Crypto Die-Hards Built a $90 Billion Wall Street on the Internet_老虎社区_美港股上老虎

Crypto Die-Hards Built a $90 Billion Wall Street on the Internet

.bloomberg2021-06-16

Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the ...

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Nandi
·2021-06-17
Well
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Ded
·2021-06-17
[Miser]
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tanks09
·2021-06-16
What this means? BTC going up?
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RoyKJ
·2021-06-16
Risky
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Eeron
·2021-06-16
Hi
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TBanger
·2021-06-16
One of the longer articles, and with good info. Exciting times.
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yp_shi
·2021-06-16
Lol okay
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- jw_la:
  [财迷]
  2021-06-16
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AllyLeong
·2021-06-16
Let’s see
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terencechong
·2021-06-16
[得意] [得意] [得意]
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AikHin
·2021-06-16
[流泪]
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WilliamTeo
·2021-06-16
Diamond wall
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SiniS
·2021-06-16
Like and comment pls. Thx
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- Yy12345:
  Respond to my comment pls
  2021-06-16
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- Vonz:
  done
  2021-06-16
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nujnay
·2021-06-16
like n comment ~
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- SiniS:
  Done
  2021-06-16
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- nujnay:
  thanks!
  2021-06-16
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Becca24
·2021-06-16
sweet
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SinWei
·2021-06-16
Like
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- Wenyin:
  Ok
  2021-06-16
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- SinWei:
  Good
  2021-06-16
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63c12ad9
·2021-06-16
Like and comment
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- Ljrnzy:
  ok
  2021-06-16
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Jo16
·2021-06-16
Like and comment
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- d63a8e4:
  [财迷] [财迷]
  2021-06-16
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- 121711b8:
  [微笑] [微笑]
  2021-06-16
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Farida
·2021-06-16
Comment n like
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- Jo16:
  Done, do help mine
  2021-06-16
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Chris83
·2021-06-16
[Smile]
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Tadalada
·2021-06-16
Pls like and comment
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- Shadotaiger:
  comment pls thanks
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- Tadalada:
  Tks
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  Return
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Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">网页链接</a>\n\n</div>\n","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-16 19:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto>.bloomberg</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the ...\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GBTC","symbol_name":"比特币ETF-Grayscale","start_time":0,"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","article_id":"1160929405","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","pubTimestamp":1623844146,"columns":[],"sourceInfo":null,"weMediaInfo":null,"summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","collect":0,"end_time":0,"defaultTopTitle":"bloomberg.