流动性再质押代币的流动性如何？

The data availability of the first main online line of Shanouba Bitcoin Trading Network is launched today, which marks the official opening of the times. Although the market still has a long way to go, a trend has become very clear. The deposits that flow tokens will become the main way are all made through, but what is the liquidity of these assets? This report will discuss this issue in depth and solve the subtle differences around it and introduce the liquid re-pledge tokens through a kind of method called re-pledge. The new crypto-economic primitive realizes the reuse on the consensus layer of Ethereum. It can be re-pledged in two main ways. The original re-pledged token or the liquid token is used to protect other applications called active authentication service, which in turn enables the re-pledged person to earn additional pledge income. The main complaint of users about pledge and re-pledge is the pledge cost. This problem can be regarded as representative use through the liquid pledge token. The number of mobile receipt tokens pledged by households is about $100 million, which is the largest field so far. Now it accounts for about all pledged ethereum. With the continuous popularization, we expect that the field of mobile pledge tokens will follow a similar or even more radical growth model. Although it does have some similar characteristics, their mission is quite different. The ultimate goal of each is basically the same to pledge users and provide them with mobile receipt tokens. The target is to entrust the user's pledge to the operator, and then the operator will support a series. Each operator can decide for himself how to distribute the pledge entrusted by them to these different operators, which will have a great impact on the overall activity, operational performance and the security of re-pledge. Finally, they must ensure that the uniqueness supported by each operator is properly assessed, because risk reduction may vary according to the services provided. Please note that for most operators, the start-up time is cut. The risk reduction is basically zero, but with the passage of time and the gradual unlicensed pledge market, we will gradually see the auxiliary wheel cancelled. However, despite the structural risk differences, there is still a similarity. It is particularly important to reduce the opportunity cost by providing mobile receipt tokens that can be used as productive collateral in the ecosystem or by alleviating the withdrawal period, because one of the main benefits is to bypass the traditional withdrawal period itself, which is the core principle that the withdrawal period is a day in view. We expect that with the increase. As the entry threshold of new pledge is so low and the exit threshold is so high, the antagonistic net selling pressure will naturally exist, so liquidity will be its lifeline. Therefore, it is very important to understand the driving factors for the growth of the agreement and how these factors will affect the inflow and outflow in the next few months. As of the writing of this article, the deposits are all made through mobile pledge tokens. In order to facilitate understanding, the deposits as of the date of the month are about 10,000 US dollars, and they have increased today, that is, the date of the month. It has grown to about US$ 100 million, which is impressive in less than a month. However, with the continued dominant deposit growth, there are still some important factors to be considered. Not all the pledges made up of the same underlying assets will change in the long run, but in the short term, the most important thing is that different liquidity conditions are very different. In view of the fact that liquidity is the most critical advantage, most of the contents of this report will focus on this point. Inspired by the speculative nature, we can assume that this will be transformed into some form of airdrop distribution of potential tokens. At present, there is no active reward, which means that there is no additional incremental income except these natural pledge rewards. In order to drive and maintain the market of more than 100 million dollars, we will naturally find a balance between the expected incremental income and the natural price that we are willing to pay for security. For depositors, we have seen and managed the airdrop of tokens, which has achieved great success after its launch. By the time of writing, its fully diluted valuation is about $100 million. Considering all the above factors comprehensively, with the online launch and other expected airdrops, it is more and more likely that some funds will be transferred from. However, as far as reasonable income is concerned, it is difficult for users to find other higher income that is not involved in the Ethereum ecosystem. There are some interesting income opportunities in the whole Ethereum ecosystem, such as a synthetic stable currency, which is supported by pledged and hedged futures short positions. The agreement is currently provided on its products. In addition, as users become more familiar with interoperability and bridge to new chains, revenue chasers may look to other places, which may lead to the overall loss of productive capital from Ethereum. In summary, we think it is reasonable to assume that we will not see any more incremental pledge revenue events than this except for potential token airdrops and large blue chips, which have raised high-digit valuations in the private equity market and may issue tokens. Therefore, we can reasonably assume that in these events. After the incident, a certain proportion will flow out of the deposit contract through withdrawal. In view of the cooling-off period of days for withdrawal and the fact that most of the funds are carried out, the fastest way to withdraw is to exchange your money. However, these different liquidity are very different, and many of them cannot be withdrawn on a large scale at the market price. In addition, as of the writing of this article, it is the only provider that enables withdrawal. We believe that transactions below the value of its underlying assets will lead to painful arbitrage in the re-pledge agreement. Imagine a market maker who trades at its underlying value. Non-atomic arbitrageurs may step in to buy this and continue the redemption process. Assuming that the price is hedged, they are expected to make about a profit. A common observation of supply and demand is that they are more likely to face the pressure of net selling because sellers may avoid the withdrawal queue for days. On the other hand, users who want to re-pledge may immediately deposit their benefits that they have almost no pledge compared with their purchases in the open market. By the way, we. It is expected that once a number of online products are fully implemented with the rewards and reduction mechanism in the agreement, the final decision on whether to withdraw or continue to re-pledge will depend on the incremental benefits provided by re-pledge. Personally, we think that many people underestimate the incremental benefits provided by re-pledge, but this will be the content of another report. The data part of this month's report will track the top-level growth, adoption and liquidity, as well as any important news that we think should be covered. Although there are several key advantages compared with traditional pledge through and pledge. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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