高性能链上的 DeFi 机会

币圈资讯 阅读:31 2024-04-22 09:01:54 评论:0
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作者:Derek Walkush

由于 L2 的增长,以太坊生态仍然是大多数 DeFi 选择的战场。然而,Solana、Aptos 和其他高性能链最近的成功表明,它们将在 DeFi 的发展中发挥重要作用。

但是,高性能链与以太坊的不同之处可能是以太坊生态中经验丰富的 DeFi 建设者无法完全理解的。

下面,我将讨论我认为与 DeFi 项目相关的四个最重要的技术差异。理解高性能链的这些特征的建设者将能够抓住在熟悉的以太坊游乐场上可能无法实现的机会。

1: 吞吐量

高性能链的一个决定性特征是极高的 TPS。这项技术改进解锁了一系列在以太坊主网上无法实现的 DeFi 应用。在当前的以太坊 L2 上,实现快速确认极难实现,因为不仅要有证明生成 (zk) 和欺诈证明争议 (op) 时间,还要在主网上有 12 秒的最终确认。因此,就目前而言,高性能链是唯一可实现完全链上订单簿的可行解决方案。通过像 Block-STM 等技术的动态并行方法,使较新的 CLOB(如 Econia)有能力最小化冲突和最大化吞吐量。

为了 “完全链上化”,订单簿不仅必须能够支持交易结算(钱包之间的资产转移),还必须能够支持匹配引擎(交易者出价的地方)。后者更难在链上托管,因为订单簿必须吸收大量垃圾信息。虽然与 AMM 相比,订单簿需要更好的流动性和吞吐量,但它们不需要被动 LP,因此它为交易提供了更具资本效率的市场结构。

新项目还有另一个机会:虽然现货 DEX 为订单簿上的资产定价,但具有合成衍生品的 DEX 通常需要外部基础设施来提供价格,即预言机。虽然高性能预言机正在出现,但许多传统预言机无法满足高性能链 (1 秒以内确认时间) 的低延迟需求。


2: Gas 费

较低的 gas 费用,加上高吞吐量和低延迟,对高性能链上的 DeFi 应用程序构建者,尤其是 DEX 聚合器,具有诸多优势。

聚合器从各种链上 (甚至链下) 的流动性来源获取最优价格。但由于以太坊主网上的高 gas 和更高的延迟,价格通常只能从一个单一的 DEX 或者链下来源检索。

然而在高性能链上,低费用和低延迟的优势使得聚合器能够在不同的流动性场所找到资产的最佳价格。换句话说,聚合器可以在一个 DEX 上交换代币,但如果另一条路径提供了更佳价格,它可以选择在另一个 DEX 上再次交换,或者通过更复杂的路径。因此,聚合器的定价在高性能链上比在以太坊主网上更具竞争力。

Solana 的故事很能说明问题。Jupiter 是 Solana 的领先聚合器,控制着大约 80% 的交易流(在过滤掉机器人之后)。这与以太坊主网形成了鲜明对比。在以太坊主网,大量的交易流仍然通过 DEX 前端进行,多个聚合器控制着 ~40-50% 的订单流,没有单个前端控制超过 30-40%。这意味着流动性和订单流在高性能链上会自然解耦,聚合器总是会在多个场所为一次交换获取最优价格,这引入了一个自然的激励,即不建立自己的流动性(因为它可能无法提供最优价格)。流动性来源(例如,AMM、订单簿)可以尝试建立自己的专有订单流,但是他们可能无法在价格上与领先的聚合器竞争。

此外,资产桥基础设施和基于意图的协议的进步使得更高层次的出现成为可能:高性能链的跨链聚合器。随着活动越来越多地分布在不同的 L1 和与以太坊生态完全不同的架构中,一个单独的跨链聚合器可能非常有前景。

因此,高性能链上的聚合器也是一个巨大的机会。


3: 验证者选择

为了支持极高的 TPS,许多高性能链在其共识协议中妥协了去中心化。它们可以通过 DPoS、验证者集群等实现更高的可扩展性,通过不广播到整个大型节点网络,有效提高交易传播速度。

