reply

Your email address will not be published.