Balancer：是否能引领 Yield Bearing Token之战？

去中心化金融社区Опубліковано о 2022-08-25Востаннє оновлено о 2022-08-25

Анотація

Yield Bearing Token：是指随着时间的推移自行产生利息的代币。

以太坊升级或“合并”即将到来，此次升级消除了对能源密集型挖矿的需求，相反的将会以质押ETH来确保网络安全。

以太坊网络将从工作证明(PoW)转变为权益证明(PoS)共识机制。

当前的以太坊主网将与信标链权益证明系统合并。

合并将减少以太坊的能源消耗约99.95%。

该升级为未来的扩展升级(包括分片)奠定了基础。

质押后合并

虽然更快的交易速度和更低的能源消耗是合并的好处，但质押是升级后的以太坊网络最令人期待的功能之一。

目前对质押的要求非常高，需要32个ETH。然而，有几个项目，如Rocket Pool和Lido Finance，正在为拥有较少ETH的用户创建能够使他们参与的解决方案。

社区预计合并后的APY为12% - 15%。但现在的指标显示，一旦合并发生，质押收益率会略有下降。

1150万个ETH，即以太坊流通供应量的9.5%，目前被锁定在合约中。虽然以太坊质押的增长使网络更加安全，但这也意味着保护网络所获得的奖励会成比例地减少。

合并后质押APY的影响因素：

质押的 ETH 数量

以太坊费用

费用被销毁的百分比

目前对ETH 质押 APR 的预测可能在9-12%之间。虽然百分比较低，但这其实反映了以太坊的成熟，也为区块链提供了更大的安全性和寿命。

分析 WETH, stETH, wstETH

WETH

WETH是一种与ETH挂钩的代币，WETH在任何时候都可以与ETH进行1:1的交易。

stETH

质押 ETH 需要 32个ETH。为了降低成本，像 Lido Finance 这样的质押池允许用户将他们的 ETH 组合起来并与验证者进行质押。当在 Lido 质押 ETH 时，我们会收到代表我们自己质押的 ETH 头寸的代币。

这些代币可以在合并后以 1:1 的比例兑换为 ETH。

注意：这些代币在合并前并不一定可以以 1:1 的比例与 ETH 进行兑换，因为它们的价值取决于自然的市场条件。stETH不与ETH挂钩，代币由时间锁定的ETH支持。stETH能够以ETH当前市价进行交易的原因包括:

系统风险（智能合约或验证者）

合并执行风险

交易

wstETH

wstETH是一个与DeFi兼容的stETH代币版本，它可以更容易地与DeFi协议集成。通过Balancer，用户可以提供wstETH作为各池的流动性，来赚取交易费用和额外奖励。

Lido是最大的流动性质押协议。最近，Lido通过在第 2 层网络 Optimism 和 Arbitrum 上推出 stETH 加入了 L2 '22。用户可以以较低的费用质押 ETH，并在 DeFi 中使用 stETH 资产。

Balancer用户如何在以太坊中获得更多收益?

答案是通过MetaStable池。

MetaStable池非常适合价格高度相关但不硬性挂钩的代币。正因如此，MetaStable池特别适合处理逐渐积累费用的挂钩代币。

利率提供者

利率提供者是提供两种资产之间的汇率的合约。这些汇率可以来自任何链上资源。对于像stETH这样的可以直接进行余额查询，wstETH的rateProvider有一个getRate()函数，该函数调用wstETH自己的stEthPerToken()函数。

Balancer与其他DEX的区别在于利率提供者，它会在获得质押收益时更新 wstETH 的价格。通过使用利率提供者，Lido和RocketPool LP都可以通过MetaStable 池来汇集收益，而不是套利者。

流动性质押ETH用例

Balancer的wstETH/WETH池

与Lido Finance合作的wstETH/WETH池允许用户在不锁定资产或维护自己的基础设施的情况下质押他们的ETH。wstETH/WETH池解决了与初始ETH 2.0质押相关的问题：非流动性、不可移动性和可访问性。通过使质押的 ETH 具有流动性，用户可以质押任意数量的 ETH。

wstETH/wETH 稳定池 TVL 在本季度末仍然是最大的，TVL 超过 2 亿美元。

其他亮点

wstETH/WETH池的第二季度交易以大用户为主。几乎所有的交易量都来自于当季交易额超过100万美元的钱包。

Balancer的rETH/WETH稳定池

ETH质押协议RocketPool降低了ETH 2.0质押的资金要求和硬件要求。Balancer的rETH/WETH稳定池TVL在过去的几个月里增长了很多。

目前，与其他主要DEX相比，Balancer拥有最多的rETH流动性。

协议费用

Balancer将协议费用(目前约为50%)应用于质押收益，他们的很大一部分收入与ETH质押收益所赚取的费用直接相关。

结论

随着以太坊从PoW转换到PoS，质押的 ETH 数量将随着对合并后 ETH 质押收益率的看涨共识而增加。Balancer计划将wstETH的使用扩展到池之外，使项目和合约都能从中受益。

Трендові криптовалюти

CitreaCTR

wrapped stUSDTWSTUSDT

Velodrome FinanceVELODROME

BrevisBREV

ZRX（0X）ZRX

PancakeSwapCAKE

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