探究新 Ponzi 项目：BaselineMarkets 的核心机制解析
作者：陈默，BV DAO创始人 来源：X，@cmdefi
最近新出现的 Ponzi 项目真是不少，总结几点昨天特别火的BaselineMarkets $YES 。
1. 无清算借贷模块是推土机的发动机，这一点刚开始被大多数人忽略了（也包括我）。没有清算，到期了没有还款直接销毁抵押的 YES，YES 通缩。
2. OHM 核心成员的参与这个绝对是加分了，基本抵消了项目前身被黑等 debuff。
3. 借贷出来的 ETH 来源于储备金，其实本质上是 YES 的底池支撑。如果采用循环借贷不断买入 YES，其实也是协议所希望的。而对于用户来说，这是一个无需清算的最大杠杆。可以说在这个层面实现了双赢，而风险方面也是相应的。被借出来的 ETH 越多，YES 在上一个 Floor price 的支撑就会变少。但如果从全局角度考虑，若大部分借款全部用于购买 YES，则推动了 YES 价格上涨，同时 ETH 又进入到池子里，Floor price 随之不断上涨，形成正向飞轮。
4. 根本上还是延续了 OHM 的 (3,3) 游戏。假如大家都上杠杆去买并且 hold，相当于 (9,9)，这就会形成永动机。注意这里有个关键点就是它这个借贷设计是没有清算的，也就是说即使有人离场价格下挫，不会因为杠杆被清算而造成被动砸盘。也就是说即使价格跌了，只要贷款时间没有到期，你仍然可以继续拿着。理论上只要你不想卖，就可以当成现货。虽然说贷款有期限，但是官方文档里看好像可以延期，具体这块还不知道是否现在能支持。这套玩法的核心风险（除了合约风险以外）其实跟 OHM 早期一样，还是大户集体获利抛售，也就是 (-3,-3)。
写的比较匆忙，有不严谨的地方欢迎指正。
Author Chen Mo, the source of the founder, has a lot of new projects recently. Several points are summarized. Yesterday, the non-liquidation lending module that was particularly popular was the engine of bulldozers. At first, this was ignored by most people, including the participation of deflationary core members who did not liquidate and directly destroy the mortgage when the repayment expired. This definitely added points, which basically offset the fact that the predecessor of the project was borrowed from the reserve, which was actually the pot support. If revolving lending was adopted, it was actually an agreement. It is hoped that for users, this is the biggest leverage without liquidation. It can be said that a win-win situation has been achieved at this level, and the risk is also corresponding. The more loans are lent, the less support the previous one will have. However, if most of the loans are used for purchase from a global perspective, it will push up the price, and at the same time, it will enter the pool and rise continuously to form a positive flywheel, which will basically continue the game. If everyone goes to leverage to buy and it is equivalent to this, it will form a perpetual motion note. The key point here is that its loan design is not liquidated, that is to say, even if someone leaves the market, the price will not fall because the leverage is liquidated, which means that even if the price falls, as long as the loan time does not expire, you can still keep it. In theory, as long as you don't want to sell it, you can use it as a spot. Although it is said that the loan has a term, it seems that it can be extended in the official documents. It is not known whether the core risk of this game can be supported now. In addition to the contract risk, it is actually the same as in the early days, which is written in a hurry 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
注册有任何问题请添加 微信：MVIP619 拉你进入群
打开微信扫一扫
添加客服
进入交流群
1.本站遵循行业规范，任何转载的稿件都会明确标注作者和来源；2.本站的原创文章，请转载时务必注明文章作者和来源，不尊重原创的行为我们将追究责任；3.作者投稿可能会经我们编辑修改或补充。