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"translate_title":"密码学的顽固分子在互联网上建立了一个900亿美元的华尔街","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GBTC":0.9},"content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[{"id":163858536,"gmtCreate":1623875076025,"gmtModify":1634026698308,"author":{"id":"3586336784682312","authorId":"3586336784682312","name":"Nandi","avatar":"https://static.tigerbbs.com/4e663b702daed0814c9370778fb82651","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3586336784682312","authorIdStr":"3586336784682312"},"htmlText":"Well","listText":"Well","text":"Well","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163858536","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":163340105,"gmtCreate":1623860435407,"gmtModify":1634026855638,"author":{"id":"3573642293610153","authorId":"3573642293610153","name":"Ded","avatar":"https://static.tigerbbs.com/d1f5be513a29608a816e336ccd99a614","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3573642293610153","authorIdStr":"3573642293610153"},"htmlText":"[Miser]&nbsp;","listText":"[Miser]&nbsp;","text":"[Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163340105","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":163063276,"gmtCreate":1623853779195,"gmtModify":1631884436910,"author":{"id":"3581816252667558","authorId":"3581816252667558","name":"tanks09","avatar":"https://static.tigerbbs.com/0d3a860d19cbe659e537ab4dcbdc7d1d","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3581816252667558","authorIdStr":"3581816252667558"},"htmlText":"What this means? BTC going up?&nbsp;","listText":"What this means? BTC going up?&nbsp;","text":"What this means? BTC going up?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/163063276","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":169756289,"gmtCreate":1623851863341,"gmtModify":1634027079755,"author":{"id":"3581849471213825","authorId":"3581849471213825","name":"RoyKJ","avatar":"https://static.tigerbbs.com/becdcbf22dc849fa8e620691e0ab3d4c","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3581849471213825","authorIdStr":"3581849471213825"},"htmlText":"Risky","listText":"Risky","text":"Risky","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169756289","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":169453306,"gmtCreate":1623848607305,"gmtModify":1631892747129,"author":{"id":"3577019858358853","authorId":"3577019858358853","name":"Eeron","avatar":"https://static.tigerbbs.com/60b2e5b38c6a34eaa78a4a5630ed176c","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3577019858358853","authorIdStr":"3577019858358853"},"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169453306","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":169421837,"gmtCreate":1623848238029,"gmtModify":1623848238029,"author":{"id":"3551275186417781","authorId":"3551275186417781","name":"TBanger","avatar":"https://static.tigerbbs.com/e8e895fbd3256856fdf038fc5d1c3bee","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3551275186417781","authorIdStr":"3551275186417781"},"htmlText":"One of the longer articles, and with good info. Exciting times.","listText":"One of the longer articles, and with good info. Exciting times.","text":"One of the longer articles, and with good info. Exciting times.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169421837","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":169464370,"gmtCreate":1623847977190,"gmtModify":1631890804692,"author":{"id":"3581808287387749","authorId":"3581808287387749","name":"yp_shi","avatar":"https://static.tigerbbs.com/80dcd318606dcd3b808eada65e13a442","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3581808287387749","authorIdStr":"3581808287387749"},"htmlText":"Lol okay","listText":"Lol okay","text":"Lol okay","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/169464370","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4811153,"gmtCreate":1623848131997,"gmtModify":1631890804694,"authorId":3581249355493993,"author":{"id":3581249355493993,"idStr":"3581249355493993","authorId":3581249355493993,"name":"jw_la","avatar":"https://static.tigerbbs.com/417de586d09c5aa961c7f9b7477ca049","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":169464370,"type":1,"supId":0,"prevId":0,"content":"[财迷]","text":"[财迷]","html":"[财迷]"}],"langContent":"EN"},{"id":169487406,"gmtCreate":1623847642105,"gmtModify":1634027171975,"author":{"id":"3578565623520596","authorId":"3578565623520596","name":"AllyLeong","avatar":"https://static.tigerbbs.com/f8a5f2b238dc0e683b344a70d1e754e5","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3578565623520596","authorIdStr":"3578565623520596"},"htmlText":"Let’s