以太坊的 DeFi 生态系统因资产代币化和质押带来的高收益机会而蓬勃发展

以太坊的 DeFi 生态系统主要通过 RWA 代币化和 LST 增长提供了经济风险低且利润丰厚的机会。稳定币、ETH 及其衍生品在高收益期权中占据主导地位，而其他加密货币的作用较小。监管贷款利用加密资产作为抵押品来借贷和投资高收益机会，提供潜在收益，但也存在清算、召回、脱钩和资金池分配问题等风险。

Ethereum's DeFi Ecosystem Presents High-Yield Opportunities Through Real-World Asset Tokenization and Liquid Staking Growth

以太坊的 DeFi 生态系统通过现实世界的资产代币化和流动质押增长提供高收益机会

Introduction

介绍

Ethereum's decentralized finance (DeFi) ecosystem has emerged as a hub of lucrative investment opportunities, offering high yields with relatively low economic risks. This surge in yield-generating avenues has primarily benefited Ethereum and its derivatives, leaving other major cryptocurrencies, such as Bitcoin (BTC) and Chainlink (LINK), largely on the sidelines. However, a novel strategy known as "supervised loans" has surfaced, providing a gateway for investors to capitalize on the DeFi boom by utilizing their existing cryptocurrency holdings as collateral.

以太坊的去中心化金融（DeFi）生态系统已成为利润丰厚的投资机会的中心，提供高收益和相对较低的经济风险。收益产生途径的激增主要使以太坊及其衍生品受益，而比特币（BTC）和Chainlink（LINK）等其他主要加密货币则基本上处于观望状态。然而，一种被称为“监督贷款”的新颖策略已经出现，为投资者提供了一个利用现有加密货币作为抵押品来利用 DeFi 热潮的途径。

Real-World Asset Tokenization and Liquid Staking Token Growth

现实世界的资产代币化和流动质押代币增长

The tokenization of real-world assets (RWAs) and the proliferation of liquid staking tokens (LSTs/LRTs) have created vast high-total value locked (TVL) markets, enabling users to deploy capital with minimal impermanent loss (IL) and negligible liquidation risks. These markets have emerged as prime destinations for investors seeking stable and profitable returns.

现实世界资产（RWA）的代币化和流动性质押代币（LST/LRT）的激增创造了巨大的高总价值锁定（TVL）市场，使用户能够以最小的无常损失（IL）和可忽略的清算来部署资本风险。这些市场已成为寻求稳定和盈利回报的投资者的主要目的地。

However, the current distribution of assets generating high yields remains skewed, with stablecoins, ETH, and ETH derivatives dominating the landscape. This has led to a situation where investors with significant holdings of other cryptocurrencies, such as BTC, face limited options for yield maximization.

然而，目前产生高收益的资产分布仍然不平衡，稳定币、ETH 和 ETH 衍生品占据主导地位。这导致持有大量其他加密货币（例如比特币）的投资者在收益最大化方面面临有限的选择。

Supervised Loans: A Novel Approach to Yield Generation

监督贷款：一种创造收益的新方法

Supervised loans offer a solution to this challenge by allowing investors to use their cryptocurrencies, such as BTC or ETH, as collateral to borrow other digital assets. These borrowed assets can then be invested in high-yield opportunities, amplifying potential returns.

监管贷款为这一挑战提供了解决方案，允许投资者使用 BTC 或 ETH 等加密货币作为抵押品借入其他数字资产。这些借来的资产可以投资于高收益机会，放大潜在回报。

Mechanism of Supervised Loans

监管贷款机制

The process of obtaining a supervised loan typically involves the following steps:

获得监管贷款的过程通常涉及以下步骤：

1. Collateralization: The investor deposits their cryptocurrency (e.g., BTC) on a lending platform as collateral, effectively pledging it as security for the loan.
2. Borrowing: The investor can then borrow other digital assets using their locked collateral as security. Market experts recommend borrowing cryptocurrencies with higher earning potential.
3. Investment: The borrowed assets are invested in platforms such as automated market maker (AMM) pools, where investors earn interest by providing liquidity to the market.

Potential Risks Associated with Supervised Loans

抵押：投资者将其加密货币（例如 BTC）作为抵押品存入借贷平台，有效地将其作为贷款的担保。借款：然后投资者可以使用其锁定的抵押品作为担保借入其他数字资产。市场专家建议借入具有较高盈利潜力的加密货币。 投资：借入的资产投资于自动做市商（AMM）池等平台，投资者通过向市场提供流动性来赚取利息。 与监管贷款相关的潜在风险

While supervised loans provide the potential for high yields, it is crucial to acknowledge the inherent risks involved:

虽然受监管的贷款具有高收益的潜力，但认识到所涉及的固有风险也至关重要：

• Liquidation Risk: If the value of the collateral (e.g., BTC) falls rapidly, the platform may liquidate it to cover the outstanding loan, resulting in the potential loss of the collateral.
• Recall Risk: Lenders may request the immediate repayment of borrowed assets to mitigate their exposure to market volatility, potentially forcing investors to sell their positions at unfavorable prices.
• Depeg Risk: If the borrowed assets lose their value relative to the collateral, investors may incur losses.
• Pool Distribution Risk: An uneven distribution of capital within an AMM pool can lead to imbalances, resulting in higher fees for investors.
• Depositor Concentration Risk: If a few large depositors dominate a pool, investors may experience difficulties withdrawing their funds due to limited liquidity.
• Available Liquidity Risk: If a surge in borrowing occurs, there may not be sufficient liquidity to meet withdrawal requests, potentially leading to delays or the inability to access funds.

Conclusion

清算风险：如果抵押品（例如 BTC）的价值快速下跌，平台可能会对其进行清算以弥补未偿还的贷款，从而导致抵押品的潜在损失。 召回风险：贷款人可能会要求立即偿还借入的资产，以弥补抵押品的损失。减轻市场波动的风险，可能迫使投资者以不利的价格出售头寸。脱钩风险：如果借入的资产相对于抵押品失去价值，投资者可能会蒙受损失。资金池分配风险：AMM 内资本分配不均资金池可能会导致失衡，从而导致投资者收取更高的费用。存款人集中风险：如果少数大储户主导资金池，投资者可能会因流动性有限而难以提取资金。可用流动性风险：如果发生借款激增，则投资者可能会遇到资金提取困难。可能没有足够的流动性来满足提款请求，可能导致延迟或无法获得资金。结论

Supervised loans provide a novel and potentially lucrative approach to yield generation in the DeFi space, enabling investors to leverage their existing cryptocurrency holdings as collateral. However, it is essential to proceed with caution and carefully consider the associated risks before engaging in supervised lending. By adopting sound risk management practices and making informed investment decisions, investors can maximize the potential benefits of supervised loans while minimizing exposure to potential setbacks.

受监管的贷款为 DeFi 领域提供了一种新颖且可能有利可图的收益生成方法，使投资者能够利用其现有的加密货币资产作为抵押品。然而，在参与监管贷款之前，必须谨慎行事并仔细考虑相关风险。通过采用健全的风险管理实践并做出明智的投资决策，投资者可以最大限度地发挥受监管贷款的潜在收益，同时最大限度地减少潜在挫折的风险。