Decentralized lending and its users: Insights from Compound
Decentralized lending and its users: Insights from Compound
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去中心化借贷及其用户：Compound 的见解
DOI：
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发表时间：
2021
期刊：
影响因子：
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通讯作者：
Kanis Saengchote
中科院分区：
文献类型：
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作者：
Kanis Saengchote
去中心化金融（DeFi）最近因其快速增长而受到广泛关注和审查。DeFi服务复制了传统的金融服务，如贷款，交易所和资产管理，但与传统的同行不同，它们目前不受监管。我们调查了Compound -最早和最大的DeFi借贷协议之一-以展示它是如何工作的，用户是谁以及他们使用背后的潜在动机。我们发现，贷款期限短（平均31天），借款利率波动，借款人担心清算风险。进一步分析显示，部分贷款需求可能来自杠杆投资策略。再加上DeFi农业的隐性杠杆，链上贷款的进一步可用性可能会导致DeFi系统性风险。
Decentralized finance (DeFi) has recently gained much attention and scrutiny because of its rapid growth. DeFi services replicate traditional financial services such as lending, exchange, and asset management, but they are currently unregulated, unlike their traditional counterparts. We investigate Compound – one of the earliest and largest DeFi lending protocol – to show how it works, who the users are and the potential motivations behind their uses. We find that the loan durations are short (31 days on average), borrowing rates volatile and borrowers are concerned about liquidation risk. Further analyses reveal that some loan demand may arise from leveraged investment strategies. Taken together with the tacit leverage in DeFi yield farming, further availability of on-chain lending could potentially transpire into DeFi systemic risk.