关键见解
◉ 在现实世界和DeFi之间架起桥梁,MakerDAO开始拥抱现实世界的资产,其形式包括房地产、发票、贸易应收款和最近的商业贷款。
◉ Maker的现实世界资产目前占协议收入的10%,尽管只占锁定总价值的1%。
◉ 在将美国传统银行基础设施与DeFi生态系统整合的历史性第一步中,MakerDAO最近批准了亨廷顿谷银行的抵押贷款提案,作为其最新的现实世界资产库。
整合传统金融和区块链技术,可以说是长期采用加密货币的最重要的路障之一。建立必要的基础设施是很麻烦的,但要开发不破坏DeFi固有的去中心化的合规协议,也是很有挑战性的。MakerDAO开始打破现实世界和以太坊DeFi生态系统之间的障碍,以房地产、发票以及最近的商业抵押贷款和商业贷款的形式抵押现实世界的资产。
在这份报告中,我们将看看MakerDAO的现实世界资产库,并深入了解他们与美国银行亨廷顿谷银行的最新合作。
MakerDAO的真实世界资产库
MakerDAO是一个以太坊的抵押债务平台。用户将选定的基于以太坊的抵押资产存入Maker金库,以换取作为Dai(该协议的原生稳定币)的债务能力。保险库是智能合约,在借入的DAI被归还之前,将抵押品托管起来。如果价值不低于某个阈值,用户可以完全控制他们存放在保险库中的抵押品。
制造者治理决定了哪些资产被接受为抵押品。去年,DAO开始接受现实世界的资产(RWA)作为抵押品,其形式是代币化的房地产、发票和应收款项。管理和代币化链外资产很复杂,需要额外的基础设施来运作,包括开发定价神器来确定链外资产的价值。
尽管如此,MakerDAO还是潜心将现实世界的资产与他们的协议整合在一起,希望能开拓出一个以前未曾接触过的市场。以下是对Maker上前五个RWA金库的简要描述。
◉ 6s资本:为商业房地产开发提供担保贷款
◉ New Silver:为购买或建造主要是住宅资产提供融资
◉ ConsolFreight:抵押货物运输发票
◉ Harbor Trade Credit: 短期全球贸易应收账款的代币化和担保
◉ Fortunafi:代币化现金流资产的收益和借贷协议
6s Capital是平台上第一个独立的RWA金库,而其余四个则通过Centrifuge协议运作。Centrifuge是一个通用的平台,在以太坊上发行RWA作为代币化资产。它的去中心化市场Tinlake允许发起人将这些RWA的所有权进一步民主化,向DeFi投资者出售每个RWA池的股份。该协议利用了Aave和Maker借贷协议的流动性。
Maker是最早接受RWA的借贷协议之一,Aave在今年早些时候也加入了这个行列。虽然Centrifuge的Tinlake市场上的抵押RWA市场对Aave来说是活的,但部署以来的短时间内,还没有获得任何对现任者的重大市场份额。总的来说,自2022年初以来,Maker的五个RWA金库的借款需求经历了稳定增长。
尽管Maker的RWA采用量持续增长,但由于整体市场低迷和稳定费收入下降,该协议的整体收入流自2022年1月以来一直在稳步下降。虽然RWA在Maker的总债务中占比较小,但它们目前产生的收入占协议年化收入的10%以上。
据MakerDAO参与者称,进一步整合RWA是扩大DeFi规模的下一步。在将美国传统银行基础设施与DeFi生态系统整合的历史性第一步中,MakerDAO批准了亨廷顿谷银行的抵押贷款提案,作为其最新的RWA金库补充。
亨廷顿谷银行
亨廷顿谷银行(HVB)是一家成立于1871年的宾夕法尼亚州特许银行,专注于为国内企业创造商业贷款。在2021年底,该银行报告了超过5.5亿美元的资产和超过3.75亿美元的未偿贷款。

如上图所示,HVB的发起和银团贷款生产在其九种不同的产品中是非常多样化的,并且预计在不久的将来会继续增长。在2021年,HVB商业贷款的平均回报率约为4.65%。
通过87%的多数投票,Maker管理部门批准HVB成为第一家连接到DeFi生态系统的美国银行。作为出售HVB发起的部分贷款的交换条件,该银行将可以获得DAI的流动性。除了证明其财务稳定性和经验之外,HVB还必须确保其资产对其新的合作伙伴来说没有重大风险。也就是说,RWA金库的标准比其他被批准的资产类型更严格,必要的基础设施需要到位以实现无缝操作。