see","listText":"Let’s see","text":"Let’s see","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169487406","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":169484533,"gmtCreate":1623847604122,"gmtModify":1634027173009,"author":{"id":"3575720143291713","authorId":"3575720143291713","name":"terencechong","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3575720143291713","authorIdStr":"3575720143291713"},"htmlText":"[得意]&nbsp;[得意]&nbsp;[得意]&nbsp;","listText":"[得意]&nbsp;[得意]&nbsp;[得意]&nbsp;","text":"[得意] [得意] [得意]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169484533","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":169485073,"gmtCreate":1623847551092,"gmtModify":1634027174348,"author":{"id":"3561464650451852","authorId":"3561464650451852","name":"AikHin","avatar":"https://static.tigerbbs.com/c3d4972b9ca92afd2a0826517c894700","vip":1,"crmLevel":8,"crmLevelSwitch":0,"idStr":"3561464650451852","authorIdStr":"3561464650451852"},"htmlText":"[流泪]&nbsp;","listText":"[流泪]&nbsp;","text":"[流泪]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169485073","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":169417464,"gmtCreate":1623847279358,"gmtModify":1634027179692,"author":{"id":"3575416215572570","authorId":"3575416215572570","name":"WilliamTeo","avatar":"https://static.tigerbbs.com/665764fc5f5e89c64f2caa13df0fe1e3","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3575416215572570","authorIdStr":"3575416215572570"},"htmlText":"Diamond wall","listText":"Diamond wall","text":"Diamond wall","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169417464","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":169498661,"gmtCreate":1623846404453,"gmtModify":1634027201699,"author":{"id":"3575200115109066","authorId":"3575200115109066","name":"SiniS","avatar":"https://static.tigerbbs.com/6c54fb65b275549d9e3c4b80c5117022","vip":1,"crmLevel":12,"crmLevelSwitch":0,"idStr":"3575200115109066","authorIdStr":"3575200115109066"},"htmlText":"Like and comment pls. Thx","listText":"Like and comment pls. Thx","text":"Like and comment pls. Thx","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/169498661","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4810755,"gmtCreate":1623847097202,"gmtModify":1635316371217,"authorId":3581677633797465,"author":{"id":3581677633797465,"idStr":"3581677633797465","authorId":3581677633797465,"name":"Yy12345","avatar":"https://static.tigerbbs.com/d4db7c878281f6fa9057a37f7cd9272f","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":169498661,"type":1,"supId":0,"prevId":0,"content":"Respond to my comment pls","text":"Respond to my comment pls","html":"Respond to my comment pls"},{"id":4810824,"gmtCreate":1623847250684,"gmtModify":1635316364701,"authorId":3581046107767827,"author":{"id":3581046107767827,"idStr":"3581046107767827","authorId":3581046107767827,"name":"Vonz","avatar":"https://static.tigerbbs.com/5a1cb72de358038a377e7053d898bb82","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":169498661,"type":1,"supId":0,"prevId":0,"content":"done","text":"done","html":"done"}],"langContent":"EN"},{"id":169498316,"gmtCreate":1623846396935,"gmtModify":1634027202041,"author":{"id":"3562385137512604","authorId":"3562385137512604","name":"nujnay","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3562385137512604","authorIdStr":"3562385137512604"},"htmlText":"like n comment ~","listText":"like n comment ~","text":"like n comment ~","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/169498316","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4810436,"gmtCreate":1623846422863,"gmtModify":1635316398248,"authorId":3575200115109066,"author":{"id":3575200115109066,"idStr":"3575200115109066","authorId":3575200115109066,"name":"SiniS","avatar":"https://static.tigerbbs.com/6c54fb65b275549d9e3c4b80c5117022","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":169498316,"type":1,"supId":0,"prevId":0,"content":"Done","text":"Done","html":"Done"},{"id":4814942,"gmtCreate":1623856640266,"gmtModify":1635316036540,"authorId":3562385137512604,"author":{"id":3562385137512604,"idStr":"3562385137512604","authorId":3562385137512604,"name":"nujnay","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":169498316,"type":1,"supId":0,"prevId":0,"content":"thanks!","text":"thanks!","html":"thanks!"