观点:为什么互操作性对DeFi很重要?

币圈资讯 阅读:37 2024-04-22 11:02:27 评论:0
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作者:Haotian | CryptoInsight;来源:作者推特@tmel0211

当DeFi被贴上“套娃”的标签之后,以太坊其实就已经步入“共识过载”的晚年了。

而此刻要对抗Solana等新锐性能链的冲击,以太坊除了守护DA正统性不断扩大Rollup layer2阵营之外,其实还有另一条路可走:通过interoperablity可交互操作性,向全链释放流动性。

没错,与其泡沫过大自缚,不如把过载的流动性,分流出去一部分,让这些Old DeFi品牌把触角伸向多链环境下,进而构造成全新的“竞争壁垒”。

今天要分享的Entangle,正致力于解决DeFi全链流动性的问题。乍一听和LayerZero以及Cosmos都有点类似,那么,这些可交互操作性方案的区别是啥?Entanglefi具体如何攻克复杂Oracle挑战下的DeFi跨链跨链问题?接下来,我试着从商业叙事角度,分析下,为什么interopeablity对DeFi很重要?

Cosmos 通过SDK和IBC协议,解决了异构链之间的互操作性问题,是构建多链互通的infra,LayerZero通过跨链和预言机等工具和协议,提供了一个通用可扩展的跨链互操作性框架。

而Entangle则专注于DeFi生态项目,提供了促进跨链DeFi协议流动性互通的解决方案:Liquid Vaults 和Oracle,进而改善资本流通效率,提升用户体验。

简单来说,cosmos和layerZero提供的interoperablity能力,更偏链底层infra一些,构建了框架,而Entangle则聚焦于DeFi应用层,锚定DeFi偏好的“资本流通效率、交易摩擦、Oracle喂价合理性”等提供了专项可交互操作能力。

不过,要实现DeFi协议的全链流动性整合、管理、组合应用等并非易事。如何做呢?

1)Liquid Vaults,Entangle提供了一个中间层跨链资产库;用户在A链比如Uniswap中质押了流动性,得到的LP凭证可以存入Liquid Vaults中,Entangle合约会生成一个receipt收据(LSD),原先的LP依旧可在Uniswap享有收益,而这个收据则可以作为新的流动性直接跨链,组合到其他DeFi流动性中来扩大收益。目前,至少存在14B的DEX流动性规模可用于流动性延展、扩充应用。

基于用户本位,interoperablity层可整合接入的链数量越多,可实现的资产流通场景就越丰富,尤其是能将EVM和Non-EVM的异构链也连接起来,会减少用户跨链操作所需的步骤和复杂性,减少交易摩擦,本来就是一个刚需,比如:跨钱包、跨链桥等;

可交互操作层提供的“跨链桥”服务和其他专门做跨链服务的协议商业逻辑不太一样,interoperablity做跨链目标是让A链的资金以最低的摩擦在B链产生流通,注重的是资产在DeFi中的流通和使用,不像传统跨链桥,仅手续费本身就是一种交易摩擦。

总之,Liquid Vaults作为中间层,为已知DEX中的流动性构建全新可流通的凭证(LSDs),既省去了用户端复杂的资产跨链操作,降低了交易摩擦,又扩大了存量流动性的价值覆盖范围,扩大了收益可能性。

这背后涉及异构链之间智能合约通信问题、异构链资产桥接问题,不同原生链接口统一规范问题等等,尤为考验整合链的链通信和资产管理、调度能力。

2)Oracle预言机,在完成异构链资产跨链聚合Vault服务后,又一个挑战是如何实现DeFi协议间的状态interoperablity协调,比如,用户在A链Lending平台质押了资产得到了一个LP凭证,然后通过Entangle将该recepit使用到了B链,B链又再次将该凭证进行了质押借贷。 一个极端的情况下,若资产价格发生大幅波动,一旦Oracle协调不好双边资产状态,就容易出现坏账,比如,用户在B链资产被清算之前,提前在A链将资产进行了赎回操作。

处理这个棘手问题的关键就是Oracle预言机喂价机制,Oracle需要能实时整合链上+链下价格数据,并能基于TWAP以及VWAP进行有效的时间和交易量加权喂价,从而在A、B链上预测可能性的资产状态转变,然后给出正确的资产处理决策,避免因预言机喂价和通信问题产生坏账。

基于liquid Vaults 解决资产跨链摩擦,基于Oracle解决资产链间状态管理,能协调好这两块,一套专供于DeFi流通场景的interoperablity解决方案就可以应用了。

为啥对以太坊而言可以缓解DeFi共识过载问题呢?逻辑也很简单:

1)在单链内DeFi操作存在套娃局限:在一条链内搞DeFi套娃以及Restaking叠加,其实是限制流动性来增加未来增值资产预期,虽然可以创造新的盈利机会,但同时也限制了资产的流动性。资产在这些操作中被锁定,因此不能用于其他潜在的投资机会。

2)跨链流动性扩展,跨链互操作性允许一个在A链已经被应用过的资产,流动到其他链去组合其他链的流动性来寻找价值,不仅可以为新链带来资本和活跃度,也相当于为原链完成了减压;

3)DeFi协议稳定运营后,资金体量、用户量、收益率等都会成为一种无形的品牌、信誉资产,通过interopeability的方式将品牌间接延展到其他链,其实也算一种品牌增益。避免了很多老品牌不愿扩充新链的顾虑,也避免了重启炉灶存在的各种拓新风险成本。