作为其共识协议的一部分,许多高性能链使用确定性的领导者时间表,这是一组预定义的验证者,负责对区块中的交易进行排序。因此,交易排序极其依赖于被选为领导者的验证者,因为他们处于排他性和既定的位置。这与以太坊截然不同,以太坊的验证者是伪随机选择的 (pseudo-randomly)。

领导者或代表的选拔方式多样,但确定性领导者时间表的结果是,某些验证者可以构建更多的区块并获得更大的奖励,这是自我强化的,这些验证者通常会获得更多的权益。此外,鉴于对状态访问的要求更高(以支持高 TPS、并行化等),高性能链通常具有更高的硬件要求,这意味着验证者的进入门槛更高(以前期成本的形式)。

这种动态为广泛的质押创造了一系列优势,尤其是对于流动性质押代币(虽然以太坊上的验证者选择非常重要,但它通常不会对整体质押收益率产生太大影响)。从本质上讲,一些能够获得最佳验证者的流动性代币 ( LST) 可以通过更高的收益率获得结构性优势。还有一个机会,那就是高性能链也可以尝试类似于以太坊的共享安全/再质押层,使能够访问最佳验证者的项目能够通过再质押进一步提高产量。


4: 积木构建

区块构建过程因链而异,但从广义上讲,高性能链和以太坊主网之间存在非常大的结构差异,这对 MEV 产生了很大的影响。

使用预订领导者日程表或委托的方式来验证交易可能会给打包交易带来挑战。先进先出(FIFO)模型有时要求搜索器向链发送垃圾交易,以尝试首先将这些交易包括在内,而不是有序地打包排序交易。不同的 gas 费用市场设计(尤其是 Solana 的本地费用市场)也意味着优先费并不总是会增加交易被包括在内的机会。这些架构使得执行 MEV 策略(如三明治攻击)变得具有挑战性。

此外,一些链(尤其是 Solana)没有公共内存池,这使得外部 MEV 搜索器更难检索交易并对其进行排序以执行 MEV 策略。像 Aptos 这样的管线流和并行区块链可以通过在并行执行处理阶段之前随机重新排序交易来破坏三明治攻击。

因此,高性能链上的 MEV 机会在结构上是不同的。区块链架构上的细微差异通常会对 MEV 产生重大影响。例如 Solana 上的 Jito 区块构建拍卖,对于建设者来说仍然是一个巨大的机会。这些架构为新型 MEV 基础设施创造了机会,但该主题仍在研究中,并不像以太坊主网上的 MEV 那样已经被众人理解。


写在最后

大部分高性能链生态还处于极早期,且通常都是粗暴地遵循了以太坊 DeFi 的发展路径。然而,上面提到的轻微分歧(可能还有许多其他我没有讨论过的内容)可能会极大地影响某些行业的发展轨迹,并为 DeFi 建设者创造巨大的机会。


