FTX 败局背后的 DeFi 大赢家:读懂稳定币脱钩风险定价协议 Y2K Finance

FPublished on 2022-11-14Last updated on 2022-11-14

Abstract

Y2K 为稳定币、封装代币等提供了一个对冲风险的工具,也在未脱钩时为另一方提供了丰厚的收益。

Y2K 为稳定币、封装代币等提供了一个对冲风险的工具,也在未脱钩时为另一方提供了丰厚的收益。

过去的一周,FTX 成了 Web3 领域绝对的头条。FTX 的暴雷不仅影响了一众中心化的机构,同时也蔓延到了稳定币领域。以 FTT 为主要抵押品之一的算法稳定币 MIM,以及市场出现储备资金相关问题时总会被波及的 USDT 先后出现了短暂的价格脱钩。

在市场巨大的恐慌中,却有一些 DeFi 玩家在短短一周的时间内,通过稳定币的脱钩实现了数倍的收益。而这个对冲风险的 DeFi 协议就是今天的主角Y2K Finance。

Y2K Finance 运行机制

Y2K Finance 是建立在 Arbitrum 上的协议,当前上线的产品为 Earthquake,该产品是一款为稳定币脱钩提供对冲工具的产品。相比于当前市场上存在的去中心化保险产品,Earthquake 更加像一场「赌博」。

在 Earthquake 中,用户可以选择向 Risk vaults 或 Hedge vaults 中存入资金。其中,Risk vaults 代表着相信在 vaults 续存期间某类资产不会出现脱钩;Hedge vaults 则是为该资产在 vaults 续存期间出现脱钩下的「赌注」。用户在存入资金后,会获得一枚 ERC-1155 格式的代币来代表在该池中的份额。

类比来说,Risk vaults 就像保险协议中用户存入的,用作意外发生时赔偿金的流动性,而 Hedge vaults 内资金类似保险金。

当资产未出现脱钩时,Risk vaults NFT 持有者将按照份额获得一部分 Hedge vaults 中的资金。若资产出现脱钩,Risk vaults NFT 持有者仍将按照份额获得一部分 Hedge vaults 中的资金,但 Hedge vaults NFT 持有者将瓜分 Risk vaults 中的所有资金。资产价格以 Chainlink 喂价为准。

Y2K Finance 为当前上线的每种稳定币设定了一个脱钩价格。例如 MIM 为 0.975 美元,USDT 为 0.991 美元,USDC 为 0.997 美元。该价格是通过此类稳定币资产过去的价格在剔除极端价格后,经过设计过的算法计算出的价格。值得一提的是,只需要 Chainlink 喂价低于设定价格,就会认定为脱钩,所以协议风险很高,同时也可能会出现价格操纵风险。

协议会对每期的 Hedge vaults 收取存入资金 5% 的费用,也会在脱钩发生时对收取 Risk vaults 存款 5% 的费用。

发展路线图

除了当前上线的 Earthquake 之外,Y2K Finance 未来将上线允许用户交易 vaults 中头寸的交易市场 Wildfire。交易将通过 0x Protocol 完成。此外,未来的规划还包括新产品 Tsunami(暂无细节信息)、上线针对 stETH、WBTC 等资产的 Vault、上线针对更多稳定币(例如 Arbitrum 上的 VST 等)以及发行去中心化稳定币等。

代币经济模型

Y2K Finance 于 10 月宣布了将进行 IFO,其项目文档中的代币分配模型与其宣布 IFO 时有一些差异,当前仍以文档中的内容为准。

代币总量的 30% 将用于流动性挖矿、35% 分配给财库、15% 将分配给核心团队(分 24 个月线性释放,将在锁定 9 个月后解锁 10%)、10% 将分配给孵化机构 New Order、5% 将分配给投资者(分 24 个月线性释放,将在锁定 6 个月后解锁 10%)、5% 将分配给 IFO(目前已开始)。

当前 Y2K 代币仍未放开领取和流动,未来持有者可以锁定为 vlY2K,并用于治理、分享 30% 的协议收益、以及决定代币发放的路径。具体信息仍未公布。

总结

相比于去中心化保险协议类似于永续的对冲功能而言,Y2K Finance 只提供了短期的对冲市场。对于真正想要对持有稳定币的用户或 DAO 而言并非非常友好,只能是在有明显脱钩预期的前提下才能提供比较好的对冲效果,而不能预防黑天鹅事件。

Y2K Finance 曾表示,该设计方案最大的特点是同时为 Risk vaults 提供了较高的收益率,在刚刚结束的周期中,Risk vaults 的 ROI 达到了 10% 左右的水平。而对使用 Hedge vaults 的用户而言,相较于保险协议仅仅是为损失进行赔偿,Y2K 则可以在短期内提供超额收益。所以笔者才在开头表示,Y2K 更像一场「赌博」,但也正是这样的特点可以激发用户的参与热情,同时提高了协议的流动性和交易频率。

鉴于 vault 代表的资产只需要在 Chainlink 喂价低于设定价格时即可被认定为脱钩,所以参与的风险非常大,用户需要自行评判风险回报率。

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