Acred：阿波罗的标记信贷基金桥梁华尔街和Defi

阿波罗全球管理公司的授权基金将私人信贷在区块链上授予了私人信贷，吸引了具有可除合成性和杠杆收益潜力的投资者。但是出现了新的风险。

Apollo Global Management is shaking things up with its new Securitize Tokenized Apollo Diversified Credit Fund, or ACRED. This innovative fund is bridging the gap between traditional finance and the decentralized world of blockchain, and people are noticing.

阿波罗全球管理公司（Apollo Global Management）正在以其新的证券化令牌化的阿波罗多元化信贷基金（Apolliatied Credit Fund）或促进。这个创新的基金正在弥合传统金融与分散的区块链世界之间的鸿沟，人们注意到了。

ACRED: A New Era for Private Credit

Acred：私人信贷的新时代

ACRED, launched in partnership with Securitize Inc., is a tokenized feeder fund mirroring Apollo’s existing Diversified Credit Fund. Instead of old-school paper statements, investors get digital tokens stored in crypto wallets. Since its January launch, ACRED has already pulled in over $100 million.

与Securitize Inc.合作推出的Acred是一个令牌化的馈线基金，镜像阿波罗现有的多元化信贷基金。投资者将数字代币存储在加密钱包中，而不是老式的纸面声明。自1月份推出以来，Acred已经获得了超过1亿美元的收入。

How It Works: DeFi Composability

它的工作原理：Defi合并性

Here's where it gets interesting. ACRED holders can "mint" a second token called sACRED, using it as collateral to borrow stablecoins on DeFi platforms. This borrowed cash can then be reinvested into ACRED, magnifying exposure to Apollo’s loan portfolio. It's composability within DeFi which allows you to do many strategies with the fund that you can’t do in traditional finance.

这是有趣的地方。 Acred持有人可以将其“造成”称为Sacred的第二个令牌，将其用作在Defi平台上借Stablecoins的抵押品。然后可以将这种借入的现金重新投资到Apollo的贷款组合中的放大，从而放大。它是DEFI中的合成性，它使您可以在传统金融中无法做出的基金来执行许多策略。

Early participants include Coinbase Asset Management, and the fund requires a minimum commitment of $50,000 with a 2% management charge.

早期参与者包括Coinbase Asset Management，该基金要求最低承诺为50,000美元，而管理费用为2％。

Wall Street Embraces Blockchain

华尔街拥抱区块链

Apollo's move follows similar experiments by big players like BlackRock and Franklin Templeton, signaling a broader shift on Wall Street. They're moving from crypto skeptics to embracing blockchain tech to tap into new capital pools.

阿波罗（Apollo）的举动遵循了贝莱德（Blackrock）和富兰克林·邓普顿（Franklin Templeton）等大型球员的类似实验，这表明在华尔街发生了更大的转变。他们正在从加密怀疑论者转向拥抱区块链技术，以利用新的资本池。

Securitize emphasizes that ACRED's value is tied to the underlying loans, allowing investors to earn loan interest. Using sACRED as collateral on DeFi platforms offers extra gains, but also adds risk.

证券化强调，Acred的价值与基础贷款有关，使投资者能够赚取贷款利息。在Defi平台上使用神圣的抵押品可带来额外的收益，但也增加了风险。

The Allure of DeFi

defi的魅力

Composability is a key draw for DeFi. Tarun Chitra, CEO of Gauntlet, notes that this flexibility can attract buyers even when interest rates aren't ideal for private credit.

合成性是DEFI的关键吸引力。 Gauntlet首席执行官Tarun Chitra指出，即使利率不理想私人信贷，这种灵活性也可以吸引买家。

DeFi Risks: Handle with Care

Defi风险：谨慎处理

Tying a fund to blockchain infrastructure isn't without its hazards. While ACRED tokens are priced at the fund’s daily NAV to dampen price swings, DeFi risks persist. Rising stablecoin borrowing costs, software bugs, or liquidity gaps can still lead to losses. Gauntlet provides real-time monitoring to track these dangers.

将资金与区块链基础设施联系起来并非没有危害。虽然Acred Sigkens的价格在该基金的Daily Nav降低了价格波动，但Defi风险仍然存在。 Stablecoin借贷成本，软件错误或流动性差距的上升仍然会导致损失。 Gauntlet提供实时监控以跟踪这些危险。

A potential drop in the fund’s NAV could also trigger automatic liquidation of large loans backed by sACRED. Redemptions are limited to once per quarter, with Apollo committing to repurchase at least 5% of shares.

该基金导航的潜在下降也可能会触发以神圣支持的大型贷款的自动清算。赎回仅限于每季度一次，阿波罗承诺至少回购5％的股票。

However, because ACRED lives on a blockchain, holders can bypass the normal redemption process by selling their tokens to other buyers—a perk not available with traditional private funds.

但是，由于Acred居住在区块链上，持有人可以通过将其代币出售给其他买家来绕过正常的赎回过程，这是传统私人资金不可用的惠子。

The Future of Finance: A Blend of Old and New

金融的未来：新旧的融合

Reid Simon, head of DeFi and credit solutions at Securitize, notes the evolution of the space, with crossover macro funds, family offices, and early TradFi players entering the on-chain world.

Securitize的Defi和信用解决方案负责人Reid Simon指出了该空间的发展，跨界宏观资金，家庭办公室和早期的Tradfi参与者进入了链界。

Looking ahead, Paul Frambot, co-founder of Morpho, predicts more funds will migrate to blockchain rails. He believes investors will “realize that DeFi’s a miracle infrastructure and they will eventually run their fund on‑chain.”

展望未来，Morpho的联合创始人Paul Frambot预测，更多的资金将迁移到区块链导轨。他认为，投资者将“意识到Defi是一个奇迹基础设施，他们最终将在链上运行基金。”

Wrapping Up

总结

ACRED represents an exciting step towards integrating traditional finance with the innovative world of DeFi. It's got potential for high returns, but remember, it's not all sunshine and rainbows. There are risks involved, so do your homework before diving in. Who knows, maybe one day we'll all be managing our portfolios with crypto wallets while sipping lattes in the metaverse.

Acred代表了将传统金融与Defi创新世界融合在一起的激动人心的一步。它有可能获得高回报，但请记住，这并不是全部阳光和彩虹。涉及风险，在潜水之前您的作业也是如此。谁知道，也许有一天我们都会用加密钱包管理我们的投资组合，同时在荟萃分析中饮拿铁。