}],"langContent":"EN"},{"id":169493061,"gmtCreate":1623846306853,"gmtModify":1634027203571,"author":{"id":"3575233929847907","authorId":"3575233929847907","name":"Becca24","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3575233929847907","authorIdStr":"3575233929847907"},"htmlText":"sweet","listText":"sweet","text":"sweet","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169493061","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":169402824,"gmtCreate":1623846120068,"gmtModify":1634027207764,"author":{"id":"3578022615328346","authorId":"3578022615328346","name":"SinWei","avatar":"https://static.tigerbbs.com/8473873d762914dfe247869843fe4bd2","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3578022615328346","authorIdStr":"3578022615328346"},"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/169402824","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4810313,"gmtCreate":1623846153334,"gmtModify":1635316408381,"authorId":3568945952613347,"author":{"id":3568945952613347,"idStr":"3568945952613347","authorId":3568945952613347,"name":"Wenyin","avatar":"https://static.tigerbbs.com/4514fca637e841ecdc7c46d694823f67","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":169402824,"type":1,"supId":0,"prevId":0,"content":"Ok","text":"Ok","html":"Ok"},{"id":4810338,"gmtCreate":1623846217909,"gmtModify":1635316406346,"authorId":3578022615328346,"author":{"id":3578022615328346,"idStr":"3578022615328346","authorId":3578022615328346,"name":"SinWei","avatar":"https://static.tigerbbs.com/8473873d762914dfe247869843fe4bd2","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":169402824,"type":1,"supId":4810313,"prevId":0,"content":"Good","text":"Good","html":"Good"}],"langContent":"EN"},{"id":169401622,"gmtCreate":1623845978666,"gmtModify":1631890703753,"author":{"id":"3581930297199023","authorId":"3581930297199023","name":"63c12ad9","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3581930297199023","authorIdStr":"3581930297199023"},"htmlText":"Like and comment","listText":"Like and comment","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/169401622","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4810335,"gmtCreate":1623846202081,"gmtModify":1631890703751,"authorId":3586579078605185,"author":{"id":3586579078605185,"idStr":"3586579078605185","authorId":3586579078605185,"name":"Ljrnzy","avatar":"https://static.tigerbbs.com/d2fb41ad9cb7107acfa7e5abdedd3318","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":169401622,"type":1,"supId":0,"prevId":0,"content":"ok","text":"ok","html":"ok"}],"langContent":"EN"},{"id":169577564,"gmtCreate":1623845779558,"gmtModify":1634027213438,"author":{"id":"3575936524316467","authorId":"3575936524316467","name":"Jo16","avatar":"https://static.tigerbbs.com/571ddd98185628f88d032e8ceae7f7d3","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3575936524316467","authorIdStr":"3575936524316467"},"htmlText":"Like and comment&nbsp;","listText":"Like and comment&nbsp;","text":"Like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/169577564","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4810398,"gmtCreate":1623846343930,"gmtModify":1635316401529,"authorId":3585015704454479,"author":{"id":3585015704454479,"idStr":"3585015704454479","authorId":3585015704454479,"name":"d63a8e4","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":169577564,"type":1,"supId":0,"prevId":0,"content":"[财迷] [财迷]","text":"[财迷] [财迷]","html":"[财迷] [财迷]"},{"id":4810410,"gmtCreate":1623846370484,"gmtModify":1635316400682,"authorId":3584839794199440,"author":{"id":3584839794199440,"idStr":"3584839794199440","authorId":3584839794199440,"name":"121711b8","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":169577564,"type":1,"supId":4810398,"prevId":0,"content":"[微笑] [微笑]","text":"[微笑] [微笑]","html":"[微笑] [微笑]"}],"langContent":"EN"},{"id":169577952,"gmtCreate":1623845756676,"gmtModify":1634027214125,"author":{"id":"3570019694307822","authorId":"3570019694307822","name":"Farida","avatar":"https://static.tigerbbs.com/a47cbc0316f151ff39c8b8a3f530a7f2","vip":1,"crmLevel":11,"crmLevelSwitch":0,"idStr":"3570019694307822","authorIdStr":"3570019694307822"},"htmlText":"Comment