大家也能感知到,Data Availability和Interoperability领域早已混战一片了,前者以太坊想守住边界,但却正不可避免的遭到模块化思想的入侵,后者怎么看都是一种百利无一害的机会。

即使未来以太坊不幸成为众链之中的一个“DeFi模块底层”,也没有人能撼动以太坊的地位。

Note:interoperability确实是个值得关注的方向,Chainlink算鼻祖了,LayerZero一言难尽,此外,Wormhole以及 ZetaChain 都值得关注下,抽空再详细分析。


Author Source Author Twitter After being labeled as a doll, Ethereum has actually entered the old age of consensus overload. At this moment, in order to counter the impact of cutting-edge performance chains, Ethereum actually has another way to go besides guarding the expanding camp of legitimacy, and releasing liquidity to the whole chain through interoperability. Yes, it is better to divert some of the overloaded liquidity than to let these brands extend their tentacles to the multi-chain environment and construct a brand-new competitive barrier today. What I want to share is to solve the problem of full-chain liquidity. At first glance, it sounds a little similar. So what is the difference between these interoperability schemes? How to overcome the cross-chain cross-chain problem under complex challenges? Next, I try to analyze why it is very important to solve the interoperability problem between heterogeneous chains through agreements and agreements. It is to build multi-chain interoperability, and provide a universal and extensible cross-chain interoperability framework through tools and protocols such as cross-chain and Oracle. Note that the ecological project provides a solution to promote the liquidity interoperability of cross-chain agreements, thereby improving the efficiency of capital circulation and enhancing the user experience. In short, the provided capabilities are more biased towards the bottom chain, while the application layer focuses on anchoring the preferred capital circulation efficiency, transaction friction and price rationality, providing special interoperability capabilities. However, it is not easy to realize the full-chain liquidity integration management combination application of the agreement. How to do it? It provides a middle-tier cross-chain asset library for users. For example, the vouchers obtained by pledging liquidity in the chain can be deposited in the contract, and a receipt will be generated. The original one can still enjoy the benefits, and this receipt can be directly combined with other liquidity as new liquidity to expand the benefits. At present, at least the existing liquidity scale can be used for liquidity expansion and application. The more chains that can be integrated and accessed based on the user-oriented layer, the richer the realizable asset circulation scenarios, especially the heterogeneous chains that can be connected with each other, which will reduce the cross-chain of users. Steps and complexity required for operation to reduce transaction friction is originally a cross-chain bridge service provided by an interoperable layer, such as cross-wallet cross-chain bridge, which is not the same as other agreements specializing in cross-chain services. The goal of cross-chain is to make the chain funds circulate in the chain with the lowest friction, focusing on the circulation and use of assets in the chain, unlike the traditional cross-chain bridge, the handling fee itself is a kind of transaction friction. In short, as an intermediate layer, it builds a brand-new negotiable basis for the known liquidity. The certificate not only saves the complex cross-chain operation of assets at the client, reduces the transaction friction, but also expands the value coverage of stock liquidity and the possibility of income. This involves the intelligent contract communication between heterogeneous chains, the bridging of heterogeneous chain assets, the unified specification of different native link ports, and so on, which especially tests the chain communication and asset management scheduling ability of integrated chains. After completing the cross-chain aggregation service of heterogeneous chain assets, another challenge is how to realize the state coordination between protocols, such as the user's. The chain platform pledged the assets, got a voucher, and then pledged the voucher again by using it in the chain. In an extreme case, if the asset price fluctuates greatly, once the bilateral asset status is not well coordinated, bad debts will easily occur. For example, the user redeemed the assets in the chain in advance before the chain assets were liquidated. The key to deal with this thorny problem is to predict that the machine feeding mechanism needs to be able to integrate the online and offline price data in real time, and it can be based on and effective. Weighted pricing based on the time and transaction volume, so as to predict the possible asset state transition in the chain, and then give the correct asset processing decision to avoid bad debts caused by the problem of Oracle feeding and communication. Based on solving the cross-chain friction of assets, based on solving the state management between asset chains, these two sets of solutions dedicated to circulation scenarios can be applied. Why can the consensus overload problem be alleviated for Ethereum? The logic is also very simple. There are dolls operating in a single chain and they are limited to one chain. Eva and superposition actually limit liquidity to increase future value-added assets. Although it can create new profit opportunities, it also limits the liquidity of assets. Assets are locked in these operations, so they cannot be used for other potential investment opportunities. Cross-chain liquidity expansion and cross-chain interoperability allow an asset that has been used in one chain to flow to other chains to combine the liquidity of other chains to find value, which can not only bring capital and activity to the new chain, but also decompress the original chain. After the stable operation of the agreement, the amount of funds, the amount of users, the rate of return and so on will become an intangible brand reputation asset. In fact, it is also a brand gain to indirectly extend the brand to other chains, which avoids the worries of many old brands who are unwilling to expand the new chain and the various risks and costs of restarting the stove. Everyone can also feel that the former is already in a scuffle with the field, but the latter is inevitably invaded by modular ideas. There is no chance of harm. Even if Ethereum unfortunately becomes a module at the bottom of the chain in the future, no one can shake the position of Ethereum. It is indeed a direction worthy of attention, and it is a long story. Besides, it is worth paying attention to and analyzing it in detail. 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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