加密金融商业模式的剖析与思考

深潮Published on 2024-09-23Last updated on 2024-09-23

这个市场已经被DeFi教育得非常彻底了,仅靠Tokenomics的创新玩不转或者只能玩很短的时间。

作者:YettaS

大概整理了一下我对各类Fi的思考,从DeFi到CeDeFi到PayFi,以及贯穿其中的StableCoin,欢迎大家一起来讨论。

我把现在的商业模式归为四类

1.主打链上收益,其收入在于费用分成。这个其实是上个Cycle的关键词,譬如DeFi三件套通过提供金融场所来赚取收益,这个Cycle最大的创新出现在Pendle。这类机会我觉得越来越少,除非有delivery-centric级别的创新。

2.主打链上链下收益套利,其收入在于产品收费。这个模式是这个Cycle的主流,Ondo Finance把RWA收入带到链上;Ethena Labs把DN收益策略带到链上;BounceBit把很多BTC cedeFi策略带到链上,都是同一个逻辑。这个赛道现在竞争非常同质化,很倦。

3.主打链上流动性,其收入在于结算费用。这里的经典案例是孙哥的TRC20-USDT,当年大家还没看到稳定币在链上的巨大机会,ETH转U又贵又慢,而Tron上又便宜又快,孙哥立马开始大规模补贴挤占市场,花了数亿元(当然来自Tron节点收益)来补贴TRC20-USDT的交易所充提,凡在当时充提基本能享受16%-30%的收益,所以就有了现在我们看到的Tron一年近$1.5b的收入。这里面我觉得有机会,但需要找到链上流动性割裂的地方,譬如Noble是一个资产发行链,现在主要帮助USDC在各种appchain上做发行。

推荐阅读:进击的波场的TRC20-USDT,到底什么来头?

4.主打链上链下流动性与金融性,这里面囊括的东西就非常广泛了,USDT/USDC这样的出入金体系以及Solana Lily Liu 现在提的 PayFi 都算在里面,其核心是把支付与拆借融合在一起,借用链上效率来提高链下的资金速率并降低资金成本。这里面需要连接并整合大量链下真实需求,这也是为什么DoveyWanCN说除非“打过互联网或者互金的仗,或者跨境电商/drop shipping 总之对全球现金流上手过”,这里面所需要的对Web2的knowhow远不是过去我们Native Crypto可以干出来的。

我的一些看法

1.这四类模式难度与叙事性均依次递增,市场已经到了第三类与第四类竞争的阶段,可以打出差异化并且护城河很高;

2.这个市场已经被DeFi教育得非常彻底了,仅靠Tokenomics的创新玩不转或者只能玩很短的时间;

3.市场从来都只会给第一名最高Premium,像Ondo与Ethena一样去做市场的第一名,不要去卷同质化竞争;

4.想明白到底在套利什么?需求、技术还是监管,这些在过去不能发生到底是因为什么?譬如拉美支付不接Crypto肯定不是技术;

5.每种模式Founder所需要的个人能力栈与资源要求完全不同,Founder Product Fit在投资者这里是第一位的。

这样一列,机会其实大把的有,希望Founder们格局打开,做点不一样的东西。

2049期间有对各种Fi感兴趣的小伙伴欢迎来约!

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From Mining Pool to Mars: Why Is Wang Chun in the SpaceX Cockpit?

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