n like","listText":"Comment n like","text":"Comment n like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/169577952","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4810196,"gmtCreate":1623845800757,"gmtModify":1635316418133,"authorId":3575936524316467,"author":{"id":3575936524316467,"idStr":"3575936524316467","authorId":3575936524316467,"name":"Jo16","avatar":"https://static.tigerbbs.com/571ddd98185628f88d032e8ceae7f7d3","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":169577952,"type":1,"supId":0,"prevId":0,"content":"Done, do help mine","text":"Done, do help mine","html":"Done, do help mine"}],"langContent":"EN"},{"id":169574626,"gmtCreate":1623845720365,"gmtModify":1634027214370,"author":{"id":"3575589664987798","authorId":"3575589664987798","name":"Chris83","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"3575589664987798","authorIdStr":"3575589664987798"},"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/169574626","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":169578359,"gmtCreate":1623845531771,"gmtModify":1634027217481,"author":{"id":"3572826093389291","authorId":"3572826093389291","name":"Tadalada","avatar":"https://static.tigerbbs.com/b72694826dfd7043f27335bde2e7e70b","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3572826093389291","authorIdStr":"3572826093389291"},"htmlText":"Pls like and comment","listText":"Pls like and comment","text":"Pls like and comment","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":4,"commentSize":15,"repostSize":0,"link":"https://laohu8.com/post/169578359","repostId":1160929405,"repostType":4,"repost":{"id":"1160929405","kind":"news","pubTimestamp":1623844146,"share":"https://www.laohu8.com/m/news/1160929405?lang=zh_CN&edition=full","pubTime":"2021-06-16 19:49","market":"us","language":"en","title":"Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160929405","media":".bloomberg","summary":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government","content":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Crypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCrypto Die-Hards Built a $90 Billion Wall Street on the Internet<blockquote>加密货币顽固分子在互联网上建立了价值900亿美元的华尔街</blockquote>\n</h2>\n<h4 class=\"meta\">\n\n.bloomberg2021-06-16 19:49\n\n</h4>\n</header>\n<article>\nMoney manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.<blockquote>基金经理弗拉基米尔·维什涅夫斯基(Vladimir Vishnevskiy)持有欧洲政府债券可以获得负利率。或者，他可以将资金锁定在加密货币市场的一个更狂野的角落，即去中心化金融（DeFi），从而获得相当于20%的年收益率。</blockquote> He decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.<blockquote>他决定争取20%。“你无法在传统领域获得这些收益率，”总部位于瑞士的圣哥达基金管理公司的联合创始人表示，该公司运营的投资组合旨在从加密资产中榨取收入。这一策略如此新颖，即使是华尔街的专业人士也可能难以理解。就拿你可能知道的比特币来说吧——它是一种数字货币，只存在于由计算机代码管理的在线账本上。现在让它变得更加令人费解，想象代码不仅仅是记录交易。它在几乎没有人工中介的情况下运营借贷平台、保险公司和金融市场。那是DeFi。</blockquote> Traders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.<blockquote>像维什涅夫斯基这样的交易者可以通过以加密代币的形式投入运营这些脱离实体且基本上不受监管的金融机构所需的资本来获得收益。DeFi Pulse数据显示，在上个月的高峰期，投资者向各种DeFi项目投入了高达860亿美元，而一年前这一数字略低于10亿美元。</blockquote> It’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.<blockquote>这是一个年轻、不稳定、容易被黑客攻击的系统。（最早的去中心化项目之一，一个名为DAO的基金，是有人利用其代码中的缺陷窃取资金的惊人的5500万美元的受害者。）目前，它主要是一个为加密宇宙构建的加密世界。分散的贷款机构主要接受加密货币存款，向寻求加密货币赌注杠杆的人提供贷款；分散式交易所用于交易加密硬币；分散的保险公司承保加密黑客。</blockquote> The big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.<blockquote>投资者可以获得的巨额收益不是以美元或欧元计价，而是以通常不为人知的代币计价。DeFi的批评者表示，一些项目可能类似于庞氏骗局：早期投资者依赖其他人涌入现实世界效用仍然有限的代币。如果回报很高，很大程度上是因为投资者对更多数字资产的贪婪胃口。由于DeFi项目不需要居住在任何物理位置，因此很难监管，这使得该领域容易受到诈骗和洗钱计划的影响。尽管如此，DeFi的倡导者认为该技术有能力打开市场并构建新型金融产品。</blockquote> To see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.