加密货币借贷要点：抵押品、风险和无担保期权

对于普通用户来说，除了 DeFi 平台上的专门闪电贷之外，在没有抵押品的情况下获得加密货币贷款是不可行的。这些贷款需要技术知识，仅适合经验丰富的用户。标准加密货币贷款需要抵押品，通常需要超额抵押来消除信用检查，从而增加贷方的风险并保证更高的利率。大公司之间的无担保加密货币借贷导致了 2022 年的市场崩盘，凸显了其中所涉及的风险。虽然一些公司仍然提供此类贷款，但仅限于其他公司和机构投资者。

The Essential Guide to Crypto Lending: Collateral, Risks, and Unsecured Options

加密货币借贷基本指南：抵押品、风险和无担保期权

Unveiling the Collateral Requirement in Crypto Lending: A Necessary Safeguard

揭示加密货币借贷的抵押要求：必要的保障

In the cryptosphere, obtaining a crypto loan necessitates the provision of collateral, a measure implemented to mitigate risks for lenders. Collateral serves as a valuable asset pledged by the borrower to secure the loan, which the lender can liquidate to recoup potential losses in the event of the borrower's failure to repay. This strategic approach ensures that lenders can safeguard their funds, even in unfavorable market conditions.

在加密领域，获得加密贷款需要提供抵押品，这是为降低贷方风险而采取的措施。抵押品是借款人为担保贷款而质押的有价值的资产，贷款人可以在借款人无法偿还贷款时对其进行清算，以弥补潜在的损失。这种战略方法确保贷款人即使在不利的市场条件下也能保护其资金。

Unsecured Crypto Lending: A Risky Endeavor Exclusive to Elite Market Players

无担保加密货币借贷：精英市场参与者独有的高风险行为

Unsecured crypto lending, a practice where borrowers are not required to provide collateral, is a high-risk activity confined to large cryptocurrency companies with substantial capital reserves. This unconventional approach carries significant risks and played a detrimental role in the 2022 cryptocurrency market crash. Companies like Voyager, Three Arrows Capital, BlockFi, and Celsius engaged in unsecured lending practices, contributing to the market's instability.

无担保加密货币贷款是一种借款人无需提供抵押品的做法，是一种高风险活动，仅限于拥有大量资本储备的大型加密货币公司。这种非常规的做法带来了巨大的风险，并在 2022 年加密货币市场崩盘中发挥了不利作用。 Voyager、三箭资本、BlockFi 和摄氏度等公司从事无担保贷款业务，加剧了市场的不稳定。

The Advent of Flash Loans: A Glimpse of No-Collateral Crypto Borrowing

闪电贷的出现：无抵押加密货币借贷的一瞥

Amidst the prevalent collateral requirement in crypto lending, flash loans emerged as an innovative exception. These unique on-chain loans empower borrowers to access cryptocurrency funds without collateral, provided that the borrowed funds are repaid within the confines of a single block. Flash loans are solely accessible through specific decentralized finance (DeFi) protocols, such as Aave, and require extensive knowledge of smart contract programming and the intricacies of the Ethereum Virtual Machine (EVM). Hence, these loans remain inaccessible to the average user.

在加密货币借贷中普遍存在的抵押要求中，闪电贷成为一种创新的例外。这些独特的链上贷款使借款人能够在没有抵押的情况下获得加密货币资金，前提是借入的资金在单个区块的范围内偿还。闪电贷只能通过特定的去中心化金融 (DeFi) 协议（例如 Aave）获得，并且需要对智能合约编程和以太坊虚拟机 (EVM) 的复杂性有广泛的了解。因此，普通用户仍然无法获得这些贷款。

Over-Collateralization in Crypto Lending: Balancing Risk and Flexibility

加密借贷中的超额抵押：平衡风险和灵活性

Crypto lenders often adopt an over-collateralization strategy, requiring borrowers to pledge collateral exceeding the value of the borrowed funds. This conservative approach eliminates the need for traditional credit checks and risk assessments, facilitating crypto loans for borrowers with Ethereum wallet funds. Over-collateralization provides lenders with an additional layer of security, diminishing the likelihood of losses.

加密货币贷方通常采用超额抵押策略，要求借款人抵押超过借入资金价值的抵押品。这种保守的方法消除了传统信用检查和风险评估的需要，为拥有以太坊钱包资金的借款人提供了加密货币贷款。超额抵押为贷方提供了额外的安全保障，减少了损失的可能性。

Loan-to-Value (LTV) Ratio: Monitoring Collateral Adequacy

贷款价值 (LTV) 比率：监控抵押品充足性

In crypto lending, the loan-to-value (LTV) ratio plays a pivotal role in risk management. It represents the ratio of the loan amount to the value of the collateral provided. Lenders establish liquidation LTVs, and borrowers must maintain their LTVs below this threshold. Should the LTV approach the liquidation level due to a decline in collateral value, borrowers must either repay the loan or provide additional collateral to prevent liquidation. Higher LTVs generally correspond to higher interest rates, reflecting the increased risk for lenders.

在加密货币借贷中，贷款价值（LTV）比率在风险管理中发挥着关键作用。它代表贷款金额与所提供抵押品价值的比率。贷方建立清算 LTV，借款人必须将其 LTV 维持在该阈值以下。如果贷款价值比由于抵押品价值下降而接近清算水平，借款人必须偿还贷款或提供额外的抵押品以防止清算。较高的贷款价值比通常对应于较高的利率，反映了贷方风险的增加。

Undercollateralized Crypto Loans: A Double-Edged Sword

抵押不足的加密货币贷款：一把双刃剑

Undercollateralized loans, where the value of the borrowed assets exceeds that of the collateral, exist in the crypto lending landscape. These loans offer the advantage of accessing a greater amount of funds; however, they come with higher interest rates and stricter lending criteria. Credit and background checks may be prerequisites for obtaining an undercollateralized loan. Due to their inherently higher risk profile, undercollateralized loans are not advisable unless reputable lenders are involved and interest rates are reasonable.

加密贷款领域中存在抵押不足的贷款，即借入资产的价值超过抵押品的价值。这些贷款的优点是可以获得更多资金；然而，它们的利率更高，贷款标准更严格。信用和背景调查可能是获得抵押不足贷款的先决条件。由于其固有的较高风险状况，除非涉及信誉良好的贷方且利率合理，否则不建议抵押不足的贷款。

Conclusion: Navigating the Crypto Lending Landscape

结论：探索加密借贷领域

Borrowing crypto without collateral is not feasible for retail crypto investors. Crypto lending platforms mandate collateral provision, often resorting to over-collateralization as a risk-mitigation strategy. By pledging collateral that exceeds the loan value, borrowers can bypass credit checks and expedite the lending process.

对于散户加密货币投资者来说，在没有抵押的情况下借用加密货币是不可行的。加密借贷平台要求提供抵押品，通常采用超额抵押作为降低风险的策略。通过抵押超过贷款价值的抵押品，借款人可以绕过信用检查并加快贷款流程。