论文标题
部分可观测时空混沌系统的无模型预测
Decentralized lending and its users: Insights from Compound
论文作者
论文摘要
无许可的区块链提供了一个信息环境，用户可以私下互动而不必担心审查制度。金融服务可以通过智能合约以编程方式编码以自动交易，而无需人工干预或了解用户身份。这个新的范式被称为分散融资（DEFI）。我们研究化合物（一种领先的Defi贷款协议），以说明它在这个新颖的信息环境，其用户是谁以及哪些因素决定其参与中的工作方式。链交易数据表明，贷款持续时间很短（平均31天），许多用户借用以支持杠杆投资策略（收益型农业）。我们表明，DEFI的系统性风险源于集中和互连，以及传统风险管理实践如何具有挑战性。
Permissionless blockchains offer an information environment where users can interact privately without fear of censorship. Financial services can be programmatically coded via smart contracts to automate transactions without the need for human intervention or knowing user identity. This new paradigm is known as decentralized finance (DeFi). We investigate Compound (a leading DeFi lending protocol) to show how it works in this novel information environment, who its users are, and what factors determine their participation. On-chain transaction data shows that loan durations are short (31 days on average), and many users borrow to support leveraged investment strategies (yield farming). We show that systemic risk in DeFi arises from concentration and interconnection, and how traditional risk management practices can be challenging for DeFi.
