Debt-Financed Collateral and Stability Risks in the DeFi Ecosystem
Debt-Financed Collateral and Stability Risks in the DeFi Ecosystem
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DeFi 生态系统中的债务融资抵押品和稳定性风险
DOI：
10.1109/brains55737.2022.9909090
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发表时间：
2022
期刊：
影响因子：
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通讯作者：
L. Tassiulas
中科院分区：
文献类型：
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作者：
Michael Darlin;Georgios Palaiokrassas;L. Tassiulas
以太区块链上去中心化金融(Defi)的兴起使得借贷平台的创建成为可能，这些平台充当借出和借入数字货币的市场。最初，我们将贷款平台的活动归类在一个标准的监管框架内。然后，我们提出了一种使用Defi协议上的活动的以太地址分组算法，并使用一种新的分类算法来计算流入Defi贷款平台的资金流的百分比，这些资金流可以归因于系统中其他地方创建的债务(“债务融资抵押品”)。根据我们的结果，我们得出结论，广泛使用稳定债券作为债务融资抵押品增加了DEFI生态系统中的金融稳定风险。
The rise of Decentralized Finance (“DeFi”) on the Ethereum blockchain has enabled the creation of lending platforms, which serve as marketplaces to lend and borrow digital currencies. Initially, we categorize the activity of lending platforms within a standard regulatory framework. We then propose an Ethereum address grouping algorithm using activity over DeFi protocols and employ a novel classification algorithm to calculate the percentage of fund flows into DeFi lending platforms that can be attributed to debt created elsewhere in the system (“debt-financed collateral”). Based on our results, we conclude that the wide-spread use of stablecoins as debt-financed collateral increases financial stability risks in the DeFi ecosystem.