会像UST一样失败？剖析Ethena 和 UST 不同之处

Will the bitcoin trading network collapse in a crisis? I see that there are some misunderstandings in the contents of some posts. I just want to clarify these misunderstandings in this article. I have nothing to do with them and I will not get any benefits from their success or failure. First of all, what is it? Take the synthetic dollar agreement as an example. When buying spot or at the same time, it will hedge the nominal amount of short positions accordingly. So why is it a dollar? This is because it is collected under any normal circumstances. The profit is fixed, as long as the basis of the perpetual contract of forward futures against the spot remains unchanged, a basket of spot and its corresponding short positions will maintain the same value, and there is no position and capital rate, so why is it so attractive? In short, because capital injection has been very active in the bull market, everyone is looking for leverage and borrowing in cheap dollars every hour. If the market goes up every day, this is not a problem, so the recent rate of return seems to be about as long as there is a demand for leverage in this field. It is possible to continue, but it fails because supporting the issued collateral is original. With the collapse of the price, the available collateral denominated in US dollars has gone through a vicious circle of self-reinforcement when it is issued and sold to the market. However, generally speaking, supporting the issued collateral is a basket of assets, which usually keeps its value in the whole price range, as long as the basis of spot perpetual contracts or spot futures contracts does not skyrocket, cryptocurrencies usually show downward convexity, and the price falls faster than that of others. In my opinion, this design is actually very beneficial. As the price keeps falling, the proportion of US dollar cash held without liquidation actually increases. In the following example, you can see that there will be cash in the collateral basket when it falls. Is there any risk? If there is any risk, it is that using it as collateral is much less liquid than the spot. However, after the upgrade, the discount bottomed out. Before, the seller was subject to the buyer's remittance. The rate of increase is serious. Sellers can choose a longer waiting time of days and then withdraw and exchange it for another elephant in the room. It will be the risk of a counterparty exchange. If an exchange goes bankrupt due to the crisis, it may experience significant impairment, but their exchange list looks quite good, leaving the last risk. The concept of operational risk should work. It is quite clever, but it also depends on the intelligent transaction execution and risk management with uncertainty to some extent. In the crisis of confidence, as long as the execution is perfect. There will be a bottom price because a basket of assets will maintain its value. However, I have noticed that generally speaking, crisis situations will make us make mistakes, and traders may be tempted or forced to withdraw from the basis trading, thus creating risks. However, in general, the basic concept should be feasible, and it may also change the market mechanism and bring new price relations. However, in this respect, we can only evaluate it in the future. I think it will actually help the bull market. Current market makers usually do not hedge with spot bulls. Their perpetual contracts are short unless they are polishing the basis. What they want to see is a general disappearance. Although it is neutral, the spot demand it inadvertently creates will cause more upward price slippage and put pressure on the basis. In short, the concept is good and the function is good. If it fails, it will be because of the implementation and risk problems in the marginal situation. 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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