Due to the growth, the Ethereum Ecology is still the battlefield of most choices. However, the recent success with other high-performance chains shows that they will play an important role in the development. However, the difference between high-performance chains and Ethereum may be that experienced builders in Ethereum Ecology cannot fully understand it. I will discuss the four most important technical differences related to the project. The builders who understand these characteristics of high-performance chains will be able to grasp them in the familiar Ethereum playground. A decisive feature of the high-performance chain of opportunity throughput realized by the method is extremely high. This technical improvement has unlocked a series of applications that cannot be realized on the main network of Ethereum. It is extremely difficult to realize rapid confirmation in the current Ethereum, because not only the time of proof generation and fraud proof dispute, but also the final confirmation in seconds on the main network. Therefore, at present, the high-performance chain is the only feasible solution to realize the complete order book on the chain. By using the dynamic parallel method of technology, the newer ones are available. Ability to minimize conflicts and maximize throughput. In order to fully chain the order book, it must not only be able to support the transfer of assets between transaction settlement wallets, but also be able to support the matching engine where traders bid. The latter is more difficult to be hosted on the chain because the order book must absorb a lot of junk information. Although it needs better liquidity and throughput than the order book, it does not need to be passive, so it provides a more capital-efficient market structure for transactions. There is another opportunity for new projects, although the spot is available. Assets in the order book are priced, but those with synthetic derivatives usually need external infrastructure to provide prices, that is, Oracle machines. Although high-performance Oracle machines are emerging, many traditional Oracle machines can't meet the low-delay demand of confirmation time within seconds of high-performance chain. The lower cost, high throughput and low delay have many advantages for application builders in high-performance chain, especially aggregators. Aggregators obtain the best prices from various liquidity sources on the chain or even under the chain, but because of Ethereum owners, The high and higher delayed prices on the Internet can usually only be retrieved from a single or offline source. However, the advantages of low cost and low delay on the high-performance chain enable the aggregator to find the best price of assets in different liquidity places. In other words, the aggregator can exchange tokens on one route, but if another route provides a better price, it can choose to exchange them again on another route or through a more complicated route, so the price of the aggregator is higher on the high-performance chain than on the main network of Ethereum. The more competitive story is very telling. The leading aggregator controls about the transaction flow, which is in sharp contrast with the main network of Ethereum after filtering out the robot. In the main network of Ethereum, a large number of transaction flows are still carried out through the front end, and the order flow controlled by multiple aggregators is not exceeded by a single front end control, which means that liquidity and order flow will be naturally decoupled in the high-performance chain. Aggregators will always obtain the optimal price for an exchange in multiple places, which introduces a natural incentive, that is, Don't build your own liquidity because it may not provide the best price liquidity source. For example, order books can try to build their own proprietary order flow, but they may not be able to compete with the leading aggregators in price. In addition, the progress of asset bridge infrastructure and intention-based protocols makes it possible for a higher level to appear. Cross-chain aggregators of high-performance chains are increasingly distributed in different architectures and completely different from Ethereum ecology with activities. A single cross-chain aggregator can It is very promising, so the aggregator on the high-performance chain is also a huge opportunity for the verifier to choose. In order to support the extremely high performance chain, they compromise decentralization in their consensus agreement. They can achieve higher scalability by not broadcasting to the whole large-scale node network, and effectively improve the transaction propagation speed as part of their consensus agreement. Many high-performance chains use deterministic leader schedules. This is a set of predefined verifiers who are responsible for the handover in the block. It is easy to sort, so the transaction sorting is extremely dependent on the verifier who is selected as the leader, because they are in an exclusive and established position, which is completely different from Ethereum. The verifier of Ethereum is a leader or representative selected in a pseudo-random way, but the result of the deterministic leader schedule is that some verifiers can build more blocks and get greater rewards, which is self-reinforcing. These verifiers usually get more rights and interests. In addition, in view of the higher requirements for state access, High-performance chains, such as high parallelism, usually have higher hardware requirements, which means that the entry threshold for verifiers is higher. In the form of upfront cost, this dynamic has created a series of advantages for extensive pledge, especially for liquid pledge tokens. Although the choice of verifiers in Ethereum is very important, it usually does not have much impact on the overall pledge yield. In essence, some liquid tokens that can get the best verifiers can gain structural advantages through higher yield. One opportunity is that the high-performance chain can also try the shared security re-pledge layer similar to that of Ethereum, so that the project with access to the best verifier can further improve the output through re-pledge. The building process of building blocks varies from chain to chain, but in a broad sense, there is a very big structural difference between the high-performance chain and the main network of Ethereum, which has a great impact. It may be a challenge to verify the transaction by booking the leader's schedule or entrusting, and the FIFO model is sometimes necessary. Asking the searcher to send junk transactions to the chain in order to try to include these transactions first, instead of packing and sorting the transactions in an orderly way. Different fee market designs, especially the local fee market, also mean that priority fees do not always increase the chances of transactions being included. These architectures make it challenging to execute strategies such as sandwich attacks. In addition, some chains, especially those without public memory pools, make it more difficult for external searchers to retrieve transactions and sort them to execute strategies such as pipelines. Streaming and parallel blockchains can destroy sandwich attacks by randomly reordering transactions before parallel processing, so the opportunities on high-performance chains are different in structure. The subtle differences in blockchain architectures usually have a great impact on, for example, the auction of block construction on the Internet is still a huge opportunity for builders. These architectures have created opportunities for new infrastructure, but the theme is still under study, but it has not been understood by everyone as in the main network of Ethereum. Most of the high-performance chain ecosystems are still in the very early stage and usually follow the development path of Ethereum rudely. 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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