<blockquote>要了解DeFi程序是如何工作的，请查看去年推出的去中心化加密货币交易所SushiSwap。它基于另一个名为Uniswap的DeFi交易所的代码。与任何交易所一样——从Coinbase等更知名的加密货币交易应用程序到纳斯达克等股票市场——SushiSwap依赖于流动性，或者确保买家能够找到他们想要的代币、卖家能够获得他们认为公平的价格的能力。为了以去中心化的方式做到这一点，SushiSwap创建了流动性池，将交易者可能想要交换的任何两种硬币配对，例如以太币（第二大最受欢迎的加密货币和DeFi的主干），以及交易所自己的代币Sushi。</blockquote> Investors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.<blockquote>像Vishnevskiy这样的投资者购买这两种代币，然后将它们暂时锁定在池中，供交易者使用。算法调整两种代币的价格，以反映需求的相对变化。交易所还收取交易费用。当Vishnevskiy拿回他的代币时，他还会获得一部分在池中进行的交易产生的费用，以及免费的额外寿司代币。（添加的寿司代币可以在其他交易对上赚取，而不仅仅是那些涉及寿司的交易对。）该交易所的软件推测，这相当于年化收益率20%。</blockquote> Other DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.<blockquote>其他DeFi协议可能会向那些将其加密货币提供给其他人借用的人支付收益。例如，交易者可能想要借用稳定币（其价值与美元等传统货币挂钩的代币），以便在不接受传统货币的平台上购买更多比特币。</blockquote> If that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.<blockquote>如果这听起来很复杂，那就是。DeFi的收益率主要是根据最近的市场趋势预测的，可能会迅速下降。一些看涨期权农民的投资者不断转移资金试图创收，但被称为“汽油”费的加密交易成本可能会吞噬利润。此外，这些收益支付的加密货币的价值可能会大幅波动。当比特币最近一天下跌10%时，Uniswap等流行的DeFi硬币下跌了近20%。</blockquote> Other risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.<blockquote>任何加密货币带来的其他风险仍然适用：监管审查可能会增加，这可能会关闭或阻碍一些项目，并大幅提升相关代币的价值。DeFi项目的创始人囤积了为运行它们而创建的硬币，可能会突然套现，导致价格下跌。SushiSwap的化名创建者Nomi厨师在9月份出售了价值约1300万美元的代币，然后在社区愤怒中改变了方向。</blockquote> “You can’t get those yields in the traditional space”<blockquote>“你无法在传统领域获得这些产量”</blockquote> The history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.<blockquote>加密货币的历史充满了关于投资乘着炒作浪潮然后分崩离析的警示故事。2018年左右，所谓的首次代币发行为项目筹集了数十亿美元，但其中大部分都是徒劳的。DeFi转换者表示，现在的不同之处在于，交易所和贷方等应用程序正在产生收入，即使只是来自加密货币投机。Uniswap实时公布其用户统计数据，在最近24小时内的交易量为8.13亿美元，为那些在其流动性池中质押代币的人产生了180万美元的费用。</blockquote> What about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.<blockquote>许多DeFi项目发放的代币价值如何？这些硬币并不完全是股权，也不总是赋予任何直接的利润要求。他们通常赋予持有人对项目未来的投票权；投资者可能希望，随着与他们相关的协议越来越受欢迎，硬币也会越来越受欢迎。但是一些DeFi平台可能并不像看起来那么成功。Nickel Digital Asset Management共同管理DeFi基金的Aleksander Kloda表示，参与的驱动力可能不是服务的价值，而是免费代币的承诺。“从短期来看，它们确实会让图片变得更加难以阅读，”他说。“如果数量的存在只是因为协议给了你参与的额外动力，那么逻辑就不太正确。”作为一名投资者，他试图识别那些即使没有诱人的收益率也能积累可持续交易量的项目。</blockquote> Advocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.<blockquote>DeFi的倡导者表示，这一想法仍处于起步阶段，最终可能会扩大其用途，进入更传统的金融领域。他们的梦想是建立一个在互联网上运行的金融系统，不涉及摩根大通分行的信贷官员，也不涉及Citadel Securities投资高频基础设施以保持股票交易流动性。</blockquote> But Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”<blockquote>但Global Financial Access的区块链工程师Elaine Ou认为，DeFi仅用于加密货币交易也没有错。“看看拉斯维加斯和澳门——它们如此有价值的部分原因是它们允许你做其他司法管辖区禁止的事情，”欧说，他也是彭博社观点的撰稿人。“围绕投机建立整个行业是可能的。”</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto\">.bloomberg</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"比特币ETF-Grayscale"},"source_url":"https://www.bloomberg.com/news/articles/2021-06-16/defi-platforms-with-names-like-sushiswap-aim-to-be-nasdaq-for-crypto","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160929405","content_text":"Money manager Vladimir Vishnevskiy can earn anegative interest ratefor holding a European government bond. Or he can pocket the annual equivalent of a 20% yield for locking money up in one of the wilder corners of the crypto market, known as decentralized finance, or DeFi.\nHe decided to go for the 20%. “You can’t get those yields in the traditional space,” says the co-founder of Swiss-based St. Gotthard Fund Management, which runs a portfolio designed to squeeze income out of crypto assets. The strategy is so new that even Wall Street pros may have trouble wrapping their heads around it. Take what you might know about Bitcoin—that it’s a digital currency that exists only on an online ledger governed by computer code. Now make it even more mind-bending, and imagine the code isn’t just recording transactions. It’s running lending platforms, insurers and financial markets with little human intermediation. That’sDeFi.\nTraders like Vishnevskiy can collect yields by committing in the form of crypto tokens the capital that’s needed to make these disembodied and largely unregulated financial institutions run. At the peak last month, investors put in as much as $86 billion into various DeFi programs, compared with just under $1 billion a year ago, DeFi Pulse data show.