它是如何运作的
在其向MakerDAO提出的绿灯提案中,HVB通过设立特拉华州法定信托引入了MakerDAO银行参与信托(MBPTrust)。这一安排将在本质上建立HVB资本和DAI稳定币之间的联系。该信托将代表MakerDAO充当中间人,减轻HVB的任何商业问题,并监督DAI的发行和销毁。特拉华州法定信托结构以前曾被用于6S资本的RWA Vault。
HVB为第一个投资组合购买协议提出了商业房地产和商业贷款的组合。这些贷款的基础抵押品通常以投资、应收账款、库存、设备或其他有形资产的形式出现,并且具有相当的流动性。HVB在其存在的整个过程中一直扮演着贷款服务者的角色,并将在这个拟议的计划中继续这样做,通过这样做积累服务费。也就是说,在发生违约的情况下,HVB可以将相关的抵押品变现,而且滑点很小。
总的来说,该投资组合旨在拥有固定和可变利率的组合,典型的期限长度少于5年。此外,所有建议的贷款必须符合HVB制定的以下标准,并根据贷款类型接受额外标准。
◉ 客户目前在银行的信誉良好
◉ 所有贷款必须在10分中被评为6分或以上(越低越好)
◉ 有适当的抵押品
◉ 贷款支付的现金流覆盖率令人满意
◉ 没有违约事件
◉ 不向内部人员提供贷款
◉ 所有贷款都符合标准的合规措施
在贷款发放时和整个贷款有效期内,HVB将重新评估与资产相关的信用风险,以确保其保持良好状态。最初的审查过程是为了减轻MakerDAO和MBPTrust的负担,但双方都设置了独立的审批程序,以确定贷款参与是否有资格获得资金。
HVB最初将为每笔贷款保留至少50%的平价风险,随着时间的推移,希望逐步将所有权降至5%(其余部分落入MBPTrust手中)。通过承担如此大的金融风险,HVB被激励去尊重所有相关方的最佳利益。从长远来看,HVB希望证明其可信度以减少其风险暴露。
HVB获得了1亿美元的初始信贷额度,将在12至24个月内部署。这一伙伴关系标志着迄今为止分配给RWA金库的最大债务上限。
合作关系的意义
该伙伴关系允许MakerDAO通过金库稳定费赚取收入,以对抗当前熊市中不断下降的收入流。根据提案,在发起和参与时的预期净收益率保守地设定为3.00%。任何超过服务、报告和治理费用的收益率都将归MakerDAO所有。
通过拥抱现实世界的资产,MakerDAO正在进入一个数万亿美元的行业,直到最近才与加密货币空间相隔离。它不仅能够扩大其现有资产的规模和多样化,而且将通过建立与现实世界的桥梁,加强其在抵押债务市场的主导地位。从长远来看,如果与HVB的合作关系得到有效执行,MBPTrust可以支持多个银行机构,从而为MakerDAO带来更多的收入来源。
通过这种伙伴关系,MakerDAO面临着潜在的现实世界的贷款风险和伴随的集中在单一银行机构的风险。然而,拟议的结构将大部分的风险所有权放在HVB手中。该银行的保守承销做法,遵守宾夕法尼亚州的法律,以及在游戏中的财务皮肤,应减轻所有相关方的风险。
另一方面,HVB通过与DeFi最大的参与者之一合作,在曝光度和可信度方面获得了巨大的提升。通过这种新的伙伴关系,HVB也将能够将其贷款限额提高到每个借款人700万美元以上,并获得更深的流动性池。
最后的思考
MakerDAO有几个RWA提案正在进行中,包括代币化短期债券,为绿色能源项目融资,以及最近批准的法国兴业银行子公司SG-Forge的保险库。今年早些时候,MakerDAO投票决定将5亿戴投资于美国国债和债券的组合。总的来说,MakerDAO正在潜心研究现实世界的资产多元化,作为一项长期战略。
HVB和MakerDAO的联合是美国银行机构和DeFi之间的第一次大规模合作。MakerDAO通过挖掘RWA的好处很多,特别是利用多元化的收入来源,但它也为其他协议的跟进铺平了道路。这种与链外实体的创新合作关系的成功,有可能弥合传统金融机构和去中心化金融之间的差距。
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