论文标题
产量：加拉帕戈斯综合征
Yields: The Galapagos Syndrome Of Cryptofinance
论文作者
论文摘要
在本章中，将分析产生隐脚产量的结构，并与杠杆作用有关。尽管大多数加密资源本身没有内在收益率，类似于法定货币的现金持有，但基于智能合同的革命创新，这能使分散的财务能够产生回报。例子包括在分散交易中向自动化的做市商提供贷款或提供流动性，以及在Stake区块链证明的情况下进行区块形成。在集中式交流中，永久和有限的持续时间期货可以溢价或折扣与现货市场的长时间交易，而交易的一侧可获得收益。由于市场细分和风险概况差异，产品和场地之间的产量差异存在。 Cryptofance最初是由Legacy Finance避开的，并独立发展。这导致了好奇和想象力的改编，让人联想到达尔文的雀科，包括稳定的美元转移硬币，永久性的杠杆作用，以及用于交易和投资的新贸易交易所。
In this chapter structures that generate yield in cryptofinance will be analyzed and related to leverage. While the majority of crypto-assets do not have intrinsic yields in and of themselves, similar to cash holdings of fiat currency, revolutionary innovation based on smart contracts, which enable decentralised finance, does generate return. Examples include lending or providing liquidity to an automated market maker on a decentralised exchange, as well as performing block formation in a proof of stake blockchain. On centralised exchanges, perpetual and finite duration futures can trade at a premium or discount to the spot market for extended periods with one side of the transaction earning a yield. Disparities in yield exist between products and venues as a result of market segmentation and risk profile differences. Cryptofinance was initially shunned by legacy finance and developed independently. This led to curious and imaginative adaptions, reminiscent of Darwin's finches, including stable coins for dollar transfers, perpetuals for leverage, and a new class of exchanges for trading and investment.