\nIt’s a young, volatile, and hack-prone system. (One of the first decentralized projects, a fund called the DAO, was the victim of aspectacular $55 million theftby someone taking advantage of a flaw in its code to siphon off funds.) And for now, it’s mostly a crypto world built for thecrypto universe. The decentralized lenders are largely taking crypto deposits to make loans to people looking for leverage on crypto bets; the decentralized exchanges are used for trading crypto coins; the decentralized insurers cover crypto hacks.\nThe big yields investors can earn are denominated not in dollars or euros but in often-obscure tokens. Critics of DeFi say some projects can resemble a Ponzi scheme: Early investors depend on others piling into tokens that still have limited real-world utility. If returns are high, it’s largely because of investors’ voracious appetite for more digital assets. And since DeFi projects don’t need to live in any physical location, they’re difficult to regulate, making the space vulnerable to scams and money laundering schemes. Still, DeFi’s advocates think the technology has the power to open up markets and build new kinds of financial products.\nTo see how a DeFi program works, look atSushiSwap, a decentralized cryptocurrency exchange that started last year. It’s based on the code of another DeFi exchange calledUniswap. Like any exchange—from better-known crypto trading apps such asCoinbaseto stock markets likeNasdaq—SushiSwap depends on liquidity, or the ability to make sure buyers can find the tokens they want and sellers can get a price they think is fair. To do that in a decentralized way, SushiSwap creates liquidity pools that pair any two coins that traders might want to swap—for example, Ethereum, thesecond-most-popular cryptocurrencyand DeFi’s backbone, and the exchange’s own token, Sushi.\nInvestors like Vishnevskiy buy both tokens and then temporarily lock them into the pool, where they’re available to traders. An algorithm adjusts prices of both tokens to reflect relative changes in demand. The exchange also charges a fee for trading. When Vishnevskiy gets his tokens back, he also gets a portion of the fees generated from transactions made in the pool, as well as free additional Sushi tokens. (The added Sushi tokens can be earned on other trading pairs, not only those involving Sushi.) That, the exchange’s software surmises, amounts to an annualized 20% yield.\nOther DeFi protocols may pay yields to people who make their crypto available for someone else to borrow. For example, traders might want to borrowstablecoins—tokens whose value is linked to that of a traditional currency such as the dollar—to buy more Bitcoin on platforms that don’t take traditional currencies.\nIf that sounds complicated, it is. Yields in DeFi are mostly projected from recent market trends and could drop quickly. Some investors who call themselves yield farmers are constantly moving their money trying to generate income, but crypto transaction costs called “gas” fees can eat up profits. Moreover, the cryptocurrencies these yields get paid in can fluctuate wildly in value. When Bitcoin slid as much as 10% on one recent day, popular DeFi coins such as Uniswap’s fell almost 20%.\nOther risks that come with any cryptocurrency still apply:Regulatory scrutinywill probably grow, which might shut down or hamper some projects and blow up the value of associated tokens. Founders of DeFi projects who’ve hoarded the coins created to run them could suddenly cash out, causing prices to drop. SushiSwap’s pseudonymous creator, Chef Nomi, sold tokens worth roughly $13 million in September before reversing course amid community outrage.\n“You can’t get those yields in the traditional space”\nThe history of crypto is filled with cautionary tales about investments riding a wave of hype and then falling apart. Around 2018, so-called initial coin offerings raised billions of dollars for projects, most of which turned out to be duds. DeFi converts say the difference now is that applications such as exchanges and lenders are generating revenue, even if just from crypto speculation. Uniswap, which announces its user statistics in real time, had trading volume of $813 million in one recent 24-hour period, generating $1.8 million in fees for those staking their tokens in its liquidity pool.\nWhat about the value of the tokens many DeFi projects give out? These coins aren’t exactly equity and don’t always confer any direct claim to profits. Often they give holders voting rights on the future of the project; investors may be hoping that as the protocols they’re associated with grow in popularity, so will the coins. But some DeFi platforms might not be as successful as they seem. Aleksander Kloda, who co-manages a DeFi fund at Nickel Digital Asset Management, says participation may be driven less by the value of a service than by the promise of free tokens. “In the short term, they can really make the picture a lot more difficult to read,” he says. “The logic is not quite correct if the volumes are only there because of the additional motivation the protocol gives you to participate.” As an investor, he tries to identify projects that have built up sustainable volume even without tantalizing yields.\nAdvocates of DeFi say the idea is still in its infancy, and it could eventually broaden its uses and reach into more traditional areas of finance. Their dream is a financial system run on the internet that doesn’t involve a credit officer at a JPMorgan branch, or a Citadel Securities investing in high-frequency infrastructure tokeep stock trading liquid.\nBut Elaine Ou, a blockchain engineer at Global Financial Access, argues there’s nothing wrong with DeFi being used only for crypto trading, either. “Look at Vegas and Macau—part of the reason they’re so valuable is that they allow you to do what other jurisdictions have banned,” says Ou, who alsowritesfor Bloomberg Opinion. “It is possible to build an entire industry up around speculation.”","news_type":1,"symbols_score_info":{"GBTC":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4810112,"gmtCreate":1623845576137,"gmtModify":1635316425282,"authorId":3575958434174944,"author":{"id":3575958434174944,"idStr":"3575958434174944","authorId":3575958434174944,"name":"Shadotaiger","avatar":"https://static.tigerbbs.com/c26a9d060fabab1c1347edbfc7329574","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":169578359,"type":1,"supId":0,"prevId":0,"content":"comment pls thanks","text":"comment pls thanks","html":"comment pls thanks"},{"id":4810176,"gmtCreate":1623845750800,"gmtModify":1635316420042,"authorId":3572826093389291,"author":{"id":3572826093389291,"idStr":"3572826093389291","authorId":3572826093389291,"name":"Tadalada","avatar":"https://static.tigerbbs.com/b72694826dfd7043f27335bde2e7e70b","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":169578359,"type":1,"supId":4810112,"prevId":0,"content":"Tks","text":"Tks","html":"Tks"},{"id":4810252,"gmtCreate":1623845970720,"gmtModify":1635316413521,"authorId":3581930297199023,"author":{"id":3581930297199023,"idStr":"3581930297199023","authorId":3581930297199023,"name":"63c12ad9","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":169578359,"type":1,"supId":0,"prevId":0,"content":"Return","text":"Return","html":"Return"},{"id":4810745,"gmtCreate":1623847081247,"gmtModify":1635316372074,"authorId":3572826093389291,"author":{"id":3572826093389291,"idStr":"3572826093389291","authorId":3572826093389291,"name":"Tadalada","avatar":"https://static.tigerbbs.com/b72694826dfd7043f27335bde2e7e70b","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":169578359,"type":1,"supId":4810252,"prevId":0,"content":"tks","text":"tks","html":"tks"},{"id":4810753,"gmtCreate":1623847091217,"gmtModify":1635316371436,"authorId":3572826093389291,"author":{"id":3572826093389291,"idStr":"3572826093389291","authorId":3572826093389291,"name":"Tadalada","avatar":"https://static.tigerbbs.com/b72694826dfd7043f27335bde2e7e70b","vip":1,"crmLevel":6,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":169578359,"type":1,"supId":0,"prevId":0,"content":" L[Smile]","text":" L[Smile]","html":" L[Smile]"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":77,"commentSize":59,"repostSize":0,"favoriteSize":1,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}